FAE September 2014

Typnohoad

Mark1916 wrote: »

Guys,

I assume the AAFRP is in the RDS on Saturday from 10.00am to 11.50am?? I havent received any notification from the CAI (i'm a repeat student).

you should contact the institute, I did and they had sent confirm to wrong email. I also am a repeat student

Debs23

I have just confused myself! If an asset uses the revaluation policy is it still depreciated but using the new cv to work out depreciation?

Aidodub87

Excellent summary of the contents of the Toolkit attached from Graham.

littlemiss123

In Q3.13 of the toolkit, why was the cost of the PPE not reduced by 200k, eliminate the accumulated depreciation and bring the impairment loss of 128 to the SPLOCI? The adjustment in the q leaves the accum depn and brings the impairment loss to the accum depn account.

The Little Fella

littlemiss123 wrote: »

In Q3.13 of the toolkit, why was the cost of the PPE not reduced by 200k, eliminate the accumulated depreciation and bring the impairment loss of 128 to the SPLOCI? The adjustment in the q leaves the accum depn and brings the impairment loss to the accum depn account.

The 182k P & L entry includes the 128k impairment, 30k amortisation from part one and 24k depn charge for 2011.

The reason i think the impairment is put through accumulated depn is that when you're impairing the property you're not cancelling and getting rid of the old depreciation like you would if you were revaluing upwards.

TheDoctor

Mike Farrell said all professional exams have a pass rate of 50% and that if you got over 50% in the AAFRP it would seem logical that that would be deemed competent

blizzard13

Debs23 wrote: »

I have just confused myself! If an asset uses the revaluation policy is it still depreciated but using the new cv to work out depreciation?

SNAP!

I fell into that trap today too, confused myself with too much info!

yes - you still depreciate, but on the new CV

Debs23

Thanks

Also could anyone help me with 3.1. For east river warehouse, if i was to assume the warehouse was rented under an operating lease and account for the warehouse as investment property is that incorrect?

Do we have to treat it an investment property in the consolidated accounts??

Shorty11857

Debs23 wrote: »

Thanks

Also could anyone help me with 3.1. For east river warehouse, if i was to assume the warehouse was rented under an operating lease and account for the warehouse as investment property is that incorrect?

Do we have to treat it an investment property in the consolidated accounts??

As far as I know in the consolidated accounts it'll always just be PPE while in the company's individual statements it can be classed as Investment Property as shown in 3.2

Someone feel free to correct me if I'm wrong on that

TheDoctor

East River Warehouse is rented to a Subsidiary

In the group accounts this will be counted for as PPE, as the Subsidiary accounts will be included

For the separate accounts of the parent the warehouse will be treated as IP

Nead23

Hi does anyone have the solution for sample paper 2?

BlacknWhite86

Aidodub87 wrote: »

Excellent summary of the contents of the Toolkit attached from Graham.

I am having problems opening the attachment of the Toolkit summary, I am receiving an error message. Are other people able to access this? It seems like it would be vey useful

Cheers.

Aidodub87

BlacknWhite86 wrote: »

I am having problems opening the attachment of the Toolkit summary, I am receiving an error message. Are other people able to access this? It seems like it would be vey useful

Cheers.

Pm me ur email address

conor1979

Nead23 wrote: »

Hi does anyone have the solution for sample paper 2?

Solutions for Sample Paper 2

autumnbelle

Aidodub87 wrote: »

Pm me ur email address

Could you send it to me please aswell, I have pm my email Thanks

PhilipLuke

How is everyone fixed for tomorrow?

conor1979

PhilipLuke wrote: »

How is everyone fixed for tomorrow?

I really don't know! I was going to do the two sample papers today but got put off by some of the posts on here. Just did more of the toolkit and got as much of it to sink in as possible!

Accountant81

PhilipLuke wrote: »

How is everyone fixed for tomorrow?

Yeah I'm kind of done now at this stage. Practicing the past papers and at this stage I know the answer already cos I've done them so many times there's no benefit anymore. Fairly freaked out about section 2 but hoping 1 and 3 will go alright so that will hopefully compensate overall. Hard to know really. Best of luck everyone!

