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FAE 2017

12357…28

Comments

  • #122
    onetwostep
    Registered Users, Registered Users 2 Posts: 6 ✭onetwostep


    Hi all, thanks for the notes that were posted, there were so many helpful things there.

    Just wondering if anyone has anything that would be useful on the day for tax past papers such as a tracker? I stupidly haven't been making a tracker as I have been going along and would be really grateful if someone had something that they could share. Thanks!


  • #123
    AtticusFinch86
    Registered Users, Registered Users 2 Posts: 358 ✭✭AtticusFinch86


    Humour Me wrote: »
    How is everyone allocating their study time for the elective? I did the 2017 APM paper today and while it was straight forward enough, I definitely need to do some work to get comfortable with the more commercial aspects.

    I'm doing the APM as well. I read the 2016 & 2017 mocks and went through the solutions. They were definitely very doable but yeah, they seem to require a bit more depth in terms of commercial knowledge. I was reading a couple of the solutions and thinking, how the hell am I supposed to have that level of insight into the industry.

    In terms of time allocation, I think I'll just end up doing 2 days core and one APM. Luckily enough I'm carrying a HC into the APM so it takes the pressure off somewhat. I'll only need 3 x C to get my pass.


  • #124
    MrSzyslak
    Registered Users, Registered Users 2 Posts: 226 ✭✭MrSzyslak


    Catherine3006 wrote: »
    I have just finished the January 2017 papers and have found them so much easier than the mock papers and integrated case days. The indicators were easily sign posted and to be honest a lot of very basic stuff coming up (with a few challenging components here and there) - hopefully they keep this up.

    To be honest, I am not sure how prescriptive they are when it comes to the grey box. I'd like to think that if you answer had all the components of a good answer under ISA 500 without actually writing "ISA 500" that they would give you the benefit of the doubt. However if they wanted to be mean they could argue that the reference wasn't made and therefore give you Basic Competence....

    To be on the safe side I'd try and get into the habit of referencing an ISA/Ethical Standard (or even IAS's) to hang your answer onto. At best, its going to bump you up into Competence, at worst it shows off extra knowledge and gives the marker the general feel that you know what you are talking about.

    I got a really positive comment written in my mock script because I had written "The relevant standard here is IAS XX". Takes two seconds to write and it seems to put them in a good mood!

    Yeah I found the January 2017 very handy. Complete night and day compared to the steps cases and mocks.

    I hope I am wrong but I am expecting a more difficult paper this year.

    The AAFRP was a lot tougher than 2016 with results for that and other interim assessments down in general. There is also so much talk to blended indicators and compound indicators that I am expecting a few curve balls this year to bring the pass rate down again.

    I hope I am wrong guys!


  • #125
    MrSzyslak
    Registered Users, Registered Users 2 Posts: 226 ✭✭MrSzyslak


    On a side note when referencing the standard are ye giving the paragraph also as it does in the solution

    eg IAS16.7 or does it suffice to say as per IAS16. Same question for auditing.


  • #126
    Catherine3006
    Registered Users, Registered Users 2 Posts: 15 ✭Catherine3006


    MrSzyslak wrote: »
    On a side note when referencing the standard are ye giving the paragraph also as it does in the solution

    eg IAS16.7 or does it suffice to say as per IAS16. Same question for auditing.
    I haven't been quoting the paragraph - I feel like there's enough content to be worrying about than paragraph references. My view on it is if you can mention the applicable part of the standard and explain it, its safe to assume that you know it is included in the IAS somewhere (and if a client ever asked for a reference in real life you could Google that fairly quickly)..

    But that is just my take on it - I haven't actually heard any guidance on this from lecturers.


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  • #127
    AtticusFinch86
    Registered Users, Registered Users 2 Posts: 358 ✭✭AtticusFinch86


    MrSzyslak wrote: »
    On a side note when referencing the standard are ye giving the paragraph also as it does in the solution

    eg IAS16.7 or does it suffice to say as per IAS16. Same question for auditing.

    I can promise you, there is no way you will be expected to quote specific paragraphs.


  • #128
    satnavadays
    Registered Users, Registered Users 2 Posts: 171 ✭✭satnavadays


    Has everyone done the cases in the self study pack? There seems to be so much to get through. Panick starting to set in now!


  • #129
    onetwostep
    Registered Users, Registered Users 2 Posts: 6 ✭onetwostep


    satnavadays wrote: »
    Has everyone done the cases in the self study pack? There seems to be so much to get through. Panick starting to set in now!

