FAE 2017

Alfred Borden · 24-08-2017 05:17PM

For MA yesterday, a two line description of target costing with the 5 stages in bullet points with the correct calculation and 2/3 ways to get to target cost would surely get you to BC?

jus_tin4 · 24-08-2017 05:26PM

Alfred Borden wrote: »

For MA yesterday, a two line description of target costing with the 5 stages in bullet points with the correct calculation and 2/3 ways to get to target cost would surely get you to BC?

Id say thats C or higher tbh!

Alfred Borden · 24-08-2017 05:28PM

jus_tin4 wrote: »

Id say thats C or higher tbh!

Sound, thank you! I know a few went into detail about the stages as it was in 2015 paper but it only said outline, so I went for bullet point approach on stages.

D.92 · 24-08-2017 05:40PM

For the FR lease indicator would you still get a C if you answered that it was a fiance leaseback but didn't have disclosure notes?

jus_tin4 · 24-08-2017 06:23PM

Alfred Borden wrote: »

Sound, thank you! I know a few went into detail about the stages as it was in 2015 paper but it only said outline, so I went for bullet point approach on stages.

If you went into that detail then would imagine it! I didn't tbh and i would be looking at a bc at least. If I don't get it, my whole view on the grade is completely wrong!

jus_tin4 · 24-08-2017 06:25PM

D.92 wrote: »

For the FR lease indicator would you still get a C if you answered that it was a fiance leaseback but didn't have disclosure notes?

Id say so! Given the confusion as to if it was an operating or finance. Saying that its hard to given all the discussion!

jus_tin4 · 24-08-2017 06:32PM

Anyone know does the repeats be in early Jan? Any idea of cost?

Alfred Borden · 24-08-2017 06:39PM

jus_tin4 wrote: »

Anyone know does the repeats be in early Jan? Any idea of cost?

They were on from 5th - 7th January last year so should be similar. Not sure on cost.

Qwert6 · 24-08-2017 07:14PM

jus_tin4 wrote: »

Anyone know does the repeats be in early Jan? Any idea of cost?

I need to know this too!! Can't find anywhere. Assume a few hundred?

Qwert6 · 24-08-2017 07:20PM

D.92 wrote: »

For the FR lease indicator would you still get a C if you answered that it was a fiance leaseback but didn't have disclosure notes?

Who knows anymore I'm so confused over that indicator with all the theories. Hopefully HCs all round 😂

Alfred Borden · 24-08-2017 08:01PM

Anyone mention that the auditors assumed fraud risk would be heightened for us trying to select the circulation sample and posting incorrect journals for Sim 1 yesterday?

meath100908 · 24-08-2017 08:09PM

Hi, just like everybody else concerned about the FR indicators. Just wondering on the provisions indicator for the bad debt with 150K owed at end of year and 215k in total including post year-end sales.
Under 'IAS10 - events after the SOFP Date' can the the whole lot 215K be provided for in the 2017 accounts as the company went bust shortly after year-end ?.
My thinking was that the additional sales were part of the same receivable of the company going bust ?

AtticusFinch86 · 24-08-2017 08:15PM

meath100908 wrote: »

Hi, just like everybody else concerned about the FR indicators. Just wondering on the provisions indicator for the bad debt with 150K owed at end of year and 215k in total including post year-end sales.
Under 'IAS10 - events after the SOFP Date' can the the whole lot 215K be provided for in the 2017 accounts as the company went bust shortly after year-end ?.
My thinking was that the additional sales were part of the same receivable of the company going bust ?

No, you can only provide for the amount outstanding at the end of the year i.e. 150k (or whatever it was). The remainder (65k?) is included in a disclosure note only if it is material. If that was your only error, you have nothing to worry about.

jus_tin4 · 24-08-2017 08:17PM

Alfred Borden wrote: »

Anyone mention that the auditors assumed fraud risk would be heightened for us trying to select the circulation sample and posting incorrect journals for Sim 1 yesterday?

I didn't but good point! I just mentioned the effect that it would have on audit report as her tone was sorta pushy basically!

Faecanditate · 24-08-2017 08:18PM

AtticusFinch86 wrote: »

No, you can only provide for the amount outstanding at the end of the year i.e. 150k (or whatever it was). The remainder (65k?) is included in a disclosure note only if it is material. If that was your only error, you have nothing to worry about.

Would you not write it all off in the current accounts seeing as there (my assumption) is likely no chance of recovery? So I debited reserves and credited receivables?

meath100908 · 24-08-2017 08:22PM

cheers for that. I got a bit confused and thought it was part of the same event. Do you think hitting 3 out of 4 of those adjustments with a mistake such as the above on one on the other is enough for a C or are you looking at BC?

AtticusFinch86 · 24-08-2017 08:26PM

Faecanditate wrote: »

Would you not write it all off in the current accounts seeing as there (my assumption) is likely no chance of recovery? So I debited reserves and credited receivables?

No, only the 150k is allowable at the year end as these sales were made during that financial year. Wouldn't really make sense to write off €65k of sales made in 2018 in the 2017 period.

