FAE 2016

moleary20

FAE2015.2 wrote: »

This is making me feel much better - I'm repeating, missed it by one grade last year & Sim 2 this year was so bad I think I may have failed again! So so hard, nothing like what is seen before / what I had in my material!

Probably what they wanted - for people to be less able to rely on material. They definitely made up for only having 2 Sims by raising the complexity of the indicators. We haven't been examined once on CAT all year and 3 times on cash extraction between interim, core and today.

moleary20

FAE2015.2 wrote: »

Small mercies but that's a relief.. Thought it was just me! Nothing like I'd seen before - Sim 2 was a killer..

I found them both brutal to be honest. Not a good day out.

XxrachcbXx

That exam was the worst ever. Not a nice way to end the week!!!!!!

Jolie2016

I think the paper was really doable. I do not work in tax and never did, only had small exposure to very few things from overall syllabus. Time pressure was there and had no chance to list all conditions or consider alternative options, so mostly just went with an option that made any sense.

The paper was easy to read and indicators clear to find. Though really much planning was needed! I did miss to mention a lot of additional taxes from the hitlist to be considered and in few cases did not provide the best solution to save as much tax as possible, though made recommendations in my own way. Not sure how this will be marked???

Jolie2016

Jolie2016 wrote: »

I think the paper was really doable. I do not work in tax and never did, only had small exposure to very few things from overall syllabus. Time pressure was there and had no chance to list all conditions or consider alternative options, so mostly just went with an option that made any sense.

The paper was easy to read and indicators clear to find. Though really much planning was needed! I did miss to mention a lot of additional taxes from the hitlist to be considered and in few cases did not provide the best solution to save as much tax as possible, though made recommendations in my own way. Not sure how this will be marked???

And I finished the week with a positive feeling and a hope to pass TAX! still cannot recover from the core

15YemenRoad

Loved that exam so much that I think I'm gonna do it again in January...

Had good notes on engagement acceptance, surprised it didn't come up.

Not a religious person but praying I got through that.

the bird flew

Found tax sim 2 horrible. Time constraints too.

Anyone any idea on the building disposal in Kerry? Totally threw me!

Felt very hard to cover all tax heads in a lot of questions. I didn't think CAT featured too much.

Best bet is if everyone thought it was an awful case is to do that CASSI survey and hope they consider our worry when grading!

Enjoy the no study weekend guys!

FAE1

the bird flew wrote: »

Found tax sim 2 horrible. Time constraints too.

Anyone any idea on the building disposal in Kerry? Totally threw me!

Felt very hard to cover all tax heads in a lot of questions. I didn't think CAT featured too much.

Best bet is if everyone thought it was an awful case is to do that CASSI survey and hope they consider our worry when grading!

Enjoy the no study weekend guys!

I set up a new company and did a share for share with the owner for shares in the two existing companies (reconstruction relief - so no SD or CGT). I then had a CGT Group so transferred the property across to the loss maker and they were able to shelter the gain on sale with current losses.

It was one of the hardest exams I have ever done.

FAE2015.2

FAE1 wrote: »

I set up a new company and did a share for share with the owner for shares in the two existing companies (reconstruction relief - so no SD or CGT). I then had a CGT Group so transferred the property across to the loss maker and they were able to shelter the gain on sale with current losses.

It was one of the hardest exams I have ever done.

I tried to do the same - realised when I came out l forgot to explain I wanted to do the share for share first.. Raging just panicked in sim 2! Fingers crossed they'll mark it kindly!

FAE1

FAE2015.2 wrote: »

I tried to do the same - realised when I came out l forgot to explain I wanted to do the share for share first.. Raging just panicked in sim 2! Fingers crossed they'll mark it kindly!

Yah - it was such small technical issues in nearly every indicator and if it didn't click you would be completely wrong so will be interesting to see how they are marked! fingers crossed anyway

Kristina F

See in Sim 2 in core..did anyone not address the whistleblowing mechanism? The client never asked us to put it in our report..they just asked for the board composition in the report.,I assumed they were going to deal with that whistleblowing mechanism themselves as the client never specifically asked for it in the case..a comment for the CASSI report I think?

Hickey 91

For the core Sim 1 - interest rate swaps indicator, Did we need to calculate the interest swap profit/loss? In the case he just asked us to explain how interest rate swaps works. If I just explained it without doing the calculation do people think it would be enough for BC?

Kevint30

FAE1 wrote: »

I set up a new company and did a share for share with the owner for shares in the two existing companies (reconstruction relief - so no SD or CGT). I then had a CGT Group so transferred the property across to the loss maker and they were able to shelter the gain on sale with current losses.

It was one of the hardest exams I have ever done.

