FAE 2017

jus_tin4

AtticusFinch86 wrote: »

I should have some. See attached.

I've thrown in my APM notes too and a summary of all indicators asked in cases for both APM & FAE (except for anything post 2015)

I have to say Atticus, Your notes have been an absolute life saver to me! Thanks a Million for share. You deserve to pass just on your notes alone!!!

MrSzyslak

I completed all 2016 and 2017 comp papers and they were so much more straightforward than the mocks.

However I got stuck on two easy tax indicators. One was a tax comp 2016 and other was regarding capital allowances on 2017 paper.

These are going back to CAP1 & 2 and I am aware of the cumulative principle, the thing is I did a masters and dont have any notes from back then.

Not sure what is the best material to revise this for a quick refresher or even to have something to reference to in the exams. printing off cap1 and 2 notes online does not appeal to me.

Is there a book or something that would be good for cover on cap1 and 2 tax? Not sure what happened my old materials


Cheers for any help.

goroved

MrSzyslak wrote: »

Is there a book or something that would be good for cover on cap1 and 2 tax?

Not sure about books, but I've attached my notes from CAP1 and CAP2 (which helped me pass first time). Hopefully they will be of some help.

CAIgirl

What topics do people think have a higher chance of coming up? i really think marketing for bl was asked a lot previously. Think they will ask more hr

MrSzyslak

goroved wrote: »

Not sure about books, but I've attached my notes from CAP1 and CAP2 (which helped me pass first time). Hopefully they will be of some help.

Much appreciated, these are very well laid out, and will be a great refresher, must print them off and go through them.

You hardly have something similar for Cap2 audit?:o

My audit notes consist of a summary of auditing standard, two different audit programmes printed out and binded and a mish-mash of other hand outs, not ideal:(

I watched all Sean Murrays lectures few months ago and think I have a solid grasps of standards and other audit programmes, but my actual procedures, controls and covering assertions work is still letting me down. Only BC in the interim test too.

goroved

MrSzyslak wrote: »

You hardly have something similar for Cap2 audit?:o

I must admit, Audit was never my strongest subject :rolleyes: but I've attached my notes below.

MrSzyslak

goroved wrote: »

I must admit, Audit was never my strongest subject :rolleyes: but I've attached my notes below.

Thanks again!

heretothere

CAIgirl wrote: »

What topics do people think have a higher chance of coming up? i really think marketing for bl was asked a lot previously. Think they will ask more hr

I would love to know what's coming up!! I think you're right marketing has come up a good bit. HR isn't that big, Paul Monaghan tipped IMP/ BIS to come up.

jus_tin4

heretothere wrote: »

I would love to know what's coming up!! I think you're right marketing has come up a good bit. HR isn't that big, Paul Monaghan tipped IMP/ BIS to come up.

Whats IMP/BIs again?

CAIgirl

jus_tin4 wrote: »

Whats IMP/BIs again?

Business information system so all bout IT systems

heretothere

information management process - business information systems. We got a thin enough book on it

Conchur1

Does anyone know are there any specific past paper, or case study examples for IMP/BIS?

Paulacc

Does anyone know where there are examples of questions that focus on IFRS 9?

AtticusFinch86

jus_tin4 wrote: »

I have to say Atticus, Your notes have been an absolute life saver to me! Thanks a Million for share. You deserve to pass just on your notes alone!!!

No problem. Happy to help. They're so easily shared I figured I might as well.

If there's one thing I focus on for any exam, it's notes. I like to have a good condensed overview of notes to scan through in week running up to an exam. And to be honest, I'm not very good at getting myself to sit still for 4 hours to practice an exam paper, I'd rather spend my time doing something less intensive, like summarising the material and solutions. I think I probably took a bit too long writing them up but I'm happy enough in the knowledge that if I fail, I've 3 months to revise and a decent set of notes to work from.

AtticusFinch86

Paulacc wrote: »

Does anyone know where there are examples of questions that focus on IFRS 9?

