CAP 2 Exams 2012

Anerak

Anyone stared study yet for June exams?

myshirt

Really should start giving it a good go....

What way are people approaching this?

I have just starting sorting my notes, organising exam papers.. etc

CeevieD

Time is just flying by, I am starting to freak out of all the work that has to be covered.
Just do not know where to begin at this stage.
How are ye set for mocks next week? Is anyone doing any revision courses that you would recommend?

myshirt

I don't have the course covered in order to meaningfully attempt the mocks.

Has anyone else?

How did everyone fare in the Audit assessment. Marking was a bit better this year, average was 7 last year I believe!

Anerak

No where near ready to sit a mock exam
Its so hard to get started into study.
Have you looked into the Chartered Grind School or Griffith College for revision courses

ted2767

Anerak wrote: »

No where near ready to sit a mock exam
Its so hard to get started into study.
Have you looked into the Chartered Grind School or Griffith College for revision courses

I personally think mocks are a waste of time.
The only useful purpose they serve is to get people in the frame of mind to start working.
I couldn't care what results I get I'd prefer to be ready in June rather than next week.

apeking

i agree, very little point doing the mocks when we haven't had a chance to cover any of the material.

Got 9.0 in the Audit Assessment. Happy enough, strange exam, they must mark it fairly hard.

I might do the CGS FR grinds

I am trying to figure out the best way to study all the subjects, anyone any idea? Just do questions?

rolo34

do ya have to go in and sit the mocks this year?? im nowhere near prepared to sit them so total waste of time for me to go in to them!

Username2011

yep you do.

The benefit of the mocks is that they show you the layout of the paper. You'd be surprised by how easy it would be to go through study leave without being exam focused.

I wouldn't bother studying to pass the mocks. What I would do is take them for what they are, practical experience of exam conditions, exam formats, and timing. Get to know the wording and phrasing of questions. The weighting of marks.

If nothing else, they'll make you realise how much work is required and be a good motivator.

EDudder

Hey, does anyone know anything about comparability between ACCA papers and CAI modules?

i.e. Are there any CAI modules where the equivalent ACCA paper might have relevant notes etc online? I'm wondering if F7 would be very similar to financial reporting for example.

lauma

EDudder wrote: »

Hey, does anyone know anything about comparability between ACCA papers and CAI modules?

i.e. Are there any CAI modules where the equivalent ACCA paper might have relevant notes etc online? I'm wondering if F7 would be very similar to financial reporting for example.

not really sure so will be interested in another replies . But I think CAP 2 is very similar to CPA Advanced Corporate Reporting .

smiley00

does anyone know are the mocks papers returned to our firm or do we just know what marks we get in them?

prinz

EDudder wrote: »

i.e. Are there any CAI modules where the equivalent ACCA paper might have relevant notes etc online? I'm wondering if F7 would be very similar to financial reporting for example.

ACCA F7 is pretty close to CAP2 Fin Rep. Covers the same stuff, from the conceptual framework up to cash flows, consolidations etc. If you have a look at F7 notes, it won't be hard to pick out what you can use.

lauma

Hi just wondering, how's study going for everyone?

R0N BURGUNDY

last year about 2 weeks before the exam, i spent about 10 hours in the office photocopying and printing questions specific for each type of question for SFMA. used question from cap1, cap2, old fae and acca. made a real difference to studying and was handy on the day although only needed to use the file a few times but quickly found what i was looking for. for anyone looking to get organised, i would defo do that. split the questions into eg. wacc, investment appraisals, valuations, etc. think last year i had about 20 sections. then when studying, do a load of questions on the same area = best way to become a pro imo.

Anerak

Thanks for that advice,
I am finding it so hard to stay focused,think questions are the best way & you have be organised going into the exams no point rooting through notes not knowning where items are

EDudder

R0N BURGUNDY wrote: »

last year about 2 weeks before the exam, i spent about 10 hours in the office photocopying and printing questions specific for each type of question for SFMA. used question from cap1, cap2, old fae and acca. made a real difference to studying and was handy on the day although only needed to use the file a few times but quickly found what i was looking for. for anyone looking to get organised, i would defo do that. split the questions into eg. wacc, investment appraisals, valuations, etc. think last year i had about 20 sections. then when studying, do a load of questions on the same area = best way to become a pro imo.