PhilipLuke

Did anyone do the 2012 exam!! Way tougher than 2013, and quite subjective!!

Aidodub87

autumnbelle wrote: »

Could you send it to me please aswell, I have pm my email Thanks

Didn't get ur pm?

PhilipLuke

conor1979 wrote: »

I really don't know! I was going to do the two sample papers today but got put off by some of the posts on here. Just did more of the toolkit and got as much of it to sink in as possible!

You think you know a standard and then something else comes up and you end up questioning whether you are treating it right. I have definitely come across questions where there is a little varition in the way the standard is interpreted

conor1979

PhilipLuke wrote: »

You think you know a standard and then something else comes up and you end up questioning whether you are treating it right. I have definitely come across questions where there is a little varition in the way the standard is interpreted

For Section 3 I am going to be writing a lot of assumptions down!!!

Hopefully that will cover all the variations they throw in!

Aidodub87

PhilipLuke wrote: »

You think you know a standard and then something else comes up and you end up questioning whether you are treating it right. I have definitely come across questions where there is a little varition in the way the standard is interpreted

As long as you write what your assumption are don't think ya can go too wrong

littlemiss123

Completely freaked out about section 2 :eek:

Just doing question 2.1 from the April 2012 paper (at the back of the toolkit), anyone know where the 'loss on land' 200K in OCI comes from.

Plus, in the same question, I went off and wrote disclosures about the reasons for the change in accounting estimate, and the reasons for the impairment per IAS 8 and IAS 36, but the solution doesn't? Are we supposed to literally just fill in the tables? I don't know what is enough and what isn't

TheDoctor

It seems that they've moves section 2 to doing numbers and filing in boxes so as people wont just discloses pages and pages

In that 2.1 original cost was €600,000 and there is a revaluation surplus in the question of €200,000 suggesting the value was €800,000 going into 2011. Then it was at the end of 2011 revalued to €500,000

Therefore

Dr - OCI 200,000
Dr - P/L 100,000
Cr - NCA 300,000


Thats why the loss of land is split 200K and 100K
Loss of 300K split between reversing the previous revaluation upwards of 200K and a new 100K loss

littlemiss123

TheDoctor wrote: »

It seems that they've moves section 2 to doing numbers and filing in boxes so as people wont just discloses pages and pages

In that 2.1 original cost was €600,000 and there is a revaluation surplus in the question of €200,000 suggesting the value was €800,000 going into 2011. Then it was at the end of 2011 revalued to €500,000

Therefore

Dr - OCI 200,000
Dr - P/L 100,000
Cr - NCA 300,000


Thats why the loss of land is split 200K and 100K
Loss of 300K split between reversing the previous revaluation upwards of 200K and a new 100K loss

Excellent, thanks! My own fault for not reading the question properly, I thought the 600k was the new revalued amount.

Yeah I see their logic, but then in the next two questions only have 'fill in the box' style answers but give additional disclosures. IDK! Think I'll just do the bare minimum then if I have time at the end go back and make additional disclosures.

TheDoctor

If you look at the section 2 questions and in doubt, see whats in the question and isn't already in the disclosure and just write it straight in.

autumnbelle

I'm done for the night too, just confusing myself more! I have a folder with my notes, another with cotters and some of the other questions and then toolkit and cgs summary from cap 2�� better safe then sorry even though I know I won't have time to look at them, just for reassurance

conor1979

autumnbelle wrote: »

I'm done for the night too, just confusing myself more! I have a folder with my notes, another with cotters and some of the other questions and then toolkit and cgs summary from cap 2�� better safe then sorry even though I know I won't have time to look at them, just for reassurance

I am bringing in exactly that too! Will have my main notes in front of me for quick reference but everything else there too just in case!

20 Times 20 Times

Best of luck to everyone tomorrow !


if in doubt ,

NO ADJUSTMENT REQUIRED !!