    Paul Monahan mentioned the following hierarchy: Steps and cross-marking cases first then 2016/2017 mocks then past papers (only as far as 2015) then integrated case days then self study pack. So I haven't gotten to self-study pack, will maybe get a chance to read over it but that's all.


  • #130
    MrSzyslak
    Registered Users, Registered Users 2 Posts: 226 ✭✭MrSzyslak


    satnavadays wrote: »
    Has everyone done the cases in the self study pack? There seems to be so much to get through. Panick starting to set in now!

    Dam I did the self study cases first. Went through ICD at the 5 case days I went to never looked at them after that. I really should of looked at a few lectures for advice like that ha ha.

    Making way through step cases now. Then Ill probably just read over the mocks.

    btw Steps cases are very difficult not good for the confidence ha


  • #131
    Conchur1
    Registered Users, Registered Users 2 Posts: 8 ✭Conchur1


    2016 AAFRP, comp & sims were noticeably handier than normal so this obviously led to the higher than normal pass rates. One of our lecturers said its the same team working on the exam this year, so he's hoping that means more of the same. The way I see it, its going to be black or white, either we get a back lash and a really tough paper, or it continues in the vein of 2016 and the Jan '17 repeat. Fingers crossed....


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  • #132
    CAIgirl
    Registered Users, Registered Users 2 Posts: 30 ✭CAIgirl


    Conchur1 wrote: »
    2016 AAFRP, comp & sims were noticeably handier than normal so this obviously led to the higher than normal pass rates. One of our lecturers said its the same team working on the exam this year, so he's hoping that means more of the same. The way I see it, its going to be black or white, either we get a back lash and a really tough paper, or it continues in the vein of 2016 and the Jan '17 repeat. Fingers crossed....

    Would it not look weird if they had such a high pass rate last year and then it lowered significantly? I say they can't lower it too much. There would be uproar.


  • #133
    onetwostep
    Registered Users, Registered Users 2 Posts: 6 ✭onetwostep


    CAIgirl wrote: »
    Would it not look weird if they had such a high pass rate last year and then it lowered significantly? I say they can't lower it too much. There would be uproar.

    I agree with you on that one. I remember Paul Monahan saying that they want more chartered accountants so might keep a high pass rate


  • #134
    MrSzyslak
    Registered Users, Registered Users 2 Posts: 226 ✭✭MrSzyslak


    True let's stay positive on the home straight 😠economy is booming again so they need us!


  • #135
    Conchur1
    Registered Users, Registered Users 2 Posts: 8 ✭Conchur1


    Yeah, every firm, big or small, is struggling big time to meet demands, so CAI are under pressure to get some numbers through. Heres hoping we're beneficiaries :)


  • #136
    Paulacc
    Registered Users, Registered Users 2 Posts: 8 ✭Paulacc


    Is it important to include disclosure requirements in FR indicators or is that only necessary if you are aiming for HC?


  • #137
    CAIgirl
    Registered Users, Registered Users 2 Posts: 30 ✭CAIgirl


    MrSzyslak wrote: »
    True let's stay positive on the home straight 😠economy is booming again so they need us!

    Yeah they do!! Need us more than ever with brexit and all the financial companies coming over here:)


  • #138
    CAIgirl
    Registered Users, Registered Users 2 Posts: 30 ✭CAIgirl


    Paulacc wrote: »
    Is it important to include disclosure requirements in FR indicators or is that only necessary if you are aiming for HC?

    To get the hc yes you would need it. If you know it I would put it in for every indicator regardless


  • #139
    satnavadays
    Registered Users, Registered Users 2 Posts: 171 ✭✭satnavadays


    onetwostep wrote: »
    Paul Monahan mentioned the following hierarchy: Steps and cross-marking cases first then 2016/2017 mocks then past papers (only as far as 2015) then integrated case days then self study pack. So I haven't gotten to self-study pack, will maybe get a chance to read over it but that's all.
    MrSzyslak wrote: »
    Dam I did the self study cases first. Went through ICD at the 5 case days I went to never looked at them after that. I really should of looked at a few lectures for advice like that ha ha.

    Making way through step cases now. Then Ill probably just read over the mocks.

    btw Steps cases are very difficult not good for the confidence ha

    Thanks, I've done steps, some exam papers and and I'm looking at the ICD. Don't know where the time is going there seems to be so little left but loads to look at.

    Last years paper is definitely easier, it's all the other ones that seem to be problem!


