Cap 2 2017

Tgt16

Thought it might be useful to start up a thread for Cap 2 2017 like previous years if anyone would like to share insights/discussions/questions.. feel free! Doing the distance myself.

AtticusFinch86

I did the distance myself, found it to be great. All the info you need during the year is accessible at your finger tips but I do find there can be a bit of a delay in CA getting the info online. They're generally very good though.

In terms of tips, I'd just say get started early, small and often is what I found worked. Maybe set aside 8-10 hours at weekends and an hour a day during the week. I studied quite a lot during my lunch breaks as there was nothing else to do. Some people might find the above to be overkill but I only had 20 days annual leave (which included study leave) so I had to make the most of my free time.

I also found typing up my notes in Word to be much better than writing everything down, it saved me a lot of time and meant I could go back and edit notes as I pleased. It also meant I could easily summarise the various subjects.

Ideally about a month before the actual exam, you should ensure that you have all your notes w, summaries of notes, questions and solutions etc. written up. At that point you'll want to be reviewing everything as opposed to learning anything new.

Spend your time economically, there's no point in travelling to dublin every couple of weeks for lectures if you're sitting in the class tired/daydreaming etc. I found I studied much better by just staying at home and studying at the local library. It cut out all the messing about in travelling (3 hours each way for me) and wandering around dublin before and after your classes (not to mention the expense of organsing food, accommodation, etc.) . That's a lot of wasted time that could be used more productively.

All in all, if you put the effort in then there's no reason you shouldn't pass it comfortably

Tgt16

Did you pass all first time AtticusFinch86? Thats good to hear, I plan on putting in alot of effort as I don't particularly want any repeats! I'm not sure though if i can miss many weekend lectures as this is monitored by my firm, but should be ok as will get study leave in May/June!

AtticusFinch86

Tgt16 wrote: »

Did you pass all first time AtticusFinch86? Thats good to hear, I plan on putting in alot of effort as I don't particularly want any repeats! I'm not sure though if i can miss many weekend lectures as this is monitored by my firm, but should be ok as will get study leave in May/June!

Yeah passed first time out. Hoping for the same in the FAE this year. Wasn't easy but at the same time very doable if you can get some discipline into your routine. That's the most important part. Get a routine. I was the wrong side of christmas before I figured that out. Secondly, get a good set of summary notes written for yourself (although they'll only really be useful after finished the entire syllabus and understand the content). I saw quite a few people bringing in textbooks and what not into the exams. It's an under waste of time, you're better off having short brief notes you can refer to.

Yeah I know what you mean re: attendance. I'm in industry so didn't have anyone breathing down my neck when I wasn't at lectures/mocks/revision etc.

Tgt16

AtticusFinch86 wrote: »

Yeah passed first time out. Hoping for the same in the FAE this year. Wasn't easy but at the same time very doable if you can get some discipline into your routine. That's the most important part. Get a routine. I was the wrong side of christmas before I figured that out. Secondly, get a good set of summary notes written for yourself (although they'll only really be useful after finished the entire syllabus and understand the content). I saw quite a few people bringing in textbooks and what not into the exams. It's an under waste of time, you're better off having short brief notes you can refer to.

Yeah I know what you mean re: attendance. I'm in industry so didn't have anyone breathing down my neck when I wasn't at lectures/mocks/revision etc.

Haven't started to engage properly yet with the course as we are in the thick of the tax deadline atm, but once thats finished I'll be able to dedicate more time to study in the evening etc.

Thanks for the tips, always good to hear from someone who has just finished and came out the right side of things! Oh and best of luck studying for the FAE

bannerboy95

Hi lads any of ye know when the SFMA case study for the assessment is coming out?

Tgt16

Not sure! it's supposed to be coming out 4 weeks in advance of the assessment.. so I presume mid December.

Cal211

Doing the distance as well!

davindub

I'm doing the CAP2 distance learning as well, anyone interested in sharing/ discussing information online somewhere on the SFMA when it comes out?

Cal211

Definitely... getting a little nervous for the assessments!

Tgt16

davindub wrote: »

I'm doing the CAP2 distance learning as well, anyone interested in sharing/ discussing information online somewhere on the SFMA when it comes out?

