FAE September 2014

GraGra90

Hey guys - sorry things are mental in the office with CT deadline next Tuesday and haven't been on here. You're pretty much spot on - we're not sure what the indicators are either - we're just making our best guess based on the 600+ responses we received. The majority seem pretty clear but there are bits we couldn't be in any way sure of like Sim 2 - if you look at the report we bunched a few things together as we just couldn't see identifiable separate indicators - we knew all those aspects were to be addressed but didn't know how they fit.

FAE14

So someone correcting the exam has told me that on day 1 for finance you needed to do one calculation and make a recommendation to get even the RC. I have no reason to doubt this person but given this is the fact - I am in serious trouble here... Over trading on day2 wasn't great for me either :-(

Aidodub87

FAE14 wrote: »

So someone correcting the exam has told me that on day 1 for finance you needed to do one calculation and make a recommendation to get even the RC. I have no reason to doubt this person but given this is the fact - I am in serious trouble here... Over trading on day2 wasn't great for me either :-(

Did you ask more?

FAE14

Aidodub87 wrote: »

Did you ask more?

Finance was the biggest issue for me so hence I concentrated on that. Was there anything specific that you are wondering ??

Couldn't believe that even if you did two/three calculations but failed to make recommendation for finance then your NC.

m1ck007

FAE14 wrote: »

Finance was the biggest issue for me so hence I concentrated on that. Was there anything specific that you are wondering ??

Couldn't believe that even if you did two/three calculations but failed to make recommendation for finance then your NC.

What if u make a hash of the calcs and make a b*ll**** recommendation?

Aidodub87

FAE14 wrote: »

Finance was the biggest issue for me so hence I concentrated on that. Was there anything specific that you are wondering ??

Couldn't believe that even if you did two/three calculations but failed to make recommendation for finance then your NC.

The IMP issue on the patent was that finance or IMP, the valuation... How's that being marked?

FAE14

m1ck007 wrote: »

What if u make a hash of the calcs and make a b*ll**** recommendation?

I am not totally sure to be honest so don't want to give the wrong information and worry people.

Aidodub87 wrote: »

The IMP issue on the patent was that finance or IMP, the valuation... How's that being marked?

You mean the one that said work out a valuation for the IP/Patent using discount factor of 18% ? Well that was IMP.

Overtrading was finance on day 2.

Aidodub87

FAE14 wrote: »

I am not totally sure to be honest so don't want to give the wrong information and worry people.



You mean the one that said work out a valuation for the IP/Patent using discount factor of 18% ? Well that was IMP.

Overtrading was finance on day 2.

Mad that you know someone correcting them... I would be asking a detailed breakdown on everything but would prob wreck ur head at same time.

FAE14

Aidodub87 wrote: »

Mad that you know someone correcting them... I would be asking a detailed breakdown on everything but would prob wreck ur head at same time.

I didn't want to over reach either and like I said I got a syposis of what the issues were and what they were looking for on day 1 and was happy( well never going to be ) with most things except finance. I was hoping that people were in the same boat as me with finance but seems to be that people got their calculation ( 1 ) and made their recommendation.

RichFTW

FAE14 wrote: »

You mean the one that said work out a valuation for the IP/Patent using discount factor of 18% ? Well that was IMP.

Overtrading was finance on day 2.

That's a relief anyway. I suppose it kind of makes sense given that they probably want everyone to pass IMP if it's not going to be an indicator next year; putting on a basic NPV calc would mean the majority would hit an RC at least and pass it.

Was the directors advice the audit indicator on the second day? Do you know what indicator the management accounts issue came under? I made the recommendation that the plc should not prepare it's accounts on a going concern basis on the first day, given all the uncertainties, so audit would be my biggest worry.

20 Times 20 Times

RichFTW wrote: »

I made the recommendation that the plc should not prepare it's accounts on a going concern basis on the first day, given all the uncertainties, so audit would be my biggest worry.

I redrafted the going concern note. I'm sure we did enough to get at least an RC in it.

RichFTW

20 Times 20 Times wrote: »

I redrafted the going concern note. I'm sure we did enough to get at least an RC in it.

Cool. I was worried that recommending that they are not a going concern was too extreme a decision. Nobody really mentioned it here so was beginning to think I made the wrong decision.

jny107

Real life question....Can you capitalise legal costs relating to negotiations of a building lease? Add back for corp tax purposes but can you capitalise??

0426849

Hi,

Due to timing issues in the Sims, I was in the minority that appeared not to misinterpret the revenue recognition indicator in Sim 1 in the board report.

I'm on RC in the aafrp and wondering if i get 2 c's elsewhere in perf measurement will the fact that I missed this fail me straight away?

Only read the CASSI report at the weekend and it's been bugging me ever since.

FAE14

0426849 wrote: »

Hi,

Due to timing issues in the Sims, I was in the minority that appeared not to misinterpret the revenue recognition indicator in Sim 1 in the board report.

I'm on RC in the aafrp and wondering if i get 2 c's elsewhere in perf measurement will the fact that I missed this fail me straight away?

Only read the CASSI report at the weekend and it's been bugging me ever since.

Did you miss the Revenue indicator completely ?

TheDoctor

Happy first birthday to the thread

And what a year its been!

20 Times 20 Times

So how is everyone feeling about the waiting game now at this stage ?

TheDoctor

20 Times 20 Times wrote: »

So how is everyone feeling about the waiting game now at this stage ?

Bored of it, pretty much forgotten about the exam at this stage

m1ck007

I dont know if i feel better or worse about it at this stage. Who should prepare mgt accounts and directors responsibilities are still haunting me.

littlemiss123

20 Times 20 Times wrote: »

So how is everyone feeling about the waiting game now at this stage ?

