FAE 2016

mccabe1987

Hi does anyone have a breakdown of cases and what they cover in a readable format.

Thanks.

WhatYaSay

Hi Folks,

Hope everyone is keeping the head!
I'm repeating APM and just wondering if there was a new Steps case issued this year, can't see one on the portal.

Cheers!

Masterxd

What topics do people think have a higher chance of coming up? I know budgeting, variances, plcs have been mentioned a good bit..

Xlami

Think hotel industry is a cert to come up. Also have been focussing strongly inventory audit as it's overdue to be asked.

Mind you that's only a needle in the haystack of the competency statement.

But sure if you throw enough **** at the wall some will stick.

robbieb1024

Hi folks,

Hope you're all getting on well in the last week.
Just a quick FR question to pick your brain!

Company X leases an investment property to Company Y on an operating lease. In the books of Company X:

IAS 40 would say to hold the property at FV (no depreciation), but
IAS 17 would say to continue to depreciate the leased asset.

Any idea which standard would take precedence in this situation?

Good luck
Rob

15YemenRoad

robbieb1024 wrote: »

Hi folks,

Hope you're all getting on well in the last week.
Just a quick FR question to pick your brain!

Company X leases an investment property to Company Y on an operating lease. In the books of Company X:

IAS 40 would say to hold the property at FV (no depreciation), but
IAS 17 would say to continue to depreciate the leased asset.

Any idea which standard would take precedence in this situation?

Good luck
Rob

So Company X would be the lessor in this situation?
IAS 17 isn't examinable from the lessor's perspective so I'd go with IAS 40 there.

m1ck007

Masterxd wrote: »

What topics do people think have a higher chance of coming up? I know budgeting, variances, plcs have been mentioned a good bit..

Consolidation, terp and hodgons.

Nearly Qualified Accountant

Hi guys,

I'm repeating the Tax elective for the second time. I passed the core first time two years ago. I don't really know how I passed. I think the one piece of advice I will give is that a lot of it is common sense and to you have your notes, past papers and the case studys tabbed and know where things are.

On the tax elective has any one else noticed there is a mistake in the core tax book and notes and the elective about the share buy-back. In the core text and core notes on of the requirements to qualify for CGT is to be resident or ordinarily resident in Ireland. The elective text the requirement is to be resident and ordinarily resident. The Core book and notes are wrong. The same mistake has been in the book for the past few years so I don't know how it hasn't been noticed.

I've gone through all the past papers and the mocks and still unsure how I will do. Its taking me ages to answer the questions. I'm finding it hard to fully go through a question without stopping or getting distracted. The solutions are quite heavy with info, it's hard to tell how much is required in some of the answers.

Also, has anybody got a summary sheet for the tax elective. I have one but it was on and older thread here from few years and is quite out of date. I have the updated summary sheets from cap 2 revision which are a big help if anybody wants them.

Thanks.

HelloYoungBoy

robbieb1024 wrote: »

Hi folks,

Hope you're all getting on well in the last week.
Just a quick FR question to pick your brain!

Company X leases an investment property to Company Y on an operating lease. In the books of Company X:

IAS 40 would say to hold the property at FV (no depreciation), but
IAS 17 would say to continue to depreciate the leased asset.

Any idea which standard would take precedence in this situation?

Good luck
Rob

You don't depreciate an operating lease. Only a finance lease

Rusty91

Hope everyone is getting on well.

Just wondering what area of finance & mgt are likely to be focused on. Finance and mgt are my weakest at this stage. Any recommendations? How has anyone else prepared for these areas?

Also in terms of exam technique, how long do people spend planning. I find a half hour on top of reading time eats into writing time especially if the indicator isn't too straightforward.

Uncle Mclovin

Rusty91 wrote: »

Hope everyone is getting on well.

Just wondering what area of finance & mgt are likely to be focused on. Finance and mgt are my weakest at this stage. Any recommendations? How has anyone else prepared for these areas?

Also in terms of exam technique, how long do people spend planning. I find a half hour on top of reading time eats into writing time especially if the indicator isn't too straightforward.

I'd consider myself weaker in those areas also but my thinking is that I just need to get BC in both so I'm not wasting too much time worrying about them.

