2013 CAP2 Discussion Group

Should Have Done Arts

sarahmcm90 wrote: »

Sources of finance cud be a theory element i think

+1

I am also thinking something on company structures may pop up.

cluray

It mentions a few times staff need training in finance, so think there is a good possibility of theory being related to that i.e. explanatory note. Not sure what it might be on yet though.

y0ssar1an22

In relation to tax:

I think this may come up in relation to the NPV calculation. Tax is a cash outflow in the NPV calculation, so we may need to work out what the tax is.
If given the accounting profit (includes expenditure such as depreciation, and other non-tax deductible expenditure) we will need to get the taxable profit. Depreciation is not an allowable expense for tax.

So accounting profit
+ Depreciation
+ other non-tax deductible expenditure (presume this is what they mean in the case study)
= taxable profit
- capital allowances
= overall taxable profit
Tax @ X%

Kevint30

"SW stated he had just received the following profit statement from finance detailing the
performance of the beef stew dish trialled in October 2013. He noted that the contribution
delivered was €/£1,965 lower than he budgeted for.

BEEF STEW - MONTH END STATEMENT
SALES/COSTS €/£

SALES (900 UNITS * €/£10) 9,000
MATERIAL - BEEF (81,000 GRAMS) 3,645
LABOUR - 120 HOURS 1,320
ACTUAL CONTRIBUTION 4,035

SW stated that he was confused by the statement received as it is did not take the form of an
operating statement reconciliation as previously agreed. KF rang finance to question why this was
not sent to SW and was informed that SW had not sent the standards to finance. SW checked his
files, agreed that this was an oversight and agreed to e-mail the standards to KF after the meeting.
Finance confirmed that the summary figures sent were accurate and promised that a full operating
statement reconciliation and financial analysis would be returned to SW within 24 hours of receiving
the standard cost card from SW.

SW stated that he was disappointed; He had expected positive results as he intentionally purchased
inferior cuts of beef (compared to the cuts incorporated into the dish’s standard cost) for use in the
dish during the month and had used trainee chefs to produce the dish. KF assured SW that this was
only a trial month and that the benefits of the system in improving future performance should be
SW’s focus. To that end she assured SW that she will call to finance with the standards to ensure
that the finance team will complete an operating statement reconciliation for the dish for the month
ended October 2013 and that she will task them to work with SW to identify causes of any adverse
figures reported and how they can be corrected in future months"


Above is part of the last two paragraphs of the Assessment. Does anyone think from reading this that the reconciliation will be given to us on the day of the assessment, meaning the variances, would have already being computed.

viv_d

Yes I was thinking that the Operating Statement reconciliation may be provided and that we will be given the materials and labour variances and will have to work back to see mix and yield from the cheaper beef they used.

y0ssar1an22

viv_d wrote: »

Yes I was thinking that the Operating Statement reconciliation may be provided and that we will be given the materials and labour variances and will have to work back to see mix and yield from the cheaper beef they used.

are these on the exam?

Kevint30

y0ssar1an22 wrote: »

are these on the exam?

Really don't know, but |I assumed they were

viv_d

I checked the competency statement and they are on there overall - the SFMA formal interim assessment just states that this includes CAP1 and "Some new areas from CAP2
(candidates expected to research these areas themselves: self-directed learning)"

If anyone knows anything different can they comment. Thanks.

cluray

Can't really ask mix and yield if you only have one ingredient, you need to be given 2 ingredients.

I think you could be asked to prepare the reconcile yourself as you are the management accountant in this hotel.

Kevint30

cluray wrote: »

Can't really ask mix and yield if you only have one ingredient, you need to be given 2 ingredients.

I think you could be asked to prepare the reconcile yourself as you are the management accountant in this hotel.

You're probably right as it says the standard cost card should only include the cost of the main ingredient (meat, poultry or fish), so maybe we will be asked to do the standard cost card for Beef, the various variances for them and then reconcile budgeted to actual. There may also be a theory element about inventory control (because of the poor control over fresh ingredients)

jenniferm86

Hi Sarahmcm90 I am living in Boyle if you would like to consider reviewing the assessment,

Jen

myshirt

Guys, can someone post the 2014 Planning and Delivery Schedule pdf?

y0ssar1an22

myshirt wrote: »

Guys, can someone post the 2014 Planning and Delivery Schedule pdf?

Mariar89

is any one else having problems streaming the SFMA online session 6?

Foxy1987

Hey guys

Is there any of the big4 students on here who have received notes on the assessment? Last year i did module 1 and they had posted them on here would really appreciate it

Hope everyone had a good xmas roll on the 18th and we get these over with

Jas30

Hey
I'm not in BIG 4 but someone passed on some info for Financial Reporting Assessment. It's only some of the what was given out but at least it something Would really appreciate if someone would post information for SFMA if at all possible!

