FAE September 2015

Lylodemo

m1ck007 wrote: »

Is anyone doing the cases and then marking themselves using the solutions? I have done a few lately and i feel ok once ive completed the case but when i look at the solution im struggling to get into c/rc. Anyone else in this situation? Is this normal?

Don't stress, you won't get the solution word for word just aim to get the exact indicators and come to similar conclusions and back up those conclusions with relevant info from the case!! Stay clear of generic answers!!

m1ck007

Lylodemo wrote: »

Don't stress, you won't get the solution word for word just aim to get the exact indicators and come to similar conclusions and back up those conclusions with relevant info from the case!! Stay clear of generic answers!!

In staying well clear of generic answers but still dont hit the mark, for example in fit feet for the fr indicator you had to mention sonething about the responsibilities of the chairman of the audit committee or sumtin like that to get competent.

Lylodemo

m1ck007 wrote: »

In staying well clear of generic answers but still dont hit the mark, for example in fit feet for the fr indicator you had to mention sonething about the responsibilities of the chairman of the audit committee or sumtin like that to get competent.

Where is that question? Don't seem to have it in my file?

Lylodemo

Does anyone have notes on the new FRS 100, 101 and 102

m1ck007

Lylodemo wrote: »

Where is that question? Don't seem to have it in my file?

Its under cross marking in the student portal.

Lylodemo

m1ck007 wrote: »

Its under cross marking in the student portal.

I'm repeating so my portal is empty :-(

Debs23

Does anyone know if the mock review class will be recorded?

havingthefunz

Debs23 wrote: »

Does anyone know if the mock review class will be recorded?

Yes both the core and elective review sessions I was at were recorded.

Mypillowface

Hi Guys, Anyone have the 2013 mock simulations paper?

yourhero

Scratching my head on the solution to the second indicator (finance TERP) in the first simulation.
two questions

1 how is the EPS of 22 arrived at?- where does the 20 in the bracket come from?

2 can someone explain the numbers in the brackets and where they come from please

Would really appreciate the help.

Debs23

How much work is every getting done in a day?

Lylodemo

Debs23 wrote: »

How much work is every getting done in a day?

I get no study leave so I'm sure you're doing more than me ;-)

joannejose2011

yourhero wrote: »

Scratching my head on the solution to the second indicator (finance TERP) in the first simulation.
two questions

1 how is the EPS of 22 arrived at?- where does the 20 in the bracket come from?

2 can someone explain the numbers in the brackets and where they come from please

Would really appreciate the help.

Hi,

We are valuing Scifi Smart Case and bespoke differently.
The information provided in appendix 2 gives us information about EPS for 2015 (10) 2016 (28) and 2017 (42)

In the answer they are assuming that the increase of EPS from 20 to 42 i.e from 2015 to 2017 is mainly due to the impact of Scifi Smart case.

That is because the consolidated EBIDTA in 2017 is 18 mn which is an increase of 9 mn from 2015 . Out of which the major contributor is Scifi (2015 - 0.122 mn whereas in 2017 it is 6 mn)

And in the question it is provided that PE ratio of a technology company is 30.

Scifi Smartcase is treated as a technology company hence the pe ratio of 30 is used.

therefore the value of share is
EPS * PE ratio gives the share price.. i.e 22 * 30 = 660 cents

And for the next .....valuation of Bespoke

the total number of shares is 40 mn (80mn market cap / 200 cents share price at year end of 2015)

Total EBITDA for 2015 is 9 mn which includes EBITDA of Scifi...hence must be avoided...

the EBITDA of SCIFI is 122000 (1,200,000 - 978,000 - 100000)

the 100000 is allocated cost must be removed..hence the total EBITDA of scifi is 122000 + 100000 = 132000

therefore the EBIDTA attributable to Bespoke is 9 mn - 132000 = 8868000

Divide by the number of shares = 8868000 / 40mn gives you 22.17 cents

the PE ratio applied here is 10 (given) therefore the share price of Bespoke is 10 * 22.17 = 221.7 cents

hence the total value of the firm is (bespoke + scifi) = 660 + 221.7 = 881.7

hope this will clear some of your doubts...

regards
jose

yourhero

joannejose2011 wrote: »

Hi,

We are valuing Scifi Smart Case and bespoke differently.
The information provided in appendix 2 gives us information about EPS for 2015 (10) 2016 (28) and 2017 (42)

In the answer they are assuming that the increase of EPS from 20 to 42 i.e from 2015 to 2017 is mainly due to the impact of Scifi Smart case.