Pre-seen out today. I guess in the next few days be a good time to set up a discussion on it =D

davindub

Tgt16 wrote: »

Pre-seen out today. I guess in the next few days be a good time to set up a discussion on it =D

Yep definitely. If people send me their email I can set up something online. Or if someone else has some ideas about how to do this etc

Tgt16

davindub wrote: »

Yep definitely. If people send me their email I can set up something online. Or if someone else has some ideas about how to do this etc

Cool, well what they done previous years usually is to set up a new thread in boards.ie along the lines of SFMA assessment 2017.. Alot of people tend to google for this, so this could be an idea!

davindub

Tgt16 wrote: »

Cool, well what they done previous years usually is to set up a new thread in boards.ie along the lines of SFMA assessment 2017.. Alot of people tend to google for this, so this could be an idea!

Yep suits me! Im going to read through it over the next couple of days.

fe1manuals

Tgt16 wrote: »

Pre-seen out today. I guess in the next few days be a good time to set up a discussion on it =D

Ya, I've just started looking at the pre-seen material. I agree it would be useful if we could set up an email thread with thoughts / ideas on the interim exam.

cgal17

Also doing Cap2 distance. Going to have a read through pre seen for SFMA over weekend and hopefully we can all start a thread going and help each other out

Kmck87

I just noticed one has been set up today.

Kmck87

Does any1 know wher we get the solutions to the "challenging questions"? I know the finance book says these are available "through the lecturer", but I dont have the lecturer email and I thought maybe theyd be on the website some place?

tanit

Kmck87 wrote: »

Does any1 know wher we get the solutions to the "challenging questions"? I know the finance book says these are available "through the lecturer", but I dont have the lecturer email and I thought maybe theyd be on the website some place?

They are all online on the student website. Log in and go to each subject and there should be a tab that reads Solutions. In the case of SFMA you will find two links one the solutions for Finance and a second one for Management Accounting

thefox1982

Has anyone started on their notes for the audit and assurance IA?

davindub

thefox1982 wrote: »

Has anyone started on their notes for the audit and assurance IA?

Will be doing bits over the next week.

4 areas & the general principles to prepare.

thefox1982

Hi all, I have done up notes for the upcoming Audit and Assurance interim assessment. I am sharing them on here in case anyone is stuck for time etc. These are a mix of lecture notes, the workshop on the IA and the book.

Also, I am sharing notes on all the standards that are examinable at CAP 2, these are mainly for Financial Reporting and Audit and Assurance. Again, these are a mix of lecture notes, the workshops and the iaspelus.com.

I hope these are helpful to someone

davindub

thefox1982 wrote: »

Hi all, I have done up notes for the upcoming Audit and Assurance interim assessment. I am sharing them on here in case anyone is stuck for time etc. These are a mix of lecture notes, the workshop on the IA and the book.

Also, I am sharing notes on all the standards that are examinable at CAP 2, these are mainly for Financial Reporting and Audit and Assurance. Again, these are a mix of lecture notes, the workshops and the iaspelus.com.

I hope these are helpful to someone

Brilliant notes on first glance. Thank you. I think there was another forum we used for the SFMA interim that had more people on it?

tanit

thefox1982 wrote: »

Hi all, I have done up notes for the upcoming Audit and Assurance interim assessment. I am sharing them on here in case anyone is stuck for time etc. These are a mix of lecture notes, the workshop on the IA and the book.

Also, I am sharing notes on all the standards that are examinable at CAP 2, these are mainly for Financial Reporting and Audit and Assurance. Again, these are a mix of lecture notes, the workshops and the iaspelus.com.

I hope these are helpful to someone

Thanks a million for sharing they are very good and definitely very helpful.

Thefox1982, you are going to be responsible for the increase in passing rates this year :D

thefox1982

I have updated my notes since I posted there a few weeks ago. These are updated after going through the exam papers and with the common journal entires that I have seen

shanmo

Hi everyone,

So I'm really struggling with where to start study wise, particularly with FR.
Does anybody have any tips, good notes, practice qs, etc that would help please?

Id really appreciate the assistance.

Thanks

LostInACA

Hi shanmo,

I too am struggling on where to start, there just seems to be so much of everything!
From what I've been told, doing past papers is the way to go esp for FR.. people are kinda saying notes and then papers for the other 3.. but who knows really..... hopefully we'll all come out the other end happy!

ACA2017

Hey Everyone

I am also finding it really difficult to get started, working in audit i barely made the lectures and i am now feeling overwhelmed

What are people doing? Just past exam Q's or are you going to watch online lectures, doesn't help that the chartered accountants website is down too

shanmo

LostInACA wrote: »

Hi shanmo,

I too am struggling on where to start, there just seems to be so much of everything!
From what I've been told, doing past papers is the way to go esp for FR.. people are kinda saying notes and then papers for the other 3.. but who knows really..... hopefully we'll all come out the other end happy!