Jas30

Further attachments

Jas30

That's all the info I have. Hope it helps!

Santi101

Hows the study going for everyone?

I'm working through the FR stuff over the last few days, haven't done much in SFMA though.

Mypillowface

Study is not going great but I have mainly concentrated on SFMA case study but plan on doing FR over the weekend.

Kevint30

Any Big 4 students, who have received SFMA assessment notes, from their firms. If you could post them up it would be greatly appreciated. Thanks

lou2402

Hi,


I cant seem to find any specific info about what sessions the assessments for FR & SFMA are covering. Does anyone have any idea?

Thanks

Kevint30

lou2402 wrote: »

Hi,


I cant seem to find any specific info about what sessions the assessments for FR & SFMA are covering. Does anyone have any idea?

Thanks

Hi
From what I know sessions 1 to 6 for fr and all cap 1 finance and mgmt accounting as per competency statement for sfma

valowilliams

Hi All,
Do you know if the information on Session 4 for Management Accounting will be relevant for the case study? I just had a flick through the notes and it covers corporate structure and performance measurement? I haven't watched the lecture yet so not sure!

Filibuster

lou2402 wrote: »

Hi,


I cant seem to find any specific info about what sessions the assessments for FR & SFMA are covering. Does anyone have any idea?

Thanks

I've only really looked at FR. But take a look at the Competancy Statement. It lists the following standards as being examinable at the Interim Assessment:

IFRS 3,9,10
IAS 1,2,7,8,10,11,12,16,17

diarmaid92

Anyone from the big 4 got notes or anything from firm please please put them up here... Im struggling a lot with SFMA

TAA_ICAI

Hi guys,

Does anyone know what CAP2 sessions we would possibly need to cover for the SFMA CA? As I notice not all groups have covered the same sessions - Dublin group 1 have only covered sessions 1&2. Would I be right in thinking we only need to look at sessions 1&2 then? Thanks :-)

Santi101

Fairly sure everything is examinable in sfma.

Any word on notes going round for sfma yet?

TitianGerm

Hey guys I'm repeating financial reporting this year. I was thinking about repeating the assessment now to to improve my mark. Would anybody have the layout of the paper for this year ? What can be asked in question 1 ? Is it still SOFP, SOCI, or cash flows ?

y0ssar1an22

emmetkenny wrote: »

Hey guys I'm repeating financial reporting this year. I was thinking about repeating the assessment now to to improve my mark. Would anybody have the layout of the paper for this year ? What can be asked in question 1 ? Is it still SOFP, SOCI, or cash flows ?

Possible layout:

Q1: SoFP, PL, CF or CinE

Q2: some sort of consolidation, I think only Cosol. FP is on?

Q3: something else like suspense ac, detailed revaluation, cant remember what else

TitianGerm

y0ssar1an22 wrote: »

Possible layout:

Q1: SoFP, PL, CF or CinE

Q2: some sort of consolidation, I think only Cosol. FP is on?

Q3: something else like suspense ac, detailed revaluation, cant remember what else

Hi thanks for that. Sounds if it's changed a little from last year. I thought it was a very unfair paper last year as it was extremely though for time, even more so than the summer exam. I'll see can I get a look at the sample papers.

y0ssar1an22

So how is everyone studying for SFMA? Are you doing past case studies?

Kevint30

y0ssar1an22 wrote: »

So how is everyone studying for SFMA? Are you doing past case studies?

not bad. I don't think there is any point in doing past papers. I am just focusing around the case study understanding tax treatment in nrv calculation, variances etc.

miii

Hi everyone

I m sitting FR CA next week and have got notes from institute but sitting SFMA FR and Audit in June would nyone b willing to send me the notes for these subjects for this yr as i was pregnant last yr and cudnt sit them appreciate ur help :-)

Mypillowface

Hey guys. Anyone have the timetable for Dublin group 3?

Horse Box 20

Hey got these smfa notes from a friend of a friend who is one of the big 4, don't know how genuine they are but have a look and let us know what you think

Thanks

y0ssar1an22

Horse Box 20 wrote: »

Hey got these smfa notes from a friend of a friend who is one of the big 4, don't know how genuine they are but have a look and let us know what you think

Thanks

those notes look great. Thanks


So who is going to bring a box of notes into the exam? I didn't think I would, but the closer it gets the more I think I will. Just to have them there as a safety net I suppose.

Noonster

Thanks HorseBox20 for those notes- they look very useful. Haven't really looked at SFMA yet,but will plunge in tomorrow.

