CAP 2 Financial Reporting

EveT

hi guys,

was trying to begin to make a study timetable today, looked at the competency statement and the planning and delivery schedule to try to work out what I need to study.

For FR it looks like literally the whole book except ch 18 and 36 are listed, is this right?!Seems like a mental amount to try and cover.

How are people going to go about this one? I know it should be questions questions questions but I wouldnt know where to start a question so I def need to do some reading first! There's no way I will get through the whole book, are the notes up to scratch do people reckon?

How are people going about studying for this one? I havent done any yet but I dont know where to begin!

Any advice from current CAP 2 students or people who sat it before is very welcome!

KingEnda

You should probably start with the Accounting standards. Take a few easy ones first the likes of IAS 2 on stock and IAS 37 on Provisions, the notes should be enough but if not use the text book (i dont think it is great though) Are you going to the classes? Try to stay up with what is being covered on them
There is a massive amount of stuff in this course all right but some of it you should have seen before.
Be assured that most of the rest of us are in fear ot this subject as well as yourself

EveT

KingEnda wrote: »

You should probably start with the Accounting standards. Take a few easy ones first the likes of IAS 2 on stock and IAS 37 on Provisions, the notes should be enough but if not use the text book (i dont think it is great though) Are you going to the classes? Try to stay up with what is being covered on them
There is a massive amount of stuff in this course all right but some of it you should have seen before.
Be assured that most of the rest of us are in fear ot this subject as well as yourself

thanks! Ive never done consolidations before (came from cap 1), dont know where to start. Are you in dublin? I have Barry Smith, hes not great, went to the lectures religiously at start but missed a good few since xmas.

Think ill go with notes and questions and see how I get on

Jamesw2

I missed all lectures in consolidation at CAP 2 level and taught myself consolidation. Best advice is to go to the chartered grind school Cap 2 revision course on FR and practice the pack. I passed because of this. Best of luck.

KingEnda

This subject is starting to reck my head. Dont have a clue what is going on at the lectures it seems to be all over the place
I have a serious amount of catching up to do over the Easter break ;)

EveT

KingEnda wrote: »

This subject is starting to reck my head. Dont have a clue what is going on at the lectures it seems to be all over the place
I have a serious amount of catching up to do over the Easter break ;)

hi there, where do you do lectures? we havent had one in ages! going to try start going over some IASs

KingEnda

EveT wrote: »

hi there, where do you do lectures? we havent had one in ages! going to try start going over some IASs

I have Barry Smith. He knows his stuff but just not doing it for me and with work and work and more work its hard to get going

toobeyshaw

I am going to start with doing some revision of financial accounting from last year, DEBK and the prep of basic financial statements, interpreting results analysis and the framework for accounting standards etc. Will prob move on to consolidated then and try to work through the standards - going to start with the standards I find the hardest first because I want to make sure I understand them and don't run out of time. Then I am going to hit the exam questions from past papers.

EveT

I have been trying to get my head around consolidations for days now and its just not happening, I tried the notes, theres 2 packs on adjustments that I thought seemed good, one for SOFP and one for SOCI, but then when I went to the IAS 27 question pack, the first couple of questions-some of the adjustments seemed to be treated differently (pre acquisition profit-dividends). So I am nicely confused, have no method, since all of the sources use different methods as far as I can see - i.e notes, pack, book. So now I am going back to the book.

I feel I have spent ages on this subject already and got nowhere. I havent started audit or SFMA, have done a good bit of CT. is anyone making more progress with FR than me?! if so please advise!

toobeyshaw

Making no progress at all. I am focusing on tax at the moment. Haven't really started looking at anything else. I am doing Chartered Grind school for Audit and FR I have decided!

EveT

toobeyshaw wrote: »

Making no progress at all. I am focusing on tax at the moment. Haven't really started looking at anything else. I am doing Chartered Grind school for Audit and FR I have decided!

yea Im thinking of doing FR, my study leave is spread out (im in industry), im meant to be in work 26 May which is one of the FR days but im going to see if I can take it as an AL day, or even swap a study leave day around. Im just totally not getting these consols! Went back to CT, couple of nice short chapters, investment companies and non-res companies. I emailed the lecturer about consols, he said we will do more examples, still have a full day and 2 evenings left with him

toobeyshaw

I am the same re study leave, I didn't get consolidations from the beginning so I do need the extra help. Plus am worried about audit after the disaster that was the March assessment!

EveT

toobeyshaw wrote: »

I am the same re study leave, I didn't get consolidations from the beginning so I do need the extra help. Plus am worried about audit after the disaster that was the March assessment!

well I get 6 weeks but its spread out. I'll have had 2 of them by the end of this week and I def will not have covered 2/6 of the course!! What industry do you work in? big or small company? Mine is small enough, am lucky to be getting the time off. Im psyching myself up for late nights study after work, well if I studied from 5-9 id be happy

toobeyshaw

Small company. I am getting the week of the exams as study leave days, everything else coming from holidays. So am just taking the week before the exams off. I did the same last year for CAP 1. Its stressful but I don't really have a choice. I am planning on just trying to get stuff done in the evenings and whatever weekends I am not in college.