On the planning, I'm hoping to plan for an hour aswel as the 30 mins reading time. Then roughly 20 mins for each indicator after.

TAA_ICAI

Hi All,
Anyone know how the capital employed figure - 11,710 for stoves business was calculated in Woodburn 2014 mock?
Thanks

PunkFreud

Rusty91 wrote: »

Hope everyone is getting on well.

Just wondering what area of finance & mgt are likely to be focused on. Finance and mgt are my weakest at this stage. Any recommendations? How has anyone else prepared for these areas?

Also in terms of exam technique, how long do people spend planning. I find a half hour on top of reading time eats into writing time especially if the indicator isn't too straightforward.

With Finance and Mngt A/C make sure to throw down some Pros and Cons, after doing your calculations. You may only spend 5mins doing it, but from the Exam Solutions, it should knock you from NC to BC or BC to C.

In terms of planning, I normally spend 45mins for the comp (inc reading time). I know the institute recommend more than that, but at the end of the day, you get more marks for actually writing the answer. The time I save "not planning" I spend re-reading the relevant sections of the paper, to ensure I hit all the points on the indicator.

Will this strategy pay off? Who knows. At this stage it feels like a bit of a lottery - a lot will come down to how the examiners write the papers.

CAstudent

Rusty91 wrote: »

Hope everyone is getting on well.

Just wondering what area of finance & mgt are likely to be focused on. Finance and mgt are my weakest at this stage. Any recommendations? How has anyone else prepared for these areas?

Also in terms of exam technique, how long do people spend planning. I find a half hour on top of reading time eats into writing time especially if the indicator isn't too straightforward.

I did the extra cases that they gave us and made sure to concentrate on the ma/finance indicators in the pack.

My plan for planning is to have a quick read of the case not quite a skim but just trying to locate the indicators. Then a more detailed read trying to pick key points in each area, after that try and see if there's any logical order for the response (probably not really based on the comps I've attempted so far) and then lash into them. Can't see myself using much of the writing time for planning tbh.

Mypillowface

Hi, does anyone have Joe Healy's email?? Stuck on an APM question!!!!

CAstudent

Mypillowface wrote: »

Hi, does anyone have Joe Healy's email?? Stuck on an APM question!!!!

Not sure he ever gave it to us, I don't have it anyways...

Kristina F

After them mocks I am so scared of these exams 😳 anybody have any idea about what could come up under finance and management? I'm hoping for KPIs, IPO, Due Dilligence etc..what do ye think?

y0ssar1an22

Kristina F wrote: »

After them mocks I am so scared of these exams 😳 anybody have any idea about what could come up under finance and management? I'm hoping for KPIs, IPO, Due Dilligence etc..what do ye think?

for some reason I think a good case study would be a gambling website (growing industry). easy to incorporate all the subjects into.

trying to cover a bit of everything. just hope SoCF, consol SoCF and foreign subsidiary dont come up.

Rusty91

y0ssar1an22 wrote: »

for some reason I think a good case study would be a gambling website (growing industry). easy to incorporate all the subjects into.

trying to cover a bit of everything. just hope SoCF, consol SoCF and foreign subsidiary dont come up.

I feel the same way. Not sure what I want to come up in FR. All the FR in the cases seem so bizarre. I struggle to get RC despite having done Derry Cotter twice and reasing the standards back to front. Hoping it's a bit more straightforward in the real thing

ACA2015

Rusty91 wrote: »

I feel the same way. Not sure what I want to come up in FR. All the FR in the cases seem so bizarre. I struggle to get RC despite having done Derry Cotter twice and reasing the standards back to front. Hoping it's a bit more straightforward in the real thing

In which ones do you struggle to get RC standard? Past exam papers?

ACA2015

y0ssar1an22 wrote: »

for some reason I think a good case study would be a gambling website (growing industry). easy to incorporate all the subjects into.

trying to cover a bit of everything. just hope SoCF, consol SoCF and foreign subsidiary dont come up.

Bit lengthy to ask a SoCF and consol CF, no? From the past papers, it really just seems to be standards and work around calculating goodwill/adjustments on consols rather than lengthy, technique heavy stuff like CFs.

Risteard

ACA2015 wrote: »

Bit lengthy to ask a SoCF and consol CF, no? From the past papers, it really just seems to be standards and work around calculating goodwill/adjustments on consols rather than lengthy, technique heavy stuff like CFs.

