2014 CAP2 thread

TitianGerm · 24-06-2014 3:32pm

Santi101 wrote: »

The first hour was a blur for me too, didnt handle the pressure too well. Misjudged my timing at one point and thought i was ten minutes behind but hadnt factored in reading time..........:rolleyes:.....felt like i didnt do as well as i should have with the work put in....but look, all about 50 marks.

Need to be way more switched on for audit.

I can always repeat in August

SalEB1990 · 24-06-2014 5:40pm

Very tough exam today! Had spent ages getting losses into my head and not a sign of them... dammit! I was ok with R&D it was the question on CGT of him disposing in his shares that threw me... just completely froze!! Crap!

Louised86 · 26-06-2014 2:12pm

Sfma today was horrible. I thought it would have been ok but I made silly mistakes and ran out of time, spent too long on the case study and my other 2 qs were patched together! If you got 10.2 in the ca do you just need 39.8 in this to pass overall?

CIARAN_BOYLE · 26-06-2014 2:27pm

Louised86 wrote: »

Sfma today was horrible. I thought it would have been ok but I made silly mistakes and ran out of time, spent too long on the case study and my other 2 qs were patched together! If you got 10.2 in the ca do you just need 39.8 in this to pass overall?

39.8 out of 85 which is 46.8 of the marks that were on todays paper

SalEB1990 · 26-06-2014 3:05pm

Had an absolute nightmare today too. Fortunate in that with my CA results I needed 45.6% to pass this but still it will be tight. Opened the paper saw TP and froze. Usually really good at FX stuff but made a balls of the money market hedge, didn't use the WACC rate for the working capital part, q2 went ok for me but question 4 was a no show. Didn't have enough time left and just threw random stuff down!!

I'll be happy if I only have one repeat in October with the way these have gone so far :-/!

Santi101 · 26-06-2014 3:06pm

Yeah, resigned for a repeat on this one. Think Tax and Audit went OK but i was less worried about this and it was very tough.

Even after giving a tough case study, the options were also tough.

Left the hedging stuff til last, and only got 2/3 of the int rate one done...had to cut it there.

Considering the CA results, I think it would take an exam like that to fail which is disappointing. The mock and last years exam gave false hope i think with loads on variances, roce, ratio/financial analysis.

iluvfatfrogs · 26-06-2014 3:34pm

few shocks alright:

0 marks for variances, seems to be the first time thats happened in Summer
20 marks for hedging etc in Q1 (no choice)

But i had gambled on Transfer Pricing and Balanced Scorecard so plenty of marks for them.
Q4 had a few very sticky parts, didnt understand (b) at all

prettyrestless · 26-06-2014 7:21pm

Tax - a lot more theory than I was expecting but bar the R&D question, it was ok.

Audit - fair enough paper

SFMA - horrible!!! I thought the transfer pricing part wasn't clear at all, and I screwed up FX and interest rate. My timing was completely off aswell. It was gone 12 and I was still on the case study! I did q2 & q3 because I though Q4 looked horrific. I'm hoping that I'll get marks for theory and they'll just ignore the fact that I couldn't calculate anything correctly. I had 13 from the assessment but after that, I'm fairly sure I failed. My only consolation was that everyone else looked as miserable as I was when coming out of the exam.

yourhero · 26-06-2014 8:23pm

After 3 exams, I can't honestly say I've passed any of them. I passed 2 mock exams and did well in all CAs so not happy!
At this stage I don't give a flying 'duck'. Not driving tomorrow so will be in the Horseshow drinking from about 1330. Join me!

cluray · 26-06-2014 8:37pm

Thought case study was ok, had done alot on FX was expecting a full question on it, only thing was I did it as a receipt in 3 months time instead of a payment, had just finished it and had to adjust all the figures!! Surprised to see interest rate hedging again and no variances or EVA/ROCE/RI. Part A was give away 9 marks.

Headed for question 4 then, thought it would be ok, it wasn't! Horrible question, couldn't see how to work out the synergies, as it didnt give value of the combined companies. Hopefully pick up a few theory marks.

Was going to do Q3 but went for Q2 instead as was pushed for time, it was a fairly general question.

Overall hoping I did enough in Q1 and picked up 7-8marks in the other 2. only need 44, hopefully did enough!

Ryand85 · 26-06-2014 9:07pm

Found this a very tricky paper, did a load of work on variances as it had been on every year so that was a bad start. I too found the wording of the first question re transfer pricing strange, didn't seem to suggest any transfer between division? Also did q 2 and 4 (3 looked horrible), did a lot of work on valuations but made a total mess out of the dividend val. so any hopes of a pass would be on a good section A which is probably wishful thinking!