EveT

toobeyshaw wrote: »

Small company. I am getting the week of the exams as study leave days, everything else coming from holidays. So am just taking the week before the exams off. I did the same last year for CAP 1. Its stressful but I don't really have a choice. I am planning on just trying to get stuff done in the evenings and whatever weekends I am not in college.

I will PM you

Ciara471

If you look at the book each chapter deals with a different standard and some of them go together quite easily. I think that's the best way to do it. I don't have the book with me at the moment but I think using the structure of the book to figure out the order to cover the standards is a good start. Also doing the small questions in the book is good for getting a good understanding of the standards. As for consolidations try and find someone who did CAP 2 financial reporting last year and still has a copy of Sandra Gleeson's notes. I'm not doing this this year and I've lost those notes but they're a really good way to get through consolidations questions. She does it using a step by step method so if you do 5 consolidation questions using her method then it's stuck in your head and the rest is fine. Sorry I don't have the notes to post up. Her notes are the best way to do consolidations though. As far as I know she doesn't work for the institute any more though so can't get them that way.

KingEnda

Started a look at ratios at least that seems to be OK

Pawwed Rig

Main thing you need to do is get a good method for doing your answers. Q1 will be a huge question that will cover a load of different standards and may have consolidation in it aswell. You are likely to be working on the question in the exam for about 2 hours. It is critical that you organise the information and update the accounts as you go or else your workings will be lost when you try to present your answers. There is a huge amount of material on the course and anything could come up. Some of the standards are pretty straight forward but others (such as IAS12) will give you a headache unless you have a good lecturer.
Consolidation is one of the toughest parts of the course and it is not explained very well in the book or the notes as different methods are used. Again hopefully you had a good lecturer.
I would recommend to someone get the basics done. Know the SOCI SOFP SOCE layout for presentation. Then dive straight into consolidation and published accounts.
The standards will be alot more straight forward once you know where things should go.

I have so much material for this topic that if I was to start now I don't think I could read it before the exams never mind learn it and know it.

I reckon it will be the toughest to pass in June

collegeme

Another here freaking about these exams...it doesn't help that i will be 5.5months preg while sitting them and therefore won't be able to repeat any in October.

I am off on study leave next week for 6 weeks and am just going to try get stuck in. I have been avoiding Tax lectures so am regretting that.

I started reading over a few ias last night as a first attemp at studying for the upcoming exams.

EveT

collegeme wrote: »

Another here freaking about these exams...it doesn't help that i will be 5.5months preg while sitting them and therefore won't be able to repeat any in October.

I am off on study leave next week for 6 weeks and am just going to try get stuck in. I have been avoiding Tax lectures so am regretting that.

I started reading over a few ias last night as a first attemp at studying for the upcoming exams.

maybe it would be worth thinking about the tax revision course? Although I think tax will be ok to do from the book. Some of Ciara Deanes lectures are online, she isnt bad. Which lecturer should you have had?

collegeme

EveT wrote: »

maybe it would be worth thinking about the tax revision course? Although I think tax will be ok to do from the book. Some of Ciara Deanes lectures are online, she isnt bad. Which lecturer should you have had?

On elevation so i had Mary O'Sullivan, great lecturer but i just found juggling work, lectures and a family hard work and some subjects suffered.

I might just do 2 revision courses (would do all 4 if i had the money).
To be honest i think Audit will be tough for me since i only got 5.5 in assessment ouch!!

I'd love to keep contact here on boards when we are all well and truely into the study...try help each other out a bit;)

btw for me i can't access the online lectures at the moment ..it appears to be down:mad:

toobeyshaw

collegeme wrote: »

On elevation so i had Mary O'Sullivan, great lecturer but i just found juggling work, lectures and a family hard work and some subjects suffered.

I might just do 2 revision courses (would do all 4 if i had the money).
To be honest i think Audit will be tough for me since i only got 5.5 in assessment ouch!!

I'd love to keep contact here on boards when we are all well and truely into the study...try help each other out a bit;)

btw for me i can't access the online lectures at the moment ..it appears to be down:mad:

Were you at her tax lecture on Sat? I know it wasn't recorded but it was good and I have notes from it if you need them. PM if you want them.

