Cap 2 Repeats

Saint Sonner

Anyone any ideas on the SFMA repeat, what will they be concentrating on and if they have any ideas what will come up this time?

laursy

Hiya, I havn't a clue where start studying for this !

Narrowing it down probably would'nt be the best of ideas considering ratios were given such a big marking in the original paper even though they were in the assessment too....
it's going to be a tough one

Institute isn't exactly helpful either, i'd like to see the solutions to the original exam but there's so many mistakes in the sample paper solutions I'm not sure how much good it would be anyway... screwed.

If any has any good notes i'd really appreciate it because i'm pretty worried about failing it again..

crapmanjoe

laursy wrote: »

Hiya, I havn't a clue where start studying for this !

Narrowing it down probably would'nt be the best of ideas considering ratios were given such a big marking in the original paper even though they were in the assessment too....
it's going to be a tough one

Institute isn't exactly helpful either, i'd like to see the solutions to the original exam but there's so many mistakes in the sample paper solutions I'm not sure how much good it would be anyway... screwed.

If any has any good notes i'd really appreciate it because i'm pretty worried about failing it again..

For the sfma paper as you probaly heard the valuation solution is in the course pack ye received. The variances solution is in the performance management book (p5/p6 can't remember which) for acca if you can get ur hands on it

complete joke that somebody who brought in the right materials could have got 40% straight away

apparently the icai are saying the solutions aren't ready yet

laursy

crapmanjoe wrote: »

For the sfma paper as you probaly heard the valuation solution is in the course pack ye received. The variances solution is in the performance management book (p5/p6 can't remember which) for acca if you can get ur hands on it

Wow I knew about the valuations one alright but not about the variances... def going to try and get my hands on that book, thanks ! Notes on the website are a bit scarce so extra material would def be handy...

Yeah i'm pretty gutted only failed by 5% which I could have made up if I had brought the valuations Q in with me but hadn't time to go through the whole pack since it was released so late...:(

Are you repeating too?

Hackysack

My main areas are Company Valuations, Variance Analysis (Mix/Yield etc.), Foreign Exchange Hedging (forwards, FRAs, Futures etc.), Ratio Analysis.

I'm going to look through the sample papers as well to see any other common themes as well as going to the competency statement and book.

I've heard that the original repeat paper for this subject was pulled (i.e. the one that was set by the examiner who set the first one). So it's gonna be even harder to predict trends if that's true.

Pisco Sour

Surely the CAP 2 exams have shown us that it is completely pointless predicting what will come up? The ICAI are about as predictable as Irish weather!!

Legend100

Id say that ye should have a look over some of the FAE MABF papers coz from what i have heard about the topics, it doesnt seem to much different

crapmanjoe

crapmanjoe wrote: »

For the sfma paper as you probaly heard the valuation solution is in the course pack ye received. The variances solution is in the performance management book (p5/p6 can't remember which) for acca if you can get ur hands on it

complete joke that somebody who brought in the right materials could have got 40% straight away

apparently the icai are saying the solutions aren't ready yet

That acca book I mention above is performance management -F5

CaptainOats

I know it's only something small but the SFMA toolkit has solutions to a lot of potential short/theory questions. Really bugged me that nearly all of the cap2 books lacked even a basic index as too much tabbing is as bad as none at all .... stuck this index into the front of the toolkit just to be able to scan through the topics quickly in the exam and it kinda helped a small bit so maybe might be a bit useful to all of you as well.... Best of luck with it!

Hanley

04072511 wrote: »

The ICAI are about as predictable as Irish weather!!

Yup... you know no matter what you do, you're gonna get rained on!!

DC86

I have been told by the institute that the solutions are draft and will not be released before the repeat exams. Absolutely useless for the other subjects where no material is available for the summer paper like for SFMA.

It also means that our original papers were marked with 'draft' solutions!

Hackysack

You're taking the piss.

They're a right shower of incompetent, moneygrubbing, jokers.