If you transferred the property to the loss making company would the 10 year cat clawback and 2 year SD not kick in then if u sell property. I just said once group in place unitised losses after group formulated can be offset against chargeable gain on a value basis

Jolie2016

Kevint30 wrote: »

If you transferred the property to the loss making company would the 10 year cat clawback and 2 year SD not kick in then if u sell property. I just said once group in place unitised losses after group formulated can be offset against chargeable gain on a value basis

I did in similar way - just mentioned that holding company structure needs to be in place, then loss group will be formed and current year losses can be transferred from other subsidiary and offset, but first against trading income, and only then on value basis.

FAE1

FAE2015.2 wrote: »

I tried to do the same - realised when I came out l forgot to explain I wanted to do the share for share first.. Raging just panicked in sim 2! Fingers crossed they'll mark it kindly!

Kevint30 wrote: »

If you transferred the property to the loss making company would the 10 year cat clawback and 2 year SD not kick in then if u sell property. I just said once group in place unitised losses after group formulated can be offset against chargeable gain on a value basis

I think it is if only the actual company leaves the group within set period that the clawback is triggered - not the underlying asset.But come to think of it now I think there is some restriction surrounding pre-entry losses to a group so they probably would have been only allowed to use losses only since group formation... but I never said that

Jolie2016

I am not sure but I would think that pre-entry losses are restricted when the beneficial ownership changes, in Sim 2 the ultimate shareholder remains same.

Kristina F

Hickey 91 wrote: »

For the core Sim 1 - interest rate swaps indicator, Did we need to calculate the interest swap profit/loss? In the case he just asked us to explain how interest rate swaps works. If I just explained it without doing the calculation do people think it would be enough for BC?

Yea u defo got BC. They generally don't require much for BC so u wil b fine. Maybe just mention it in ur exam survey tho that it wasn't clear enuf in the exam that he wanted calculations because I was thinking the same thing when I saw it first.

FrStone

Jolie2016 wrote: »

I am not sure but I would think that pre-entry losses are restricted when the beneficial ownership changes, in Sim 2 the ultimate shareholder remains same.

Yeah, you are right. If the beneficial ownership changes you can't use the losses and if the nature of the trade changes you can't use the losses. However, I couldn't for the life of me find the legislative reference that said that.

I also couldn't find the legislative reference that said you can group relive case 1 losses against chargeable gains.

jemmyboy

How did people find the APM exam? Found it straightforward enough so just hoping to scrape over the line!

Mark_23

For someone who will be doing FAEs next year, what advice would yous have?

I've yet to decide which Elective to do. Tis between Audit or Tax. Work in Audit but prefer studying Tax even though Tax was my lowest result in CAP2 (felt I should've done much better and was quite annoyed at myself).

Anyone in the same position as me last year? What yis end up doing?

WhatYaSay

jemmyboy wrote: »

How did people find the APM exam? Found it straightforward enough so just hoping to scrape over the line!

Am I correct in saying that there were two similar indicators on fx risk avoidance, with the second one more specifically looking for hedging techniques. This freaked me out in the exam and I spent too long on it, so hoping I did enough in the rest of the paper to cross the line.

ACA2015

Mark_23 wrote: »

For someone who will be doing FAEs next year, what advice would yous have?

I've yet to decide which Elective to do. Tis between Audit or Tax. Work in Audit but prefer studying Tax even though Tax was my lowest result in CAP2 (felt I should've done much better and was quite annoyed at myself).

Anyone in the same position as me last year? What yis end up doing?

Hard for people to objectively answer that as you only sit one.

Tax last year had a slightly higher pass rate than audit as a first attempt. Historically though, tax is a good deal higher (in 2013 86% of tax elective students passed first time while just 70% did at audit). In 2014 just 54% of audit students passed first time - I seriously doubt that would happen in tax ever. It's got it's difficulties I'm sure, but it isn't as wishy washy as audit can be. I don't think people transfer their practice knowledge as well with audit as people in tax practice do with the tax elective.

If you like studying tax, I'd go for that.

Mark_23

ACA2015 wrote: »

Hard for people to objectively answer that as you only sit one.

Tax last year had a slightly higher pass rate than audit as a first attempt. Historically though, tax is a good deal higher (in 2013 86% of tax elective students passed first time while just 70% did at audit). In 2014 just 54% of audit students passed first time - I seriously doubt that would happen in tax ever. It's got it's difficulties I'm sure, but it isn't as wishy washy as audit can be. I don't think people transfer their practice knowledge as well with audit as people in tax practice do with the tax elective.

If you like studying tax, I'd go for that.

Yeah I was hoping someone working in Audit had advice about them doing the tax elective.

Thanks though!

jemmyboy

WhatYaSay wrote: »

Am I correct in saying that there were two similar indicators on fx risk avoidance, with the second one more specifically looking for hedging techniques. This freaked me out in the exam and I spent too long on it, so hoping I did enough in the rest of the paper to cross the line.

Honestly at this stage I can't even remember. I'd need to look back over my planning notes. Out of sight out of mind! Fingers crossed for October.

bigmc23

Mark_23 wrote:

I've yet to decide which Elective to do. Tis between Audit or Tax. Work in Audit but prefer studying Tax even though Tax was my lowest result in CAP2 (felt I should've done much better and was quite annoyed at myself).

