FAE 2016

Kristina F · 20-08-2016 12:19PM

See in Sim 2 in core..did anyone not address the whistleblowing mechanism? The client never asked us to put it in our report..they just asked for the board composition in the report.,I assumed they were going to deal with that whistleblowing mechanism themselves as the client never specifically asked for it in the case..a comment for the CASSI report I think?

Hickey 91 · 20-08-2016 12:48PM

For the core Sim 1 - interest rate swaps indicator, Did we need to calculate the interest swap profit/loss? In the case he just asked us to explain how interest rate swaps works. If I just explained it without doing the calculation do people think it would be enough for BC?

Kevint30 · 20-08-2016 01:07PM

FAE1 wrote: »

I set up a new company and did a share for share with the owner for shares in the two existing companies (reconstruction relief - so no SD or CGT). I then had a CGT Group so transferred the property across to the loss maker and they were able to shelter the gain on sale with current losses.

It was one of the hardest exams I have ever done.

If you transferred the property to the loss making company would the 10 year cat clawback and 2 year SD not kick in then if u sell property. I just said once group in place unitised losses after group formulated can be offset against chargeable gain on a value basis

Jolie2016 · 20-08-2016 01:12PM

Kevint30 wrote: »

If you transferred the property to the loss making company would the 10 year cat clawback and 2 year SD not kick in then if u sell property. I just said once group in place unitised losses after group formulated can be offset against chargeable gain on a value basis

I did in similar way - just mentioned that holding company structure needs to be in place, then loss group will be formed and current year losses can be transferred from other subsidiary and offset, but first against trading income, and only then on value basis.

FAE1 · 20-08-2016 01:17PM

FAE2015.2 wrote: »

I tried to do the same - realised when I came out l forgot to explain I wanted to do the share for share first.. Raging just panicked in sim 2! Fingers crossed they'll mark it kindly!

Kevint30 wrote: »

If you transferred the property to the loss making company would the 10 year cat clawback and 2 year SD not kick in then if u sell property. I just said once group in place unitised losses after group formulated can be offset against chargeable gain on a value basis

I think it is if only the actual company leaves the group within set period that the clawback is triggered - not the underlying asset.But come to think of it now I think there is some restriction surrounding pre-entry losses to a group so they probably would have been only allowed to use losses only since group formation... but I never said that

Jolie2016 · 20-08-2016 01:31PM

I am not sure but I would think that pre-entry losses are restricted when the beneficial ownership changes, in Sim 2 the ultimate shareholder remains same.

Kristina F · 20-08-2016 01:33PM

Hickey 91 wrote: »

For the core Sim 1 - interest rate swaps indicator, Did we need to calculate the interest swap profit/loss? In the case he just asked us to explain how interest rate swaps works. If I just explained it without doing the calculation do people think it would be enough for BC?

Yea u defo got BC. They generally don't require much for BC so u wil b fine. Maybe just mention it in ur exam survey tho that it wasn't clear enuf in the exam that he wanted calculations because I was thinking the same thing when I saw it first.

FrStone · 20-08-2016 01:50PM

Jolie2016 wrote: »

I am not sure but I would think that pre-entry losses are restricted when the beneficial ownership changes, in Sim 2 the ultimate shareholder remains same.

Yeah, you are right. If the beneficial ownership changes you can't use the losses and if the nature of the trade changes you can't use the losses. However, I couldn't for the life of me find the legislative reference that said that.

I also couldn't find the legislative reference that said you can group relive case 1 losses against chargeable gains.

jemmyboy · 20-08-2016 02:52PM

How did people find the APM exam? Found it straightforward enough so just hoping to scrape over the line!

Mark_23 · 23-08-2016 09:42PM

For someone who will be doing FAEs next year, what advice would yous have?

I've yet to decide which Elective to do. Tis between Audit or Tax. Work in Audit but prefer studying Tax even though Tax was my lowest result in CAP2 (felt I should've done much better and was quite annoyed at myself).

Anyone in the same position as me last year? What yis end up doing?

WhatYaSay · 24-08-2016 01:19PM

jemmyboy wrote: »

How did people find the APM exam? Found it straightforward enough so just hoping to scrape over the line!

Am I correct in saying that there were two similar indicators on fx risk avoidance, with the second one more specifically looking for hedging techniques. This freaked me out in the exam and I spent too long on it, so hoping I did enough in the rest of the paper to cross the line.

ACA2015 · 24-08-2016 08:04PM

Mark_23 wrote: »

For someone who will be doing FAEs next year, what advice would yous have?

I've yet to decide which Elective to do. Tis between Audit or Tax. Work in Audit but prefer studying Tax even though Tax was my lowest result in CAP2 (felt I should've done much better and was quite annoyed at myself).

Anyone in the same position as me last year? What yis end up doing?

Hard for people to objectively answer that as you only sit one.

Tax last year had a slightly higher pass rate than audit as a first attempt. Historically though, tax is a good deal higher (in 2013 86% of tax elective students passed first time while just 70% did at audit). In 2014 just 54% of audit students passed first time - I seriously doubt that would happen in tax ever. It's got it's difficulties I'm sure, but it isn't as wishy washy as audit can be. I don't think people transfer their practice knowledge as well with audit as people in tax practice do with the tax elective.

If you like studying tax, I'd go for that.

