FAE 2017

AtticusFinch86

rcoffey wrote: »

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.

I haven't as much as looked in the direction of those IFRS books since we got them last year. I don't know why they waste money getting them printed and distributed. There are far more effective ways of studying than trawling through 2,000 pages of standards and interpretations. It could just be made available online or something. That way you can just print what you need.

I've hit a bit of a brick wall today. I really can't be arsed attempting any more cases (even though I've only done a couple to date). I'm even considering going back into work for a few days next week just to change up my routine.

I think i'll just start taking a high level view of all the cases we were given and possibly look at the Derry Cotter book solutions to see what type of FR quirks to expect as FR is the main area I'll trip up in.

Paulacc

I think the standards books can be useful if you have referenced them well. You only need to know a few key paragraphs from each standard. It's also good to have them with you in the exam in case something comes up that your FR summary notes don't cover.

MrSzyslak

How's your timing looking when you complete cases? I'd be careful about going back to work man and just keep it going. They suggest at least 4 core comp cases under time pressure and 8 Sims.

Will all be over Friday week, plenty time for work then. The next 40 years!!! 😂

AtticusFinch86

MrSzyslak wrote: »

How's your timing looking when you complete cases? I'd be careful about going back to work man and just keep it going. They suggest at least 4 core comp cases under time pressure and 8 Sims.

Will all be over Friday week, plenty time for work then. The next 40 years!!! ��

I wouldn't mind saving the annual leave but I'll get the 2017 comp, 2 sims and APM done at the weekend (under exam conditions) and see where I'm at then.

Timing hasn't been too much of a problem to date. I had about 20 minutes to spare in the Cores about 30 minutes in the Sims. I'm not saying I'm breaking the bank in terms of C/s & HC's but judging by the solutions I'd be comfortably over the bar. Again, that's going by the 2016 final papers and 2017 mocks, which from what I gather, were not the most difficult of papers. I expect that to change for this year though.

MrSzyslak

Very good you sound set . You put in quite a bit of work with the notes and that so good on ya.

Think I found the 2017 mocks very difficult when I did them. That was about a 3 weeks ago though, maybe I should revisit them now to see if I have improved ha.

AtticusFinch86

MrSzyslak wrote: »

Very good you sound set . You put in quite a bit of work with the notes and that so good on ya.

Think I found the 2017 mocks very difficult when I did them. That was about a 3 weeks ago though, maybe I should revisit them now to see if I have improved ha.

Yeah it defo wasn't easy but it I found it a big step down from the 2016 mocks (although still harder than 2016 final). But yeah, if I had of done it (the 2017 mocks) 3 weeks ago I'd have been clueless as I had no technique for reading and planning my answers. And technique is half the battle as far as I'm concerned.

MrSzyslak

How close to the actual solution do you need to get to earn credit.

Like when it says candidate must address any 3 of the following 6 points.

Is it enough to mention and expand on them a little. Like I am a usually hitting the points fairly logically but not sure about the depth I am supplying.

I may be giving myself C and RC when examiner wont. Wish I did the mocks. Panic setting in again ha.

MrSzyslak

(found this online not that it helps much, think I'll continue being generous to myself when marking😂)

How do I know how much detail to include in an answer to a particular indicator?

There is no single, correct answer to this. At FAE, candidates are expected to use professional
judgement to guide the level and depth of response. Particular attention should be paid to the
direction given in the case study, particularly the verbs used (See “Lexicon of Verbs†– available on
the student web portal – for further guidance on verbs). Also, be sure that you’ve captured all parts of
the requirement: Are you being asked for a decision or a ranking? Have you presented a balanced
argument? Is your response tailored directly to the case facts?

Catherine3006

Just took a quick look at the CAP2 PEC Report to get an idea on pass rates this year and they have stayed broadly in line with last year - hopefully this trend continues into the FAE papers.

Smileckie

I know the amount of indicators is usually 7-9 for comp and 3-5 for sims but I'm almost 100% sure a lecturer said this year that it's 8,4,4 for 2017? Did anyone else hear this or have I gone mad?

CAIgirl

Smileckie wrote: »

I know the amount of indicators is usually 7-9 for comp and 3-5 for sims but I'm almost 100% sure a lecturer said this year that it's 8,4,4 for 2017? Did anyone else hear this or have I gone mad?

Yeah I did as well. The last two years it's been in that format of 8,4,4 I think.