Suz711 · 26-06-2014 9:38pm

Thank god I'm not the only one who was confused by q1! Very badly written I thought, still dont know if they ment 15% mark up between each stage or only at end. The case study was way too long and no way of making up time on the option questions as they were also horrible. Ended up writting stuff down in no order that made sense just to have information on the page on the chance I'd get a mark or two for it. Guess I'll be seeing the GAA again in October

iluvfatfrogs · 26-06-2014 10:00pm

I added on 15% transferring between divisions twice and again at the end for revenue

y0ssar1an22 · 26-06-2014 10:12pm

iluvfatfrogs wrote: »

I added on 15% transferring between divisions twice and again at the end for revenue

i added on the 15% for the 1st 2 divisions and then used the e550 selling price for Rev?
very bad paper i thought.

GAC999 · 26-06-2014 10:18pm

I did the same with the TP, added 15% for first two, then used selling price for third, no idea if it was right. Have no idea what they were actually asking for in part B of Q4, did valuation bits but thought they were very confusing and spent way too much time on them and therefore didn't get to finish Q 3. Case study was very long I thought.

iluvfatfrogs · 26-06-2014 10:56pm

y0ssar1an22 wrote: »

i added on the 15% for the 1st 2 divisions and then used the e550 selling price for Rev?
very bad paper i thought.

Think the €550 was just to be used for part b

Ryand85 · 26-06-2014 11:16pm

iluvfatfrogs wrote: »

Think the €550 was just to be used for part b

Yeah that's how I took it, had an SP less than this in part A and used this as a disadvantages of full cost pricing.

iluvfatfrogs · 27-06-2014 3:53pm

FR was fine this morning, Q1 very straight forward, didn't see any problems with it.
Q2 very similar to mocks, so whoever mastered that were sorted
Though Q3&4 weren't too difficult either, just variations on previous question,
Overall a lot more passable than yday

Chattastrophe! · 27-06-2014 8:19pm

I sat the CAP2s a couple of years ago, passed Audit and SFMA but failed Tax and FR.

I'm considering resitting these two exams in October. Just looking at the website, I see there's some sort of continuous assessment for FR now? (There wasn't any when I last sat the exams.) What does this involve, and what percentage is it worth?

Thanks! (And good luck to those who sat exams this week!)

cluray · 27-06-2014 9:24pm

Continuous assessment is worth 10% of final mark. 90min assessment.

Chattastrophe! · 28-06-2014 11:40am

If anyone has FR or Tax notes/books/past papers that they'd be willing to loan me until October (for an agreed fee), please PM me ... I would return them after the October sitting in the exact same condition ... thanks!

Imported but · 28-06-2014 2:02pm

Chattastrophe! wrote: »

If anyone has FR or Tax notes/books/past papers that they'd be willing to loan me until October (for an agreed fee), please PM me ... I would return them after the October sitting in the exact same condition ... thanks!

I might still need mine! but you can download past papers: http://students.charteredaccountants.ie/en/Student-Information/Exams/Papers-Solutions-Reports/

For Financial Reporting I found this useful as well:
http://www.iasplus.com/en/tag-types/global/publication-series/ifrs-in-your-pocket

Good luck

Chattastrophe! · 28-06-2014 2:10pm

Imported but wrote: »

I might still need mine! but you can download past papers: http://students.charteredaccountants.ie/en/Student-Information/Exams/Papers-Solutions-Reports/

For Financial Reporting I found this useful as well:
http://www.iasplus.com/en/tag-types/global/publication-series/ifrs-in-your-pocket

Good luck

Brilliant, I thought you'd need access to the student portal thing to get the papers! Still waiting to hear back on whether I'll get access to any of that. Thanks!

I actually still have the books somewhere from 2011, so if I can't get current copies I guess I'll just work from those and hope for the best.

Imported but · 29-06-2014 9:29pm

Chattastrophe! wrote: »

Brilliant, I thought you'd need access to the student portal thing to get the papers! Still waiting to hear back on whether I'll get access to any of that. Thanks!

I actually still have the books somewhere from 2011, so if I can't get current copies I guess I'll just work from those and hope for the best.

Tax may have changed in places since 2011, so you might need to see the current material. If you can get access to the student resources you can log in and from the menu items on the left side, although you won't have any Course Materials you might have access to Recorded Sessions which you can watch (just expand the '+' by the CAP 2 folder). See attached screenshot of what I see there (I've just checked).

DonnaCap2 · 15-08-2014 7:46am

Good Luck everyone.. Hope it all goes well today!!

TitianGerm · 15-08-2014 8:12am

Failed all 3 I was sitting. 47 in auditing 46 in FR and done extremely poorly in tax but that was expected.
I'm gutted with auditing I thought I had got well in to the 60s

Imported but · 15-08-2014 9:20am

emmetkenny wrote: »

Failed all 3 I was sitting. 47 in auditing 46 in FR and done extremely poorly in tax but that was expected.
I'm gutted with auditing I thought I had got well in to the 60s

Sorry to hear that you were so close on two of them. Is it worth asking for a remark on the Auditing?