That is because the consolidated EBIDTA in 2017 is 18 mn which is an increase of 9 mn from 2015 . Out of which the major contributor is Scifi (2015 - 0.122 mn whereas in 2017 it is 6 mn)

And in the question it is provided that PE ratio of a technology company is 30.

Scifi Smartcase is treated as a technology company hence the pe ratio of 30 is used.

therefore the value of share is
EPS * PE ratio gives the share price.. i.e 22 * 30 = 660 cents

And for the next .....valuation of Bespoke

the total number of shares is 40 mn (80mn market cap / 200 cents share price at year end of 2015)

Total EBITDA for 2015 is 9 mn which includes EBITDA of Scifi...hence must be avoided...

the EBITDA of SCIFI is 122000 (1,200,000 - 978,000 - 100000)

the 100000 is allocated cost must be removed..hence the total EBITDA of scifi is 122000 + 100000 = 132000

therefore the EBIDTA attributable to Bespoke is 9 mn - 132000 = 8868000

Divide by the number of shares = 8868000 / 40mn gives you 22.17 cents

the PE ratio applied here is 10 (given) therefore the share price of Bespoke is 10 * 22.17 = 221.7 cents

hence the total value of the firm is (bespoke + scifi) = 660 + 221.7 = 881.7

hope this will clear some of your doubts...

regards
jose

Wow! And thanks.

lowenstein

what kind of study leave are any other repeaters on? Just looking at the answers to the mocks now and feeling very spooked.

aquinn101

lowenstein wrote: »

what kind of study leave are any other repeaters on? Just looking at the answers to the mocks now and feeling very spooked.

I am taking 3 weeks off right before the exams - repeating core.

The mock was very tricky this year and the suggested solutions to the mocks have shown some holes in my approach to the cases

20 Times 20 Times

repeating elective - taking 4 weeks off !

Lola89

lowenstein wrote: »

what kind of study leave are any other repeaters on? Just looking at the answers to the mocks now and feeling very spooked.

I'm repeating Core and I get off on Monday, so 6 weeks, but I've barely opened a book yet

lowenstein

Ya im repeating both and getting 6 weeks. thought I made a decent stab at the mocks until I saw the solutions.

m1ck007

lowenstein wrote: »

Ya im repeating both and getting 6 weeks. thought I made a decent stab at the mocks until I saw the solutions.

Yea me too. Anyone know what folder those new recordings are in? Cant find them

Lou26

Help!!!!! Really starting to panic now! I just finished up on study leave and I have got stuck into cases bt I feel it's getting me nower! I having got much studyin done until now! Bt I feel lik I don't have enough time and I am gettin nower! How is every1 else getting on?

Lylodemo

Lou26 wrote: »

Help!!!!! Really starting to panic now! I just finished up on study leave and I have got stuck into cases bt I feel it's getting me nower! I having got much studyin done until now! Bt I feel lik I don't have enough time and I am gettin nower! How is every1 else getting on?

Try to relax, the more panicked you get the more your mind will go blank!! You have loads of time!! Start the day as if you're going to work, eat breakfast, shower, get dressed and start studying. Focus on case studies and the questions in the tool kits, organise your notes as you work through the indicators and above all RELAX you can do this!!

Where is my sock?

My study hasn't been great tbh. I'm trying to work through the cases. Some are ok and I get the crux of the issue and answer fairly well. Others I miss things entirely (such as Lucky Star, couldn't have possibly gotten that case any more wrong if I had tried!).

We have 6 weeks. That's absolutely loads of time. Personal plan is keep trucking on the cases til mid-August, will then do the past papers, and after that top up the technical material.

I'm mainly sick of having bad days. Still getting so easily distracted and procrastinating. In many ways, I don't care if I fail, someone has to, but if I fail because I didn't work hard enough I'll be very pissed off at myself.

Lylodemo

Where is my sock? wrote: »

My study hasn't been great tbh. I'm trying to work through the cases. Some are ok and I get the crux of the issue and answer fairly well. Others I miss things entirely (such as Lucky Star, couldn't have possibly gotten that case any more wrong if I had tried!).

We have 6 weeks. That's absolutely loads of time. Personal plan is keep trucking on the cases til mid-August, will then do the past papers, and after that top up the technical material.

I'm mainly sick of having bad days. Still getting so easily distracted and procrastinating. In many ways, I don't care if I fail, someone has to, but if I fail because I didn't work hard enough I'll be very pissed off at myself.

