FAE September 2014

conor1979

AAFRP Sample Papers 1 & 2 and the solutions.

Hopefully they attach properly. If you cant view them let me know.

AM21

happylife2014 wrote: »

Hi Is your books are still available? or you just threw them in the bin already. Give me a call <SNIP>, if you didn't.

Hi sorry I got rid of them! Best of luck!

TooLate

How's everyone fixed for AAFRP?

Doing the toolkit at the moment find Derry Cotters notes very helpful?

Struggling with the Consolidation Journals anybody got any tips for these??

Begining to worry

acastudent

TooLate wrote: »

How's everyone fixed for AAFRP?

Doing the toolkit at the moment find Derry Cotters notes very helpful?

Struggling with the Consolidation Journals anybody got any tips for these??

Begining to worry

Was so optimistic after cgs until started doing questions on my own .not looking great

conor1979

acastudent wrote: »

Was so optimistic after cgs until started doing questions on my own .not looking great

Most if not all of what is being examined in April is what has been covered in CAP2.

We are all in FAE in so we must have done something right to get here! If you can pass FR in CAP2 then you can pass this exam.

I'm just taking one IAS at a time and doing the questions in the Derry Cotter case study book. I am making a lot of mistakes but better to make them now than in the exam!

iwishihadaname

Aidodub87 wrote: »

Daisy03 wrote: »

Anyone know why in Q1.4 of the toolkit you deduct the 15m of overhaul costs when calculating depreciation. The cost of 200m doesn't include this so I thought it would be 200m minus the 25m residual value divided by 10 years.

Its in IAS 16, have to seperate them into different components and the €3m per aircraft apparently is a professional judgement of that part, as this is what it's costs to overhaul it and it has a shorter useful life.

Just wondering aswell why the solution considers the 15k to be included in the 200k cost? Reading the question it seems that the 15k was a separate cost from the 200k?

autumnbelle

Anyone got any good consolidation notes and templates for eps?

littlemiss123

conor1979 wrote: »

Most if not all of what is being examined in April is what has been covered in CAP2.

We are all in FAE in so we must have done something right to get here! If you can pass FR in CAP2 then you can pass this exam.

I'm just taking one IAS at a time and doing the questions in the Derry Cotter case study book. I am making a lot of mistakes but better to make them now than in the exam!

Love the motivational talk conor1979

Are you finding the case study book the best way to study? I'm really in two minds how to tackle this. I have started a couple of times with different approaches...go through the standards book, launch straight into questions, revise the notes! So confused!!!

TheDoctor

The toolkit is much harder than the past papers. Esp the 2013 paper. Dont know if thats a good or bad thing though!

autumnbelle

littlemiss123 wrote: »

Love the motivational talk conor1979

Are you finding the case study book the best way to study? I'm really in two minds how to tackle this. I have started a couple of times with different approaches...go through the standards book, launch straight into questions, revise the notes! So confused!!!

Haha Im in this phase- I started toolkit, stopped. Went to CGS and convinced myself I knew it all! Tried toolkit and still felt confused so I stopped. I started looking at cgs book for aafrp I find it nowhere near as good as the cap2 books- all theory and few examples.

So now I am in the process of doing a folder up even though I know I would be better off doing questions.:rolleyes:

TheDoctor

Dont have the question in front of me here, but I think it is in relation to depreciating different components of the asset over their different useful lives.
I think the 15m was to do with a part of the asset which had a useful life of 5 years while the rest of the asset had a life of 10 years. So each were taken separate, with the two amounts added for the depr for the period.

TheDoctor

Good man Conor!

littlemiss123

autumnbelle wrote: »

Haha Im in this phase- I started toolkit, stopped. Went to CGS and convinced myself I knew it all! Tried toolkit and still felt confused so I stopped. I started looking at cgs book for aafrp I find it nowhere near as good as the cap2 books- all theory and few examples.

So now I am in the process of doing a folder up even though I know I would be better off doing questions.:rolleyes:

This is exactly how my study has been going for the last month!!! Stopping and starting, can't decide the best way to go about it!

I am working off conor1979 suggestion and going through the Derry Cotter book which I am finding very helpful! I got 4 questions done on sunday and I'm going to try and do a question a night for the next week and a bit! Then gonna tackle the toolkit at the weekend maybe and then the sample and past papers once I have the toolkit done!

Can't wait for this to be over :mad:

conor1979

autumnbelle wrote: »

Haha Im in this phase- I started toolkit, stopped. Went to CGS and convinced myself I knew it all! Tried toolkit and still felt confused so I stopped. I started looking at cgs book for aafrp I find it nowhere near as good as the cap2 books- all theory and few examples.

So now I am in the process of doing a folder up even though I know I would be better off doing questions.:rolleyes:

I'm only doing questions from here on in. I have my notes from the CGS which I look over before doing questions, I also have a quick look at the CGS book.

I'm working my way through the case study book, doing one IAS at a time. Haven't looked at the sample or past papers papers yet.

I have done a few of the questions in the toolkit but I'm going to wait until I have covered all IAS's in the the case study book before I go back to the toolkit. Then I will have a crack at the papers too.

Hopefully spending a lot of time doing the case study questions will not only pay off for the AAFRP but also for the exams in September.

20 Times 20 Times

Thinking back on it, can't help feel disappointed with the book and the disclosure notes I have received from the CGS...

I would of preferred summaries done like they were in prior years! The disclosure notes aren't great either.

conor1979

Little Pea wrote: »

Thinking back on it, can't help feel disappointed with the book and the disclosure notes I have received from the CGS...

I would of preferred summaries done like they were in prior years! The disclosure notes aren't great either.

