FAE September 2013

lclohessy · 09-04-2013 8:14am

message for henrysellers1 as i cant private message

Hi

Email: {please don't provide email addresses - once you've more than a certain number of posts you can PM (think it might be 10), smcgiff}

It would be great if you could forward on all the notes but if not if its too much hassle just forward me the tax audit & FR as i have notes from 2010

Thank very much for this it is really appreciated

Lee

Lol2013 · 11-04-2013 11:52pm

Any one has any idea on how to go about studying tax, finance and management accounting in the most efficient manner before the mocks.

chursy · 12-04-2013 10:45am

I uploaded the notes above - Again they should your bible i would say for FAE prep.

Tax - Need to read the book , updated the notes or make your own and refer to your notes as and when you need to for the cases.

Management Accounting - Cases should capture most of it. Last year cases focused to much on the mgt accounting which was irrelevant if you ask me. Focus on key costing concepts, variance. The calculations will be limited its all about analysis and intrepetation which you can only do if you practice. No point spending ages to learn the concepts in detail sorta thing.

Finance - Again Cases are good but use the Cap 2 revision notes or Grind notes that cover the whole course to give you overview. I would imagine at this stage all people are familiar with accounting and finance concepts and have a high level understanding of most things. That is the whole idea in FAE. Its not great if you are a master of FAE but you Tax is really weak, you will fail for sure. You need to know a bit of everything , if you can master everything well you will get placed! but for most people its about knowing abit of everything to get over the line which is touch in itself !

I did grids of all the cases in Core and audit Elective - Color coded by topics so in case it comes up in the exam you can place reliance on it. But frankly its more of a insurance then anything else. Once you have done like 30 - 40 cases you get in the rythem and you mind automatically starts picking up common themes and that is where the notes i uploaded come handy because you wont have time to open the books let me know if you need help or any queries do PM me.

Lol2013 · 12-04-2013 1:20pm

Hi Chursy,
Thanks for that.

Which notes did you upload. The multi d ones or the fae bible.
I can't see the upload.
Sorry, new to this boards.ie thing just trying to navigate my way through
Regards

chursy wrote: »

I uploaded the notes above - Again they should your bible i would say for FAE prep.

Tax - Need to read the book , updated the notes or make your own and refer to your notes as and when you need to for the cases.

Management Accounting - Cases should capture most of it. Last year cases focused to much on the mgt accounting which was irrelevant if you ask me. Focus on key costing concepts, variance. The calculations will be limited its all about analysis and intrepetation which you can only do if you practice. No point spending ages to learn the concepts in detail sorta thing.

Finance - Again Cases are good but use the Cap 2 revision notes or Grind notes that cover the whole course to give you overview. I would imagine at this stage all people are familiar with accounting and finance concepts and have a high level understanding of most things. That is the whole idea in FAE. Its not great if you are a master of FAE but you Tax is really weak, you will fail for sure. You need to know a bit of everything , if you can master everything well you will get placed! but for most people its about knowing abit of everything to get over the line which is touch in itself !

I did grids of all the cases in Core and audit Elective - Color coded by topics so in case it comes up in the exam you can place reliance on it. But frankly its more of a insurance then anything else. Once you have done like 30 - 40 cases you get in the rythem and you mind automatically starts picking up common themes and that is where the notes i uploaded come handy because you wont have time to open the books let me know if you need help or any queries do PM me.

chursy · 12-04-2013 3:03pm

They are uploaded on page two or 1 of this thread.

Also good TIP you view all uploaded attachments on the forum

Click on the accounting category forum

Scroll to the FAE 2013 thread

on the right you see a paper clip - Click -you should see all the attachments uploaded in this entire thread.

This is great for finding Cases/Notes /any attachments rather then looking through all the threads one by one! Good luck guys!!!!

Lol2013 · 12-04-2013 9:30pm

chursy wrote: »

They are uploaded on page two or 1 of this thread.

Also good TIP you view all uploaded attachments on the forum

Click on the accounting category forum

Scroll to the FAE 2013 thread

on the right you see a paper clip - Click -you should see all the attachments uploaded in this entire thread.

This is great for finding Cases/Notes /any attachments rather then looking through all the threads one by one! Good luck guys!!!!

Hi,

Found the FAE notes

Sorry could you elaborate on where to find those attachments.
I am having serious difficulties in navigating this boards thing, either that or I can't use a computer. Lol

Thanks

Lol2013 · 12-04-2013 9:38pm

chursy wrote: »

I uploaded the notes above - Again they should your bible i would say for FAE prep.