Was thinking the same when I was going over them myself. Hard to get a full indicator without drafting.

Could throw in something about recognising something as cash in the balance sheet as part of audit/fr I suppose

CAstudent

Having a quick look through the cs this morning, see we are supposed to be familiar with the companies act 2014. Did we get any notes or anything on it?

15YemenRoad

CAstudent wrote: »

Having a quick look through the cs this morning, see we are supposed to be familiar with the companies act 2014. Did we get any notes or anything on it?

I'm bringing the CAP1 Law book in just in case (probably a bit out of date) but don't really expect to use it.
The CAP1 Law notes are on the website in a zip file if you want, it's probably covered in those.

ACA2015

Risteard wrote: »

Was thinking the same when I was going over them myself. Hard to get a full indicator without drafting.

Could throw in something about recognising something as cash in the balance sheet as part of audit/fr I suppose

Yeah I personally doubt it will come up. It's the FAEs, not CAP 1s or 2s, they move away from drafting a financial statement at this level as they expect you to know it if you've got this far and it's more exam technique than anything else. Where something "technical" is likely to come up is a pure double entry type question, like last year where you had to post audit journals and correct journals. It's a consistent comment from the AAFRP & past papers that students still struggle with that and in a 30 minute an indicator type format, easier and fairer to catch students on that then slogging through a cash flow.

myshirt

Best of luck to everyone!

If I could give any advice, focus at this stage on ensuring your notes are organised and ready, and know your high level strategy for tackling this.

Read it, plan it, do it. Eat this elephant in bite size chunks. Conclude, advise, and best of luck guys! Keep your composure! Just like Will Ferrell said in Old School https://youtu.be/hrwvn9-TL5E

Put on the war paint http://goo.gl/7lTFXI (sound required)

And do not forget to heed to the advice of the Fae Oracle Mr. Paul Monahan (http://goo.gl/kxKYqA) who knows what the Fae Board have had for breakfast before they even know themselves; he's at least two rotations ahead of them in the way that this exam is going and he commands a lot of respect as a result.

Risteard

Now that's motivation.

https://youtu.be/gq2CMoTsp5Y

Uncle Mclovin

myshirt wrote: »

Best of luck to everyone!

If I could give any advice, focus at this stage on ensuring your notes are organised and ready, and know your high level strategy for tackling this.

Read it, plan it, do it. Eat this elephant in bite size chunks. Conclude, advise, and best of luck guys! Keep your composure! Just like Will Ferrell said in Old School https://youtu.be/hrwvn9-TL5E

Put on the war paint http://goo.gl/7lTFXI (sound required)

And do not forget to heed to the advice of the Fae Oracle Mr. Paul Monahan (http://goo.gl/kxKYqA) who knows what the Fae Board have had for breakfast before they even know themselves; he's at least two rotations ahead of them in the way that this exam is going and he commands a lot of respect as a result.

Re Paul Monahan even a stopped clock is right twice a day. I found all he did was talk about how great the Americans thought he was and tip everything to come up.

15YemenRoad

Anyone else lost the will to live?

Can't face looking at any more cases.

ACA2015

15YemenRoad wrote: »

Anyone else lost the will to live?

Can't face looking at any more cases.

All about chilling at this point. A few FR questions and some strategy theory here and there. Cannot face another case study until Tuesday!

Rusty91

ACA2015 wrote: »

In which ones do you struggle to get RC standard? Past exam papers?

The mocks. I'm presuming those will be the topics most likely to be examined. I personally felt even IAS 40 on the 2016 mock was difficult and that's nearly an ideal topic to come up

CAstudent

Rusty91 wrote: »

The mocks. I'm presuming those will be the topics most likely to be examined. I personally felt even IAS 40 on the 2016 mock was difficult and that's nearly an ideal topic to come up

I think the difficulty with some of the FR indicators on the mocks is that they're written in such a confusing fashion. The exam indicators tend to be a lot easier to understand.

Rusty91

CAstudent wrote: »

I think the difficulty with some of the FR indicators on the mocks is that they're written in such a confusing fashion. The exam indicators tend to be a lot easier to understand.