Thanks lost in ACA.
It's hard to do the papers when I can't keep track of everything.
As for the notes, I find them to be pretty poor.
Thanks though.
I'll live in hope.

shanmo

ACA2017 wrote: »

Hey Everyone

I am also finding it really difficult to get started, working in audit i barely made the lectures and i am now feeling overwhelmed

What are people doing? Just past exam Q's or are you going to watch online lectures, doesn't help that the chartered accountants website is down too

Hi,

Doing qs seems like a good place to start but it's hard if you don't know the technique and information so I don't know really. I don't find the notes to be of much assistance when trying the qs either. The examples in them are nothing like the ones in qs really (or so I find). It really is hard to know.

I'd love to see a condensed set of explanitive notes and/or qs. Asking a lot a know.

Good luck.

ACA2017

Sometimes the big 4 give out notes to their trainees!! big ask but wondering if anyone had them would they share??

What do you think are the main sections to look at in each subject?

SFMA- variances
FR- consol IAS 1
Tax- Corp tax
Audit is audit can't pick things

Best of luck everyone

Rocketdog1905

Is anyone else finding the tax exam papers very tough? I'd thought it was one of the easier subjects but I'm learning the slides and still haven't a notion when it comes to answering papers!!

Are ye attending the revisions days? I feel like they are a waste of time that could be spent studying!

ACA2017

I don't think i am going to go to the revision days held by chartered accountants house as i didn't find them good for Cap1s'

I signed up for chartered grind school SFMA and tax so hopefully that helps

thefox1982

Rocketdog1905 wrote: »

Is anyone else finding the tax exam papers very tough? I'd thought it was one of the easier subjects but I'm learning the slides and still haven't a notion when it comes to answering papers!!

Are ye attending the revisions days? I feel like they are a waste of time that could be spent studying!

I am going to go to them. I found them really helpful last year, with the exception of law, left after about an hour. If I don't find them useful, I will leave during and go home to study.

I am too finding tax hard, a lot hard than CAP 1. But I am working my way through revision of the lectures and the session packs now. I didn't find the lecturer that good. For the mocks I just concentrated on corporation tax, only did about five hours study for it and got 28.5%. I was chuffed with that, obviously there are a lot of marks for attempting the question and filling in numbers.

thefox1982

There are a lot of people here asking what approach to take, there are many ways to do it. This is what I am doing and it may not be the approach that other people want to take. I think that the best way to approach study is to do up the notes first, and then do the exam papers. This way you can do trial runs on your notes to see if they are up to standard. I will be updating these when I find gaps when doing the exam papers.

Best advice is to put a study plan in place for the next few weeks. I have done this for the full seven weeks that I am off. I start study at 7am and finish at 7pm Mon - Fri (two 30 mins breaks and one hour lunch). I study all four subjects each day for 2.5 hours each. I find that this breaks up the day really well and worked great for CAP 1. At the weekends I am doing two subjects on both Saturday and Sunday - 2.5 hours each, starting early so that I have the rest of the day to do something.

A&A - I am working on getting my notes in order first, particularly the types of substantive testing for each different area. I planned to have all of these done for the end of the month so that I can start exam questions after the June bank holiday.

FR - I am working my way through the different standards, in order of how they were done at the lectures, updating my notes with the different types of journal entries and scenarios. I have been doing the session questions for each of these which include exam questions. I plan to have these done within the next week or two and then concentrate on the first question and consolidation questions and then the full exam paper.

SFMA - Working my way through the different lectures and answering the session questions. When finished and notes all in order, I will do past papers.

Tax - Working my way through the different taxes - SD, CGT, CAT and CT. I am doing the session questions as I go along. Will start exam papers in the next week or two.

shanmo

thefox1982 wrote: »

There are a lot of people here asking what approach to take, there are many ways to do it. This is what I am doing and it may not be the approach that other people want to take. I think that the best way to approach study is to do up the notes first, and then do the exam papers. This way you can do trial runs on your notes to see if they are up to standard. I will be updating these when I find gaps when doing the exam papers.