I think the book is very good but more for the overall FR subject as opposed to the AAFRP.

I haven't really looked at the disclosure notes yet but from what we were told on the day there is not much to the questions. See what's already disclosed, then go down through the notes and tick off everything until you come across something that you think should go in.

Think it's time to have a proper look at them now then!!!

autumnbelle

I think the disclosure note handout is very good!

TheDoctor

I think the disclosure handout makes section 2 very handy.

Did half of section 2 in the toolkit last night and only one qs on basic and diluted earnings per share I didnt get the right answer for.

Will be going straight to section 2 when the exam starts

Melon head

Random question!!
When you past your CAP2 exams did ye get a wage increase? I didn't and was considering asking for it? What is the average salary for the stage we are all at.?

lydia123

Hi, yes you should - there's a guideline on the institute website (€2,330 after CAP2) but it's just a guideline and firms don't have to follow suit. http://students.charteredaccountants.ie/Global/student_services/training%20package%202013%20final.pdf
I trained in a smallish sized firm and earned 19,500 for three years - at the end of three years and finished CAP2s I was put up to 26,500 after I made demands! It really depends on the firm size and attitude to exams. I'm sitting FAE outside of contract.

Accountant81

I wasn't using the case study book up until now (just the IAS' and the toolkit) but thank you to those who mentioned it because I've done a few in the last few evenings and I am definitely finding it helpful!

lexluthor

FR has a standard formula imo.. im a serial repeater, recently qualified though at last.. never had a problem with fr though.. Derry Cotter's summary notes you received as part of induction notes.. do them inside out.. then do the AAFRP toolkit, which will be very helpful for journals in the actual exam.. do not assume that it's only useful for AAFRP, and dont discount what you learn out of it for the exam.. and finally, do derry cotter's cases book inside out.. as much as you possibly can.. try to go standard by standard rather than case by case.. that way you'll cover 95% of exam testable components of a particular standard..the remaining 5% will be covered if you do derry cotter's notes inside out, word to word..often in my past attempts, id see something come up in exam and id be like where's this in the standard but then it was all covered in his notes, somewhere even in just one line.. e.g. fae core simulations exam 2010 case study 3 i think it was loan impairment issue.. covered in his notes for instruments standards but we all thought ias 36 applied.. then AAFRP assessment in 2012 april, had an issue about construction contracts and incentive payments.. covered in just a few words, not a full line in his summaries, but id overlooked it .. so its crucial if you go down that route, you do his notes word to word

lexluthor

TooLate wrote: »

How's everyone fixed for AAFRP?

Doing the toolkit at the moment find Derry Cotters notes very helpful?

Struggling with the Consolidation Journals anybody got any tips for these??

Begining to worry

Kids, dont worry I'm here. For those who don't know me, I repeated the FAE new format more than anybody else and finally got them in November 13.
I have answers to ALL your FAE problems, I promise!
Just looking back at these threads, it brings back so many memories.

Anyway to answer your question, for consolidation, I was very worried in FAE 2013 as I was adamant they'll throw in a nasty surprise in the exam as IFRS 10,11,12 had been introduced along with modified IAS 28.

I dont know when the assessment is exactly but if you have time, go through the text of IFRS 3, Ifrs 10, 11 and 28 but if you don't have time for that, look at Derry Cotter's case study book, the index at end and do IFRS 3, 11, ias 28 questions, they might seem to be too long but they're not once you get into it. IFRS 11 and IAS 28 questions are very good and helpful imo.

As there are no DC notes for Consolidation, I had to rely on the actual text of the standards for consolidation areas.

I can tell you some key paras to know if you want.

Joint ventures is sometimes tricky because equity method is covered in 28 but joint ventures with the three different types are covered in ifrs 11 so you have to look at both standards together really but you end up covering associates and joint ventures as result which is good.

Probably about 5 solid hours Saturday work, going through DC case book and then doing AAFRP questions cookie house and a few other consolidation questions from toolkit.

Accountant81

Lexluthor you are my hero! I had completely forgotten about the summary notes from the induction. They were just sitting in a folder and now that I've started going through them they are amazing. I cant believe I thought I would get by with just the AAFRP toolkit. Doing these notes, the case studies and the toolkit for sure before the exam. We have 2.5 weeks to go so still plenty of time for us to nail it. Thanks so much for your help and any other advice you can offer is always welcome!

TheDoctor

What summary notes are these and what induction?

Accountant81

If you go to the FR launch notes you will see Derry Cotter's summary notes of all the IAS and IFRS - they are brilliant!

bikeman1

My study method to the AAFRP so far has been:

Attend the AAFRP workshop day with Derry Cotter.

I then watched all the recorded sessions for part of the launch which Derry went through all the standards. I found this quite useful.

I have now started working on the AAFRP toolkit. I was finding the questions quite difficult, but then following a suggestion on here, that the toolkit is harder than the exam, I tried 2012s paper and actually found it not too bad.

I had not thought of going through the case study book, I will try that next.

Can't wait for the 26th to be over! Any other tips would be great.

lexluthor

Accountant81 wrote: »

If you go to the FR launch notes you will see Derry Cotter's summary notes of all the IAS and IFRS - they are brilliant!

Mate do make sure u go Word TO Word.. I cannot emphasize this enough!

TheDoctor

Thanks, completely forgot about those

20 Times 20 Times

I just finished doing the tool kit once there today ! My plan is to do it all again over the next couple of days ( finished it by sunday ) making out questions that I find tough and areas that I need t cover. After that I plan to cover these said areas using the case study book. That should take me into next weekend. I am leaving my final week to put myself under exam conditions by doing the exam papers !! I havent even looked at them yet.