Tax - Need to read the book , updated the notes or make your own and refer to your notes as and when you need to for the cases.

Management Accounting - Cases should capture most of it. Last year cases focused to much on the mgt accounting which was irrelevant if you ask me. Focus on key costing concepts, variance. The calculations will be limited its all about analysis and intrepetation which you can only do if you practice. No point spending ages to learn the concepts in detail sorta thing.

Finance - Again Cases are good but use the Cap 2 revision notes or Grind notes that cover the whole course to give you overview. I would imagine at this stage all people are familiar with accounting and finance concepts and have a high level understanding of most things. That is the whole idea in FAE. Its not great if you are a master of FAE but you Tax is really weak, you will fail for sure. You need to know a bit of everything , if you can master everything well you will get placed! but for most people its about knowing abit of everything to get over the line which is touch in itself !

I did grids of all the cases in Core and audit Elective - Color coded by topics so in case it comes up in the exam you can place reliance on it. But frankly its more of a insurance then anything else. Once you have done like 30 - 40 cases you get in the rythem and you mind automatically starts picking up common themes and that is where the notes i uploaded come handy because you wont have time to open the books let me know if you need help or any queries do PM me.

Just with the point you made on finance I came through the Masters so I presume the Masters notes will be helpful

Thanks

Lol2013 · 12-04-2013 9:46pm

Also would anyone advice to just do cases after the AAFRP(as this is all I am focusing on for now) in terms of study rather than wasting too much time on books and technical detail.

Cos I feel like if I dont start cases as soon possible I feel like I will leave it to late e.g starting after the mocks.

I am getting worried because my tax, finance, mgt a/c is not as strong as say auditing, financial accounting, BL etc and I dont want to spend two whole months ie between now and the mocks not practicing cases. Cos as of now my goal is to atleast past the mocks. So that means I have to be upto date on all subjects.

Any advice re quick study tips would be greatly appreciated.

<snip>

chursy · 12-04-2013 10:42pm

dont worry about the mocks mate - Everyone fails them its no big deal plus mocks are extremely tough and not represent the level of the real exams.

if you really want to sit an exam i would suggest do your prep and sit one of the past paper exams

Lol2013 · 13-04-2013 8:33pm

chursy wrote: »

dont worry about the mocks mate - Everyone fails them its no big deal plus mocks are extremely tough and not represent the level of the real exams.

if you really want to sit an exam i would suggest do your prep and sit one of the past paper exams

ok thanks for that. i esp like the 'dont worry about the mocks'
thanks for your help to date. Im sure ill have a million more questions.

WeeDeee · 16-04-2013 1:36pm

Does anyone know a good place to download and print the new IFRSs namely 10 11 12 and 13

srm23 · 16-04-2013 10:08pm

I'm mostly doing the toolkit questions for AAFRP, but notice there's no big questions on the likes of pensions in section 3 of the book.
so if that comes up i wouldn't have practiced anything for it.

considering this is the institutes study guide, do you think
it is a guide to what will come up?

R0N BURGUNDY · 17-04-2013 9:55am

Anybody resitting core, did you get new text books? Any of them worth getting apart from tax?

Aidodub87 · 17-04-2013 4:14pm

Has anyone got access to the new business leadership notes? They said that they were going to change the method of teaching it this year and make it more practical so was wondering have the notes changed?

Lol2013 · 17-04-2013 11:06pm

Anybody has any tips for IAS 11 AND ias 17. I am finding them confusing. Here is hoping they do not come up on the AAFRP EXAM

Lis9 · 18-04-2013 9:22am

WeeDeee wrote: »

Does anyone know a good place to download and print the new IFRSs namely 10 11 12 and 13

I'm just going with Derry Cotter's Induction notes which seem really good. I went on Chariot but I don't see a summary anywhere for them, only uber long winded descriptions. Unless I'm missing something...

Lis9 · 18-04-2013 9:27am

Aidodub87 wrote: »

Has anyone got access to the new business leadership notes? They said that they were going to change the method of teaching it this year and make it more practical so was wondering have the notes changed?

Good point. I would like to know this too. I'm doing the revision course & we've had a couple of BL lectures already. They seem to be mostly the same notes as last year. Except for Paul Monahan's lectures where he goes through material that is actually relevant. If I could have him for a case study lecture every week I'd be sorted.