I'm looking at LS tonight eeek. What did you think of full metal jacket??

Where is my sock?

Lylodemo wrote: »

I'm looking at LS tonight eeek. What did you think of full metal jacket??

Let me know what you think of LS. I think it's really poorly written so couldn't get my head around it at all and missed a key part of it.

And FMJ was..... interesting...! I actually did ok on it in the end. Had intended to do it under 'exam conditions' but that went out the window when it took me about an hour to read the bloody thing. Can't see us getting anything that mental on the day, but a decent case anyway to make you engage the brain! What the hell was PM on when he wrote it, though?!!

While saying all this, I haven't exactly passed any of these. I'm not too concerned about that yet, though. This time next month is when hopefully things are falling into place, until then it's all about getting through the cases for me.

lou2402

Hi

I'm the same just working through cases. I read them try to pick out the indicators, check with the answer that I have picked them out correctly then work through them one by one. Some of them I don't have a clue others I get the main points.

I am also wasting a lot of time though finding everything is better than studying!! I need to get better motivated, I think most of my problem is that I have assigned myself to the fact I have no chance of passing at this stage so I'm just plodding along.

Has anyone any predictions of what might come up? How many indicators for each subject and what they might be on?

Cheers (hope everyone is doing better than I am)

AllonRed22

Hi,

What kind of hours are people putting in a day?

I know some of the lecturers said to try break the day up between cases and technical, but I feel after not performing well in a case the motivation to do another just is not there. I will be on study leave from this week, but feel that there is way to much ground to cover in that time. Also, feel like the elective is not getting enough time either.

Hope everyone else is getting on well.

prettyrestless

Where is my sock? wrote: »

In many ways, I don't care if I fail, someone has to, but if I fail because I didn't work hard enough I'll be very pissed off at myself.

I can really identify with this. I have moments when I say "ah fck it" and have a nap instead of studying. I think it's normal to have moments where you just don't give a sh.t. I just keep reminding myself that I do not want to have to spend next summer doing this again simply because I didn't try.

Lou26

AllonRed22 wrote: »

Hi,

What kind of hours are people putting in a day?

I know some of the lecturers said to try break the day up between cases and technical, but I feel after not performing well in a case the motivation to do another just is not there. I will be on study leave from this week, but feel that there is way to much ground to cover in that time. Also, feel like the elective is not getting enough time either.

Hope everyone else is getting on well.

I am trying to do a 9-5 mon to Friday I will start doing Saturdays in August! I am tryin to go through cases an make notes on wat I cover but I am findin it very time consuming I jus hope the pace picks up a bit in the next week r so! It's jus so difficult to know if your approaching it correctly

Lylodemo

Where is my sock? wrote: »

Let me know what you think of LS. I think it's really poorly written so couldn't get my head around it at all and missed a key part of it.

And FMJ was..... interesting...! I actually did ok on it in the end. Had intended to do it under 'exam conditions' but that went out the window when it took me about an hour to read the bloody thing. Can't see us getting anything that mental on the day, but a decent case anyway to make you engage the brain! What the hell was PM on when he wrote it, though?!!

While saying all this, I haven't exactly passed any of these. I'm not too concerned about that yet, though. This time next month is when hopefully things are falling into place, until then it's all about getting through the cases for me.

FMJ is seriously hardcore!!!! Didn't bother finishing it, I'll tackle it closer to the exams

DK92

Hi,

Could anyone tell me what is the recommended time to spend planning in an FAE exam.

It doesn't feel natural to me to spend approx. two hours planning before I start writing my answer as I have always found myself short of time in exams as it is?

Thanks

m1ck007

See you can now repeat the FAE in January 2017

Lylodemo

m1ck007 wrote: »

See you can now repeat the FAE in January 2017

No way 😀😀😀 wish they had it last year

lou2402

someone from work text me to tell
Me this! Where has it come from?

m1ck007

An institute email to CAP 2 students

iluvfatfrogs

m1ck007 wrote: »

An institute email to CAP 2 students

FAE to be held in mid August, repeat in Jan
Also, new interim assessment for elective (similar to AAFRP)
And Elective to be reduced to 2 case studies (albeit with same amount of indicators)

Lylodemo

iluvfatfrogs wrote: »

FAE to be held in mid August, repeat in Jan
Also, new interim assessment for elective (similar to AAFRP)
And Elective to be reduced to case studies (albeit with same amount of indicators)

Can't believe this!!!!

tresb26

Has anyone got any good BL notes or have a good approach how to go about BL, failed the core on BL and passed the rest...very frustrated here on what to do?