KingEnda

Could you put the tax notes up here.
I have a fair bit of work clocked up over the weekend but like looking at a massive mountain with the CAP 2 subjects.
This CAP 2 is a massive time comittment, a few of the lads at work with me haven't yet started any study and are dependent on the study leave tiem, hope it works for them

EveT

what kinda stuff have people covered so far for the various subjects?

toobeyshaw

*warning* the below are not meant to be tips - just a subjective list of important topics*

Hi, it's just my handwritten notes from the class - we went through Q1 on the summer and autumn 2010 papers. We didn't get any note packs. She did mention some areas that are either new/topical/haven't been examined;

Long periods of account - i.e. max period is 12 month, what do you need to do if the period you are given is longer than that

3 Year Exemption for start ups - first year of being on syllabus, i.e. know the limits, what conditions need to be satisfied

CGT - loss in the year of death

Development Land loss (topical) - how it is treated for an individual and a company

Bed & Breakfast rule - buying and selling shares

Administration in CAT (new)

Favoured niece or nephew

CAT insurance - insurance policy taken out to pay CAT

Non-wasting chattel

Badges of Trade

Revenue audit/appeals - the key points

Residence of companies p24 summary chart

It seems to me that we need to have everything on the course covered as anything could come up!! :eek:

She also said to have a look at the examiner reports as they are useful

collegeme

Am i the only one who has started printing out everything??
I have clocked up hundreds of sheets and i only have Audit and half of FR printed.

A friend of mine is doing ACCA and they got all their notes handed to them at the start of the course.

I am drowning in paper at the moment

lala1987

hey toobeyshaw - thanks a mil for that!!! any lectures for FR give out any tips of what could be examined?? not long to go just starting to study repeating for the third time...not good!!!!

KingEnda

lala1987 wrote: »

hey toobeyshaw - thanks a mil for that!!! any lectures for FR give out any tips of what could be examined?? not long to go just starting to study repeating for the third time...not good!!!!

Hey Lala1987
No major new tips, they are on about consolidations, Intrepretations, SFP and SCI and the big accounting standards such as Property, Plant and Equipment, Provisions and the likes
Hope others can add to this as I have missed the odd lecture here and there :rolleyes:
Good luck with the studies and hopefully they go well for you this time around

SL10

KingEnda wrote: »

Hey Lala1987
No major new tips, they are on about consolidations, Intrepretations, SFP and SCI and the big accounting standards such as Property, Plant and Equipment, Provisions and the likes
Hope others can add to this as I have missed the odd lecture here and there :rolleyes:
Good luck with the studies and hopefully they go well for you this time around

Hey, with the ACA exams there arent really any tips as the lecturers dont set the papers. I wouldnt listen to any any tips they give either. The only option is to study everything unfortunately

Last year I think one lecturer gave the tip that Cashflows probably wouldnt come up and a lot of people I know failed because they left out cashflows because of that.

toobeyshaw

SL10 wrote: »

Hey, with the ACA exams there arent really any tips as the lecturers dont set the papers. I wouldnt listen to any any tips they give either. The only option is to study everything unfortunately

Last year I think one lecturer gave the tip that Cashflows probably wouldnt come up and a lot of people I know failed because they left out cashflows because of that.

Completely agree with this......the lecturers don't set the papers and don't know what will be on them. The areas I mentioned above are just areas not to leave out, they are not tips. Deffo need to have studied everything.

KingEnda

toobeyshaw wrote: »

Completely agree with this......the lecturers don't set the papers and don't know what will be on them. The areas I mentioned above are just areas not to leave out, they are not tips. Deffo need to have studied everything.

Agree with all this, the lecturers dont have any inside information and they make that clear. The big difference between these exams and the college exams is not having a clue what the hell is going to come up.

Last year one of the questions on the FR paper was copied from a past CPA paper, it caused a bit of a stir at the time as some of the lads had covered it in class and even had the solution. Nice one !!!!!!

Trainee2010

I jus don no were 2 start with this subject? I started with ias's but jus can't seem to get my head around dem. I've spent two days on this and still am none da wiser? Any guidance on how you are approaching this or if us r having the same problem would be helpful? Are u using notes and question packs from Barry smith class or da book?

Username2011

toobeyshaw wrote: »

Completely agree with this......the lecturers don't set the papers and don't know what will be on them. The areas I mentioned above are just areas not to leave out, they are not tips. Deffo need to have studied everything.

DITTO on this post. Anyone that sat the CAP2s last year will remember the uproar there was when one lecturer said dont bother looking at this topic, no way it will come up. And boom, there it is.


You have to do everything I'm afraid .Print off your competency statement, have it on your desk and tick off as you complete. Disheartening news I know, but better a crap couple of weeks in May and June than an altogether CRAPPPPP summer until after september.