WeeDeee · 19-04-2013 1:31pm

Lis9 wrote: »

I'm just going with Derry Cotter's Induction notes which seem really good. I went on Chariot but I don't see a summary anywhere for them, only uber long winded descriptions. Unless I'm missing something...

Thanks, I went onto the IAS plus website there are a few good summaries on there

chursy · 21-04-2013 5:41pm

WeeDeee wrote: »

Thanks, I went onto the IAS plus website there are a few good summaries on there

Derry cottor revision notes should be key for the assessment and also foe the exams . Good luck and hope you guys bag the c or hc !

womandriver · 23-04-2013 11:56pm

Hi,

Can anybody shed some light on question 3.9 in the AAFRP toolkit Tour and See Plc.

Tour and see sell goods to the jv co at a profit. So the profit is in Tour and See's accounts. So why do they only eliminate half of it in the workings?

The solution says to see working no 2 beside it, but of course there is no working number 2. Not that I can see anyway.

Thanks.

Muzi5434 · 24-04-2013 8:33am

womandriver wrote: »

Hi,

Can anybody shed some light on question 3.9 in the AAFRP toolkit Tour and See Plc.

Tour and see sell goods to the jv co at a profit. So the profit is in Tour and See's accounts. So why do they only eliminate half of it in the workings?

The solution says to see working no 2 beside it, but of course there is no working number 2. Not that I can see anyway.

Thanks.

Hi,

Only 50% of URP is eliminated as Tours and Sees only owns 50% of the joint venture. That is to be done under the equity method, same logic will apply to an associate.
Hope that helped.

womandriver · 24-04-2013 8:47am

Muzi5434 wrote: »

Hi,

Only 50% of URP is eliminated as Tours and Sees only owns 50% of the joint venture. That is to be done under the equity method, same logic will apply to an associate.
Hope that helped.

Hi, the URP isn't in the joint venture tho, it's in the parent's accounts, so surely the group's share is 100% Of URP?

Or not, my brain is fried ðŸ˜ž.

Thanks for your reply.

kt22 · 24-04-2013 10:56am

Just wondering if anyone would have a copy of the AAFRP 2011 paper?

EDudder · 26-04-2013 2:35pm

Does anyone have a copy of the questions and answers form this years CGS AAFRP?

I think I've lost mine....can't believe it.

All I have from that weekend now is the actual theory book...which isn't the best

WeeDeee · 26-04-2013 2:38pm

EDudder wrote: »

Does anyone have a copy of the questions and answers form this years CGS AAFRP?

I think I've lost mine....can't believe it.

All I have from that weekend now is the actual theory book...which isn't the best

That question pack is the exact same as the AAFRP Toolkit

DonnaDarko09 · 26-04-2013 2:38pm

EDudder wrote: »

Does anyone have a copy of the questions and answers form this years CGS AAFRP?

I think I've lost mine....can't believe it.

All I have from that weekend now is the actual theory book...which isn't the best

Qs are same as in tool kit?

aka accounts 2010 · 26-04-2013 3:09pm

What info are people planning on bringing into the assessment tomorrow? (given the limited time, if any, to check something up)

myshirt · 26-04-2013 3:16pm

aka accounts 2010 wrote: »

What info are people planning on bringing into the assessment tomorrow? (given the limited time, if any, to check something up)

I am bringing in the mind-map one pagers on each standard, and I am bringing in the disclosure checklist from iasplus.com.

apeking · 26-04-2013 4:14pm

Where did you get the one page mind map for the IAS's?

aka accounts 2010 · 26-04-2013 4:30pm

How are people feeling? Prepared/underprepared/not overly concerned???!!!

myshirt · 26-04-2013 4:35pm

apeking wrote: »

Where did you get the one page mind map for the IAS's?

http://www.mapitaccountancy.com/course/26

I find them good.

Lis9 · 26-04-2013 8:13pm

womandriver wrote: »

Hi, the URP isn't in the joint venture tho, it's in the parent's accounts, so surely the group's share is 100% Of URP?

Or not, my brain is fried ðŸ˜ž.

Thanks for your reply.

If you own 50% of the JV and are making a profit on the sale - you can't recognise a profit on something you're effectively selling to yourself. You can only recognise the profit on the bit that you don't own.
That's why you eliminate the group's share.

applehunter · 27-04-2013 12:54pm

Caught a bit for time with the AAFRP.

Got bogged down in a couple of questions and suddenly I was rushing.

Think a mock AARFP wouldn't go astray in future years even if they did it in the class.