The FR notes we got at the start of the year have a few examples but other than that I don't recall coming accross it. (maybe for one of the case day cases?). I'm hoping it doesn't rear it's ugly head though as it's an area I'm very weak in, as I'm sure most students are

Jsmac67

AtticusFinch86 wrote: »

The FR notes we got at the start of the year have a few examples but other than that I don't recall coming accross it. (maybe for one of the case day cases?). I'm hoping it doesn't rear it's ugly head though as it's an area I'm very weak in, as I'm sure most students are

If it was to pop up, it's at the apply level and would be examined at a very basic level I'd imagine.

AtticusFinch86

Jsmac67 wrote: »

If it was to pop up, it's at the apply level and would be examined at a very basic level I'd imagine.

Didn't realise! Glad to hear it.

AtticusFinch86

I sat and tried the 2016 Core Comp today under time pressure. It's definitely a notch or two below the 2016 mock question which is a relief. And to be honest, I found it a lot handier than the "integrated case day" stuff. It's not as technically demanding and the indicators are very clearly signposted. But in saying that, it might simply have been a more student friendly paper than the norm. I found the "interest rate swap" confusing but after reading the solution, I wasn't far off. I've noticed most of the solutions are one page per indicator, another bonus.

Has anyone any idea how prescriptive the grey box marking scheme is? I noticed on the 2016 audit indicator it requires the correct audit standard to be referenced for a "competent" solution. I would have more than met the requirements in terms of my analysis but I didn't reference ISA 500. Does that completely 100% preclude me from a "competent" solution?

Catherine3006

I have just finished the January 2017 papers and have found them so much easier than the mock papers and integrated case days. The indicators were easily sign posted and to be honest a lot of very basic stuff coming up (with a few challenging components here and there) - hopefully they keep this up.

To be honest, I am not sure how prescriptive they are when it comes to the grey box. I'd like to think that if you answer had all the components of a good answer under ISA 500 without actually writing "ISA 500" that they would give you the benefit of the doubt. However if they wanted to be mean they could argue that the reference wasn't made and therefore give you Basic Competence....

To be on the safe side I'd try and get into the habit of referencing an ISA/Ethical Standard (or even IAS's) to hang your answer onto. At best, its going to bump you up into Competence, at worst it shows off extra knowledge and gives the marker the general feel that you know what you are talking about.

I got a really positive comment written in my mock script because I had written "The relevant standard here is IAS XX". Takes two seconds to write and it seems to put them in a good mood!

Humour Me

How is everyone allocating their study time for the elective? I did the 2017 APM paper today and while it was straight forward enough, I definitely need to do some work to get comfortable with the more commercial aspects.

onetwostep

Hi all, thanks for the notes that were posted, there were so many helpful things there.

Just wondering if anyone has anything that would be useful on the day for tax past papers such as a tracker? I stupidly haven't been making a tracker as I have been going along and would be really grateful if someone had something that they could share. Thanks!

AtticusFinch86

Humour Me wrote: »

How is everyone allocating their study time for the elective? I did the 2017 APM paper today and while it was straight forward enough, I definitely need to do some work to get comfortable with the more commercial aspects.

I'm doing the APM as well. I read the 2016 & 2017 mocks and went through the solutions. They were definitely very doable but yeah, they seem to require a bit more depth in terms of commercial knowledge. I was reading a couple of the solutions and thinking, how the hell am I supposed to have that level of insight into the industry.

In terms of time allocation, I think I'll just end up doing 2 days core and one APM. Luckily enough I'm carrying a HC into the APM so it takes the pressure off somewhat. I'll only need 3 x C to get my pass.

MrSzyslak

Catherine3006 wrote: »

I have just finished the January 2017 papers and have found them so much easier than the mock papers and integrated case days. The indicators were easily sign posted and to be honest a lot of very basic stuff coming up (with a few challenging components here and there) - hopefully they keep this up.

To be honest, I am not sure how prescriptive they are when it comes to the grey box. I'd like to think that if you answer had all the components of a good answer under ISA 500 without actually writing "ISA 500" that they would give you the benefit of the doubt. However if they wanted to be mean they could argue that the reference wasn't made and therefore give you Basic Competence....

To be on the safe side I'd try and get into the habit of referencing an ISA/Ethical Standard (or even IAS's) to hang your answer onto. At best, its going to bump you up into Competence, at worst it shows off extra knowledge and gives the marker the general feel that you know what you are talking about.

