Cap 2 2016

Jsmac67

Q1 part a was worth 18 marks,didnt seem too different from previous years but was worth a good bit more?!

Anyone else notice this or know why?

Lyra Fangs

Jsmac67 wrote: »

Q1 part a was worth 18 marks,didnt seem too different from previous years but was worth a good bit more?!

Anyone else notice this or know why?

I think they might have shifted more marks to that question in case people performed poorly on the group loss relief question as this would be considered one of the more difficult areas in the syllabus, that's my theory anyway.

failingatlife

Anyone any thoughts on what to do for audit for the evening? ... i'm shattered after that tax exam and have no clue where to begin this afternoon

Humour Me

Jsmac67 wrote: »

Q1 part a was worth 18 marks,didnt seem too different from previous years but was worth a good bit more?!

Anyone else notice this or know why?

That 18 marks was a gift, when I saw that it was such a boost, especially since I only felt confident about one of the Qs in Section B.

For audit I'm just going to have a read over my notes for risk, internal controls and reports and go over the exam papers for the last few years again so I have the approach fresh in my head for tomorrow.

Jsmac67

Humour Me wrote: »

That 18 marks was a gift, when I saw that it was such a boost, especially since I only felt confident about one of the Qs in Section B.

For audit I'm just going to have a read over my notes for risk, internal controls and reports and go over the exam papers for the last few years again so I have the approach fresh in my head for tomorrow.

Only thing I was unsure of was the loan interest,i know it definitely wasn't a charge so just left it be without any add back. Is that correct?! Looked at a few other papers and it appears to do the same

Lyra Fangs

Jsmac67 wrote: »

Only thing I was unsure of was the loan interest,i know it definitely wasn't a charge so just left it be without any add back. Is that correct?! Looked at a few other papers and it appears to do the same

I wasn't sure about the keyman insurance, as I wasn't sure if the MD was a proprietary director, also not sure about the legal fees re tax issues, I feel like it shouldn't be deductible but it prob was.

Jsmac67

How did we all find audit today? Didn't mind question one at all,wasnt too keen on the option questions though!

Lyra Fangs

Jsmac67 wrote: »

How did we all find audit today? Didn't mind question one at all,wasnt too keen on the option questions though!

I thought it was a really nice exam actually, question 1 was tricky but the marks for the ethics question and how the marks were distributed made me feel confident that I got at least half of it right. The option questions were mixed; question 4 was a no go, question 3 was quite nice and question 2, I did this last so I barely even read the little background text - looking back it might have been useful but it was ok.

Better than tax

s15r330

Did anyone else read the part that said Jack's dad was an audit partner also? That comma shouldn't have been there. I used it as an ethical concern later.

Lyra Fangs

s15r330 wrote: »

Did anyone else read the part that said Jack's dad was an audit partner also? That comma shouldn't have been there. I used it as an ethical concern later.

His dad is a client of CARPENTER though right? Your audit partner was Bet Black.

s15r330

Lyra Fangs wrote: »

His dad is a client of CARPENTER though right? Your audit partner was Bet Black.

Yeh but that comma was confusing under exam pressure. I'm gonna email chartered about it. Read it again and pause at the comma.

13Core5

s15r330 wrote: »

Yeh but that comma was confusing under exam pressure. I'm gonna email chartered about it. Read it again and pause at the comma.

There's no ambiguity. How could someone be a client of the firm and also own the firm?

The comma is correct, as it precedes the name of the audit partner, Bet Black.

s15r330

13Core5 wrote: »

There's no ambiguity. How could someone be a client of the firm and also own the firm?

The comma is correct, as it precedes the name of the audit partner, Bet Black.

The comma is not correct as there isn't a full stop after Bet Black.

Lyra Fangs

s15r330 wrote: »

The comma is not correct as there isn't a full stop after Bet Black.

But the sentence wasn't finished, it went on to say Jack's father was a good friend of the audit partner Bet Black.

There probably should have been a second comma after Bet Black but considering father can't be both client and audit partner the meaning was clear.

