NEW FAE Exams

Clanno

would anyone that sat the NEW FAE (ICAI) last year have the mock exams that were issued by chartered Accountants Ireland.

these exams were first implemented at FAE level last years.
I would very much appreciate any feedback on this.

Tks
Clanno

Rob2011

I heard a rumour that the Fae repeat for the 2011 Fae will take place in December 2011. Does anyone know any more this?

Stabshauptmann

I really wish they gave some workings. For Q1.14, what is the SOCI dr of 16k? The dep is 17k, and the finance cost is 9k??

I also dont get how the NCL fig was calculated. Anyone help?

SL10

Stabshauptmann wrote: »

I really wish they gave some workings. For Q1.14, what is the SOCI dr of 16k? The dep is 17k, and the finance cost is 9k??

I also dont get how the NCL fig was calculated. Anyone help?

I think the 16k is made up of Dep charge of 17k, int charge of 9k less the 10k that was posted to the SOCI incorrectly (The original journal should have been dr PPE 100, Cred F. lease 90, Cr Bank 10) Not sure where the credit of the other 2k went though!

NCL is calculated as Capital Yr 2 is 20K - 7.9k= 12.1k.

Total due at end of year 1 is 79k. Interest charged in Yr 2 is 7.9k (10% of 79k) So capital due to be paid in year two is 12.1k. Interest only becomes due in the year it is incurred. So at the end of year one 12.1k capital is due in the next year and 66.9k (79-12.1) is due between 1-5 years

Hope that makes sense (and is correct!)

Rob2011

Cheers SL10. Was struggling with that working. Can anybody explain 1.11 journal entries? I understand the concept of impairment reversal but i don't quite understand the post for 158. What happened tithe 474 posts - is that corect?

Stabshauptmann

Rob2011 wrote: »

Cheers SL10. Was struggling with that working. Can anybody explain 1.11 journal entries? I understand the concept of impairment reversal but i don't quite understand the post for 158. What happened tithe 474 posts - is that corect?

The impairment can only be reversed to a max of 474k (Depreciated historical cost - carrying value).

No change to SOCI as it is correct
Cr goodwill as you cannot reverse a goodwill impairment
Dr Identifiable Assets 158k to bring the total to 474k.

Hope that helps.

Stabshauptmann

SL10 wrote: »

I think the 16k is made up of Dep charge of 17k, int charge of 9k less the 10k that was posted to the SOCI incorrectly (The original journal should have been dr PPE 100, Cred F. lease 90, Cr Bank 10) Not sure where the credit of the other 2k went though!

Would the original entries be
Dr PPE 102
Cr Fin lease 90
Bank 12?

NCL is calculated as Capital Yr 2 is 20K - 7.9k= 12.1k.

Thats the CL, which I get.

Total due at end of year 1 is 79k. Interest charged in Yr 2 is 7.9k (10% of 79k) So capital due to be paid in year two is 12.1k. Interest only becomes due in the year it is incurred. So at the end of year one 12.1k capital is due in the next year and 66.9k (79-12.1) is due between 1-5 years

Hope that makes sense (and is correct!)

Thank you, that is correct, though looking at it again after a nights sleep I see the answer is just the balance at 31/12/2012 which is given in the question (worked out the same as you demonstrate above).

Stabshauptmann

I was also so tired I posed in the wrong thread. Would a mod care to move my posts to http://www.boards.ie/vbulletin/showthread.php?t=2056121867

they may be helpful to someone else sitting this assessment.

Jdog1984

Rob2011 wrote: »

I heard a rumour that the Fae repeat for the 2011 Fae will take place in December 2011. Does anyone know any more this?

Where did you hear this rumour? Has anyone else heard anything like that?