I got a really positive comment written in my mock script because I had written "The relevant standard here is IAS XX". Takes two seconds to write and it seems to put them in a good mood!

Yeah I found the January 2017 very handy. Complete night and day compared to the steps cases and mocks.

I hope I am wrong but I am expecting a more difficult paper this year.

The AAFRP was a lot tougher than 2016 with results for that and other interim assessments down in general. There is also so much talk to blended indicators and compound indicators that I am expecting a few curve balls this year to bring the pass rate down again.

I hope I am wrong guys!

MrSzyslak

On a side note when referencing the standard are ye giving the paragraph also as it does in the solution

eg IAS16.7 or does it suffice to say as per IAS16. Same question for auditing.

Catherine3006

MrSzyslak wrote: »

On a side note when referencing the standard are ye giving the paragraph also as it does in the solution

eg IAS16.7 or does it suffice to say as per IAS16. Same question for auditing.

I haven't been quoting the paragraph - I feel like there's enough content to be worrying about than paragraph references. My view on it is if you can mention the applicable part of the standard and explain it, its safe to assume that you know it is included in the IAS somewhere (and if a client ever asked for a reference in real life you could Google that fairly quickly)..

But that is just my take on it - I haven't actually heard any guidance on this from lecturers.

AtticusFinch86

MrSzyslak wrote: »

On a side note when referencing the standard are ye giving the paragraph also as it does in the solution

eg IAS16.7 or does it suffice to say as per IAS16. Same question for auditing.

I can promise you, there is no way you will be expected to quote specific paragraphs.

satnavadays

Has everyone done the cases in the self study pack? There seems to be so much to get through. Panick starting to set in now!

onetwostep

satnavadays wrote: »

Has everyone done the cases in the self study pack? There seems to be so much to get through. Panick starting to set in now!

Paul Monahan mentioned the following hierarchy: Steps and cross-marking cases first then 2016/2017 mocks then past papers (only as far as 2015) then integrated case days then self study pack. So I haven't gotten to self-study pack, will maybe get a chance to read over it but that's all.

MrSzyslak

satnavadays wrote: »

Has everyone done the cases in the self study pack? There seems to be so much to get through. Panick starting to set in now!

Dam I did the self study cases first. Went through ICD at the 5 case days I went to never looked at them after that. I really should of looked at a few lectures for advice like that ha ha.

Making way through step cases now. Then Ill probably just read over the mocks.

btw Steps cases are very difficult not good for the confidence ha

Conchur1

2016 AAFRP, comp & sims were noticeably handier than normal so this obviously led to the higher than normal pass rates. One of our lecturers said its the same team working on the exam this year, so he's hoping that means more of the same. The way I see it, its going to be black or white, either we get a back lash and a really tough paper, or it continues in the vein of 2016 and the Jan '17 repeat. Fingers crossed....

CAIgirl

Conchur1 wrote: »

2016 AAFRP, comp & sims were noticeably handier than normal so this obviously led to the higher than normal pass rates. One of our lecturers said its the same team working on the exam this year, so he's hoping that means more of the same. The way I see it, its going to be black or white, either we get a back lash and a really tough paper, or it continues in the vein of 2016 and the Jan '17 repeat. Fingers crossed....

Would it not look weird if they had such a high pass rate last year and then it lowered significantly? I say they can't lower it too much. There would be uproar.

onetwostep

CAIgirl wrote: »

Would it not look weird if they had such a high pass rate last year and then it lowered significantly? I say they can't lower it too much. There would be uproar.

I agree with you on that one. I remember Paul Monahan saying that they want more chartered accountants so might keep a high pass rate

MrSzyslak

True let's stay positive on the home straight 😠economy is booming again so they need us!

Conchur1

Yeah, every firm, big or small, is struggling big time to meet demands, so CAI are under pressure to get some numbers through. Heres hoping we're beneficiaries

Paulacc

Is it important to include disclosure requirements in FR indicators or is that only necessary if you are aiming for HC?

CAIgirl

MrSzyslak wrote: »

True let's stay positive on the home straight 😠economy is booming again so they need us!

Yeah they do!! Need us more than ever with brexit and all the financial companies coming over here:)

CAIgirl

Paulacc wrote: »

Is it important to include disclosure requirements in FR indicators or is that only necessary if you are aiming for HC?