Surely we should have access to the solutions (even if it's in draft format. Let's face it, by the standard of the other solutions we had to work from, they'd ought to be drafts as well!).

The institute is certainly living up to it's infamous reputation in my mind.

prinz

Hackysack wrote: »

You're taking the piss.

Nope that's not a joke. I got a copy of the SFMA "draft" solution which was apparently as good as it gets. As for the other subjects...... even the draft solutions aren't available to us yet. No answer on when they might me made available.

Saint Sonner

prinz can you attach a copy of the draft sfma solutions?

maddogcollins

DC86 wrote: »

I have been told by the institute that the solutions are draft and will not be released before the repeat exams. Absolutely useless for the other subjects where no material is available for the summer paper like for SFMA.

It also means that our original papers were marked with 'draft' solutions!

Was at the Auditing Re-sit course last weekend and the lecturer gave draft coppies of the Auditing paper. He said that the summer papers are marked from a finalised marking scheme! The key areas are listed and you get you marks by basically ticking the box that it is in your answer. The draft solutions are just how you would word it!

noveltea

Just wondering what are people concentrating on for the audit exam. any section in particular....does any one else get the P45 if they dont pass

Onearmedbandit

Hackysack wrote: »

My main areas are Company Valuations, Variance Analysis (Mix/Yield etc.), Foreign Exchange Hedging (forwards, FRAs, Futures etc.), Ratio Analysis.

I'm going to look through the sample papers as well to see any other common themes as well as going to the competency statement and book.

I've heard that the original repeat paper for this subject was pulled (i.e. the one that was set by the examiner who set the first one). So it's gonna be even harder to predict trends if that's true.

I think Hackeysack has it bang on pretty much. Throw in a few waffle-like topics surrounding strategy and you are set. I reckon I passed by doing the exam papers so much I new it off by heart.

pepp

Totaly freaking out about these exams any tips would be great

prinz

pepp wrote: »

Totaly freaking out about these exams any tips would be great

You're not the only one :pac:.. Sorry have no tips for you!

Fol84

Did anyone appeal the SFMA paper ?? Because they would have been given a draft solution to the exam. If they could post it up here.

Has anyone gone to any of the revision courses ? was anything helpful said?

Hackysack

Here's the SFMA draft solution we were given.

Fol84

Thanks Hackysack.

Hackysack

I was at the revision course with Gary Fox today. He spent the morning doing the exam paper (I could have done that myself in less time). I left at the break.

I didn't find it useful.

prinz

For anyone doing Fin Rep, what do you think is the best way to work through it study wise? The problem I had the first time round was that I thought it was all jumbled together, with bits overlapping, and other sections going unexplored until later. Do you think it would be better going through IAS one at a time and studying each one individually? Have started doing that, but got concerned that when it comes to the consolidations it won't all 'come together'. Basically what I'm saying is I don't have a clue how to go about studying the subject.

Hackysack

prinz wrote: »

For anyone doing Fin Rep, what do you think is the best way to work through it study wise? The problem I had the first time round was that I thought it was all jumbled together, with bits overlapping, and other sections going unexplored until later. Do you think it would be better going through IAS one at a time and studying each one individually? Have started doing that, but got concerned that when it comes to the consolidations it won't all 'come together'. Basically what I'm saying is I don't have a clue how to go about studying the subject.

I've been trying that myself but i haven't really gotten too far into it all. From what I can see there's certain 'bigger' IAS with regards to other ones.

Stuff like IAS 18 - Revenue Recognition is an obvious one.

Leases seem to come up regularly in questions.

The crux of IAS 27 is calculating Goodwill, Consolidated Reserves and the Fair Value cost. IAS 28 (I think...?), where you have to convert a subsidiary to a certain exchange rate appeared regularly on Prof3. But the consolidations there are shockingly easy in comparison to the standard of our Question 1s.

I'd know a few other of the disclosure standards as well, i've noticed Post Balance Sheet Events (IAS 10 I think?), and Related Party Disclosures (IAS 24), appear on questions. They're pretty easy and straightforward. In fact, I reckon the notes that were sent out before the first sitting summarises all of these pretty well.