CAIgirl

Is anyone else panicking about the exams. Feel like I could do with another month but also want to get them over and done with

MrSzyslak

CAIgirl wrote: »

Is anyone else panicking about the exams. Feel like I could do with another month but also want to get them over and done with

I am in the same boat I want get them finished so I can go on holidays ha but I can think of loads of areas that could trip me up and I am trying to think what my priorities for the last week should be!:eek:

MrSzyslak

Does anyone have a list of past indicator solutions to print for audit elective by any chance?

dakerrymo

MrSzyslak wrote: »

I am in the same boat I want get them finished so I can go on holidays ha but I can think of loads of areas that could trip me up and I am trying to think what my priorities for the last week should be!:eek:

Surely having all the Sims & Core for 2015,2016 and Jan 2017 along with Mocks, ICD, Steps and Cross-Marking all as reference points will suffice to get through! Along with logic and application to the case!!! That's hopefully what I'm banking on anyway! As for Tax Elective I need to spend all next week on this one as I've ignored it for last two weeks!!! Fingers and toes crossed!!!!

Conchur1

MrSzyslak wrote: »

Does anyone have a list of past indicator solutions to print for audit elective by any chance?

This might help chief

MrSzyslak

I should of been more specific, I meant indicators mapped to the competency statement to reference to in the exam.

Tired from study hahaha

Conchur1

MrSzyslak wrote: »

Conchur1 wrote: »

This might help chief

Do you have one?

You didn't mean to attach something there did ya?:D

I've one that breaks own the indicators in the AAAE case pack. How does a man go about attaching on this website? I thought I had

MrSzyslak

Conchur1 wrote: »

I've one that breaks own the indicators in the AAAE case pack. How does a man go about attaching on this website? I thought I had

Sweet that would be great!

If you post reply there should be a little paper clip that seems to be it but I have never used it.

onetwostep

Conchur1 wrote: »

I've one that breaks own the indicators in the AAAE case pack. How does a man go about attaching on this website? I thought I had

I'd be really grateful for that too, haven't even looked at the case pack yet!

Melon head

Anyone have any idea what will come up in tax elective paper. What are people focusing on??

cofric

Melon head wrote: »

Anyone have any idea what will come up in tax elective paper. What are people focusing on??

the examiner highlighted that there would be a focus on reorganisations in the future in the Jan 2017 report, besides that everything is fair game

Catherine3006

Sorry if this has been posted already but does anyone have a tracker of what topics come up in each case we have for Core (including the self study cases)?

Meant to keep a list as I was going through but of course I didn't and now it's panic stages..

How is everyone feeling for the last week?

MrSzyslak

Try first page of this thread Catherine. One there for each apart from tax

Catherine3006

MrSzyslak wrote: »

Try first page of this thread Catherine. One there for each apart from tax

Thank you, had a quick scroll through the thread last night but obviously wasn't reading it properly!

Paulacc

Any opinions on whether Brexit will feature heavily in the exams?

Jsmac67

Paulacc wrote: »

Any opinions on whether Brexit will feature heavily in the exams?

Possibly give rise to some kind of FX hedging given uncertainty.

MrSzyslak

Just did Bearcat cross marking case. FR indicator requiring a list of journals for deferred tax was extremely difficult. Everyone concur?

CAIgirl

Has anyone heard of deferred r&d. I saw it somewhere in a case study and can't remember

AtticusFinch86

CAIgirl wrote: »

Has anyone heard of deferred r&d. I saw it somewhere in a case study and can't remember

Think it's in the Velter steps case, and one or two others. It's basically any r&d that's been recognised as an intangible asset

AtticusFinch86

Paulacc wrote: »

Any opinions on whether Brexit will feature heavily in the exams?

Probably yeah. That and Trump presidency will probably be relevant. Especially in APM.

Catherine3006

I'm trying to think of ways that an indicator on Cash Flows could rear its ugly head, but aside from something similar to the Mock (ie the components of operating cash flows and how adjustments will impact on this), I'm struggling to think of alternative ways it could be asked. I don't really recall any mention of it in lectures.. Maybe a calculation from scratch of one or more of the components of a section(s) of the Statement of Cash Flows?

Has anyone else seen anything / have predictions on how a cash flow question could come up?

CAIgirl

i havent see any other cash flow questions and don't see it would come up other way. I couldn't seem them asking cash flows. Famous last words�� Has anyone seen a q with a foreign consol

Sharpie101

Hey guys,

Just wondering if anyone has come across the indirect indicators at all?

Supposedly, they can come up for fraud and ethics - I've come across an ethics ones in the Cross Marking cases but have not come across a fraud one - can anyone suggest a case with this type of indicator?

Cheers

jus_tin4

Just looking at sim 2 in the mock that we sat! Can anyone explain the cost saving calculation? The solution doesn't really make sense to me at the min!

onetwostep

Paulacc wrote: »

Any opinions on whether Brexit will feature heavily in the exams?