QueenV

Anyone have any ideas of ways to tackle the consolidations?I'm confused as hell!!!!!!!Been at it all morning and still cant seem to work it out:mad:

Trainee2010

QueenV wrote: »

Anyone have any ideas of ways to tackle the consolidations?I'm confused as hell!!!!!!!Been at it all morning and still cant seem to work it out:mad:

If you can get hold of Sandra glee sons notes, start wit dem. She has a step by step approach in her solutions, and once you do a couple der grand. Draw up a template for 3 important account, costs of control, revenue reserves, non controlling interest, and as u practice the different questions, list out how da adjustments and which account they affect.

collegeme

Trainee2010 wrote: »

If you can get hold of Sandra glee sons notes, start wit dem. She has a step by step approach in her solutions, and once you do a couple der grand. Draw up a template for 3 important account, costs of control, revenue reserves, non controlling interest, and as u practice the different questions, list out how da adjustments and which account they affect.

Which course does she lecture??

QueenV

I have attached a copy of sandra gleeson's consolidation notes for anyone who doesnt have it.:)

EveT

how are people getting on with FR? I got so frustrated with it Ive been ignoring it last few days, holding out great hopes for the grindschool!!

collegeme

EveT wrote: »

how are people getting on with FR? I got so frustrated with it Ive been ignoring it last few days, holding out great hopes for the grindschool!!

I haven't touched it
I have been doing SFMA all week and i might move onto FR on Wednesday...so i'll let you know then.

I am feeling hopeless at the moment

Trainee2010

EveT wrote: »

how are people getting on with FR? I got so frustrated with it Ive been ignoring it last few days, holding out great hopes for the grindschool!!

I wasted da first two days of dis week trying t work thru da ias's, so been doin consolidation (ias 27,28,31) since wednesday. Getn on ok with these, but der so much to left to cover wit other standards

KingEnda

Just watched the Eurovision for a bit of a break. Its amazing what you will do to stay away from the books

Consol starting to make a bit of sense after watching it

smiley00

Anyone any ideas on how to start studying for Financial Reporting and SFMA, all questions questions questions??!!

Trainee2010

On the competency statement it mentions disposal of subsidiaries but I don't see any mention or questions on disposals in the notes? Does ne one know if this was covered in class and in what session? Also do we have to know about piecemeal acquisitions?

SL10

Trainee2010 wrote: »

On the competency statement it mentions disposal of subsidiaries but I don't see any mention or questions on disposals in the notes? Does ne one know if this was covered in class and in what session? Also do we have to know about piecemeal acquisitions?

There is a disposal of subsidiary question on one of the sample papers.

Emperor1989

Hello folks i currently studying for the cap 2 but thru the masters and finding this by far the most difficult subject. I was wondering does anyone have those notes from Sandra Glesson on just the basic statement of comprehensive income and financial position(all the isa's) would be of a great help. The book 1000 odd pages of it is no help what so ever. Sitting the exams in 10 days so anyone with any info would be great.

Cheers!!!!!!!

aka accounts 2010

Hey guys,

How is everyone getting on with the study and in particular FR. What are ye studying for this? Is it mainly exam papers and working your way through the solutions or are people reading through the notes/standards at this stage before getting into the papers in the final 2-3 weeks.

ecos88

Hey all,

I have worked my way through all the material covered in lectures an done examples that were given out, which are fine, but then when i went to do the exam papers the questions are way more complicated. Im finding it next to impossible to get any of the questions 1's completed in the time that we are suppose to allocate to it!!!! How are people finding the question 1's in the exam papers???

Cora22

Hi

Does anyone know of anyone who gives grinds in financial reporting in the Clare/Limerick area? all of revision courses seem to be in Dublin and am really struggling with this subject. Don't know how I'll pass with only three weeks to go !!

KingEnda

Cora22 wrote: »

Hi

Does anyone know of anyone who gives grinds in financial reporting in the Clare/Limerick area? all of revision courses seem to be in Dublin and am really struggling with this subject. Don't know how I'll pass with only three weeks to go !!

Hi Cora I was at the FR Chartered Grind School course in Dublin and it is top class. One of the guys I work with registered with them in Limerick last year (but he ended off going to Dublin) so check them out Dave O Donoghue is the lecturer (make sure he is giving the course) and he goes through most of the key areas and looks at exam technique over the 3 days he also shows you areas from his notes that you can practise questions in
Good luck with the studies over the next few weeks

louise1985

Cora22 wrote: »

Hi

Does anyone know of anyone who gives grinds in financial reporting in the Clare/Limerick area? all of revision courses seem to be in Dublin and am really struggling with this subject. Don't know how I'll pass with only three weeks to go !!

Hi Cora,
The Chartered Grind school are running the Financial Reporting Lecture in Cork next week the 1st to the 3rd, Its the same lecturer as in dublin and from the reports I'm hearing he is excellent. If you give them a call on 0877685998 Janet is her name and she is the administrator. If you need any more details you can PM me.

larry2009

Can someone post up the mock papers & solutions for this year?