FAE 2017

CwC

With study leave coming up does anyone have any advice in how to study financial reporting and the other modules in terms of technical material?
How are people going about in attempting case studies?
Please share ideas and suggestions.

AtticusFinch86

Hi all,

FAE 2017 is not far from the horizon and I was hoping that someone (or with any luck many people) would be willing to share some notes that they may have found useful in their own studies.

I am up to my eyes in notes but I have nothing much in the way of the high level, concise notes that are needed for the FAEs (ala Chartered Grind School). I'd be greatly appreciative if anyone had anything they could with the less fortunate souls (i.e. me) who are still scrambling to get past this final hurdle.

I'll get my mother to light a candle for anyone that forwards any useful notes. She's very religious, so she's got some sway up there.

myshirt

The best thing you can do is eat case studies for breakfast, lunch and dinner. At this stage you have enough technical knowledge to pass whether you believe it or not, so the issue is not more and more notes, but moreso case studies and getting using what you have to the best of your ability.

Go case studies to books, rather than books to case studies, and if the answer is not there then jot it in the margin when you find it out.

AtticusFinch86

Thanks for the advice. I certainly don't feel ready (in terms of the technical side of it) but you're probably right. I'm just finishing up my "cheat sheets" at the moment and hope to start pumping through the case studies from the June bank holiday onwards.

myshirt

Know a little about everything, and not a lot about one thing.

Case studies, case studies, case studies. And more case studies. Seriously. And keep persevering. Keep the answers to a length of mid level detail, and make clear unequivocal conclusions.

You could be forever and a day filling the brain with technical material. Everyone thinks they don't have enough technical material, but you do. Tick and tie to the competency statement and ensure you know something about everything. So for example a basic understanding of IAS 12, and not a detailed knowledge of it like deferred tax for IFRS 2 payments where part of the journal goes to OCI, that's too deep.

Arrange a study group where you share your answer to a case study each week and get it corrected by your buddies. Talk through the answers but don't get bogged down the sweating the bollox out of issues. You will pick up a lot from this.

15YemenRoad

These were my main exam notes if they are any use.

They are just some of the best solutions from the case studies organised as per the comp statement. After I identified my indicators I found a roughly similar solution in the notes to base my answer off. Obviously your answer needs to be completely based on the facts from the current case, but I found that having these made it way easier and quicker to structure the answer and know how much to write for each indicator. Then if I didn't have any solutions that were in anyway similar to the indicator in the exam, I knew the indicator was probably fairly off the wall so I didn't feel too bad making up complete crap.

AtticusFinch86

Thanks guys, appreciate the help and notes. They're a huge help!

anthonygoodman

Has anyone got a fae APM elective lecture timetable for Dublin or Belfast. If so could you please send to me. Much appreciated

anthonygoodman

Has anyone got a fae APM elective lecture timetable for Dublin or Belfast. If so could you please send to me. Much appreciated

odonovan4148

Hi All,

Best of luck to all on study leave for the FAE's at the moment!

Just wondering everybody's plans is it just case studies?

Have we many case studies to get through?

CWC25

What I have heard from people is attempt all past exam and mock papers. Practice doing questions under exam conditions.

jus_tin4

lucky people who are on study leave already!

odonovan4148

That's what they say all case studies! I know I'm not on leave until the 23rd of June:(

Humour Me

I'm going to revise technical material until the end of June and then start cases at the start of July. If I tried a finance or FR case now I would freak myself out.

AtticusFinch86

I've currently prepared what I hope are all the study notes I need and I've reviewed them a couple of times to try and get them condensed as much as possible. I've still managed to fill an entire lever arch folder but a lot of that is templates, appendices, additional background info etc.

In terms of questions, I've spend the last week reading the STEPS cases and integrated case day case studies, summarising the solutions and picking out the key themes and types of questions that seem to get asked. I should have that finished by the end of next week so I'll start attempting the past papers and additional case studies they gave us (I'm intending on summarising those too and picking out the key themes )

By the last week before the exams I hope to have attempted all cases available, have each indicator summarised and have a comprehensive summary of all the key themes over the last few years for each topic area. I'll use the 4-5 days before the exams to just go over my summary notes and condensed solutions.

It's an approach that's served me well in the past but then again, this is not your typical exam, so who knows.


On another note, am I right in thinking that the integrated case day cases are generally harder than the final FAE itself? I've read through a few of the cases and I am finding it very tough to see the big picture and pull out the relevant info. I don't know whether the cases have been poorly worded, whether they're deliberately overly technical or whether it's just a lack of understanding on my part.

AtticusFinch86

odonovan4148 wrote: »

That's what they say all case studies! I know I'm not on leave until the 23rd of June:(

Apparently some people have been on study leave since mid-late May. I didn't even know firms offered this! I'm in industry so have no study leave as such. It comes out of my normal 20 holidays a year so it'll be the 2nd week of August before I can properly knuckle down.

jus_tin4

Im the same! Hoping for july though otherwise I'm screwed!

Bailey782

Hi All, I'm in industry too so very jealous of those already on study leave!
Is anyone having any issues viewing the online recordings today? I just keep getting an error whenever I try to open the MediaSite page.