Lylodemo

Does anyone have good tax notes? I'm repeating and very nervous my notes are obsolete at this stage :-(

Lylodemo

tresb26 wrote: »

Has anyone got any good BL notes or have a good approach how to go about BL, failed the core on BL and passed the rest...very frustrated here on what to do?

Send me your email and I'll send some over. I got big green last year :-) also, try get a copy of the chartered grind school notes

Beckals

Has anyone copies of the chartered grind school notes they could send me? Or good audit notes

lou2402

Anyone got good NI tax notes? Both core and elective?

Also management accounts notes?

Lou26

I have went bk to my cap 2 notes for tax I find them
Easier to understand

lou2402

Lou26 wrote: »

I have went bk to my cap 2 notes for tax I find them
Easier to understand

Yes I think that too for the technical stuff but it's the wee bits on the notes that tell
You how to apply the topic in an FAE situation for tax planning that I find are key!

So much to learn!! I wonder how anyone ever passes these exams! 🙈🙈🙈

Lou26

Yeh I am just doing the papers and hopefully I am goin to pick it up but I am gettin no Wer fast it is so demotivating

lou2402

Lou26 wrote: »

Yeh I am just doing the papers and hopefully I am goin to pick it up but I am gettin no Wer fast it is so demotivating

Tell me about it!! It's awful! I tell myself
I'm going to make a really good attempt at this case then I just read it pick out indicators and when it comes to doing first one I have no idea how to approach it so just end up reading answer and then just read the rest of answers! Learning nothing!!

Where is my sock?

lou2402 wrote: »

Tell me about it!! It's awful! I tell myself
I'm going to make a really good attempt at this case then I just read it pick out indicators and when it comes to doing first one I have no idea how to approach it so just end up reading answer and then just read the rest of answers! Learning nothing!!

I'm slowly getting better, and this very much used to happen to me. I assume it happens to absolutely everyone. I urge you, next time you're in this situation, put your pen to the paper and just f**king write something. Pretend it's the real thing and try your best to pull some bullet points out of your ass.

What's slowly happening is I started off being absolutely miles away, then a little closer, and now starting to get around what they're looking for. It's a gradual process, but feeling more confident that I won't get these blocks on the day.

Study sucks, doing cases is even worse, but we just have to keep at it. Experience and practice is the only thing that's going to get us through this. (Then again, first time sitting so I might be way off with this logic!)

Lou26

I am exactly them same and some of the cases confuse me too which really doesn't help! I wish I had of done some CGS courses but I only recently found out about them and it was to late

Lou26

Where is my sock? wrote: »

I'm slowly getting better, and this very much used to happen to me. I assume it happens to absolutely everyone. I urge you, next time you're in this situation, put your pen to the paper and just f**king write something. Pretend it's the real thing and try your best to pull some bullet points out of your ass.

What's slowly happening is I started off being absolutely miles away, then a little closer, and now starting to get around what they're looking for. It's a gradual process, but feeling more confident that I won't get these blocks on the day.

Study sucks, doing cases is even worse, but we just have to keep at it. Experience and practice is the only thing that's going to get us through this. (Then again, first time sitting so I might be way off with this logic!)

Did you start with sim cases and build on this? I tried to a core one today and it was soul destroying I am jus throwing the head up and giving up

lou2402

Where is my sock? wrote: »

I'm slowly getting better, and this very much used to happen to me. I assume it happens to absolutely everyone. I urge you, next time you're in this situation, put your pen to the paper and just f**king write something. Pretend it's the real thing and try your best to pull some bullet points out of your ass.

What's slowly happening is I started off being absolutely miles away, then a little closer, and now starting to get around what they're looking for. It's a gradual process, but feeling more confident that I won't get these blocks on the day.

Study sucks, doing cases is even worse, but we just have to keep at it. Experience and practice is the only thing that's going to get us through this. (Then again, first time sitting so I might be way off with this logic!)

Yea I do agree I think it's a mixture of lack of confidence, not
Knowing anything and being to lazy to make myself try!!

I'm a bad studier at the best of
Times but this whole situation is making it 100% worse!!

Also agree with the fact that core cases are soul destroying!! By the time u read them pull out indicators your reading for a break! So much going on in them!