Do you think for sfma, it's better starting with past paper questions?

For FR/Tax I've been working through the notes/text book to cover the material first (although it's been very slow so far), but with sfma I get the feeling it might be better just starting with past papers and using the book to help me.

On the mocks - does anyone ever pass any of them?

R0N BURGUNDY

It would probably depend how up to speed you are. If you feel like you could give them a bash, I'd go ahead. If u find something you're not the best at, go study it then get back to questions.

lauma

I was looking over competencies for SFMA and I don’t seem to have any notes or questions in regards to this topic:

2.6 Company in difficulty
Recognise a financially troubled entity
Evaluate, advise of or propose on options available (e.g. cease
trading, refinancing, full or partial sell off ) from the perspective of the
company’s stakeholders

Can someone please post here and share your notes/questions.

Thanks in advance!

acastudent

lauma wrote: »

I was looking over competencies for SFMA and I don’t seem to have any notes or questions in regards to this topic:

2.6 Company in difficulty
Recognise a financially troubled entity
Evaluate, advise of or propose on options available (e.g. cease
trading, refinancing, full or partial sell off ) from the perspective of the
company’s stakeholders

Can someone please post here and share your notes/questions.

Thanks in advance!

I don't have anything on this topic either. but again I am repeating SFMA so I am guessing they changed this part. Hopefully someone will upload something or at least point us at a right direction...:)

myshirt

Has anyone taken a look at Q5 on Autumn 2004 for Investment Appraisal?

I find the solution a bit weird; no-one will prob know what I am on about unless they have looked at it....


The CapEx is €4.5m on a four year asset; nil residual value; yet the projections do not fully depreciate it over the four years.


The solution ignores interest payments as a cash outflow.


It ignores the research cost of €1.2m at the end of Year One.


It gives the balance of the Capital Allowances in Year four;
Was it clear in the Question to anyone that this should be the case?

I had picked it up that they were getting 25% reducing balance for so many years, but we only had to worry about 4 years in our analysis.

larry2009

Does anyone have the solutions for FR and audit mock papers 2012?

ted2767

larry2009 wrote: »

Does anyone have the solutions for FR and audit mock papers 2012?

They're on the institute website

larry2009

can you post a link please?

Clarise123

Hi Guys, can someone please give me contact details for Tom McDermott, our SFMA Lecturer as I need to get in contact with him but have lost details... phone number or email... Thanks a lot...

Cabbage11

See attached

muzzyizzet

So how are people going about study for the final week or two? I want to get started on just doing papers over and over again but I'm still trying to cover material in all 4 subjects really. I'v also seriously neglected audit so will have to get most of that covered in a couple of days. What stage are most other people at?

Canada2013

I'm mostly just working through exam papers.

I'm sitting Audit and SFMA for the first time, and am repeating FR and Tax.

Does anyone know if there are any changes in FR and Tax, between last year and this year, that I should know about? I'm currently working off all my books and notes from last year.

Tricky1979

Anybody locate the Vendor Ltd solution?

There is also a question in a SFMA Management Acc Q's pack called Cairo Ltd. Any ideas where this is from? Need solution. Ta

Re Tom McDermott - I don't recall him providing any contact details - if you have them pls PM me as I have a question or 2 for him also. Ta

EDudder

muzzyizzet wrote: »

So how are people going about study for the final week or two? I want to get started on just doing papers over and over again but I'm still trying to cover material in all 4 subjects really. I'v also seriously neglected audit so will have to get most of that covered in a couple of days. What stage are most other people at?

I'm starting into past papers for FR and SFMA. But I still have a LOT of the tax course to cover.

I've noticed now that as I start FR past paper Q's, although I covered some of the material weeks ago, I'm having trouble remembering how to apply it. It's good practise though, as you go back and remind yourself how to do it. I'll start SFMA papers in the next few days. On the whole though, I'm still very much attempting the papers and then having to go back and cover topics again. But I suppose that's sort of the point.

Anyone have any good approaches for tax? I got behind on it trying to cover SFMA and FR material. The idea of actually knowing everything on the tax course seems a little ridiculous.

