AAFRP 2012

R0N BURGUNDY

Ok - decided to geek it up this morning and do a couple of questions.

Q 1.11 Global Holidays

You end up revaluing the asset back to what the carrying value would have been if no impairment had of taken place the previous year

Would it be correct to say this was in accordance with IAS 37 because the carrying value was lower than the recoverable amount. OR is it revalued back to what the carrying value would have been because they have decided to reverse the impairment that took place?

EveT

Havent looked at it yet so cant answer your question but would be interested to hear how people are going to approach studying for this? What grade are you aiming for?

Whiplash85

It has to be a competent really.Anything less and you will be under pressure.I'm just going to go over my standards folder from CAP 2 going through the questions in the examples.Then I'll have a look at the toolkit and then the sample papers.No point looking at sample papers or Toolkit until you have revised the standards.

EveT

think Ill take out the toolkit and revise the standards in full as I come to them. Id be afraid id spend all my time reading notes and not get to the toolkit and samples otherwise. Will be trying the samples properly though, without solutions etc.

R0N BURGUNDY

yeah - im mixing it up a little and doing some standards one day and then a question or two another day and obv reading away at standards whilst doing the questions. so hopefully something is going in. think most people last year got RC.

supernova84

R0N BURGUNDY wrote: »

yeah - im mixing it up a little and doing some standards one day and then a question or two another day and obv reading away at standards whilst doing the questions. so hopefully something is going in. think most people last year got RC.

Yeh I got RC in this last year and went on to get a yellow in the PM indicator. Gonna do it again and aim to get competent at worst but knowing my luck I'll get NA as it's a bit of an all duck or no dinner assessment.

R0N BURGUNDY

Didn't realise how well we are going to need to know the standards. Might prepare my own notes pages with condensed points+notes for each standard for quick reference. You don't have time to waste = flicking through the standards book could be a real time killer.

snowdrop85

I've only just started going through my standards again. FR is my worst subject so not looking forward to this exam before. I did CAP1 & CAP2 so I know what it is like to work and study but really struggling to find the time to get any study done this year!

supernova84

Where is the link to the sample papers for the AAFRP exam? Its impossible to find anything on the Institute website.

R0N BURGUNDY

http://www.charteredaccountants.ie/

click students (top right) > exams (bottom left) > exams, papers & solutions (LHS) + login (RHS) > Sample papers and solutions > FAE

EveT

how are people getting on with this? Ive made just about zero progress might do the revision course for it, but would miss a tax elective class and not sure if theyre recorded

KingEnda

EveT wrote: »

how are people getting on with this? Ive made just about zero progress might do the revision course for it, but would miss a tax elective class and not sure if theyre recorded

Hi EveT What dates are the revision courses on? I cannt see them on the Institutes timetable?

EveT

KingEnda wrote: »

Hi EveT What dates are the revision courses on? I cannt see them on the Institutes timetable?

hi there, its not the institute, its the chartered grind school one.

http://www.charteredgrindschool.com/

R0N BURGUNDY

Q2.1 Diagnostic Research PLC

The solution says per IAS 37.92 in extremely rare cases, disclosure of some or all of the info required by IAS 37:84-89 can be excluded basically.

What other information was left out?!

They have already disclosed:

• litigation
• with competitor
• over patent rights
• seeking damages £2m

Why is there a need to say:
"The information usually required by IAS37 is not disclosed on grounds that it can be expected to seriously prejudice the outcome of the litigation."???

What else would you normally disclose?

• The name of the competitor? < It doesn't say that is required anywhere in the disclosures section. (does it?)
• Expected timing? < This isn't given to you anyway!!

funkymonkey9

Just looking at question 1.25 Street Plc,
I assumed that the €15k payment was received prior to accounts being authorised for issue therefore journal:
Dr Bank 15k
Dr SOCI 85k
Cr Receivables 100k

Solution with this assumption:
Dr SOCI 85k
Cr Receivables 85k

Question says final payment was made to Street in Feb 2010. Does that not mean 15k was received into their bank account???

EveT

funkymonkey9 wrote: »

Just looking at question 1.25 Street Plc,
I assumed that the €15k payment was received prior to accounts being authorised for issue therefore journal:
Dr Bank 15k
Dr SOCI 85k
Cr Receivables 100k

Solution with this assumption:
Dr SOCI 85k
Cr Receivables 85k

Question says final payment was made to Street in Feb 2010. Does that not mean 15k was received into their bank account???

it wouldnt have hit the bank by 31 December so think thats why you wouldnt include it, its not part of the adjusting event really, the 15 is still a debtor that will be received at 31 Dec, its not cash in the bank

KingEnda

The AAFRP at Chartered Grind School is full for this weekend. If anyone has a place and cann't make it please PM me and I will 'buy' the place from you, I need to get to this course as I have nothing done yet

Thanks

EveT

KingEnda wrote: »

The AAFRP at Chartered Grind School is full for this weekend. If anyone has a place and cann't make it please PM me and I will 'buy' the place from you, I need to get to this course as I have nothing done yet

Thanks

it says there is another one...


