FAE September 2014

Schickadee

Great thanks I kept looking n finally figured it out! Jus wasn't sure wen not shown in solution! Dreading sat!

Schickadee

Next qu 3.13 slow progress why is the hair school not recognised as intangible?

FlyingSolo13

Schickadee wrote: »

Next qu 3.13 slow progress why is the hair school not recognised as intangible?

The brand is internally generated and does not meet criteria to recognise same.

TheDoctor

You cannot under IAS recognize an internally generated intangible

TheDoctor

You often see newspaper companies list two sets of FS in their annual statements, a second non IAS one showing the value of their newspaper titles

Mark1916

Guys,

I assume the AAFRP is in the RDS on Saturday from 10.00am to 11.50am?? I havent received any notification from the CAI (i'm a repeat student).

Accountant81

Mark1916 wrote: »

Guys,

I assume the AAFRP is in the RDS on Saturday from 10.00am to 11.50am?? I havent received any notification from the CAI (i'm a repeat student).

Yes that's right. Hall 8C, entrance via Simmonscourt Road. Would have thought you'd have received an email from them? Or check the messages in your student portal.

Aidodub87

When do the results for the AAFRP come out?

RichFTW

Accountant81 wrote: »

Yes that's right. Hall 8C, entrance via Simmonscourt Road. Would have thought you'd have received an email from them? Or check the messages in your student portal.

I got an email confirming the place of the exam at the end of March. It didn't have an exam number though like the CAP2s which you had to print it off and bring with you. Was there a second email sent with exam numbers or do we just use our student numbers?

autumnbelle

No we use our student numbers

TheDoctor

Results out June 27th

20 Times 20 Times

Anyone got a good template for EPS ??

DaUmpire

Hi guys
Looking help with q3.2 in April 2012 paper. Per the solution it says the £8645 early incentive payment cannot be taken into account as it's not virtually certain and therefore per ias37 it is inappropriate to recognise a contingent gain unless it's virtually certain, however per ias11 incentive payments can be recognised when it's PROBABLE that they will b received therefore in this case it is ok to recognise. Have I missed the point here? Thanks

blizzard13

DaUmpire wrote: »

Hi guys
Looking help with q3.2 in April 2012 paper. Per the solution it says the £8645 early incentive payment cannot be taken into account as it's not virtually certain and therefore per ias37 it is inappropriate to recognise a contingent gain unless it's virtually certain, however per ias11 incentive payments can be recognised when it's PROBABLE that they will b received therefore in this case it is ok to recognise. Have I missed the point here? Thanks

The only thing i could suggest is that in IAS11, it states that the contract needs to be sufficiently advanced in order to recognise the incentive. is 70% significantly advanced? id say more like 95% would be required?

autumnbelle

Little Pea wrote: »

Anyone got a good template for EPS ??

Wondering the same that defered tax and combinations have me lost!

20 Times 20 Times

blizzard13 wrote: »

The only thing i could suggest is that in IAS11, it states that the contract needs to be sufficiently advanced in order to recognise the incentive. is 70% significantly advanced? id say more like 95% would be required?

Key here is VIRTUALLY certain !

autumnbelle

What are yis bringing into the exam on sat? I never got through cotters book

elizmac28

Hi Guys

Did anyone do the sample papers? I read somewhere on here that they not in line with standard of paper.

But going through the toolkit I see some on the questions are in this.... therefore the standard required

I did it last night and got every single question incorrect

I would tell everyone not to do it, but if they in toolkit - maybe its just me

Best of luck

Debs23

elizmac28 wrote: »

Hi Guys

Did anyone do the sample papers? I read somewhere on here that they not in line with standard of paper.

But going through the toolkit I see some on the questions are in this.... therefore the standard required

I did it last night and got every single question incorrect

I would tell everyone not to do it, but if they in toolkit - maybe its just me

Best of luck

When u say they are not in line with the standard of the paper do u mean they are more difficult or easier?

autumnbelle

Where did u get the sample papers?

elizmac28

autumnbelle wrote: »

Where did u get the sample papers?