Clarise123 · 27-04-2013 1:31pm

Hi,
In relation to AAFRP exam, question no. 3.3, capitalisation on Intangible assets. Was the second asset, the software ok to be capitalised as a Intangible Asset or was it to be expensed?? I was rushing in this question & didn't read it properly & so left it as a capitalised asset. Was this right?
Sorry for post mortum but this just came into my head after exam that software purchased for general use software should be expensed...

Thanks

sodabread · 27-04-2013 1:49pm

Apologies if I'm totally off base here.

From what I remember the software was capitalised at 123,000. I left that as is - figured it was correct to capitalise it.

I did however depreciate the software over 5 years but didn't depreciate the Intangible asset. This could be completely wrong so take with a pinch of salt.

As an aside: I'm absolutely disgusted with myself- the exam was probably reasonable today and I know I f**ked it up. Did section 2, 3 and 1 last. Didn't get time to finish section 1.

ugabuga · 27-04-2013 2:47pm

What was the answer for the inventory question in section 1?! Have a feeling I messed it up!

chursy · 27-04-2013 3:15pm

Hi All

I have attached an index of all the cases along with a colour coding system that i used for common themes for all the casestudies todate. Its certainly will help you track all the casestudies out there in the past 3 years or so, which certainly will give you more material to practice.

My Take on the 2012 - case studies ( last year) was that they were really bad, extremely difficult and definately very vague. I would strong recommend that you practice the 2010/2011 cases along with the real past papers. Mocks exams are also very difficult and doesn't reflect the real standard in the exam. Paul is full of Sh**** at times. He said last year to focus heavily on management accounting and made these ridiculous case studies which there is no way you can do in an exam scenario!!! Its going to put your morale and confidence down ( Nothing to worry about) hence my advice focus on the 2011/2010 case studies more.

I have passed my exam and want maximum number of people to pass and here to help . Also to download all these cases i suggest you use previos years FAE threads which should be here. There is a paper clip icon as you hover on the main thread - Click on it and you will see all the attachements which will be useful to navigate and download all attachements. Will upload the index i did for AUdit Elective too

chursy · 27-04-2013 3:26pm

Attached is the AUDIT ELECTIVE CASE Studies Index. - Will help you as a starting point to update and organise your files. GoodLuck.

If you need any help in approaching the exam. Please feel free to PM me.

My Approach was
- View all Sean Murrays Lectures ( stream them), I couldnt focus in class its very difficult to keep up with him and Read the paragraphs that he says and in the order he says. I used to pause his lectures and read the paragraphs and use his notes. NO need to make your own. You will definately fail!

-Spiral bind all the Sean Murrays notes with an index in the front - His notes are very good and you cant pass this exams if you cant follow his notes.

- There is no need to learn anything - You need to place heavy reliance on his notes. I made notes on the points in his notes so everytime a question came i didnt have to open the standards book, follow the index and i am there.

- This approach has to be done once and is time consuming but once you jump to questions its very easy - You can easily pick up what standard is being referred to and pretty much all the standards automatically come to your finger tips.

If you are doing audit elective and Core, You will need to keep these Elective and Financial Reporting going on the side while you prepare for other subjects.
Good luck !

chursy · 27-04-2013 5:42pm

http://www.4shared.com/zip/h6_20raO/Case_Studies__2012__1.html

Link above should have all the cases and solutions in line with the index. ANy missing ones you can dowload from the previous two threads.

I will also upload all the materials i have in my FAE folder which you may or may not find useful

chursy · 27-04-2013 5:48pm

http://www.4shared.com/zip/NDerE2MY/FAE_2012.html

chursy · 27-04-2013 8:03pm

These are the notes i keep referring to !!!

These notes got alot of people over the lines in 2012 exams. I am sure they will help this year too. Its a summary of all the important aspects you will need when tackling with case studies.

My advice - Spiral bind them - Put an index on the front and use them when doing cases. no need to have loads n loads of stuff!

Have these along Derry Cotter Notes for FR. The rest you can place reliance on the cases using the grids i uploaded up.

Again this is my approach and i managed to go over the line, might not work for everyone and feel free to tailor it to work for you. Hope it helps! Good luck!

chursy · 27-04-2013 8:06pm

Guys all these materials are from last year so you will need to update the cases for 2013 whatever you are getting this year. I am sure there will be new cases this year combined with all these should be ample stuff to practice .

JAKE11 · 27-04-2013 8:29pm

chursy wrote: »

Guys all these materials are from last year so you will need to update the cases for 2013 whatever you are getting this year. I am sure there will be new cases this year combined with all these should be ample stuff to practice .

