FAE September 2014

TitianGerm

Hey guys I'm just looking for a little help.

I'm hoping to do my FAE next year and just filling in my form now. I just wanted to ask what you guys would recommend as an elective. I'm finding it pretty hard to choose to be honest

PS best of look with the exams !!

Aidodub87

emmetkenny wrote: »

Hey guys I'm just looking for a little help.

I'm hoping to do my FAE next year and just filling in my form now. I just wanted to ask what you guys would recommend as an elective. I'm finding it pretty hard to choose to be honest

PS best of look with the exams !!

In my opinion I would say tax, it very structured and based on rules but I say that because I find computational stuff easier to deal with. But it someone else might think something different.. Also pass rate was tax is quite high

Mark1916

emmetkenny wrote: »

Hey guys I'm just looking for a little help.

I'm hoping to do my FAE next year and just filling in my form now. I just wanted to ask what you guys would recommend as an elective. I'm finding it pretty hard to choose to be honest

PS best of look with the exams !!

Don't sit them, seek a career change and don't look back! If you want to work in tax do tax if your want to work in audit / open your own firm do audit otherwise do APM.

TitianGerm

Aidodub87 wrote: »

In my opinion I would say tax, it very structured and based on rules but I say that because I find computational stuff easier to deal with. But it someone else might think something different.. Also pass rate was tax is quite high

I actually really enjoy tax, have done since college, but i dont test well in it unfortunately and that is putting me off.
The opposite to auditing, i test well but don't really enjoy the subject.
I don't know much about the third option and that would make me nervous about jumping into that.
Decisions decisions.

TitianGerm

Mark1916 wrote: »

Don't sit them, seek a career change and don't look back! If you want to work in tax do tax if your want to work in audit / open your own firm do audit otherwise do APM.

It sounds like your going to snap. Not long left now and you'll be through them !!

Mark1916

emmetkenny wrote: »

It sounds like your going to snap. Not long left now and you'll be through them !!

We all go a little crazy sometimes lol! All the best with your decision! Btw APM is a lot of performance measurement, international investment, market entry and some macro economics! It was actually interesting enough at times! Did it because I've no interest in tax, spent 3 years in audit which I hated so APM was the natural choice!

littlemiss123

emmetkenny wrote: »

I actually really enjoy tax, have done since college, but i dont test well in it unfortunately and that is putting me off.
The opposite to auditing, i test well but don't really enjoy the subject.
I don't know much about the third option and that would make me nervous about jumping into that.
Decisions decisions.

I was the opposite to you, I don't really like tax but I do very well in it in exams. I picked it just based on the high FAE pass rates and the fact I got nearly 90% in the CAP 2 (despite hating it, which I still find so ironic). So long as you have a very good structured set of notes tax is do-able. There is only so much they can ask, no matter what way they parcel it up in the case study, it all boils down to the same few topics.

TitianGerm

Thanks for the posts guys. It's very interesting to hear actual students views on it. I'll do a little more research in this evening and try make a decision.

Best of luck in the exams

R0N BURGUNDY

Frig - it is hard to get down in your answer what you know. They just throw so much crap at you; it's hard to get out a decent coherent answer that covers all the bases.... right, crying over, learn and move on..

Dellboy2007

emmetkenny wrote: »

Hey guys I'm just looking for a little help.

I'm hoping to do my FAE next year and just filling in my form now. I just wanted to ask what you guys would recommend as an elective. I'm finding it pretty hard to choose to be honest

PS best of look with the exams !!

APM it's logical and had a pass rate of 88% last year.

maninblack

I went with tax for the follow reasons:

- Plenty of crossover from the core
- Highest pass rate
- Smallest book
- Papers fairly predictable
- Not overly time-pressured in the exam

Having said that, I was always strong on tax so that helps. Steer clear if you hate it like I hate audit

littlemiss123

This time next week guys.....:D

faedub24

Hi

Has anyone a summary of tax Reliefs?
and a map of indicators for steps cases

Thanks

Mark1916

WACC would hardly be asked? Would it?

vnervous

I highly doubt it but you never know....

House of Wolves

Was looking at WACC today, highly unlikely I think, but if it did come up good lord.
Good idea to look over it I think. Could be something around a change in the WACC structure and its implications perhaps.

littlemiss123

Mark1916 wrote: »

WACC would hardly be asked? Would it?

I read somewhere (on a CAI document, could have been the competency statement) that CAP 2 was designed to examine our technical ability such as calculating WACC, and that FAE is then designed to examine our overall real-world type knowledge. So on that basis alone I am not expecting any very complicated calculations, and to be fair, I haven't seen any on any of the last 3 years papers.

maninblack

No chance of WACC, would take too long and they'd have to start giving us Beta etc and then at the end of it all WACC would have to plug into something else. Too time consuming. They'll just tell us the cost of capital and we'll use that for appraisals or whatever.

Having said that I have some WACC notes in my folder (prepare for the worst, hope for the best and all that)

littlemiss123

maninblack wrote: »

(prepare for the worst, hope for the best and all that)

^^^ This

House of Wolves

I was thinking they could give us the breakdown and perhaps we'd have to analyse it ourselves i.e. give the high level comments, suggest how to increase/decrease.

