FAE September 2014

IR1SH RANG3R · 26-04-2014 5:35pm

Yeah that payable was the only thing that messed me up couldn't think if I should recognise it or not because it was a debit, in the end I just reversed it and recognised everything 50/50!

LOccitane · 26-04-2014 5:40pm

IR1SH RANG3R wrote: »

With that joint operations one do you not completely derecognise the payable and just recognise 1100000 in Cost of sales?

That's what I did, but it was a case of having literally a minute and getting the journal to balance. I credited the Payable to get it to balance.

I just guessed an answer for the Cattle question - far too much info and I had 2 minutes left. The volume of info was unreal.

Better off not getting into too much detail either I feel in terms of the specifics of questions. We can just hope that the marking scheme is adjusted to reflect what virtually everyone seems to feel about the exam!

qwabercd · 26-04-2014 5:47pm

The correct answer i think was:
Dr Revenue 1.25m
Cr Cost of sales 900k
Cr payables 200k
Cr bank 150k

cian twomey · 26-04-2014 5:47pm

can anyone remember what the answer they put for question 5 section 1

Nermal · 26-04-2014 5:59pm

qwabercd wrote: »

The correct answer i think was:
Dr Revenue 1.25m
Cr Cost of sales 900k
Cr payables 200k
Cr bank 150k

I had this also.

qwabercd · 26-04-2014 6:02pm

Nermal wrote: »

I had this also.

Unfortunately I didn't.

Credited bank by the 300 and debited receivables by 150. Another 2-3 minutes to mull over it and reckon I would have cracked it. Wasted a lot of time on the start on it.

Stated in my assumption that it was assumed none of the money had been received from the bank account but highly doubt that would cover me. Frustrating as I had the bulk of it correct, that's the nature of section 1 I suppose.

Nermal · 26-04-2014 6:09pm

I have to ask about the IFRS8 one again - were there literally NO calculations involved?

Just copying the profit/assets etc by segment into the disclosure?

qwabercd · 26-04-2014 6:13pm

Nermal wrote: »

I have to ask about the IFRS8 one again - were there literally NO calculations involved?

Just copying the profit/assets etc by segment into the disclosure?

Think so. I said that the prior year was restated because one of the segments (the fourth one I think) wasn't a reportable segment in the previous year but was in the current. Fairly sure that was wrong though!

Very strange question, not a test of knowledge at all more of a fecking race. Could say the same for the exam as a whole!

TheDoctor · 26-04-2014 6:15pm

Put in a disclosure about the customer not being over 10%

Only thing I could think off

ASOT2012 · 26-04-2014 6:17pm

cian twomey wrote: »

can anyone remember what the answer they put for question 5 section 1

I reclassified it to advertising costs I think. So I think the question said they had capitalised the 3m, so I was thinking 1m would have been amortised in the P/L at year end because the first installment to the footballer was on 1 Jan 2013.

So I think the journals I put down were

CR Intangibles 2m
CR amortisation P/L 1m
DR Advertising costs P/L 3m

Havn't a clue if that's right - same as the rest of the paper really I was trying to write/think so fast to get it done!!

TheDoctor · 26-04-2014 6:19pm

Has anyone thrown up a sneaky scanned copy of the paper?

sodabread · 26-04-2014 6:24pm

TheDoctor wrote: »

Has anyone thrown up a sneaky scanned copy of the paper?

We had to hand the copy of the exam questions back with the exam script- don't ask me why!

TheDoctor · 26-04-2014 6:26pm

Yeah I was just wondering is there anyway to see the paper

Dellboy2007 · 26-04-2014 6:27pm

sodabread wrote: »

We had to hand the copy of the exam questions back with the exam script- don't ask me why!

Did we? I never handed mine up

autumnbelle · 26-04-2014 6:28pm

Has anyone email addresses for who we email?

autumnbelle · 26-04-2014 6:30pm

And I never handed back the copy of the questions invigilator said I didn't need to

sodabread · 26-04-2014 6:30pm

Dellboy2007 wrote: »

Did we? I never handed mine up

Ye but you won't lose any marks if you didn't.

TheDoctor · 26-04-2014 6:31pm

Scan it up Delboy when you get the chance. Like to read it again in my own time

autumnbelle · 26-04-2014 6:32pm

sodabread wrote: »

Ye but you won't lose any marks if you didn't.

Why would they want them back?

cian twomey · 26-04-2014 6:32pm

autumnbelle wrote: »

Has anyone email addresses for who we email?

info@cassi.ie is the cassi email, I think you have to go through chartered accountants website to contact them

autumnbelle · 26-04-2014 6:34pm

cian twomey wrote: »

info@cassi.ie is the cassi email, I think you have to go through chartered accountants website to contact them

Thank you

sodabread · 26-04-2014 6:35pm

autumnbelle wrote: »

Why would they want them back?

No idea- it doesn't make sense. I asked the invigilators at the end. They wanted it back as they officially should be handed back but if I hadn't handed it back it wouldn't matter and no marks would be lost!

Reddzer2002 · 26-04-2014 6:37pm

Hi all,

Found that very tough today and to be honest I am very disheartened about the final now. I feel I will do very well to get a RC in it.

I had to repeat exams in Cap1 and Cap2 but know that is not possible this year.
Does anybody know of any grinds for FAE? There is obviously the CGS but could do with a few one to one sessions to see what I have to change.

Any help appreciated.

cian twomey · 26-04-2014 6:44pm

sodabread wrote: »

No idea- it doesn't make sense. I asked the invigilators at the end. They wanted it back as they officially should be handed back but if I hadn't handed it back it wouldn't matter and no marks would be lost!

your welcome have just sent an email now, it helps to air your frustrations a bit

TheDoctor · 26-04-2014 6:48pm

Everyone email, doing mine now

PhilipLuke · 26-04-2014 7:01pm

The invigilator handed us out our scripts at 9.40am and kept the second script until 5 to. The person on my left had books on his desk and put the script into one of them and i could see him reading it and jotting stuff down 10-15 minutes before the exam. They then forgot to give the line I was in the second copy and I was the last in the exam hall to get it! I was sitting there with my hand up wondering what the **** is the second script everyone is getting.

How professional was that!

TheDoctor · 26-04-2014 7:04pm

What was the point of the second script?

autumnbelle · 26-04-2014 7:05pm

I'm doing one now too, I think it could be my only hope to even get rc as I did most things wrong looking at the paper, the question saying to ig:(

nore the depreciation I never even read that right

defered income I entered 750:( turbine never got to do. The related party trans I put the restructuring as a provision. So disappointed. Realistically is it possible to pass the exam in total with an nc in this?

Dellboy2007 · 26-04-2014 7:11pm

autumnbelle wrote: »

The related party trans I put the restructuring as a provision?

I did this as well. It was announced in a formal plan so I assumed it met the criteria of IAS 37.

Quote:

"Closure or reorganisation: recognise a provision only after a detailed formal plan is adopted and has started being implemented, or announced to those affected. A board decision of itself is insufficient."

sodabread · 26-04-2014 7:14pm

Dellboy2007 wrote: »

I did this as well. It was announced in a formal plan so I assumed it met the criteria of IAS 37.

Quote:

"Closure or reorganisation: recognise a provision only after a detailed formal plan is adopted and has started being implemented, or announced to those affected. A board decision of itself is insufficient."

What question was this in? Please say it wasn't in section 1 or 3.

FAE September 2014

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