AtticusFinch86

Haven't tried watching any in a couple of months (pre new website) but I know I could only watch them one certain browser (internet explorer i think) and only after you downloaded silverlight.

Other than that, I'd check the FAQ or some other notificatiosn to seen if they've any solutions

jus_tin4

The new site is a bit of a mess imo....

CAIgirl

Panic settling in.. not on study leave yet so haven't done much🙈

Bailey782

Would anyone have a copy of the core and sim past papers & solutions prior to 2015 that they could send on?

lynch92

Hi does anyone have a table which maps the indicators in the exam papers to each subject? A friend of mine who did the Fae's a few years ago said she had this and it's really handy.

AtticusFinch86

lynch92 wrote: »

Hi does anyone have a table which maps the indicators in the exam papers to each subject? A friend of mine who did the Fae's a few years ago said she had this and it's really handy.

Can't say I've heard of it but if it exists, I'd imagine it might be a little out of date by now given all the changes in the syallabus from 2014 onwards.

I'm currently working on something similar though. I'm trawling through all the case studies we've been given and trying to get a flavour for general key points, the type of questions asked around each area etc. I've currently looked at all the ICD cases, Steps cases, and have most of the additional cases reviewed and noted at this point.

It's still a work in progress, and needs a lot of tidying up, but I've attached what I've done to date on it. It might be useful, it might not.

I'm also going through all the solutions to each case and trying to get it summarised on to a word document. Can attach if you think they'd be useful.

lynch92

AtticusFinch86 wrote: »

Can't say I've heard of it but if it exists, I'd imagine it might be a little out of date by now given all the changes in the syallabus from 2014 onwards.

I'm currently working on something similar though. I'm trawling through all the case studies we've been given and trying to get a flavour for general key points, the type of questions asked around each area etc. I've currently looked at all the ICD cases, Steps cases, and have most of the additional cases reviewed and noted at this point.

It's still a work in progress, and needs a lot of tidying up, but I've attached what I've done to date on it. It might be useful, it might not.

I'm also going through all the solutions to each case and trying to get it summarised on to a word document. Can attach if you think they'd be useful.

I think she said she got it from someone in big4 but that the institute put it on the website closer to the exams then! It's something that would be updated every year. If I find it I'll post it! Thanks for posting your summary.

jus_tin4

I only noticed this while starting to study but there is a useful comparison of FRS102 Vs IAS in the back of the FRS102 book. Just an FYI, Let me know if anyone ese has come across some useful time savers/cheatsheets

Bailey782

Just going through the Summer 2016 Core Comp paper. In the financial reporting indicator regarding the covenants the Net Debt ratio in the solution for 2015 is 3.13. Could anyone explain to me how this has been calculated? Appendix one specifically states net debt is to be calculated as loan amounts less any positive cash balances. I think I must be missing something as I'm not coming up with 3.13 as an answer!

As far as I can see Loan amounts are 4,613 less cash balances (41+ 710) = 3862 and EBITDA is 732. Can anyone let me know where I'm going wrong? Basic I know, but it's wrecking my head!

Nemo12345

I have an indicator tracker and  copies of papers pre 2015, Not sure how to add attachments though?

Jsmac67

Bailey782 wrote: »

Just going through the Summer 2016 Core Comp paper. In the financial reporting indicator regarding the covenants the Net Debt ratio in the solution for 2015 is 3.13. Could anyone explain to me how this has been calculated? Appendix one specifically states net debt is to be calculated as loan amounts less any positive cash balances. I think I must be missing something as I'm not coming up with 3.13 as an answer!

As far as I can see Loan amounts are 4,613 less cash balances (41+ 710) = 3862 and EBITDA is 732. Can anyone let me know where I'm going wrong? Basic I know, but it's wrecking my head!

So the debt figure you're using needs to be in relation to the proposed 3mil and not total debt as in your above calc.

Also cash used in the above includes cash at hand, from the banks perspective this would be irrelevant as they'd be primarily concerned with cash they can actually trace/see i.e cash at bank.

(3mil-710k)/732k=3.13

LeTissier

Hi, 

I'm having a problem with the Audit Core if anyone can help. I was given the advice by one of the lecturers that gives the odd private tutorial to my firm that the best way to go about preparing for it was to read all the relevant standards in the standard book of which he's given a list of 30+ standards. However as most of you know the standard book is very boring. I can't seem to get through more than a couple in a sitting and this is becoming incredibly time consuming. Moreover, I don't seem to be retaining much of the info that I read.

How are people going about revising for Audit Core? Are you doing a similar thing in reading the standards or are you doing something completely different? Can anyone point me in the direction of any good notes or know of anywhere I can get summarised versions of the standards?

Thanks

AtticusFinch86

LeTissier wrote: »

Hi, 

I'm having a problem with the Audit Core if anyone can help. I was given the advice by one of the lecturers that gives the odd private tutorial to my firm that the best way to go about preparing for it was to read all the relevant standards in the standard book of which he's given a list of 30+ standards. However as most of you know the standard book is very boring. I can't seem to get through more than a couple in a sitting and this is becoming incredibly time consuming. Moreover, I don't seem to be retaining much of the info that I read.