I feel quite strong on audit if I'm honest. I might fall into the trap of failing it because I haven't given it enough time, but I still feel like I can't give up time working on FR or Tax to work on audit.

Cabbage11

Canada2013 wrote: »

I'm mostly just working through exam papers.

I'm sitting Audit and SFMA for the first time, and am repeating FR and Tax.

Does anyone know if there are any changes in FR and Tax, between last year and this year, that I should know about? I'm currently working off all my books and notes from last year.

You should have a look at the competency statements on-line to see if there are any changes.
http://students.charteredaccountants.ie/Student-Information/Exams/CAP2/


For FR there is a colossal amount of material to get through, I'm using that Bazwaldo & CGS book to do questions on consols and normal SPLOCI & SOFP with adj, havent done as much/anything on cashflow consols.

Tax (NI) I have covered the topics, doing past papers at this stage, some good technical articles on ACCA website that explain groups, IHT etc in simple stages. For the relief's on CGT and IHT making queue cards with 5-6 points on each.

The other 2 just Questions, Questions & more Questions.

ecos88

Hi guys,

Can someone clear something up for me. Im looking at part disposals of subsidiaries, in the SOFP, is goodwill reduced by the percentage of the sub' disposed of or does it stay in there as it was at the date of acquisition?

I'd really appreciate someone help on this.

srm23

Any one any predications for the SFMA paper?

at the moment id nearly be resigned to failing FR, havent done enough on the consol or cashflow, and wary of dedicating too much of the remaining time to something i could easily fail anyway. anybody notice the Q1 in both 2011 papers were easier than the previous years? hopefully a good sign for us.

I think if i wrote off FR now I could pass the other three, but there is always the risk with SMFA that it will be something difficult or a terminal loss q1 could be on tax.

with audit im finding it difficult to study for, short of just knowing the answers its hard to go back looking to find "planning risks" for a certain situation. I guess going through the past papers is the only way, what is everyone else doing for audit?
I wouldnt even know what notes to bring in to that other than the past solutions maybe.

ecos88

I sat audit last year, I found it the hardest to study. My advice to you about approaching the paper is use loads of common sense, if you think something sounds stupid and may look totally obvious, just write it down, I guarantee you it will score you marks and be sure to throw in as much of the standards as you possibly can, I reckon that's how I passed it last year.

Best of luck

Cabbage11

ecos88 wrote: »

Hi guys,

Can someone clear something up for me. Im looking at part disposals of subsidiaries, in the SOFP, is goodwill reduced by the percentage of the sub' disposed of or does it stay in there as it was at the date of acquisition?

I'd really appreciate someone help on this.

See attached I think its the example in p.3 & 4 your looking for but you need the information in p.1 to do the calculations. Apologies for the poor scanning quality.
Hope this helps, its from the CGS FR book.

ecos88

Cabbage11 wrote: »

See attached I think its the example in p.3 & 4 your looking for but you need the information in p.1 to do the calculations. Apologies for the poor scanning quality.
Hope this helps, its from the CGS FR book.

Thanks for that, I was doing it that way all along and then I got hold of this, it came from CGS and it is recording goodwill at the original cost. If you look at part b of the Smith question, there is a part disposal but the parent still maintains control. It does not adjust the goodwill as I have always done! I'm just wondering which way is correct. Just when you think you are getting somewhere you hit a wall!!! Maybe I am just reading this wrong? Can anyone shed some light, coz the general feeling is that this is due to come up!!

EDudder

ecos88 wrote: »

I sat audit last year, I found it the hardest to study. My advice to you about approaching the paper is use loads of common sense, if you think something sounds stupid and may look totally obvious, just write it down, I guarantee you it will score you marks and be sure to throw in as much of the standards as you possibly can, I reckon that's how I passed it last year.

Best of luck

I've been wondering this and maybe someone will know the answer. It probably applies only to Audit (maybe a little to FR).

Anyway - are there any marks/ is there any point in referencing the standard in your answer? e.g. mentioning "Under ISA 500..." etc.

The solutions never seem to mention ISA references, it seems to be more testing your knowledge of the theory/application of the rules as opposed to knowing the names of the rules...if you get my drift?

It's just that I would hate to waste time in the exam looking through notes to try and remember the name of the ISA, when it's not actually gaining you any marks.

