FAE 2017

jus_tin4 · 18-08-2017 08:14PM

DonnaCap2 wrote: »

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.

Please tell me your doing tax elective. If not, I'm screwed :cool:

DonnaCap2 · 19-08-2017 08:32AM

jus_tin4 wrote: »

Please tell me your doing tax elective. If not, I'm screwed :cool:

I am, but reorg's are also on core too I think! (But maybe not the VAT & Relief - I'm not sure)

I would think it's probably more likely that if it's asked at all that it won't go into much detail.

Jsmac67 · 19-08-2017 12:20PM

Praying for no consolidated cash flows or FX consolidations 😅

Mark_23 · 20-08-2017 12:12PM

How are people bringing all their material in?

MrSzyslak · 20-08-2017 03:13PM

Luggage case with wheels!

Emzj · 20-08-2017 03:17PM

Is everyone bringing in all lecture notes, cases, exam papers and textbooks?

I don't think I will even fit all my folders/books in one suitcase!

s15r330 · 20-08-2017 03:42PM

Emzj wrote: »

Is everyone bringing in all lecture notes, cases, exam papers and textbooks?

I don't think I will even fit all my folders/books in one suitcase!

Better to have them than be looking for them!

AtticusFinch86 · 20-08-2017 03:49PM

Don't think I'll bother bringing in anything other than a folder with my summary notes. Really can't see me having the time to consult anything else.

What are you all doing now in terms of study? I've not been doing much the last week other than reading 2 my notes on 2 subjects a day and an overview of the types of questions that have been asked in those areas. It's been mind numbing and I haven't been able to do much more than 3-4 hours a day.

I haven't looked at a case since last sunday and I'm really hoping it doesn't come back and bite me in the arse.

heretothere · 20-08-2017 04:07PM

I bought a hard plastic box in woodies it has wheels. I'm brining books for comfort but judging by how I've been working to date I'll mostly just use my A folder

Humour Me · 20-08-2017 04:59PM

I am bringing my A folder, my CAP 2 SFMA folder which includes my CAP 1 notes for both subjects (Finance is a weakness for me timewise) my audit standards book, tax book and CGS business leadership book.

Reading over my tax notes this evening and will look at FR consolidations and IAS12 tomorrow and that's it. My brain refuses to do anymore and I just want to get the exams over with now.

Humour Me · 21-08-2017 11:55AM

Forecast for tomorrow is for pouring rain, make sure you have all your notes wrapped up watertight

Catherine3006 · 21-08-2017 12:25PM

I put all my books into the suitcase there now and I cannot lift the thing now! FAE is nothing but stress!

jus_tin4 · 21-08-2017 01:40PM

Make sure your there earlier too if your driving! The mocks were a disaster for parking the first day! And with the changes in town it could mess up traffic in other parts! I'm bringing in everything tbh or close enough. I will be using my summary notes mostly, but I'm not going to take a chance or needed to check something and then not have brought it!

AgentZigZag · 21-08-2017 01:43PM

Best of luck tomorrow all! Out of interest, how do we think Consolidation will rear its ugly head?

Paulacc · 21-08-2017 03:07PM

AgentZigZag wrote: »

Best of luck tomorrow all! Out of interest, how do we think Consolidation will rear its ugly head?

When it comes to consolidation questions, I don't think we can rule anything out. I'm hoping it's something like a business combination achieved in stages.

Humour Me · 21-08-2017 06:54PM

Good luck to everyone tomorrow.

jus_tin4 · 21-08-2017 07:39PM

Here is hoping for a nice comp to get the confidence up! Best of luck!

s15r330 · 22-08-2017 06:23AM

Lying awake since fecking 4.40. Good luck all

Lyra Fangs · 22-08-2017 02:45PM

What did people think of today?

jus_tin4 · 22-08-2017 03:07PM

Lyra Fangs wrote: »

What did people think of today?

Not a bad paper, consol ****ed me as well as time a bit. But overall I thought it was reasonable!

CAIgirl · 22-08-2017 03:14PM

Bl was awfuk I thought

ACASlayer · 22-08-2017 03:17PM

CAIgirl wrote: »

Bl was awful I thought

What happened?

Humour Me · 22-08-2017 03:17PM

The paper was straight forward enough, I got caught for time on the Finance indicator, left the consolidation indicator till last and didn't get it finished. Need FR to go my way tomorrow.

chazzy100 · 22-08-2017 03:18PM

Did people use Hodgsons framework for the last indicator on ethics? I didn't really cop it as a BL indicator but I referenced the ethical standards. The case referred to an external framework so I wasn't sure if it meant the ethical standards or Hodgsons...

Thechats · 22-08-2017 03:18PM

Consol and acq had me so confused!!

Humour Me · 22-08-2017 03:22PM

chazzy100 wrote: »

Did people use Hodgsons framework for the last indicator on ethics? I didn't really cop it as a BL indicator but I referenced the ethical standards. The case referred to an external framework so I wasn't sure if it meant the ethical standards or Hodgsons...

Ethical standards all the way, the audit partner advised you to include in your report and the client was referencing the audit fees.

The ethical standards appear under Audit and Business Leadership in the competency statement.

MrSzyslak · 22-08-2017 03:22PM

chazzy100 wrote: »

Did people use Hodgsons framework for the last indicator on ethics? I didn't really cop it as a BL indicator but I referenced the ethical standards. The case referred to an external framework so I wasn't sure if it meant the ethical standards or Hodgsons...

I didnt use Hodgons either.

I just referenced the ethical standards aswel was it BL?

AtticusFinch86 · 22-08-2017 03:23PM

Lyra Fangs wrote: »

What did people think of today?

Definitely didn't find it to be a bad paper. Probably in line with last years in terms of the standard of it.

I'd be very disappointed not to be picking up the 2 C's in BL and FR in that paper. Thought the FR ones were handy enough. Didn't mind the BL ones either although the ethics question caught me off-guard. I didn't know how to approach it when it asked for an "ethical framework" as I couldn't see how the structure of "Hodgeons 3 Steps" would allow me to address the issue. I ended up just assuming that it have meant to use the ethical standards per the ISAs and used those to answer it.

Did anyone get a "bargain purchase" on the acquisition? The tax losses pushed me into that territory, otherwise It'd have been g/will.

Struggled a bit on time but managed to get everything answered eventually. Didn't have time for any executive summaries or to transpose my plan into the exam script

satnavadays · 22-08-2017 03:23PM

Consol confused me but just looking at Derry book and its practically copy and pasted note 1 and note 2. Really need FR to go good tomorrow

chazzy100 · 22-08-2017 03:25PM

Humour Me wrote: »

Ethical standards all the way, the audit partner advised you to include in your report and the client was referencing the audit fees.

The ethical standards appear under Audit and Business Leadership in the competency statement.

Yeah seems ethical standards were the way to go. Good to hear!

FAE 2017

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