But yeah i've been flicking over the stuff like that for a bit. It takes too long and i've had to stop doing it. My main focus at the moment is trying to practice as many consolidations, cashflows and EPS related questions as possible. I want to focus on Leases, Revenue Recognition and perhaps Provisions/contingent liabilities if I get the chance. And hopefully by tackling tough question 1s, I can get enough exposure to the other IAS' and how to deal with their workings.

It's a bit of a gamble, but I don't think I can afford to do much else without putting the other subjects on the backbench.

Legend100

Did ye have to know the new IFRS 3 and IAS 27 consolidation rules for the cap 2 exam or was that after ur syllabus was made up?

Hackysack

Are you referring to the types of disclosures that are necessary (for example stuff like Derivatives and the Three Levels?).

But from the sample papers and the practice i've done so far, we've only really been questioned on the actual computational work.

Legend100

no ye will have the pleasure of disregarding what ye learned this yr and have to learn the new method of consolidation next yr. (there is a change in how disposals are dealt with and how to account for goodwill but i don't think it is examinable at cap 2 this yr)

We had it for the fae this yr, it's a pain having to learn a new method after studying the old way for our prof 3

commercegrad07

sorry to interupt folks but was i hearing correctly that if you appeal an exam, you wont actually find out the result until after you have sat the repeat?
this, if true, is an absolute utter disgrace añd should not be tolerated!
let us march to the burlington and storm the icai!

Hackysack

^ I've heard that as well.


Does anyone know of any place where you can get extra practice at the Hedging/FX questions for SFMA?

The giant question pack provided by the Institute has the solutions... but not the questions :rolleyes:

prinz

Hackysack wrote: »

The giant question pack provided by the Institute has the solutions... but not the questions :rolleyes:

:pac: Typical. The more I think about the institute the less i can motivate myself to even want to pass the exams.

Fol84

Hackysack wrote: »

^ I've heard that as well.


Does anyone know of any place where you can get extra practice at the Hedging/FX questions for SFMA?

The giant question pack provided by the Institute has the solutions... but not the questions :rolleyes:

Thats true about the appeals I can't even lodge the last part of the appeal till after the repeats. So now i've to waste valuable time studying tax when i'm fairly confident I'll have a sucessfull appeal in it.

As for the hedging questions, try to get your hands on ACCA strategic financial management paper 3.7. even an old version. It has good hedging questions also Question 4 (ever rise) from the exams came word for word from this book. In the book the question is called Black Raven. This is definitely a book you want going into the exam. I just wish I'd realised before the last exams.

Saint Sonner

Fol84 wrote: »

Thats true about the appeals I can't even lodge the last part of the appeal till after the repeats. So now i've to waste valuable time studying tax when i'm fairly confident I'll have a sucessfull appeal in it.

As for the hedging questions, try to get your hands on ACCA strategic financial management paper 3.7. even an old version. It has good hedging questions also Question 4 (ever rise) from the exams came word for word from this book. In the book the question is called Black Raven. This is definitely a book you want going into the exam. I just wish I'd realised before the last exams.

A successful appeal??? its a waste of time all i needed was a total of 3 marks in 3 subjects last year to compensate for one i failed! i went through my tax exam and marking scheme i got an income tax comp worth 15 marks basically bang on the money. i got 7 for it?? when i appealed no good! they don't even explain or show evidence that they even looked at your appeal statement. i'd say theres a shredding bin in the institute with an appeals label on it! chuck it in! >:(

prinz

Saint Sonner wrote: »

A successful appeal??? its a waste of time all i needed was a total of 3 marks in 3 subjects last year to compensate for one i failed! i went through my tax exam and marking scheme i got an income tax comp worth 15 marks basically bang on the money. i got 7 for it?? when i appealed no good! they don't even explain or show evidence that they even looked at your appeal statement. i'd say theres a shredding bin in the institute with an appeals label on it! chuck it in! >:(

At least you only have one to do . Anyone else feeling worse about the repeats than they did about the first sittings? My confidence is shot to pieces and have no idea how to get it back before next week Feel like I have failed already.:mad: I need ideas to get my accounting mojo back people!