Best advice is to put a study plan in place for the next few weeks. I have done this for the full seven weeks that I am off. I start study at 7am and finish at 7pm Mon - Fri (two 30 mins breaks and one hour lunch). I study all four subjects each day for 2.5 hours each. I find that this breaks up the day really well and worked great for CAP 1. At the weekends I am doing two subjects on both Saturday and Sunday - 2.5 hours each, starting early so that I have the rest of the day to do something.

A&A - I am working on getting my notes in order first, particularly the types of substantive testing for each different area. I planned to have all of these done for the end of the month so that I can start exam questions after the June bank holiday.

FR - I am working my way through the different standards, in order of how they were done at the lectures, updating my notes with the different types of journal entries and scenarios. I have been doing the session questions for each of these which include exam questions. I plan to have these done within the next week or two and then concentrate on the first question and consolidation questions and then the full exam paper.

SFMA - Working my way through the different lectures and answering the session questions. When finished and notes all in order, I will do past papers.

Tax - Working my way through the different taxes - SD, CGT, CAT and CT. I am doing the session questions as I go along. Will start exam papers in the next week or two.

Hi thefox,

All I can say is wow. You have a great level of determination and concentration . I mean 10 hours of study a day, I don't know how you do it.

You sound like you've got things on point. Obviously you have and are working hard.

If I could do what you're saying, I would but I cant even get my head around certain things. No matter what I try there are things in each subject that I can't grasp. This is in turn is making it hard for me to fill in the gaps in the notes. It's also making it hard to link things in.
Addionally, I'm struggling and I mean really struggling with journals.

Plus the amount of information in each subject is so vast, without anyway to really narrow it down. I find it quite overwhelming.

Good luck to you. You sound like you'll win awards for your results

con89

Hey lads, sorry a bit random, I cannot find the "start a new thread" button, I have finished my college exams just today and next week will be taking the CAP one Paper one Finance exam, I have been looking through the past exam papers and find one or two bits very confusing, was just wondering who I should email for help?

con89

Here is an extract from the Question (2014 Autumn Cap One Finance) :

In addition to this, BRIGHTON also has €/? 800,000 6% bonds which are redeemable in 5 years time at par (€/? 100). These bondholders require a return of 10%

And an extract from the answer:


Market Value of Redeemable Bonds

Year Cashflow DCF (10%) Discounted CF
Interest 1-5 4.8 3.791 18.2
Redemption 5 100 .621 62.1
80.3

For every €/? 100 the bond is trading at a discount of €/? 80.30

= €/? 800,000 * .803 = €/? 642,400

Cost of Redeemable Debt = 10% (as provided in the question).





I have no idea where the 3.791 or the .621 figures come from. The lecture examples are not provided with any answers.

The redeemable Bonds market value formula is given as:
I1 I2 Rn

---

+

---

........

---

(1 + Kd) (1+Kd)2 (1+Kd)n

con89

Never mind lads FINALLY figured it out

KKathryn

Hi All, 
I am only coming across this forum now! I am also doing CAP 2 through distance and the pressure is massively on now.  
I am finding SFMA the hardest to study, the management side of it is fine but as for the finance side foreign exchange, interest, dividends etc i am really struggling with, I have watched all of the lectures and went through the notes and done some questions however it just seems to be not sticking.  Anyone any advice on how best to tackle it or what you's are finding is working best.

Tgt16

I too am finding SFMA the toughest as there seems to be a vast amount of topics to get through. Out of all 4 exams I will be spending the most time on this.
Fx risk and interest rate risk are the most technical in nature and I've only touched on these in my study so far. I think to prepare for these I'm going to try prepare a template on it/sample answer/approach etc..because I don't think I'll fully understand or memorise the approach.

How is everybody's studying going? I feel the pressure beginning to build alot esp with only 3 weeks left :-/

KKathryn

Tgt16- for SFMA that's what I am going to do today prepare templates/steps for FX, Interest, Variances and Divilisation, i think that's the best way forward for it.  I don't find the lecture notes particularly helpful and the solutions to the past papers specifically finance are so confusing as majority of time they haven't shown how they have come to certain figures.
The pressure is massively on now and as I am in industry and we don't get study leave, I am juggling studying with work 3 days a week which is a nightmare!

thefox1982

Hi all,

My god the pressure is defo on now! I just can't wait for these to be over and get my life back!

I have attached the notes that I have done up over the last number of weeks. I know that my notes have helped people before for the IAs, so I hope that these will be of use to someone out there and help get you over the line to pass the modules.