Spent today doing the 3 FR papers from last year. Timing is a major issue. No way I could get them finished in an hour and a half. Anyone know why there is a May paper as well?? It was a terrible paper last year!!! It's a shame that we haven't been any guidance on this exam or gone through any papers with the lecturer (D1 hasn't anyway) to help us prepare or to get a better idea of what they are looking for.....

TitianGerm

Noonster wrote: »

Thanks HorseBox20 for those notes- they look very useful. Haven't really looked at SFMA yet,but will plunge in tomorrow.

Spent today doing the 3 FR papers from last year. Timing is a major issue. No way I could get them finished in an hour and a half. Anyone know why there is a May paper as well?? It was a terrible paper last year!!! It's a shame that we haven't been any guidance on this exam or gone through any papers with the lecturer (D1 hasn't anyway) to help us prepare or to get a better idea of what they are looking for.....

I sat the fr in January last year, the first fr assessment, and I can tell you the feedback from the majority of students was horrific. Just go in and get whatever you done you can and move on. I got 4.3 last year and failed the main exam, but that was my own fault as I studied for no more than four days as I moved house twice, bought a house and moved jobs twice.

KingsbryKev

Last year was the first year of the FR CA so it was a bit of an unknown, the impression from lecturers this year is that there wasn't enough time to complete it all and not to use the Jan 2013 paper as a benchmark for your preparation

Mypillowface

Noonster wrote: »

Thanks HorseBox20 for those notes- they look very useful. Haven't really looked at SFMA yet,but will plunge in tomorrow.

Spent today doing the 3 FR papers from last year. Timing is a major issue. No way I could get them finished in an hour and a half. Anyone know why there is a May paper as well?? It was a terrible paper last year!!! It's a shame that we haven't been any guidance on this exam or gone through any papers with the lecturer (D1 hasn't anyway) to help us prepare or to get a better idea of what they are looking for.....

I did the exact same as you yesterday and I can manage all the questions but not a hope of me getting a paper done in 90 mins!!

Wing Back

Hi all....new to this thread. Seems like an invaluable resource for distance and external students. Doing 3 exams myself.... FR, Tax and SFMA myself. So plenty to do.

Only doing the FR continuous assessment as have a reasonable mark from last year in SFMA. How are people getting on with FR then? Hope to be able to get Friday off and do a few hours each evening this week for it.

JAS30 posted up a lot of material in relation to the FR which was good to see. Has anyone gone through this?? Seen it was Margaret which put the Journal prep together which gives me some confidence.

Have many people gone through the past papers? What's the verdict?

the_law13

How many hours in total are people putting in for FR and SFMA CA's on the 18th? I heard that KPMG told their students that 3 hours for 3-4 evenings this week would (in most cases) result in the avg mark of 11-12%. Opinions??

Mypillowface

Guys sorry to post this again but does anyone have the dublin group 3 timetable?

y0ssar1an22

Mypillowface wrote: »

Guys sorry to post this again but does anyone have the dublin group 3 timetable?

i have group 2 if that's of any use? Can you not get it via the course material?

Noonster

Starting to feel a lot better about SFMA having spent the last 2 evenings looking through the materials provided by Horsebox-thanks again. I think there is a limited amount you can prepare in advance for SFMA in terms of the case study, so will probably just spend tomorrow evening going over variances and tax/capital allowances when calculating NPV, and then get back to FR.

Hadn't realised that last year was the first year for FR. Nervous that they might ask a full question on consolidation which I have not really looked at. Hopefully, they will decide not be groundbreaking and stick to the IAS Q1 for 50 marks though....

Noonster

the_law13 wrote: »

How many hours in total are people putting in for FR and SFMA CA's on the 18th? I heard that KPMG told their students that 3 hours for 3-4 evenings this week would (in most cases) result in the avg mark of 11-12%. Opinions??

Sounds about right to me

TitianGerm

Is fr still worth 10% ?

kciara8595

emmetkenny wrote: »

Is fr still worth 10% ?

Yeh it is still 10% and SFMA is 15%

y0ssar1an22

I have a question I hope someone will be able to help with. Its from FR Jan 2013 Q2 part a. Ballyhoe LTD.

31 dec 2011: NBV = 1166
__________ revalu to 1100

= revaluation decrease of 66000

1. eliminate AD

AD 157000
revalu______157000

2. account for remainder of movement:
66000 + 157000 (AD) = 223000

NCA____________________223000
revalu. surplus 180000
loss on revalu 43000

NBV now = 1100


Dep for 2012:

1100@5% = 55000

AD__________________55000
Dep Expense 55000



Giving a net result of:

NCA_____________________223000
AD ______________102000
Revalu

---

P/L (loss on revalu) 43000
Dep exp _________55000



I am going wrong somewhere, cos the solution is completely different. Help!!