I really hope so. It's extremely disheartening when you're struggling to hit RC & C on the papers at this stage. I find most of your time on the mocks is spent trying to figure out what they are actually telling you which eats into writing time.

jkiamasnake

how are people getting on for the audit elective? I am so sick of study at the moment!

Best of luck to all this week!

superb choice of username

jkiamasnake wrote: »

how are people getting on for the audit elective? I am so sick of study at the moment!

Best of luck to all this week!

Audit elective??? That's Thursdays problem

Kristina F

superb choice of username wrote: »

Audit elective??? That's Thursdays problem

The audit elective is on Friday or have I got it wrong??

superb choice of username

Kristina F wrote: »

The audit elective is on Friday or have I got it wrong??

Sorry to scare you, just the revision is Thursday!! Exam is Friday!!!

Kristina F

superb choice of username wrote: »

Sorry to scare you, just the revision is Thursday!! Exam is Friday!!!

Lol Oh I get you now

TAA_ICAI

Any thoughts on how that went??

Kristina F

TAA_ICAI wrote: »

Any thoughts on how that went??

Thought it was ok. Business leadership indicator re; ethics and the strengths and weaknesses was a bit iffy tho. Had a good attempt at the interest swap thing but it was a bit rank.

15YemenRoad

Said that I wouldn't do a postmortem but oh well. I got:

1. FR - Share based payments
2. Finance - Interest Swaps
3. BL - Ethics of reversing accrual
4. Audit - E.coli provision (lol)
5. Finance?? - Covenants. Not sure if this is finance or FR or MA, any thoughts?
6. BL - Half a SWOT. Didn't have much to write on this.
7. MA - BSC
8. Tax - Cash Extraction

Anyone else get similar? Wasn't sure if provision was Audit or FR.

Uncle Mclovin

Thought it was grand except for the hedging which I'm not comfortable with. The balance scorecard for the employee appraisal was a bit of a strange one also.

Kristina F

15YemenRoad wrote: »

Said that I wouldn't do a postmortem but oh well. I got:

1. FR - Share based payments
2. Finance - Interest Swaps
3. BL - Ethics of reversing accrual
4. Audit - E.coli provision (lol)
5. Finance?? - Covenants. Not sure if this is finance or FR or MA, any thoughts?
6. BL - Half a SWOT. Didn't have much to write on this.
7. MA - BSC
8. Tax - Cash Extraction

Anyone else get similar? Wasn't sure if provision was Audit or FR.

I got the exact same

TAA_ICAI

15YemenRoad wrote: »

Said that I wouldn't do a postmortem but oh well. I got:

1. FR - Share based payments
2. Finance - Interest Swaps
3. BL - Ethics of reversing accrual
4. Audit - E.coli provision (lol)
5. Finance?? - Covenants. Not sure if this is finance or FR or MA, any thoughts?
6. BL - Half a SWOT. Didn't have much to write on this.
7. MA - BSC
8. Tax - Cash Extraction

Anyone else get similar? Wasn't sure if provision was Audit or FR.

Yea i had same as you ... I included provision in audit ... It was a funny exam ... Not sure how it went :-/

Gretel2911

Does anyone have any insights on the tax indicator? Thought it was a bit funny with the covenants etc!

giftgrub1991

For the reversing journal I went down the lines of fr/audit as he is condoning fraudulent financial reporting giving the pressure there is to maintain with covenant.

For the tax I some how thought retirement reliefs down the road would also benefit him.

Any thoughts?

Kristina F

Anybody use the Hodgons (probly not the right spelling) model for the ethics Q about the accrual?

TAA_ICAI

I didn't use 3 step method I went down the FR ethics route that he has directors responsibility to ensure f.s. show true & fair view, etc

For tax I also mentioned retirement relief but forgot to mention about the covenant for d/d :-(

Any thoughts about what to focus on for tomorrow?

Gretel2911

Kristina F wrote: »

Anybody use the Hodgons (probly not the right spelling) model for the ethics Q about the accrual?

I did

Obrieski

If the covenant was finance, it means there's going to be 3 finance indicators overall, I would suspect it could be BL but who knows. Big Paul said to avoid boards between exams due to the speculation! 😄 Just answer what's asked. Felt tax was weird and the mgmt accounting. Didn't di myself justice in them definitely