I read on hear that either at grinds or class that they were told not to concentrate on the sample papers as they were not in line with the standard of exam(wishy washy questions) and to concentrate on toolkit questions - which where more in line

But now I see that some of the sample paper questions have been added to this years toolkit - from last year!!!

I found it nightmare

acastudent

Accountant81 wrote: »

There are two sittings. The majority of people sit the April sitting but if for some reason you can't sit it there is another option in June. I was actually just on the institute inquiring about it because my son has been sick all week and the creche won't take him because of it. If I don't get to study over the next 3 days I may have to defer to June which I really don't to do!

Hope your son is ok accountant81

Accountant81

acastudent wrote: »

Hope your son is ok accountant81

Thanks acastudent, that's very nice of you! He's grand now. Back in creche and all systems go!

BTW guys, I noticed in the board report for last year they mentioned that construction contracts were poorly dealt with. Given their tendency to re-examine topics that have proved difficult in previous sittings, it might be worth taking a second look at construction contracts, just in case! It probably wont come up now but I just said I'd give it a good look anyway.

Accountant81

autumnbelle wrote: »

Where did u get the sample papers?

Sample papers are posted in here, a few pages back. Page 18!

CW1989

Hi guys,

June 2013 exam paper question 2.2, where did they get 19K for income statement charge/(release)? No calculation in the solutions!

Thanks

Graham...

Hi, I have done a contents sheet for the Toolkit book but never post on here so cant attach it. Could someone PM me their email address and I will forward it to them to post it up here.

thumbelinda

elizmac28 wrote: »

I read on hear that either at grinds or class that they were told not to concentrate on the sample papers as they were not in line with the standard of exam(wishy washy questions) and to concentrate on toolkit questions - which where more in line

But now I see that some of the sample paper questions have been added to this years toolkit - from last year!!!

I found it nightmare

I was the same Elizmac28. I tried the two sample papers and I got most of them incorrect which really panicked me last Tuesday. I was very disheartened but then last night I attempted the 2013 paper and did absolutely fine on it. From my scoring I got in around 70-75% correct and Mike Farrell said we have to at least get 50% to get a Competent so that was reassuring. I would ignore the sample papers as they knocked my confidence and practice the work book and the actual papers from the last 2 years.

Accountant81

thumbelinda wrote: »

I was the same Elizmac28. I tried the two sample papers and I got most of them incorrect which really panicked me last Tuesday. I was very disheartened but then last night I attempted the 2013 paper and did absolutely fine on it. From my scoring I got in around 70-75% correct and Mike Farrell said we have to at least get 50% to get a Competent so that was reassuring. I would ignore the sample papers as they knocked my confidence and practice the work book and the actual papers from the last 2 years.

50% will get us a competent? That's great news! I thought we would need more than that.

elizmac28

Accountant81 wrote: »

50% will get us a competent? That's great news! I thought we would need more than that.

I did 2012 paper on Monday and did well in it confidence was up until I did sample paper last night.....

I did the 2013 paper this morning and did a lot better in it - they very tricky

Im in work now so its a matter of tidying my file and hoping for best tomor

Best of luck all............k

thumbelinda

Accountant81 wrote: »

50% will get us a competent? That's great news! I thought we would need more than that.

Mike Farrell told us that so I am assuming it is correct. He said that it makes sense if we are passing exams in Cap 1 and Cap 2 with results of 50% that that is all they can expect at FAE to be deemed Competent so he said you are more than likely looking at trying to get 3/5 in Section 1, and 2/3 in Sections 2 and 3 (but if you get half marks in one of the questions in section 2 or 3 - you should still get competent so that reassured me!

Typnohoad

Mark1916 wrote: »

Guys,

I assume the AAFRP is in the RDS on Saturday from 10.00am to 11.50am?? I havent received any notification from the CAI (i'm a repeat student).

you should contact the institute, I did and they had sent confirm to wrong email. I also am a repeat student

Debs23

I have just confused myself! If an asset uses the revaluation policy is it still depreciated but using the new cv to work out depreciation?