Ignorance is bliss! Absolutely dreading it though, get a sick feeling in my stomach everytime I think about it!

TheDoctor

Imagine what its going to be like logging onto the site that morning!

m1ck007

well 3 out of every 4 of us should pass.

TheDoctor

Nice odds

20 Times 20 Times

I don't mind talking about it now - I cant do anything about the exam and in fairness it was a big part of the last 12 months of my life.

The management accounting indicator is haunting me : I don't really understand what they were looking for. What did people do for that then ??

TheDoctor

I can remember very little of the exam paper or what I wrote now

m1ck007

closed my eyes and wrote something down and hoped it made sense...

20 Times 20 Times

m1ck007 wrote: »

I dont know if i feel better or worse about it at this stage. Who should prepare mgt accounts and directors responsibilities are still haunting me.

Directors responsibilities - All I did was take out an annual report that I had flicked open the page of responsibilities and applied to case - No idea if that is correct. What did you do ?

m1ck007

20 Times 20 Times wrote: »

Directors responsibilities - All I did was take out an annual report that I had flicked open the page of responsibilities and applied to case - No idea if that is correct. What did you do ?

Wrote something about maximizing the shareholder wealth of the venture capitalist owners. Something about agency theory along with some other responsibilities i.e. filing accounts on time etc.

20 Times 20 Times

m1ck007 wrote: »

closed my eyes and wrote something down and hoped it made sense...

I spoke about : budgets , cash flows , variances , other reports..

TheDoctor

Still over a month to go too

It's a long wait between the exam and results

m1ck007

20 Times 20 Times wrote: »

I spoke about : budgets , cash flows , variances , other reports..

Sounds a bit more meaningful than what i wrote. Im mostly worried about BL,Finance and IMP if im honest.

cian twomey

Friday 3 weeks, anyone else getting nervous already

iwishihadaname

cian twomey wrote: »

Friday 3 weeks, anyone else getting nervous already

I've already come to terms with the worst, but still hoping for the best

myshirt

€877 joining fee to be paid by 28 November if you pass and want in on the next graduation slot.

€500 annual subscription then in January.

Provided you pass, will anyone care?

TheDoctor

Still not thinking about it to be honest

GR3YFOXXX

Eating me up at this stage. Most drawn out experience ever.

cian twomey

GR3YFOXXX wrote: »

Eating me up at this stage. Most drawn out experience ever.

agree just want to know one way or another

LOccitane

Have been getting quite worried about them... (But then I have been from the moment they were finished). Getting very anxious now as we get nearer to the date...

From speaking to people connected or familiar with those correcting the papers; the first round marking on CORE produced some very low pass rate trends...

In my case; I'll be in a time zone GMT - 6 for the results day; so at least it will just be a case of staying up late rather than all night.

GR3YFOXXX

LOccitane wrote: »

Have been getting quite worried about them... (But then I have been from the moment they were finished). Getting very anxious now as we get nearer to the date...

From speaking to people connected or familiar with those correcting the papers; the first round marking on CORE produced some very low pass rate trends...

In my case; I'll be in a time zone GMT - 6 for the results day; so at least it will just be a case of staying up late rather than all night.

Can you elaborate on the marking? This has gotten me even more worried tbh.

LOccitane

Likewise in my case; I was (still am) very concerned when I heard it. I really don't have any other specifics - other than that was the outcome on some of the initial script sampling. I'm sure it is relatively accurate given the papers and the stage of the marking it referred to; but it's not direct information so obviously I can't substantiate it. It's really just what I heard from them.

It seemed to be a consistent theme though so hopefully in the actual final marking scheme adjustments will have been made for such trends..

Is everybody getting a day off from their firms on November 21?

GR3YFOXXX

We are.

TheDoctor

From speaking to people connected or familiar with those correcting the papers; the first round marking on CORE produced some very low pass rate trends...





Nice one!

TheDoctor

I'd like to think the pass rates each year are low and the scheme is adjusted to move it up to the usual 70% pass rate

cian twomey

hopefully they will knock the pass rate up to the usual 70-75&% - done the audit elective so have that to worry about as well, at least we can enjoy the day off work!

TheDoctor

First lectures this weekend for anyone who wants to make a start on FAE 2015
:pac:

LOccitane

cian twomey wrote: »

hopefully they will knock the pass rate up to the usual 70-75&% - done the audit elective so have that to worry about as well, at least we can enjoy the day off work!

Yeah; much agreed on that - I've heard nothing about the AAE but I can't imagine it will be pretty... :-/

Unfortunately anyone that I know on a secondment or overseas assignment of any kind won't be getting the day off - myself included!

cian twomey

LOccitane wrote: »

Yeah; much agreed on that - I've heard nothing about the AAE but I can't imagine it will be pretty... :-/

Unfortunately anyone that I know on a secondment or overseas assignment of any kind won't be getting the day off - myself included!

that sucks cant imagine myself doing any work that day even if I passed, can't imagine been in work if I fail

bikeman1

Every now and again, my head randomly remembers that I am waiting on results, I'm like "oh f ¥₩ k its just over 3 weeks until the results" followed by, why did I think about that horror.

Why is there only a week from results to closing of applications for admission? Not very long. Hopefully that will be a complaint I will be having at the end of November!

Dellboy2007

The institute have inadvertently released the indicators from the 2014 core exam in their new FAE leaflet. See page 31. No surprises but I thought some may be interested:

http://students.charteredaccountants.ie/Global/student_services/FAE%202015%20Pre-Christmas/Pre-Christmas%20Notes/Pre-Christmas%20Notices/FAE%20Explained%20-%202014%202015.pdf

TheDoctor

Interesting