  • #140
    heretothere
    Registered Users, Registered Users 2 Posts: 635 ✭✭✭heretothere


    http://www.boards.ie/vbulletin/showthread.php?t=2057243063&page=4

    I found a link on APM, a couple of good bits on it - anyone else doing APM? Any tips? I've so far done nothing!!


  • #141
    Bailey782
    Registered Users, Registered Users 2 Posts: 12 ✭Bailey782


    I've really neglected APM, just feels like there's so much to get through for CORE. Sat down today to do a few papers and it was a bit of a shock to the system! Last years papers definitely seem to be a bit kinder then previous years, here's hoping that trend continues...


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  • #142
    rcoffey
    Registered Users, Registered Users 2 Posts: 14 ✭rcoffey


    how are the non audit elective people studying for audit for the core papers? I am really struggling with it any tips welcomed!


  • #143
    heretothere
    Registered Users, Registered Users 2 Posts: 635 ✭✭✭heretothere


    I just have the ISA's, the audit ethics, audit opinion and audit testing stuff from CAP2 and I'm hoping that will be enough.


  • #144
    Catherine3006
    Registered Users, Registered Users 2 Posts: 15 ✭Catherine3006


    Right lads, I know this is a stupidly simple thing and I really shouldn't be getting so confused by it, but does anyone have a simple way of remembering the difference between margin and mark up? It has just never clicked with me and I spend way too long thinking about this when it comes up in a case!


  • #145
    AtticusFinch86
    Registered Users, Registered Users 2 Posts: 358 ✭✭AtticusFinch86


    Catherine3006 wrote: »
    Right lads, I know this is a stupidly simple thing and I really shouldn't be getting so confused by it, but does anyone have a simple way of remembering the difference between margin and mark up? It has just never clicked with me and I spend way too long thinking about this when it comes up in a case!

    If you were selling something for €100 that cost you €80. Your profit would be €20.

    The mark up (on cost) would be 25% (€20 is 25% of €80)
    The margin would be 20% (i.e. of the €100 you've sold the item for, 20% of it is profit i.e. margin, and 80% cost)

    It's a tricky one, especially in a time press exam environment, to get the head around. I still get confused about it when the pressure is notched up a grade


  • #146
    Catherine3006
    Registered Users, Registered Users 2 Posts: 15 ✭Catherine3006


    AtticusFinch86 wrote: »
    If you were selling something for €100 that cost you €80. Your profit would be €20.

    The mark up (on cost) would be 25% (€20 is 25% of €80)
    The margin would be 20% (i.e. of the €100 you've sold the item for, 20% of it is profit i.e. margin, and 80% cost)

    It's a tricky one, especially in a time press exam environment, to get the head around. I still get confused about it when the pressure is notched up a grade
    You are a star, thanks!

    Yea if I think about it I am usually ok, but when I'm answering questions its not really something I should have to take the time to think about. These 4.5 hours fly by....


  • #147
    Humour Me
    Registered Users, Registered Users 2 Posts: 360 ✭✭Humour Me


    I actually have a key concepts page near the front of my main folder with mark up/ margin definition and a few other things that I know I will confuse under time pressure e.g. Revaluation under IAS 16 versus IAS 40. I'm calling it my mental block page.


  • #148
    MrSzyslak
    Registered Users, Registered Users 2 Posts: 226 ✭✭MrSzyslak


    Is the standard approach to have the indicators printed out an mapped to the Comp Statement in a folder, and then reference to them during planning?


  • #149
    Paulacc
    Registered Users, Registered Users 2 Posts: 8 ✭Paulacc


    Has anyone looked through the part B IFRS book? I found good examples for IAS 37. Just wondering if anyone else found anything useful in it? It's a massive book so would rather not go through it page by page.


  • #150
    Jsmac67
    Closed Accounts Posts: 120 ✭✭Jsmac67


    How're people feeling about tax indicators? None in the past couple of years required much detail really however I'm worried incase something obscure came up!


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  • #151
    rcoffey
    Registered Users, Registered Users 2 Posts: 14 ✭rcoffey


    Paulacc wrote: »
    Has anyone looked through the part B IFRS book? I found good examples for IAS 37. Just wondering if anyone else found anything useful in it? It's a massive book so would rather not go through it page by page.


    the lecturer on our last case study day said that 95% of that book is useless, but highlighted ias's 37, 38 and and ifrs 8 of having good examples, and the exam board use this book for pulling questions as they know nobody looks at it. Could come in handy in the exam if you are stuck, also there is a good sale and leaseback example in ias 17.


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