How are people going about revising for Audit Core? Are you doing a similar thing in reading the standards or are you doing something completely different? Can anyone point me in the direction of any good notes or know of anywhere I can get summarised versions of the standards?

Thanks

I haven't as much as batted an eyelid towards the Audit Standards book since they came into the house before my CAP 2 days. Like most of the textbooks you're given, they are complete and utter overkill in my eyes, even at CAP 2 level where you tended to get examined more in-depth on topics. I cannot for the life of me understand how anyone could expect you to read those books front to back and still have time to review notes, attended lectures, practice questions, etc.

I've just been using a summarized version of my CAP 2 notes and to be honest, I tend to find the audit indicators to be some of the easier indicators (although they could be famous last words) which tells me that my notes must be fine.

CAIgirl

Does anyone have the cheat sheet going around?

Jsmac67

How did people get on in the mocks out of interest!

Alfred Borden

Jsmac67 wrote: »

How did people get on in the mocks out of interest!

Got the audit elective but failed core. Lot of work for the core to be done.

peanutgirl

Could anyone advise me how to go about revising for BL...there is so much material and I am completely lost...please help!!!!!

peanutgirl

Could anyone advise me how to go about revising for BL...there is so much material and I am completely lost...please help!!!!!

AtticusFinch86

peanutgirl wrote: »

Could anyone advise me how to go about revising for BL...there is so much material and I am completely lost...please help!!!!!

Have a template (hodgeons 3 stage process) for tackling ethical issues (especially for general ethical questions)
Broadly know the 5 sections of Corporate Governance and draw up a list of "features of strong corporate governance
Be able to analyse internal and external environment of company (PESTLE, SWOT, 5 FORCES, 9 M's --> are all useful for this)
Be able to select and explain appropriate KPIs. It's useful to create a list of main KPIs
Be able to evaluate and rank strategies
Understand the impact of strategy on marketing, HR, IT
Broadly know importance of IT systems and features of strong IT systems


That should cover most of what you'll need I would have thought. I've looked at all case studies we've been given to date and I'd say if you knew the above, you'd be well covered for 90% of questions in BL, maybe more.

peanutgirl

That's brilliant...thano you for the advise 😊

AtticusFinch86

peanutgirl wrote: »

That's brilliant...thano you for the advise ��

This might be of use, or no use. I've attached my own summarized BL notes that I'll be using in the run up to and during the exams. At the very least, you might find the KPI & Features of strong IT list useful to bring in to the exams. They are regular exam patrons

I think they should cover pretty much everything you're likely to get asked about for BL.

I've similar notes for the other areas if the attached are helpful

mrduffy

Hi Would anyone be kind enough to share APM elective notes with me !!! Pretty much all over the shot !

Jsmac67

AtticusFinch86 wrote: »

This might be of use, or no use. I've attached my own summarized BL notes that I'll be using in the run up to and during the exams. At the very least, you might find the KPI & Features of strong IT list useful to bring in to the exams. They are regular exam patrons

I think they should cover pretty much everything you're likely to get asked about for BL.

I've similar notes for the other areas if the attached are helpful

These are brilliant and pretty much cover all areas which may be examined.

Have you similar for Tax?

AtticusFinch86

Jsmac67 wrote: »

These are brilliant and pretty much cover all areas which may be examined.

Have you similar for Tax?

This is all I'll be using for tax. Probably won't be much use to you as it's all short summary points. I know the point I'm trying to make in each point whereas someone coming along, not having written it, may not.

Sean

CAIgirl

Wow those are unreal! Do u have similar for audit?

AtticusFinch86

CAIgirl wrote: »

Wow those are unreal! Do u have similar for audit?

Glad someone's finding them helpful. Here's the ones I'll be using for audit & FR. I've piggybacked on someone else's notes for Audit.

Mark_23

AtticusFinch, top man :cool:

Conchur1

AtticusFinch86 wrote: »

CAIgirl wrote: »

Wow those are unreal! Do u have similar for  audit?

Glad someone's finding them helpful. Here's the ones I'll be using for audit & FR. I've piggybacked on someone else's notes for Audit.

Great stuff Sean, much appreciated

Conchur1

Does anyone have something similar to Sean for NI tax?

jbeador

Has anyone got access to past papers pre 2015? Most cases seem quite different than actual past papers!

Humour Me

Go to the PEC and FAE Board reports on the website, the FAE Board reports going back to 2010 contain the full exam papers and solutions.

Catherine3006

Can I just double check that I'm not missing something.. Construction contracts aren't examinable this year, is that right? Can't see IAS11 or IFRS15 on the comp statement...

Humour Me

Catherine3006 wrote: »

Can I just double check that I'm not missing something.. Construction contracts aren't examinable this year, is that right? Can't see IAS11 or IFRS15 on the comp statement...

Correct, we got an email from the institute on the 27 June to confirm they are not examinable.

How is the study going for everyone? Any study discipline I had seems to be going out the window