To get the hc yes you would need it. If you know it I would put it in for every indicator regardless

satnavadays

onetwostep wrote: »

Paul Monahan mentioned the following hierarchy: Steps and cross-marking cases first then 2016/2017 mocks then past papers (only as far as 2015) then integrated case days then self study pack. So I haven't gotten to self-study pack, will maybe get a chance to read over it but that's all.

MrSzyslak wrote: »

Dam I did the self study cases first. Went through ICD at the 5 case days I went to never looked at them after that. I really should of looked at a few lectures for advice like that ha ha.

Making way through step cases now. Then Ill probably just read over the mocks.

btw Steps cases are very difficult not good for the confidence ha

Thanks, I've done steps, some exam papers and and I'm looking at the ICD. Don't know where the time is going there seems to be so little left but loads to look at.

Last years paper is definitely easier, it's all the other ones that seem to be problem!

heretothere

http://www.boards.ie/vbulletin/showthread.php?t=2057243063&page=4

I found a link on APM, a couple of good bits on it - anyone else doing APM? Any tips? I've so far done nothing!!

Bailey782

I've really neglected APM, just feels like there's so much to get through for CORE. Sat down today to do a few papers and it was a bit of a shock to the system! Last years papers definitely seem to be a bit kinder then previous years, here's hoping that trend continues...

rcoffey

how are the non audit elective people studying for audit for the core papers? I am really struggling with it any tips welcomed!

heretothere

I just have the ISA's, the audit ethics, audit opinion and audit testing stuff from CAP2 and I'm hoping that will be enough.

Catherine3006

Right lads, I know this is a stupidly simple thing and I really shouldn't be getting so confused by it, but does anyone have a simple way of remembering the difference between margin and mark up? It has just never clicked with me and I spend way too long thinking about this when it comes up in a case!

AtticusFinch86

Catherine3006 wrote: »

Right lads, I know this is a stupidly simple thing and I really shouldn't be getting so confused by it, but does anyone have a simple way of remembering the difference between margin and mark up? It has just never clicked with me and I spend way too long thinking about this when it comes up in a case!

If you were selling something for €100 that cost you €80. Your profit would be €20.

The mark up (on cost) would be 25% (€20 is 25% of €80)
The margin would be 20% (i.e. of the €100 you've sold the item for, 20% of it is profit i.e. margin, and 80% cost)

It's a tricky one, especially in a time press exam environment, to get the head around. I still get confused about it when the pressure is notched up a grade

Catherine3006

AtticusFinch86 wrote: »

If you were selling something for €100 that cost you €80. Your profit would be €20.

The mark up (on cost) would be 25% (€20 is 25% of €80)
The margin would be 20% (i.e. of the €100 you've sold the item for, 20% of it is profit i.e. margin, and 80% cost)

It's a tricky one, especially in a time press exam environment, to get the head around. I still get confused about it when the pressure is notched up a grade

You are a star, thanks!

Yea if I think about it I am usually ok, but when I'm answering questions its not really something I should have to take the time to think about. These 4.5 hours fly by....

Humour Me

I actually have a key concepts page near the front of my main folder with mark up/ margin definition and a few other things that I know I will confuse under time pressure e.g. Revaluation under IAS 16 versus IAS 40. I'm calling it my mental block page.

MrSzyslak

Is the standard approach to have the indicators printed out an mapped to the Comp Statement in a folder, and then reference to them during planning?

Paulacc

Has anyone looked through the part B IFRS book? I found good examples for IAS 37. Just wondering if anyone else found anything useful in it? It's a massive book so would rather not go through it page by page.

Jsmac67

How're people feeling about tax indicators? None in the past couple of years required much detail really however I'm worried incase something obscure came up!

rcoffey

Paulacc wrote: »

Has anyone looked through the part B IFRS book? I found good examples for IAS 37. Just wondering if anyone else found anything useful in it? It's a massive book so would rather not go through it page by page.

the lecturer on our last case study day said that 95% of that book is useless, but highlighted ias's 37, 38 and and ifrs 8 of having good examples, and the exam board use this book for pulling questions as they know nobody looks at it. Could come in handy in the exam if you are stuck, also there is a good sale and leaseback example in ias 17.