I don't expect it though, but as maninblack said prepare for the worst, hope for the best.

Mark1916

Yea it took me a good 25 mins to do a calculation there so it's doubtful fantastic 25 minutes I'll never get back!

LOccitane

We're on the final run in now folks...

Try to stay positive - see the attached below, I think it's very true in terms of the FAEs....!

I know I'm not looking at any more new cases; I spent last night taking a scissors to the Self Study Case pack cutting out a few important solutions/templates.

As many have said on here; for a solid 80% of the indicators, the answer will be explicit in the case. For that reason it's paramount to be fresh and on top form next week. Timing and succinctness will be critical. All of us here have the ability to pass these exams having come this far; we just have to remember that! :-)

I won't be posting from now until later next week when the exams have ended. Therefore I want to wish everyone the very best of luck.

We've all worked damn hard and I don't think that Study Leave would have been the same without Boards! It's been a great resource for help and information.

Best of luck to everyone!

acastudent

LOccitane wrote: »

We're on the final run in now folks...

Try to stay positive - see the attached below, I think it's very true in terms of the FAEs....!

I know I'm not looking at any more new cases; I spent last night taking a scissors to the Self Study Case pack cutting out a few important solutions/templates.

As many have said on here; for a solid 80% of the indicators, the answer will be explicit in the case. For that reason it's paramount to be fresh and on top form next week. Timing and succinctness will be critical. All of us here have the ability to pass these exams having come this far; we just have to remember that! :-)

I won't be posting from now until later next week when the exams have ended. Therefore I want to wish everyone the very best of luck.

We've all worked damn hard and I don't think that Study Leave would have been the same without Boards! It's been a great resource for help and information.

Best of luck to everyone!

The very best of luck to you too

Tricky1979

Hi folks - has anybody got or can you direct me to the tax ref material pdf - think it might have an accounting technicians heading on it but it has all the tax rates and cgt index tables etc ? thanks

littlemiss123

Tricky1979 wrote: »

Hi folks - has anybody got or can you direct me to the tax ref material pdf - think it might have an accounting technicians heading on it but it has all the tax rates and cgt index tables etc ? thanks

It's definitely in one of the folders on the chartered website! But for ease, I've attached it below.

IR1SH RANG3R

LOccitane wrote: »

We're on the final run in now folks...

Try to stay positive - see the attached below, I think it's very true in terms of the FAEs....!

I know I'm not looking at any more new cases; I spent last night taking a scissors to the Self Study Case pack cutting out a few important solutions/templates.

As many have said on here; for a solid 80% of the indicators, the answer will be explicit in the case. For that reason it's paramount to be fresh and on top form next week. Timing and succinctness will be critical. All of us here have the ability to pass these exams having come this far; we just have to remember that! :-)

I won't be posting from now until later next week when the exams have ended. Therefore I want to wish everyone the very best of luck.

We've all worked damn hard and I don't think that Study Leave would have been the same without Boards! It's been a great resource for help and information.

Best of luck to everyone!

What are some good template answers? I don't have time to go through the whole book, any chance of a list of what you cut out?

acastudent

4 days to go and I am in panic mood already
My biggest fear is that my head will go blank and I wouldn't know where to start answering an indicator .
God help us !!!

Philip1988

Has anybody any mapping file put together for Exam and Mock papers? Thanks

Dellboy2007

I did a comp paper yesterday and got decile 1. Delighted for myself.

R0N BURGUNDY

Mark1916 wrote: »

Done LogicMed today and it was ok-ish I thought the FR adjustments were a bit off the wall especially the good will impairment and pension I can't imagine that coming up in an exam! Plus the depth of the answers to get C I thought was very tough to achieve!

Lads - did you agree with the Dr Goodwill of £306,000 (360,000 less 15% tax)

How would that happen? You don't adjust for tax when working out goodwill.

The original goodwill calculation would have been:

Consideration
Cash 390,000
Pension 360,000

less fv of NAs 30,000

= Goodwill 720,000



Does making a prior period adjustment to goodwill mean that you have to encorporate tax into it or am I missing something?

As stated in the question, goodwill hasn't been impaired.

suref

R0N BURGUNDY wrote: »

Lads - did you agree with the Dr Goodwill of £306,000 (360,000 less 15% tax)

How would that happen? You don't adjust for tax when working out goodwill.

The original goodwill calculation would have been:

Consideration
Cash 390,000
Pension 360,000

less fv of NAs 30,000

= Goodwill 720,000



Does making a prior period adjustment to goodwill mean that you have to encorporate tax into it or am I missing something?

As stated in the question, goodwill hasn't been impaired.

You are adjusting the cost of control account when computing your goodwill as there has been no account taken of pensions. This is the 360k pensions (less dta of 15%) which has an overall effect of reducing your net assets and therefore increasing your goodwill. If there are revaluations etc you have to take into account deferred tax in computing goodwill.