These notes have been compiled from notes taken at lectures, slides, revision classes, session questions & notes and past exam papers. The FR notes are mainly based on the consolidation question with the remainder of the notes and approaches contained within the standard notes. For all past papers so far for FR and A&A, I have not had to refer to the standard books at all, just to these notes.

Tax notes are a lot shorter than the others as this is closed book and are therefore not as organised as the rest. I do find the diagrams I made up in the first few pages very useful and have been using these as a memory jog while doing past papers.

Please feel free to print these and pass around. Only caveat is that they are my notes and contain what I feel I need to know and remember, so might not suit everyone.

I hope that these help someone at least!

Ponyface

Hi all, literally a week to go and I'm freaked out. Can someone please tell me if it's healthy to take a day off at this stage? My head is absolutely melted and can't even bare to look at a book today.

Tgt16

Ponyface wrote: »

Hi all, literally a week to go and I'm freaked out. Can someone please tell me if it's healthy to take a day off at this stage? My head is absolutely melted and can't even bare to look at a book today.

Hi, what kind of study are you putting in? I've only be doing in Monday to Friday so far, no weekends - with the exception of next weekend of course, considering exams are following week.

Ponyface

Tgt16 wrote: »

Hi, what kind of study are you putting in? I've only be doing in Monday to Friday so far, no weekends - with the exception of next weekend of course, considering exams are following week.

Monday to Friday prob like 11 hours a day and then a few on Saturdays. It's just I don't particularly feel like I am competent for any of them even though I feel like I've worked hard. Was just hoping to hear other people feel the same and need to take breaks as well, lessens the guilt haha

Tgt16

Ponyface wrote: »

Monday to Friday prob like 11 hours a day and then a few on Saturdays. It's just I don't particularly feel like I am competent for any of them even though I feel like I've worked hard. Was just hoping to hear other people feel the same and need to take breaks as well, lessens the guilt haha

Well done, that is a lot of study, so fair play. Some days I have put in a full days study and others not so much. I guess we can only do what we can do. I for one can't seem to be able to do anymore that 6 hours without becoming completely lethargic. I'm hoping to just get over the line and no more.

Ponyface

Tgt16 wrote: »

Well done, that is a lot of study, so fair play. Some days I have put in a full days study and others not so much. I guess we can only do what we can do. I for one can't seem to be able to do anymore that 6 hours without becoming completely lethargic. I'm hoping to just get over the line and no more.

I know it's mad that it's just like a week away. We'll have to study loads this week. I'm hoping to get three, really can't see tax going well. I've tried to study it but I just keep making stupid mistakes on CT and then keep getting cgt and cat mixed up!😬

shanmo

Ponyface wrote: »

I know it's mad that it's just like a week away. We'll have to study loads this week. I'm hoping to get three, really can't see tax going well. I've tried to study it but I just keep making stupid mistakes on CT and then keep getting cgt and cat mixed up!😬

If you've been doing that many hours a day I'd say you Defo need a break. You must be burned out.

I commend your stamina . I could not do 11 hours a day. I'm the same as the person above, all I seem to be able to do is about 6 hours and even at that there are days when during them hours I'm very productive.

Give yourself a day off. Refresh your mind.

Hopefully, we get the pass. I personally don't like my chances at the minute but I'll keep my fingers crossed.

I haven't even looked at audit.

How are you with the papers?

Ponyface

shanmo wrote: »

If you've been doing that many hours a day I'd say you Defo need a break. You must be burned out.

I commend your stamina . I could not do 11 hours a day. I'm the same as the person above, all I seem to be able to do is about 6 hours and even at that there are days when during them hours I'm very productive.

Give yourself a day off. Refresh your mind.

Hopefully, we get the pass. I personally don't like my chances at the minute but I'll keep my fingers crossed.

I haven't even looked at audit.

How are you with the papers?

Thank you. I certainly have enjoyed lazing around even if the guilt is starting to get at me.

So I only looked at audit myself for the first time Friday and it's actually tough, a lot tougher than I had expected. Hopefully we can spoof a pass though. Have done a lot on tax and fr, consolidation is very hard, putting money on a disposal to come up. Sfma is tricky but if variances and fx risk came up then could be passable. How about yourself?

KKathryn

I would recommend taking a break as the more pressure we put on ourselves the less our minds retain so a days break does ye good to refresh the brain!

I also haven't looked at audit I'm hoping 2 days flatout at it gets my across the line! I am finding tax impossible my mind is not retaining the info at all!!