FAE 2017

AtticusFinch86

Paulacc wrote: »

Any opinions on whether Brexit will feature heavily in the exams?

Probably yeah. That and Trump presidency will probably be relevant. Especially in APM.

Catherine3006

I'm trying to think of ways that an indicator on Cash Flows could rear its ugly head, but aside from something similar to the Mock (ie the components of operating cash flows and how adjustments will impact on this), I'm struggling to think of alternative ways it could be asked. I don't really recall any mention of it in lectures.. Maybe a calculation from scratch of one or more of the components of a section(s) of the Statement of Cash Flows?

Has anyone else seen anything / have predictions on how a cash flow question could come up?

CAIgirl

i havent see any other cash flow questions and don't see it would come up other way. I couldn't seem them asking cash flows. Famous last words�� Has anyone seen a q with a foreign consol

Sharpie101

Hey guys,

Just wondering if anyone has come across the indirect indicators at all?

Supposedly, they can come up for fraud and ethics - I've come across an ethics ones in the Cross Marking cases but have not come across a fraud one - can anyone suggest a case with this type of indicator?

Cheers

jus_tin4

Just looking at sim 2 in the mock that we sat! Can anyone explain the cost saving calculation? The solution doesn't really make sense to me at the min!

onetwostep

Paulacc wrote: »

Any opinions on whether Brexit will feature heavily in the exams?

I'm forever quoting Paul Monahan but he said he was asked that a lot and that he doesn't expect that Brexit will be featured. He gave a number of reasons why not but I can't remember

onetwostep

Does anyone have a document (maybe even from CAP 2) with a good list of journal entries? Did badly in the AAFRP and could use some sort of crutch for FR. Thanks in advance.

DonnaCap2

jus_tin4 wrote: »

Just looking at sim 2 in the mock that we sat! Can anyone explain the cost saving calculation? The solution doesn't really make sense to me at the min!

Hi there,

I think Cost Savings are based on what SSIL are currently spending per year = 400,000. They expect to win at least 5% more business (400 + 5% = 420) and gas is currently 10% cheaper, therefore 420*10% = 42.

Hope this helps

MrSzyslak

Not sure weather to spend the last few days still ploughing through cases or going over individual indicators, other areas I think I am weak and ensuring notes are all linked up perfect etc..

What ye focusing on at this stage?

So sick of it now. Nearly there!!!

DonnaCap2

MrSzyslak wrote: »

Not sure weather to spend the last few days still ploughing through cases or going over individual indicators, other areas I think I am weak and ensuring notes are all linked up perfect etc..

What ye focusing on at this stage?

So sick of it now. Nearly there!!!

Started going back over FR standards today as I couldn't face a case study.. finding that BL seems to be the worst indicators for me so I think I need to pull together a number of templates to hopefully see me through..

Not sure either how I should approach the next few days, case studies are really time consuming but probably most beneficial..

AtticusFinch86

I stopped doing case studies at the start of the week. I'm just spending the rest of the week looking over the summary notes and summary solutions and trying to get a high level view of it all.

Case studies are great for technique but you're literally spending 5-6 hours reviewing 8 indicators in very specific areas of the syllabus. I'd be more inclined to think you should cover as many areas as possible in the last stretch. It's mind-numbing at this point.

Re: BL indicators, I'd say they'll be quite clearly signposted in the exam itself. I know they haven't always been in the additional cases and ICD cases.

jus_tin4

I think I'm sorta in a wind down at this stage! Whatever is in my head now I'm not realistically going to add to much more! I'll be just reading over some notes/areas of weakness. Just only a NC in the FR interim I will need fr to go my way. So going to be looking at leases a bit and consol areas.BL is okay to me, got competent on the Mock without any real study and from doing questions I'm never far of the solutions. Would be worried about audit as I have no experience in it. Tax can be hit and miss for me... finance and management I think I can handle as long as it's not a massive question on some area of costing....

Beat of luck to everyone!

Jsmac67

Hoping someone can help me with this, I know it's probably simple but it's those that get me!

Sub sells to parent of which we own eight percent, total of one hundred thousand URP to eliminate

Are the journals

Dr retained earnings eighty thousand
Dr nci twenty thousand
Car inventory one hundred thousand

Thanks in advance

jus_tin4

Jsmac67 wrote: »

Hoping someone can help me with this, I know it's probably simple but it's those that get me!