I'm forever quoting Paul Monahan but he said he was asked that a lot and that he doesn't expect that Brexit will be featured. He gave a number of reasons why not but I can't remember

onetwostep

Does anyone have a document (maybe even from CAP 2) with a good list of journal entries? Did badly in the AAFRP and could use some sort of crutch for FR. Thanks in advance.

DonnaCap2

jus_tin4 wrote: »

Just looking at sim 2 in the mock that we sat! Can anyone explain the cost saving calculation? The solution doesn't really make sense to me at the min!

Hi there,

I think Cost Savings are based on what SSIL are currently spending per year = 400,000. They expect to win at least 5% more business (400 + 5% = 420) and gas is currently 10% cheaper, therefore 420*10% = 42.

Hope this helps

MrSzyslak

Not sure weather to spend the last few days still ploughing through cases or going over individual indicators, other areas I think I am weak and ensuring notes are all linked up perfect etc..

What ye focusing on at this stage?

So sick of it now. Nearly there!!!

DonnaCap2

MrSzyslak wrote: »

Not sure weather to spend the last few days still ploughing through cases or going over individual indicators, other areas I think I am weak and ensuring notes are all linked up perfect etc..

What ye focusing on at this stage?

So sick of it now. Nearly there!!!

Started going back over FR standards today as I couldn't face a case study.. finding that BL seems to be the worst indicators for me so I think I need to pull together a number of templates to hopefully see me through..

Not sure either how I should approach the next few days, case studies are really time consuming but probably most beneficial..

AtticusFinch86

I stopped doing case studies at the start of the week. I'm just spending the rest of the week looking over the summary notes and summary solutions and trying to get a high level view of it all.

Case studies are great for technique but you're literally spending 5-6 hours reviewing 8 indicators in very specific areas of the syllabus. I'd be more inclined to think you should cover as many areas as possible in the last stretch. It's mind-numbing at this point.

Re: BL indicators, I'd say they'll be quite clearly signposted in the exam itself. I know they haven't always been in the additional cases and ICD cases.

jus_tin4

I think I'm sorta in a wind down at this stage! Whatever is in my head now I'm not realistically going to add to much more! I'll be just reading over some notes/areas of weakness. Just only a NC in the FR interim I will need fr to go my way. So going to be looking at leases a bit and consol areas.BL is okay to me, got competent on the Mock without any real study and from doing questions I'm never far of the solutions. Would be worried about audit as I have no experience in it. Tax can be hit and miss for me... finance and management I think I can handle as long as it's not a massive question on some area of costing....

Beat of luck to everyone!

Jsmac67

Hoping someone can help me with this, I know it's probably simple but it's those that get me!

Sub sells to parent of which we own eight percent, total of one hundred thousand URP to eliminate

Are the journals

Dr retained earnings eighty thousand
Dr nci twenty thousand
Car inventory one hundred thousand

Thanks in advance

jus_tin4

Jsmac67 wrote: »

Hoping someone can help me with this, I know it's probably simple but it's those that get me!

Sub sells to parent of which we own eight percent, total of one hundred thousand URP to eliminate

Are the journals

Dr retained earnings eighty thousand
Dr nci twenty thousand
Car inventory one hundred thousand

Thanks in advance

I think your missing the mark up in this which is the URP. I would have assumed that this is what is needed to be cancelled. I wouldn't have used retained earnings unless this is what was in realation to a prior period, more so revenue/TR/COS? Hopefully the attached help you out

heretothere

I heard that a goodwill/ NCI question could come up. I really hope nothing on cashflow comes up really not a good area for me!!

jus_tin4

heretothere wrote: »

I heard that a goodwill/ NCI question could come up. I really hope nothing on cashflow comes up really not a good area for me!!

Same for the cash flow. I just pulled the attached together as a template just in case. Have a few other notes around the standard. I think some sort of consolwillbut maybe not to complicated. Anyone any notes on SOCE? With what a bonus/right issue would do to it?

DonnaCap2

Hi there,

Can someone confirm, when doing a CAT calculation - is consideration paid for an asset reduced by 90% if you claim agricultural relief/business relief, or is the full consideration deducted from the MV of the asset to determine the taxable value to be reduced by 90%.?

Jsmac67

DonnaCap2 wrote: »

Hi there,

Can someone confirm, when doing a CAT calculation - is consideration paid for an asset reduced by 90% if you claim agricultural relief/business relief, or is the full consideration deducted from the MV of the asset to determine the taxable value to be reduced by 90%.?

Reduce your MV of assets acquired by 90%. Then from that subtract 10% of liabilities accquired and 10% of any consideration paid. Then you for your taxble value

CAIgirl

Does anyone have notes on NCI? Also think intangible assets may come up.hasnt been asked in a while

mel7284

Does anyone have the 2014 mock paper or access to it?