I'm ex pwc auditor and unlike the other big four they have a choice of elective. A lot of my mates in there went for the apm despite working in audit. Prob because of its rep as one of the tougher electives and is also boring....

Xlami

http://www.cassi.ie/wp/wp-content/uploads/2015/04/CASSI-FAE-Report-2016-final.pdf

The CASSI Report. Fairplay to the lads they do a great job.

superb choice of username

Xlami wrote: »

http://www.cassi.ie/wp/wp-content/uploads/2015/04/CASSI-FAE-Report-2016-final.pdf

The CASSI Report. Fairplay to the lads they do a great job.

Interesting read, caused some traumatic flashbacks :pac: Already had my first nightmare about getting results and failing

trooperdx3117

superb choice of username wrote: »

Interesting read, caused some traumatic flashbacks :pac: Already had my first nightmare about getting results and failing

Ha same, I'm worried about how those FR indicators are gong to shake out!

Lastchance123

Does anyone know when the repeats are in January? Optimistic

PunkFreud

Lastchance123 wrote: »

Does anyone know when the repeats are in January? Optimistic

I deleted the email from the start of the year, but if I recall correctly, it's 3rd - 6th January.

Let's hope it doesn't come to another Christmas ruined by the Institute...

Johnny_Fontane

We're looking for an ACA who is awaiting their final exams for a reinsurance company in Dublin 2. Salary to €45k, moving to €50k when you get exams (in Nov) Client will look at candidates from FS audit backgrounds, but ideally the insurance group! Great benefit package!

PM me for more details!

Sophia91

Anyone getting really nervous about results even though they're still 4 weeks away?

15YemenRoad

Yep.

Interested to know if my future is ruined or not

ACA2015

Tick tock

superb choice of username

ACA2015 wrote: »

Tick tock

Just saw the 'What to expect on results day' document is up http://students.charteredaccountants.ie/en/Student-Information/What-to-expect-on-FAE-results-day-2015/ .


It's a shame they haven't updated the format the results are given - particularly the way the sufficiency is displayed (only sufficiency group given, 0 - 9). Now the point system is published, why can't they just give us the number of points obtained... :rolleyes:

Anyway, time to push it back outside my brain again else won't sleep for the next week :mad:

edit: the link still includes '2015', but does appear to be for 2016, it was a link from - http://students.charteredaccountants.ie/

ACA2015

I'll just be looking on the right hand side hoping to see 'Pass'!

15YemenRoad

ACA2015 wrote: »

I'll just be looking on the right hand side hoping to see 'Pass'!

Does it definitely have the overall pass?

Was worried I'd see pass and it would just be for one of them.

Kristina F

Anybody think the pass rate will be reduced this year due to the repeats in January? I just fear they will fail more people since the repeats are now an option

15YemenRoad

Kristina F wrote: »

Anybody think the pass rate will be reduced this year due to the repeats in January? I just fear they will fail more people since the repeats are now an option

Yeah people were saying that in work alright.

More money for the institute...

ACA2015

15YemenRoad wrote: »

Does it definitely have the overall pass?

Was worried I'd see pass and it would just be for one of them.

Yea when you open the portal it will have a summary

From left to right-

Name-Student no. - Session - Core Result - core decile ranking - core sufficiency - Elective - Electovr decile ranking - elective sufficiency - Overall Result

Kristina F

Paul M apparently has said the pass rates have gone up this year

m1ck007

Horse****

trooperdx3117

Kristina F wrote: »

Paul M apparently has said the pass rates have gone up this year

Oh god I really hope that's true!!

This is such a long week, only thing keeping me sane is playing battlefield 1 after work! 😬

y0ssar1an22

results up. passed the core failed elective. pretty delighted.

best of luck to everyone

ACCAwanabe

y0ssar1an22 wrote: »

results up. passed the core failed elective. pretty delighted.

best of luck to everyone

Done the same last year got core failed my elective but got elective this year.... so much easier studying just for the elective!!!! Good luck everyone!!!!!

lydia123

Anyone else have insufficient access rights to view results or have the institute given up on me?! Hurry up mr. Postman

collegeme

I'm really confused. I see pass for both and decile 7 and decile 4. Suficency 4 for both. Have I passed these fooking exams?????!!

trooperdx3117

Holy **** 1Y anf 5G actually in shock I passed . Gonna have to bonfire the books this weekend or something ha

ACCAwanabe

trooperdx3117 wrote: »

Holy **** 1Y anf 5G actually in shock I passed . Gonna have to bonfire the books this weekend or something ha

Matches at the ready!!!!

Uncle Mclovin

Somehow passed both. Over the moon!!

On the suffiency I think you need a 0 to get the pass. On the document explaining results its says 1 to 9 in suffiency means how close or far away you were from achieving suffiency with 1 being the closest. It's all a pile of bollox really. Would make life easier if they just said pass or fail.