TitianGerm · 15-08-2014 9:23am

Imported but wrote: »

Sorry to hear that you were so close on two of them. Is it worth asking for a remark on the Auditing?

Yea think I will. How did you get on this year ?

Imported but · 15-08-2014 1:28pm

emmetkenny wrote: »

Yea think I will. How did you get on this year ?

2 resits - SFMA and FR. I got SFMA this time (yay) but not even close on the FR. Still, mark was better than I got last year.
I'm going to ask for a feedback report on the FR to see where I'm wasting time. I just ran way short of time to finish the paper...

I'll have another go in October and (presuming that I'll pass) I'll also sign up for starting the FAE in November. The Autumn CAP2 results don't come out until 28th Nov but from what I understand the first few weeks of FAE are revision of CAP2 anyway.

But for now, I'll have to up my game on the FR - third time will *have* to be a charm.

Sorry it didn't work out better for you. Probably see you in October?

jus_tin4 · 15-08-2014 2:48pm

passes audit(50%) and tax(52%). delighted is not the word, in may i got told a family member had lung cancer, and that situation is a bad way, so to pass and to be going through all that is a blessing(was also doing a final year in an non relevant yr i love punishment ha)

sorry for it didn't go well for!

Kevint30 · 15-08-2014 3:23pm

jus_tin4 wrote: »

passes audit(50%) and tax(52%). delighted is not the word, in may i got told a family member had lung cancer, and that situation is a bad way, so to pass and to be going through all that is a blessing(was also doing a final year in an non relevant yr i love punishment ha)

sorry for it didn't go well for!

I failed SFMA. Have to say i am gutted, but when I saw your post it puts things into perspective. Fair play to you. Onwards and upwards.

iluvfatfrogs · 15-08-2014 3:29pm

The official pass rate for SFMA is 68% but according to posters on here and work colleagues, it seems a lot lower!
Anyone else find the same?

conor1979 · 15-08-2014 6:09pm

Imported but wrote: »

2 resits - SFMA and FR. I got SFMA this time (yay) but not even close on the FR. Still, mark was better than I got last year.
I'm going to ask for a feedback report on the FR to see where I'm wasting time. I just ran way short of time to finish the paper...

I'll have another go in October and (presuming that I'll pass) I'll also sign up for starting the FAE in November. The Autumn CAP2 results don't come out until 28th Nov but from what I understand the first few weeks of FAE are revision of CAP2 anyway.

But for now, I'll have to up my game on the FR - third time will *have* to be a charm.

Sorry it didn't work out better for you. Probably see you in October?

Most of the lectures before Xmas are revision of CAP2 material. Go to them. Go to them all. Then revise the material after the lecture as soon as you can.

Also watch ALL the online lectures.

I can not emphasis this enough.

Imported but · 18-08-2014 12:39pm

conor1979 wrote: »

Most of the lectures before Xmas are revision of CAP2 material. Go to them. Go to them all. Then revise the material after the lecture as soon as you can.

Also watch ALL the online lectures.

I can not emphasis this enough.

The problem is that I won't have results from the Autumn resit of FR until 28th Nov and I can't officially enrol in the FAE without having passed all of CAP2. The best I'll be able to do is to try to catch up during December. Thanks for the advice though.

iluvfatfrogs · 18-08-2014 1:06pm

Imported but wrote: »

The problem is that I won't have results from the Autumn resit of FR until 28th Nov and I can't officially enrol in the FAE without having passed all of CAP2. The best I'll be able to do is to try to catch up during December. Thanks for the advice though.

Nothing stopping you going to lectures though?
Even if you aren't enrolled?

Kevint30 · 18-08-2014 2:39pm

Imported but wrote: »

The problem is that I won't have results from the Autumn resit of FR until 28th Nov and I can't officially enrol in the FAE without having passed all of CAP2. The best I'll be able to do is to try to catch up during December. Thanks for the advice though.

I always thought that you could provisionally enrol for FAE and attend FAE lectures while waiting for the results.

Lmcs90 · 29-08-2014 3:01pm

Kevint30 wrote: »

I always thought that you could provisionally enrol for FAE and attend FAE lectures while waiting for the results.

You can provisionally enrol...unfortunately that's what I am having to do as well. Here's hoping October goes better than June...send your enrolment form with no payment just. That's what I was told.