A SECOND AAFRP COURSE IS BEING RUN ON GOOD FRIDAY APRIL 6TH AND SUNDAY APRIL 15TH. BOOK ON-LINE OR DOWNLOAD AN APPLICATION FORM FROM THE WEBSITE.

RT2010

EveT wrote: »

it says there is another one...


A SECOND AAFRP COURSE IS BEING RUN ON GOOD FRIDAY APRIL 6TH AND SUNDAY APRIL 15TH. BOOK ON-LINE OR DOWNLOAD AN APPLICATION FORM FROM THE WEBSITE.

Do ya reckon this will be worth doing guys?

Have gone through most of the section one and section 2 questions in the book so far. Seems ok but can be tricky to identify exactly what disclosures they are looking for in some section two questions.

EveT

RT2010 wrote: »

Do ya reckon this will be worth doing guys?

Have gone through most of the section one and section 2 questions in the book so far. Seems ok but can be tricky to identify exactly what disclosures they are looking for in some section two questions.

Im about at the same stage of study as you, doing the course this weekend, will post how it goes

RT2010

EveT wrote: »

Im about at the same stage of study as you, doing the course this weekend, will post how it goes

That would be great, cheers

froggatt2011

Hey guys,

Attended the tutorial for this today in Belfast and I think I know how I am going to tackle it. Of course this may not be the best approach so any suggestions, especially from you lot who have been to the Grindschool, would be appreciated.

Basically I am just going to blitz the toolkit and the sample papers over the next week or so, note areas I am struggling with then go back and revise them. The tutor said that the sample paper scenarios are not indicative of what we will get in the exam proper, that they are too waffly and take too much time and the real exam won't be like that. If you can handle the sample paper questions comfortably you will be fine I think. The toolkit is apparently of the standard we can expect in the exam.

Also important in my humble opinion to have templates for things like lease agreement payments, construction contracts, employee benefits etc etc in case calcs come up for them and put them with the standard. Produce a template for the stuff you don't know off by heart and bring it with you. I did this for my CAP2 FR last year and having them with me saved my skin.

Perhaps a wee tip? The IAS website has summaries of all the standards and IFRSs on their website for those of us who can't cope with the myriad of notes we were given at CAP2. I have almost 4 files full and find it impossible to whittle them down, and time is of course of the essence during the exam. I used these summaries for the audit classes/exam last year and they are a good quick reference guide as I know I will get lost flicking through my notes if I need to look something up. http://www.iasplus.com/en/standards.

EveT

anyone come across any examples on financial instruments?

supernova84

EveT wrote: »

anyone come across any examples on financial instruments?

Think there's a couple in Derry Cotter book if I remember correctly from last year. Probably some examples in Connolly book aswell.

RT2010

How did the chartered grind school course go the wknd anyone who was there?

Thinking of doing next wknds one if its worth it.

Cheers

Lis9

Chartered Grind School defo worth it. Don't know how Liam Doran got through so much info in two days. He gave us notes which summarise the IAS's/ IFRS's and disclosure notes to tick off for section two. And went through alot of the Toolkit and Sample questions. Exhausting, intensive weekend, but great revision.

supernova84

Section B seems a lot trickier than last year where we were just given 4 choices and pick the correct disclosure. Could be tight for time this year!

fifa87

can you explain what kind of notes he gave you to tick off for section 2? Am going on Friday but will be useful to know.

mrduffy

any1 sorted for this exam ? do not know where to start ... reading 2 books i will never get them read red ifrs book

EveT

grindschool very good, worth going.

Im going to go over the questions again, IAS by IAS, and make v basic notes as I go, like not rewrite the standards, but like for the journal entries, as in if X comes up DR this CR that.

Disclosures sections, eeks, gonna be winging it a bit there, too many standards to study all the disclosures like.

think areas I need to focus on are share based payments, construction contracts, groups (goodwill etc), what people think about financial instruments? dont see much on them in the questions from what ive seen, hate them!! not sure what to do for them.

R0N BURGUNDY

Aye - trying to make notes on what I've learn't through the questions and separating it into different IASs.