Aidodub87

Excellent summary of the contents of the Toolkit attached from Graham.

littlemiss123

In Q3.13 of the toolkit, why was the cost of the PPE not reduced by 200k, eliminate the accumulated depreciation and bring the impairment loss of 128 to the SPLOCI? The adjustment in the q leaves the accum depn and brings the impairment loss to the accum depn account.

The Little Fella

littlemiss123 wrote: »

In Q3.13 of the toolkit, why was the cost of the PPE not reduced by 200k, eliminate the accumulated depreciation and bring the impairment loss of 128 to the SPLOCI? The adjustment in the q leaves the accum depn and brings the impairment loss to the accum depn account.

The 182k P & L entry includes the 128k impairment, 30k amortisation from part one and 24k depn charge for 2011.

The reason i think the impairment is put through accumulated depn is that when you're impairing the property you're not cancelling and getting rid of the old depreciation like you would if you were revaluing upwards.

TheDoctor

Mike Farrell said all professional exams have a pass rate of 50% and that if you got over 50% in the AAFRP it would seem logical that that would be deemed competent

blizzard13

Debs23 wrote: »

I have just confused myself! If an asset uses the revaluation policy is it still depreciated but using the new cv to work out depreciation?

SNAP!

I fell into that trap today too, confused myself with too much info!

yes - you still depreciate, but on the new CV

Debs23

Thanks

Also could anyone help me with 3.1. For east river warehouse, if i was to assume the warehouse was rented under an operating lease and account for the warehouse as investment property is that incorrect?

Do we have to treat it an investment property in the consolidated accounts??

Shorty11857

Debs23 wrote: »

Thanks

Also could anyone help me with 3.1. For east river warehouse, if i was to assume the warehouse was rented under an operating lease and account for the warehouse as investment property is that incorrect?

Do we have to treat it an investment property in the consolidated accounts??

As far as I know in the consolidated accounts it'll always just be PPE while in the company's individual statements it can be classed as Investment Property as shown in 3.2

Someone feel free to correct me if I'm wrong on that

TheDoctor

East River Warehouse is rented to a Subsidiary

In the group accounts this will be counted for as PPE, as the Subsidiary accounts will be included

For the separate accounts of the parent the warehouse will be treated as IP

Nead23

Hi does anyone have the solution for sample paper 2?

BlacknWhite86

Aidodub87 wrote: »

Excellent summary of the contents of the Toolkit attached from Graham.

I am having problems opening the attachment of the Toolkit summary, I am receiving an error message. Are other people able to access this? It seems like it would be vey useful

Cheers.

Aidodub87

BlacknWhite86 wrote: »

I am having problems opening the attachment of the Toolkit summary, I am receiving an error message. Are other people able to access this? It seems like it would be vey useful

Cheers.

Pm me ur email address

conor1979

Nead23 wrote: »

Hi does anyone have the solution for sample paper 2?

Solutions for Sample Paper 2

autumnbelle

Aidodub87 wrote: »

Pm me ur email address

Could you send it to me please aswell, I have pm my email Thanks

PhilipLuke

How is everyone fixed for tomorrow?

conor1979

PhilipLuke wrote: »

How is everyone fixed for tomorrow?

I really don't know! I was going to do the two sample papers today but got put off by some of the posts on here. Just did more of the toolkit and got as much of it to sink in as possible!

Accountant81

PhilipLuke wrote: »

How is everyone fixed for tomorrow?

Yeah I'm kind of done now at this stage. Practicing the past papers and at this stage I know the answer already cos I've done them so many times there's no benefit anymore. Fairly freaked out about section 2 but hoping 1 and 3 will go alright so that will hopefully compensate overall. Hard to know really. Best of luck everyone!

PhilipLuke

Did anyone do the 2012 exam!! Way tougher than 2013, and quite subjective!!

Aidodub87

autumnbelle wrote: »

Could you send it to me please aswell, I have pm my email Thanks

Didn't get ur pm?