Hackysack

I'm not feeling worse personally. I knew I was incredibly underprepared for SFMA and FR before. I've done a bit more this time around but it probably won't be enough.

It's very hard to keep going when you hit that study block.

I never thought i'd say this... but i can't wait to go back to work, where there is no need to study for exams all of the time...

maddogcollins

I cant say im feeling worse.Certainly feel more confident with them than i did at summer..But and a major But, its still 4 completly different exams and anything can happen on the day. Having got a very bad FR exam and then a 45, 46, 47 in the other 3 i feel i should at least be confident in those three..BUT its the institute and they can throw anything at us!

prinz

Hackysack wrote: »

It's very hard to keep going when you hit that study block.

That's it I'm there.:(

maddogcollins wrote: »

Having got a very bad FR exam and then a 45, 46, 47 in the other 3 i feel i should at least be confident in those three..BUT its the institute and they can throw anything at us!

True, I have a 48 and a 45 under my belt and I still having trouble feeling in any way confident about those nevermind the others

Hackysack

I mean, i've never put in as much effort for anything before only to have absolutely no sense of security regarding the outcome of these exams.

What I wouldn't give to sit Prof3 now.

Mat85

Can anyone tell me how the deferred tax journal for Mozart in the sample paper is calculated?

HeinekenTicket

Mat85 wrote: »

Can anyone tell me how the deferred tax journal for Mozart in the sample paper is calculated?

Look at the solution to requirement c of the question. Part g explains the deferred tax journal.

ROB12345

how are people studying for Audit? im a bit lost on it!!

CaptainOats

Does anybody have a copy of the CAP2 auditing mock that they could post? I would be really, really grateful if you could!

sleck

has anybody any ideas could come up in the SFMA repeat. Have covered most of the major topics but who know they could ask anything right??? very hard to predict!!

upnorthchick

Hey guys, anyone interested to hear the FR lecturer in belfast got the elbow! not a suprise reading from text week in week out.

as for previous comment... I think hedging, forwards options etc, could be a big topic along with company valuations etc. but sure its the institute and ya never know. im just trying to do as much as possible and hopeing for best for SFMA and FR. thank god got other two.

all the best this week to everyone!

Hackysack

What practice is everyone doing for EPS?

I've already looked through the question bundle given but they seem a bit too basic...

Saint Sonner

Hey all this may seem late but i'm printing out some questions from the question pack in SFMA and i have a problem! does anyone know where the questions are for risk management? i can find the solutions to these in the zip file but can't find the questions?????

Hackysack

Saint Sonner wrote: »

Hey all this may seem late but i'm printing out some questions from the question pack in SFMA and i have a problem! does anyone know where the questions are for risk management? i can find the solutions to these in the zip file but can't find the questions?????

That thing is in bits. There are questions missing, solutions missing and it's completely all over the place, with no way of finding your way around it.

I honestly wouldn't bother with it personally. You'd spend at least 3-4 hours getting it in someway organised, and that's without even looking at the actual questions in it.

Onearmedbandit

Lads best of luck today (sorry belated) and for the rest of the week. The best advice I can give is to stay calm and pick up the easy marks first to get the confidence.

prinz

So much for Audit, was completely run short for time. The case study took me the best part of two and a quarter hours. Got 48 in the summer and I'm fully expecting to actually do worse :pac:

Prezatch

Did the case study last to avoid getting bogged down. Thought questions 2 and 3 were very nice. But the case study is 60 marks so you should be spending over 2 hours on it anyway...

prinz

JoeyD wrote: »

Did the case study last to avoid getting bogged down. Thought questions 2 and 3 were very nice. But the case study is 60 marks so you should be spending over 2 hours on it anyway...

In that case I spent too much time on question 2 :pac:, because I barely had time to make a start into question 4. Hard to tell really, as always.