Accountant81

Right guys, I'm coming off boards now til after the exams. Starting to feel like the nerves are kicking in so not sure me being on here any longer is a good idea.

Wishing you all the best of luck next week. We've put in the hours and we know the stuff by now. We all deserve to pass so go in there as confident as you can and believe in yourselves. Half the battle here (I really believe) is confidence and the ability to show what we know.

Good luck!

littlemiss123

I am losing the will to live....nerves are kicking in big time:(:(

LOccitane

IR1SH RANG3R wrote: »

What are some good template answers? I don't have time to go through the whole book, any chance of a list of what you cut out?

Hey... Last post from me! Between what I've cut out/specifically highlighted:

- GlobalTech - Covers a range of Acquisition issues.
- MechElec - Methods of Sale and Exit Strategy from a business.
- Stormy Beach - Tax Acquisition issues.
- Victoria Limited - Fraud perpetrated by a director.
- Whites Leisure Emporium - Sale of Trade V Sale of Assets & Benefits of appointing an External Auditor.

Southern Fisheries has some great extracts on ISA 570 (Audit Procedures) and an appropriate Going Concern disclosure for the Financials. It also addresses ISA 240 Audit procedures.

Beyond that; I've cut out a template for each form of possible client communication such as a Report etc.

Best of luck to everyone :-)

Philiminator

Steve Wilkos is on in a few minutes guys. Just can't but love the drama of lie detector results

R0N BURGUNDY

suref wrote: »

You are adjusting the cost of control account when computing your goodwill as there has been no account taken of pensions. This is the 360k pensions (less dta of 15%) which has an overall effect of reducing your net assets and therefore increasing your goodwill. If there are revaluations etc you have to take into account deferred tax in computing goodwill.

Ok = I was just talking balls then.. I just don't remember adjusting any assets or liabilities for DT ever before. Sweet = covered it now..


Exception to both the recognisition and measurement principles:
IFS3 para 24 = Acquirer shall recognise and measure a deferred tax asset or liability arising from the assets acquired and liabilities assumed in a business combination in accordance was IAS 12.

IR1SH RANG3R

LOccitane wrote: »

Hey... Last post from me! Between what I've cut out/specifically highlighted:

- GlobalTech - Covers a range of Acquisition issues.
- MechElec - Methods of Sale and Exit Strategy from a business.
- Stormy Beach - Tax Acquisition issues.
- Victoria Limited - Fraud perpetrated by a director.
- Whites Leisure Emporium - Sale of Trade V Sale of Assets & Benefits of appointing an External Auditor.

Southern Fisheries has some great extracts on ISA 570 (Audit Procedures) and an appropriate Going Concern disclosure for the Financials. It also addresses ISA 240 Audit procedures.

Beyond that; I've cut out a template for each form of possible client communication such as a Report etc.

Best of luck to everyone :-)

Cheers for that! Sorry to bring you back on after your last post. Best of luck to you and to everyone!

Blarney92

Weather for next week:

TUESDAY to THURSDAY ... Hazy sunshine, very warm. Morning mist or fog patches quickly dissipating. Lows near 11 C and highs 24-26 C.

http://www.boards.ie/vbulletin/showpost.php?p=91959995

Philip1988

Has anybody put anything together for Consolidation or highlight the areas we need to know for Consolidation?

jaybeeveedub

Has anyone done TribeAer in the MA and Finance Book?

myshirt

IAS 21 FX

They may ask us on the FX gain / loss on translation of a foreign sub... nothing in the DC notes by way of an example, balls.

Androma1984

I know this has been asked before, but cant face trawling through the pages to find it. Where can i find the 2013 mock "Cheezit"? Couldn't see on website. If someone could post it,even better!

Casio88

Hi,

Does anyone have an index completed of the Derry cotter FR book by standard?

If so, could you post online here?

Thanks!

littlemiss123

Casio88 wrote: »

Hi,

Does anyone have an index completed of the Derry cotter FR book by standard?

If so, could you post online here?

Thanks!

Look on page xiv of his book, there is an index there

littlemiss123

Androma1984 wrote: »

I know this has been asked before, but cant face trawling through the pages to find it. Where can i find the 2013 mock "Cheezit"? Couldn't see on website. If someone could post it,even better!

Attached.

Casio88

littlemiss123 wrote: »

Look on page xiv of his book, there is an index there

Thanks yeah I have that (I've a previous edition as I'm repeating) but I wanted to have a more visual index stating what part of the standard the question relates to as the edition I have just has the question number reference!

ted2767

Best of luck folks.
Keep a cool head on your shoulders and demonstrate your knowledge and you'll be fine.
You'd be amazed how much of the exam is about common sense.

The reward?

Nice payrise and a butt load more responsibility!!

m1ck007

Anybody any good advice for deferred tax? I cant get my head around it at all.

jny107

littlemiss123 wrote: »

It's definitely in one of the folders on the chartered website! But for ease, I've attached it below.

Does anyone know is there an ni version of this? Would we be expected to bring in our own indexation tables?

womandriver

Is there anyone from the audit elective around? Urgent question and the elective thread is dead.