FAE September 2014

littlemiss123

thumbelinda wrote: »

Did anyone go to the block release sessions this week? I went to the one on Monday and was really disappointed that it was just session 7 and session 8 of the course that had already been covered at Launch. Didnt bother going yesterday and today but will attend tomorrow and Friday. I am an elevation student and have to take annual leave to attend the revision course so was most disappointed at the fact that the days werent planned as being specifically exam based revision (i.e. doing case study questions etc). Did anyone find them beneficial?

My firm gave me the time off to attend the block release but I would have been very annoyed if I had taken annual leave. It was such a waste of time, butI didn't care cos it was time off work :P.

Tbh, aside from the case study days, I have found most of the FAE lectures a waste of time as they are only recapping CAP 2 material which I can do at home.

Debs23

Can anybody tell me why in question 3.18 of the toolkit is the £400k for dismantling taken off the market value of the asset?

I added it to the current market value and got the whole thing wrong!

20 Times 20 Times

Debs23 wrote: »

Can anybody tell me why in question 3.18 of the toolkit is the £400k for dismantling taken off the market value of the asset?

I added it to the current market value and got the whole thing wrong!

You mean the impairment of 400K ??

Carrying amount greater than the recoverable amount. Asset is impaired.

[IAS 16.15] Cost includes all costs necessary to bring the asset to working condition for its intended use. This would include not only its original purchase price but also costs of site preparation, delivery and handling, installation, related professional fees for architects and engineers, and the estimated cost of dismantling and removing the asset and restoring the site

Debs23

Little Pea wrote: »

You mean the impairment of 400K ??

Carrying amount greater than the recoverable amount. Asset is impaired.

No to get the NRV.

The market value was £5.2m which excluded the £400k for dismantling. To get the NRV they then deducted the £400k from the £5.2m?

Debs23

Get it now. They had to dismantle it to sell it. Therefore its a cost to sell and deducted from fair value.

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Debs23 wrote: »

No to get the NRV.

The market value was £5.2m which excluded the £400k for dismantling. To get the NRV they then deducted the £400k from the £5.2m?

you need to deduct the 400k as per IAS16. Hope the paragraph above helps.

The M.V of 5,200 isnt taking into consideration the 400k dismantling costs. so when you subtract them to give you its true market value the asset C.V is greater than Recoverable amount so the asset is also impaired.

DaUmpire

Could someone please attach the Derry Cotter summary of the ISAs we got during the launch sessions or send a link? cant seem to find them on the institutes website. thanks

conor1979

DaUmpire wrote: »

Could someone please attach the Derry Cotter summary of the ISAs we got during the launch sessions or send a link? cant seem to find them on the institutes website. thanks

http://students.charteredaccountants.ie/en/Student-Information/Courses/Course-Timetables/

This link should bring you to the page that has the launch notes for every subject.

There is quite a lot of notes for FR but definitely worth printing out and going through I reckon.

Reddzer2002

Hi all,

Thanks for all the help on this page. I came through the cap2 route last year and found it to be a huge help especially closer to the exams. I am in a small practice in Dublin and turned to this page a lot.

I have a slight problem though. I can't seem to locate my standards book. Does anybody know if it is possible to get a new one or if I am alright using one from the FAE last year?

FlyingSolo13

Hi all. Looking for a bit of help. Question 1.23 in the toolkit for aafrp. Is the solution correct. I've no where else to turn. Any help is greatly appreciated. I read this that the subsidiary was the seller?????

littlemiss123

FlyingSolo13 wrote: »

Hi all. Looking for a bit of help. Question 1.23 in the toolkit for aafrp. Is the solution correct. I've no where else to turn. Any help is greatly appreciated. I read this that the subsidiary was the seller?????

I noticed the same mistake too!! It won't actually affect the NCI anyway because none of the goods are in inventory at the year end, but the narrative to the solution does get the direction of the transaction mixed up!

20 Times 20 Times

Has anyone got the 2011 exam paper ?

FlyingSolo13

littlemiss123 wrote: »

I noticed the same mistake too!! It won't actually affect the NCI anyway because none of the goods are in inventory at the year end, but the narrative to the solution does get the direction of the transaction mixed up!

Thanks. I was getting even more confused than normal

Accountant81

How is everyone getting on? I'm starting to freak out now!

TheDoctor

HC in the bag

autumnbelle

Accountant81 wrote: »

How is everyone getting on? I'm starting to freak out now!

Im still only doing questions and looking at solutions at the same time

TheDoctor

Solutions make the questions so much easier

TooLate

Did we get an e-mail to print off to bring with us on Saturday yet?

littlemiss123

Accountant81 wrote: »

How is everyone getting on? I'm starting to freak out now!

I actually don't know am I prepared or not. Like I am getting ~75% of the questions right, but I am constantly referring to my notes and the standards book.

I have tried to focus on having knowing the basics of each standard, and then being able to navigate my notes well, rather than having an indepth knowledge of every standard.....my logic could fall flat on its face on the day though....

TooLate

Anybody got the 2011 exam paper cant find it online??

TheDoctor

Was there an AAFRP in 2011?

Accountant81

I'm a bit like you Littlemiss, not really sure how I am prepared - all about the paper on the day I guess. Sometimes I think I'm ok but then I looked at those questions someone mentioned, the Christy Kearney ones, and they did not go well!!

TheDoctor

Heres the 2013 June AAFRP paper and solution if anyone wants another paper to do

TooLate

TheDoctor wrote: »

Heres the 2013 June AAFRP paper and solution if anyone wants another paper to do

How come there was a June 2013 paper?

Can aafrp be taken again in June 2014 if we dont get the result we want?

Aidodub87

TooLate wrote: »

How come there was a June 2013 paper?

Can aafrp be taken again in June 2014 if we dont get the result we want?

I think it's for people that for certain reasons where unable to sit the April one... Don't think it's a case of no I don't like my result

Accountant81

There are two sittings. The majority of people sit the April sitting but if for some reason you can't sit it there is another option in June. I was actually just on the institute inquiring about it because my son has been sick all week and the creche won't take him because of it. If I don't get to study over the next 3 days I may have to defer to June which I really don't to do!

TheDoctor

Yeah as mentioned above there is another sitting in June for people that for some reason cant sit the April one

Its not for people who aren't happy with their April result

Accountant81

Does anyone have a copy of the 2011 paper and solution, please?

Schickadee

Hi can anyone help me with qu 3.11 in toolkit cookie house! It does not sno in solution how they arrive at nci fig? Or where bargain purchase is from???

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Schickadee wrote: »

Hi can anyone help me with qu 3.11 in toolkit cookie house! It does not sno in solution how they arrive at nci fig? Or where bargain purchase is from???

NCI figure is 20% of 2280 :-)
Also : Bargain Purchase is basically ( my way of looking at it ) negative goodwill.
Hope this helps -