Cabbage11

ecos88 wrote: »

Thanks for that, I was doing it that way all along and then I got hold of this, it came from CGS and it is recording goodwill at the original cost. If you look at part b of the Smith question, there is a part disposal but the parent still maintains control. It does not adjust the goodwill as I have always done! I'm just wondering which way is correct. Just when you think you are getting somewhere you hit a wall!!! Maybe I am just reading this wrong? Can anyone shed some light, coz the general feeling is that this is due to come up!!

You either value NCI at its proportionate share of the fair value (partial goodwill method) - your example. (Smith)
or you have a group policy to value the non controlling interest (NCI) at acquisition at fair value (full goodwill method)
When we have NCI using full goodwill method we need to use group share % when doing a disposal. Thats my reading of it (which may be wrong), its just the two different methods we use to value the NCI, you will be told which way in the question, hope this helps.

ecos88

Cabbage11 wrote: »

You either value NCI at its proportionate share of the fair value (partial goodwill method) - your example. (Smith)
or you have a group policy to value the non controlling interest (NCI) at acquisition at fair value (full goodwill method)
When we have NCI using full goodwill method we need to use group share % when doing a disposal. Thats my reading of it (which may be wrong), its just the two different methods we use to value the NCI, you will be told which way in the question, hope this helps.

Thats great thanks for clearing that up.

lauma

I'm sitting FR and SFMA . So far went over my notes, did questions from the connoly's (FR) and wards (SFMA)books. Have left with sample and exam papers. Oh and still have to do foreign subsidiaries and disposals . I'm so tired of it now and seriously it looks like nothing stays in my head anymore .

CeevieD

hey guys

hows the studying going? keeping the intensity in studying at the moment has been difficult. Nearly a week to go... Interestng to see what people's predictions are of whats coming up?

Padkir

Does anyone know if the suggested solutions to the mocks are on the website, and if so where would I find them?

Thanks!

ted2767

Padkir wrote: »

Does anyone know if the suggested solutions to the mocks are on the website, and if so where would I find them?

Thanks!

Yeah they're up alright under the student section I think there's actually a link up for it.

Padkir

ted2767 wrote: »

Yeah they're up alright under the student section I think there's actually a link up for it.

Link seems to be edited out of a post in the last page, and can't find them on the website!

apeking

They are under course notes along with all other notes for each subject

EDudder

Question on SFMA.

In the summer 2010 solution. for Q1 Part D - under the 'Sales comparison by multiple' the solution multiplies total sales by 55 for the hotel and 70 for Spa. Can anyone explain why the respective total sales are multiplied by these numbers/where these numbers are coming from?

ted2767

EDudder wrote: »

Question on SFMA.

In the summer 2010 solution. for Q1 Part D - under the 'Sales comparison by multiple' the solution multiplies total sales by 55 for the hotel and 70 for Spa. Can anyone explain why the respective total sales are multiplied by these numbers/where these numbers are coming from?

55 is the number of rooms so total room revenue would be 55 x 57086(total revenue per room).
70 is average price per treatment so spa revenue is 70 x 5200 (# of treatments 2009).
Hope that helps

EDudder

Thanks!

Don't know how I didn't see that.

Padkir

EDudder wrote: »

Thanks!

Don't know how I didn't see that.

It's amazing what you can miss when your head is fried!!

Had a few similar situations today!

ted2767

Padkir wrote: »

EDudder wrote: »

Thanks!

Don't know how I didn't see that.

It's amazing what you can miss when your head is fried!!

Had a few similar situations today!

I know some times I just feel like an idiot looking at those questions!!
It doesn't help of course that some of the solutions are awful.
The solution for part (e) Q1 Aut 2010 is a disaster I cannot for the life of me figure it out so if anybody has any ideas throw them out there

Tricky1979

hey, quick one nearly sure this is the case but can somebody pls confirm and is there any exact formula?

In this q3, c, the P.V. is obtained for receipts for example (€1,476,378) received in 6 months 6%. Ans €1,433,377

Can you use the discount factor for 3% for a period?

My problem is when it's required to get the P.V. of funds rec'd in 9 months @ 6%. PV of 1,330,000 is 1,272,727.

Thanks