Sub sells to parent of which we own eight percent, total of one hundred thousand URP to eliminate

Are the journals

Dr retained earnings eighty thousand
Dr nci twenty thousand
Car inventory one hundred thousand

Thanks in advance

I think your missing the mark up in this which is the URP. I would have assumed that this is what is needed to be cancelled. I wouldn't have used retained earnings unless this is what was in realation to a prior period, more so revenue/TR/COS? Hopefully the attached help you out

heretothere

I heard that a goodwill/ NCI question could come up. I really hope nothing on cashflow comes up really not a good area for me!!

jus_tin4

heretothere wrote: »

I heard that a goodwill/ NCI question could come up. I really hope nothing on cashflow comes up really not a good area for me!!

Same for the cash flow. I just pulled the attached together as a template just in case. Have a few other notes around the standard. I think some sort of consolwillbut maybe not to complicated. Anyone any notes on SOCE? With what a bonus/right issue would do to it?

DonnaCap2

Hi there,

Can someone confirm, when doing a CAT calculation - is consideration paid for an asset reduced by 90% if you claim agricultural relief/business relief, or is the full consideration deducted from the MV of the asset to determine the taxable value to be reduced by 90%.?

Jsmac67

DonnaCap2 wrote: »

Hi there,

Can someone confirm, when doing a CAT calculation - is consideration paid for an asset reduced by 90% if you claim agricultural relief/business relief, or is the full consideration deducted from the MV of the asset to determine the taxable value to be reduced by 90%.?

Reduce your MV of assets acquired by 90%. Then from that subtract 10% of liabilities accquired and 10% of any consideration paid. Then you for your taxble value

CAIgirl

Does anyone have notes on NCI? Also think intangible assets may come up.hasnt been asked in a while

mel7284

Does anyone have the 2014 mock paper or access to it?

jus_tin4

mel7284 wrote: »

Does anyone have the 2014 mock paper or access to it?

2014 isn't available as the course changedin 2015,it isn't really useful to us from what I know! ICD would be of more use

jus_tin4

CAIgirl wrote: »

Does anyone have notes on NCI? Also think intangible assets may come up.hasnt been asked in a while

I have some, what exactly are you looking at? Impairment of good will?

mel7284

jus_tin4 wrote: »

2014 isn't available as the course changedin 2015,it isn't really useful to us from what I know! ICD would be of more use

Yes I am aware of that, there seems to be a lot covered on the core paper, would have liked to have a quick read of it !!!!

CAIgirl

jus_tin4 wrote: »

I have some, what exactly are you looking at? Impairment of good will?

Yeah that would be great.just like a formula to calculate it and how to incorporate stuff like goodwill. I know there is question on Finn on NCI. Theres not any other questions is there?

jus_tin4

CAIgirl wrote: »

Yeah that would be great.just like a formula to calculate it and how to incorporate stuff like goodwill. I know there is question on Finn on NCI. Theres not any other questions is there?

I don't have too many questions on this either but I'm hoping the additional notes on consol I got from cap 2 will help as well as the consol book from cap 2! Sorry if this is no use! Maybe someone else will have something better!

MrSzyslak

Haven't seen CAT come up in any case to date bar a quick reference to it am I wrong in that?. Not in the tax planning book for FAE core either.

Don't feel like going over old CAT notes now :-(

jus_tin4

MrSzyslak wrote: »

Haven't seen CAT come up in any case to date bar a quick reference to it am I wrong in that?. Not in the tax planning book for FAE core either.

Don't feel like going over old CAT notes now :-(

Im just bring in my CAP 2 book just in case but i don't think there will be much detail on it similar to VAT really, more of a mention that an in depth topic. I feel like 2/3 party swaps might come up, then the typical cash extraction..... Im hoping these FAES are okay!

CAIgirl

If we could get a similar paper to 2016 it would be okay. think tax is gonna be some group reorganisation or sales of shares

heretothere

jus_tin4 wrote: »

I feel like 2/3 party swaps might come up, then the typical cash extraction..

What is a 2/3 party swap? I'm hoping for a sale of shares or cash extraction. I am also hoping for a lot of luck on the day!!!
Possibly entrepreneurial relief since it's new this year

DonnaCap2

heretothere wrote: »

What is a 2/3 party swap? I'm hoping for a sale of shares or cash extraction. I am also hoping for a lot of luck on the day!!!
Possibly entrepreneurial relief since it's new this year

2/3 party swaps are when a trade in a company is transferred to another company in exchange for shares.

In a 2 party swap the company disposing of the trade gets shares in the company that has bought the trade. (the shares are the compensation/payment)

In a 3 party swap its the shareholders/owners of the company disposing of the trade that receives the shares in the new company.

You need to consider

VAT - transfer of business relief
SD - Potentially 2%, relief under S.80 - Conditions and clawback
CGT/CT - Potential chargeable gain on transfer of assets, relief under S615 for a company / S587 for shareholder - Conditions and clawback/new base cost.