Fiskar

s15r330 wrote: »

Did anyone else read the part that said Jack's dad was an audit partner also? That comma shouldn't have been there. I used it as an ethical concern later.

Was a bit so so to read at first but it implied Jack's dad is a close friend of Bet Black. Bet Black's independence was in question there and for indicating Jacks brother was an independent valuer. I told her in the memo she should devolve herself from the audit!

I did Q1, 3 and 4. Q 4 was alright but time was a huge issue.

Jsmac67

Well thank God they're over anyway

Lyra Fangs

Jsmac67 wrote: »

Well thank God they're over anyway

How did you find today's paper?

Jsmac67

Lyra Fangs wrote: »

How did you find today's paper?

Didn't actually mind it! Did a decent consol and Q4.

Q1 was odd,you didn't have to calc depreciation,seemed to be done already?! Hadn't seen that before! Then impatient of intangibles was tricky too but overall I think I did okay!

You?

Lyra Fangs

Jsmac67 wrote: »

Didn't actually mind it! Did a decent consol and Q4.

Q1 was odd,you didn't have to calc depreciation,seemed to be done already?! Hadn't seen that before! Then impatient of intangibles was tricky too but overall I think I did okay!

You?

Yeah, I think you were just meant to check whether dep had been accounted for already. Same as you would with a finance charge and debentures.

I got one trademark was impaired and one was not impaired. I thought it was a nice paper, yes we had to deal with an FX consol but it was a handy consol other than that.

Wasn't a fan of the option qs, did 4 but I was running out of time and couldn't give it enough thought.

Got Q1 and 2 to balance though, so delighted with that even though I could have made compensating errors.

Jsmac67

Lyra Fangs wrote: »

Yeah, I think you were just meant to check whether dep had been accounted for already. Same as you would with a finance charge and debentures.

I got one trademark was impaired and one was not impaired. I thought it was a nice paper, yes we had to deal with an FX consol but it was a handy consol other than that.

Wasn't a fan of the option qs, did 4 but I was running out of time and couldn't give it enough thought.

Got Q1 and 2 to balance though, so delighted with that even though I could have made compensating errors.

Yeah I got the same for trademarks only apportioned the impairment loss amongst a and B thinking it was a cgu,dont know if that's right however. Other adjustments weren't too bad!

gilla93

I have a training contract starting in November. I have all the cap 1 exemptions they have given me the option to do the exams on a modular basis or all 4 in one go .. Any advice on which I should go for would be appricated !

Humour Me

As someone who had to do all 4 this year I would recommend splitting them if the option is available to you. Working full time while studying can be difficult and the firms recognise this so the majority of firms recommend the modular basis.

The disadvantage is that you will have to wait an extra year to sit your FAE's but even if you pass the FAE's in second year, you still aren't qualified until you have your work experience.

Humour Me

Results are up. Scraped a pass in all 4 - im delighted

TitianGerm

Humour Me wrote: »

Results are up. Scraped a pass in all 4 - im delighted

I failed Tax.

Any chance you'd consider selling your Tax Books (assuming you sat the ROI paper)? I forgot mine after the exam and by the time I realised nobody could find them

Lyra Fangs

Humour Me wrote: »

Results are up. Scraped a pass in all 4 - im delighted

Oh God I'm too nervous to check, would prefer to live in blissful ignorance 😑

bigmc23

Finally passed fr after too many attempts. It won a few battles but I won the war!

TitianGerm

Lyra Fangs wrote: »

Oh God I'm too nervous to check, would prefer to live in blissful ignorance 😑

Do it quick like ripping off a plaster

AtticusFinch86

Passed all 4 thankfully. Was sure I had failed SFMA but managed a better margin than I thought. Whens the overall results analysis out?

bigmc23

For ppl that haven't passed today don't worry you'll get them in the end if u want it enough!

Lyra Fangs

emmetkenny wrote: »

Do it quick like ripping off a plaster

I'm on the train home, I'm worried I'll get upset if I do fail