Jaysus Chursy you are enthusiastic! Fair play, considering you have already passed it is decent of you to try and help the class of 2013. I don't know if they are listening though from responses to your posts to date. :rolleyes:

Hippo1234 · 28-04-2013 12:16pm

chursy wrote: »

Guys all these materials are from last year so you will need to update the cases for 2013 whatever you are getting this year. I am sure there will be new cases this year combined with all these should be ample stuff to practice .

Thanks a millions Chursy!! It's really appreciated! This will make a massive difference!

What approach do you recommend with regards study prior to actual study leave? Focus on a few areas (audit and PM for example) or try do bits of everything?

chursy · 28-04-2013 1:44pm

If you are doing Audit Elective i would start with that first.

Also start with the Derry Cotter Standards and practice question from the D. Cotter CAse Study Book. There is a grid at the start of the book which lists the standards and the questions so my approach was if i did IFRS 5 i would practice all the IFRS 5 questions. I found the case studies too long and boring. To be honest actual reporting in the exam is very basic but requires you to know the ins and out of the standards, they CAI do tend to focus on the small print!

These would be the biggest chunks i would say which will eat up alot of your time. Other subjects dont spend too much time reading through books n stuff. Jump to the case studies you will pick up alot of this material from the answers and use the Bible notes to your advantage as much as you can! Its a summary of all the points from the answers/Lecture notes etc. I didnt prepare them but i do know these were prepared by someone who got placed from Delloite. Good luck again!. Its a Marathon not all will survive!

Lol2013 · 28-04-2013 1:45pm

chursy wrote: »

Guys all these materials are from last year so you will need to update the cases for 2013 whatever you are getting this year. I am sure there will be new cases this year combined with all these should be ample stuff to practice .

Chursy you deserve a round of applause and more. I mean you don't even have to help us and you have taken some time to too. Thanks for all your help. God Bless.

chursy · 28-04-2013 1:49pm

Appreciate that guys , i completely understand what this entails and hence i am more then happy to help.

Its a total Gamble at the end of the day and it is what it is! just stick with it and get it over the line in September!

Lol2013 · 28-04-2013 2:00pm

chursy wrote: »

If you are doing Audit Elective i would start with that first.

Also start with the Derry Cotter Standards and practice question from the D. Cotter CAse Study Book. There is a grid at the start of the book which lists the standards and the questions so my approach was if i did IFRS 5 i would practice all the IFRS 5 questions. I found the case studies too long and boring. To be honest actual reporting in the exam is very basic but requires you to know the ins and out of the standards, they CAI do tend to focus on the small print!

These would be the biggest chunks i would say which will eat up alot of your time. Other subjects dont spend too much time reading through books n stuff. Jump to the case studies you will pick up alot of this material from the answers and use the Bible notes to your advantage as much as you can! Its a summary of all the points from the answers/Lecture notes etc. I didnt prepare them but i do know these were prepared by someone who got placed from Delloite. Good luck again!. Its a Marathon not all will survive!

Hi,

So you are saying from now on focus on exam questions etc. I am doing the audit elective and I am thinking where will I start.

Lol2013 · 28-04-2013 2:02pm

chursy wrote: »

If you are doing Audit Elective i would start with that first.

Also start with the Derry Cotter Standards and practice question from the D. Cotter CAse Study Book. There is a grid at the start of the book which lists the standards and the questions so my approach was if i did IFRS 5 i would practice all the IFRS 5 questions. I found the case studies too long and boring. To be honest actual reporting in the exam is very basic but requires you to know the ins and out of the standards, they CAI do tend to focus on the small print!

These would be the biggest chunks i would say which will eat up alot of your time. Other subjects dont spend too much time reading through books n stuff. Jump to the case studies you will pick up alot of this material from the answers and use the Bible notes to your advantage as much as you can! Its a summary of all the points from the answers/Lecture notes etc. I didnt prepare them but i do know these were prepared by someone who got placed from Delloite. Good luck again!. Its a Marathon not all will survive!

I do not want to see another Derry Cotter notes and books after the AAFRP I just want to dump them lol

chursy · 28-04-2013 2:15pm

Lol2013 wrote: »

Hi,

So you are saying from now on focus on exam questions etc. I am doing the audit elective and I am thinking where will I start.

Start with Sean Murrays Lecture 1 in the Induction lectures. Start reading.

THen move to the elective lectures once you are done with all your lectures in the induction section.

FAE September 2013

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