Mark_23 · 24-08-2016 09:54PM

ACA2015 wrote: »

Hard for people to objectively answer that as you only sit one.

Tax last year had a slightly higher pass rate than audit as a first attempt. Historically though, tax is a good deal higher (in 2013 86% of tax elective students passed first time while just 70% did at audit). In 2014 just 54% of audit students passed first time - I seriously doubt that would happen in tax ever. It's got it's difficulties I'm sure, but it isn't as wishy washy as audit can be. I don't think people transfer their practice knowledge as well with audit as people in tax practice do with the tax elective.

If you like studying tax, I'd go for that.

Yeah I was hoping someone working in Audit had advice about them doing the tax elective.

Thanks though!

jemmyboy · 24-08-2016 11:36PM

WhatYaSay wrote: »

Am I correct in saying that there were two similar indicators on fx risk avoidance, with the second one more specifically looking for hedging techniques. This freaked me out in the exam and I spent too long on it, so hoping I did enough in the rest of the paper to cross the line.

Honestly at this stage I can't even remember. I'd need to look back over my planning notes. Out of sight out of mind! Fingers crossed for October.

bigmc23 · 25-08-2016 12:40AM

Mark_23 wrote:

I've yet to decide which Elective to do. Tis between Audit or Tax. Work in Audit but prefer studying Tax even though Tax was my lowest result in CAP2 (felt I should've done much better and was quite annoyed at myself).

I'm ex pwc auditor and unlike the other big four they have a choice of elective. A lot of my mates in there went for the apm despite working in audit. Prob because of its rep as one of the tougher electives and is also boring....

Xlami · 30-08-2016 09:29AM

http://www.cassi.ie/wp/wp-content/uploads/2015/04/CASSI-FAE-Report-2016-final.pdf

The CASSI Report. Fairplay to the lads they do a great job.

superb choice of username · 31-08-2016 07:16AM

Xlami wrote: »

http://www.cassi.ie/wp/wp-content/uploads/2015/04/CASSI-FAE-Report-2016-final.pdf

The CASSI Report. Fairplay to the lads they do a great job.

Interesting read, caused some traumatic flashbacks :pac: Already had my first nightmare about getting results and failing

trooperdx3117 · 31-08-2016 11:56PM

superb choice of username wrote: »

Interesting read, caused some traumatic flashbacks :pac: Already had my first nightmare about getting results and failing

Ha same, I'm worried about how those FR indicators are gong to shake out!

Lastchance123 · 01-09-2016 10:52AM

Does anyone know when the repeats are in January? Optimistic

PunkFreud · 01-09-2016 10:10PM

Lastchance123 wrote: »

Does anyone know when the repeats are in January? Optimistic

I deleted the email from the start of the year, but if I recall correctly, it's 3rd - 6th January.

Let's hope it doesn't come to another Christmas ruined by the Institute...

Johnny_Fontane · 12-09-2016 04:48PM

We're looking for an ACA who is awaiting their final exams for a reinsurance company in Dublin 2. Salary to €45k, moving to €50k when you get exams (in Nov) Client will look at candidates from FS audit backgrounds, but ideally the insurance group! Great benefit package!

PM me for more details!

Sophia91 · 02-10-2016 10:51AM

Anyone getting really nervous about results even though they're still 4 weeks away?

15YemenRoad · 02-10-2016 06:23PM

Yep.

Interested to know if my future is ruined or not

ACA2015 · 22-10-2016 10:40AM

Tick tock

superb choice of username · 22-10-2016 11:03AM

ACA2015 wrote: »

Tick tock

Just saw the 'What to expect on results day' document is up http://students.charteredaccountants.ie/en/Student-Information/What-to-expect-on-FAE-results-day-2015/ .

It's a shame they haven't updated the format the results are given - particularly the way the sufficiency is displayed (only sufficiency group given, 0 - 9). Now the point system is published, why can't they just give us the number of points obtained... :rolleyes:

Anyway, time to push it back outside my brain again else won't sleep for the next week :mad:

edit: the link still includes '2015', but does appear to be for 2016, it was a link from - http://students.charteredaccountants.ie/

ACA2015 · 24-10-2016 08:18PM

I'll just be looking on the right hand side hoping to see 'Pass'!

15YemenRoad · 24-10-2016 09:22PM

ACA2015 wrote: »

I'll just be looking on the right hand side hoping to see 'Pass'!

Does it definitely have the overall pass?

Was worried I'd see pass and it would just be for one of them.

Kristina F · 24-10-2016 09:25PM

Anybody think the pass rate will be reduced this year due to the repeats in January? I just fear they will fail more people since the repeats are now an option

15YemenRoad · 24-10-2016 09:28PM

Kristina F wrote: »

Anybody think the pass rate will be reduced this year due to the repeats in January? I just fear they will fail more people since the repeats are now an option

Yeah people were saying that in work alright.

More money for the institute...

ACA2015 · 25-10-2016 06:50AM

15YemenRoad wrote: »

Does it definitely have the overall pass?

Was worried I'd see pass and it would just be for one of them.

Yea when you open the portal it will have a summary

From left to right-

Name-Student no. - Session - Core Result - core decile ranking - core sufficiency - Elective - Electovr decile ranking - elective sufficiency - Overall Result

FAE 2016

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