Whoisin thehouse · 29-08-2014 3:08pm

The CGS CAP 2 revision courses are starting this weekend

GAC999 · 29-08-2014 3:33pm

I went to CGS before June exams for Audit and SFMA, I thought it was very good and would definitely say it was worth the money if your struggling with a subject. Good luck with the repeats

Chattastrophe! · 29-08-2014 5:36pm

Any hints for the FR interim assessment? I'm sitting it next weekend, never sat it before as last time I sat CAP2s was in 2012 before it came in, so any advice at all would be appreciated!

ljc2013 · 29-08-2014 6:16pm

Hi Just found this thread.. im very disappointed with my June results getting high forties and having to repeat 3 of 4. Did better in my mocks that some of my finals however that happened i will never know. Im accepting my fate now and facing into study for repeats. Has anyone any concise notes for audit or even a guide on how to study for the subject. I spent hours this week with the book but getting nowhere...... best of luck everyone

ljc2013 · 29-08-2014 6:16pm

Hi Just found this thread.. im very disappointed with my June results getting high forties and having to repeat 3 of 4. Did better in my mocks that some of my finals however that happened i will never know. Im accepting my fate now and facing into study for repeats. Has anyone any concise notes for audit or even a guide on how to study for the subject. I spent hours this week with the book but getting nowhere...... best of luck everyone

Whoisin thehouse · 29-08-2014 6:32pm

Have you checked out Chartered Grind School?

GAC999 · 29-08-2014 6:51pm

ljc2013 wrote: »

Hi Just found this thread.. im very disappointed with my June results getting high forties and having to repeat 3 of 4. Did better in my mocks that some of my finals however that happened i will never know. Im accepting my fate now and facing into study for repeats. Has anyone any concise notes for audit or even a guide on how to study for the subject. I spent hours this week with the book but getting nowhere...... best of luck everyone

Hi, I don't know if this helps but this is the way I studied for audit in June. I mainly focused on exam papers, doing questions within time limits and stopping when time was up. I would then go through what I had written down and compare it to the solution and I would mark myself on it. I was very strict and would only give myself marks for points that I had written down that were on solution even if a different point was relevant and may get me marks in exam. I tried to get 50% on each question doing this. I felt it was really good motivation and really highlighted areas where I was weak in so I could focus on them. Hope this helps. Good luck in repeats.

Imported but · 29-08-2014 11:21pm

Last year in audit the last couple of sessions and the revision classes were very good for exam approach. Have you got access to recorded sessions? Nothing beats practice under time pressure, but also look over the model answers and examiners reports, and see if you can cover and summarise all the examinable IAS/IFRS in the context of each relevant balance sheet or revenue area. Make sure you don't waste time on irrelevant points, get to know what the examiner is looking for. Practice the journal corrections, they are easy marks if you know what you are doing.

ljc2013 · 29-08-2014 11:47pm

Thanks guys I will try this over the next few days to see how I get on. Appreciate the advice

yourhero · 03-09-2014 2:57pm

For audit, the revision session with Conor Dolan was very good - worthwhile watching if you can access. Other than that, some simple things to look at...

1. Put the journal entries in the format of the suggested solution - examiner has repeated requested this - consider are assets being classified correctly (i.e. classed as stock when they are F&F etc)
2. Use tables in responses where possible
3. For the ethical standards question, state the issue, state the threat (familiarity) and name the standard (ES2) in question -
4. When thinking about evidence, try to think of 3rd party evidence and state this in the exam.

As for organising notes, I had separate sections for

a. Inventory/Receivables, Payables, Tax, Payroll, Bank and Cash, Investments, Share Capital,
b. ISAs
c. Audit Reports (different types) - more

bigmc23 · 04-09-2014 3:55pm

No names please.

Santi101 · 04-09-2014 4:36pm

Thought the FR CGS book was quite handy to have but essentially you have to just hammer out Consol q's yourself and I went through the standards one by one and did q's from notes/past papers on each(either adjs in q1 or small part of q3/q4). CGS book had a reference list at the start showing where diff standards have come up in recent years. Found it handy.

In the exam I brought books, lecture notes but left them in the bag.....on my desk I had CGS revision book tabbed, my own small folder with standards revised and some small qs for each one.....disclosure notes tabbed and ten page notes on Consols with templates for the steps....filled out with the different adjustments id came across doing questions. Good reference when you're flying through a question.

Santi101 · 04-09-2014 4:41pm

On Audit, I probably did 4-5 days overall during study leave...........mainly because SFMA/FR took so long, did a rubbish CA in Audit too(barely 5%) so was very worried.

But watched the Conor Dolan revision classes....he was fantastic....basically got me a comfortable pass I'd say(got 62). Just the thought process, mindset, always digging deeper, thinking about implications of what you read to the overall audit. I didnt do loads of study for it but began to really grasp the whole audit process which i think is most important. Referencing ISA's and IAS's where relevant.

How to lay out answers etc, all very good.

A well laid out folder is also crucial I think but I'd also watch his revision classes back and take notes on the revision notes they give out.

2014 CAP2 thread

Comments