AtticusFinch86 · 24-08-2017 08:27PM

Faecanditate wrote: »

Would you not write it all off in the current accounts seeing as there (my assumption) is likely no chance of recovery? So I debited reserves and credited receivables?

And yeah, it's all written off but you're writing off 150k of it in the 2017 accounts, the rest is written off in the 2018 accounts, which haven't been prepared yet

Faecanditate · 24-08-2017 08:30PM

AtticusFinch86 wrote: »

No, only the 150k is allowable at the year end as these sales were made during that financial year. Wouldn't really make sense to write off €65k of sales made in 2018 in the 2017 period.

Fair point. I should (hopefully) be ok on the rest!

Qwert6 · 24-08-2017 09:13PM

Good luck tomorrow everyone! So close to freedom!!

s15r330 · 25-08-2017 01:47PM

Failed that for sure.

MrSzyslak · 25-08-2017 02:27PM

Audit was tough no? All the standards I had slaved through. nothing that handy or straight forward came. No ethics :-(

AtticusFinch86 · 25-08-2017 02:57PM

I sat the APM today. It was by far the hardest exam of the week. It examined financial services and the "disaster relief" charity sectors i.e. no traditional business. I spent 40 minutes at least on the NPV and still didn't get it finished even though I was working at a reasonable speed. I'm kicking myself about the "business case for Ireland" indicator as I gave what I would have thought was a strong response but I completely forgot to put in any drawbacks of selecting Ireland.

Other than that, I attempted everything and gave, for the most part, what I think were solid responses so it should get enough to get me over the bar. It was a very tricky exam though, probably as hard as anything I've come across in the past papers.

Lyra Fangs · 25-08-2017 03:36PM

MrSzyslak wrote: »

Audit was tough no? All the standards I had slaved through. nothing that handy or straight forward came. No ethics :-(

I found it very tough, very tricky indicators with a lot of time pressure. It felt very much like a combined fr and audit exam.

Clare2007 · 25-08-2017 03:40PM

Can someone confirm what the restructuring option in sim 1 was for the tax elective?

Also, what were your views on the first indicator in the second sim?

chazzy100 · 25-08-2017 03:47PM

AtticusFinch86 wrote: »

I sat the APM today. It was by far the hardest exam of the week. It examined financial services and the "disaster relief" charity sectors i.e. no traditional business. I spent 40 minutes at least on the NPV and still didn't get it finished even though I was working at a reasonable speed. I'm kicking myself about the "business case for Ireland" indicator as I gave what I would have thought was a strong response but I completely forgot to put in any drawbacks of selecting Ireland.

Other than that, I attempted everything and gave, for the most part, what I think were solid responses so it should get enough to get me over the bar. It was a very tricky exam though, probably as hard as anything I've come across in the past papers.

It was tough but I don't think it was anything out of the ordinary. Jan 17 exam was harder. We had an NGO in the mock which was a warning for different business structures, all of the asks in Sim 1 were straightforward, you just had to apply material to an NGO. Sim 2 was a bit tougher alright, not sure on the NPV or the bond calc.

We were warned of a tough APM exam this year to be fair.

John.burke · 25-08-2017 03:49PM

Clare2007 wrote: »

Can someone confirm what the restructuring option in sim 1 was for the tax elective?

Also, what were your views on the first indicator in the second sim?

I went for paper for paper to create a holding structure, seemed too straight forward though as did the whole paper

For second sim I combined the basic termination payment with the balance been extracted via the pension. Has to get a C I would think

AtticusFinch86 · 25-08-2017 04:03PM

chazzy100 wrote: »

It was tough but I don't think it was anything out of the ordinary. Jan 17 exam was harder. We had an NGO in the mock which was a warning for different business structures, all of the asks in Sim 1 were straightforward, you just had to apply material to an NGO. Sim 2 was a bit tougher alright, not sure on the NPV or the bond calc.

We were warned of a tough APM exam this year to be fair.

Thought this one was trickier than Jan 2017 but different strokes. Yeah sim 2 was the harder of the two. Couldn't figure out the bond indicator initially but gave it a stab in the end. I just talked about the various options and which would be best for the client given that he would want a short maturity date, low risk and regular interest payments in light of his age.

The transfer pricing one was tricky too given that the normal transfer pricing policies weren't really applicable (they wouldn't be exchanging products/services therefore the cost based pricing wouldn't apply). I just looked at it from the PoV of the Irish sub charging a mgmt charge to shift the profits

Humour Me · 25-08-2017 04:14PM

The NPV in APM was very time consuming, it really threw me off for a while. Managed to just finish the paper as they announced the end of the exam, but I'm not feeling to confident. Definitely the hardest paper of the week for me.

MrSzyslak · 25-08-2017 04:22PM

Lyra Fangs wrote:

I found it very tough, very tricky indicators with a lot of time pressure. It felt very much like a combined fr and audit exam.

Did you get everything attempted?.

I didn't get time to review the second part of the testing on the acquisition the provision bit what was that about anyway it read so difficult I stuck in a quick few generic procedures. Only had one issue for the audit report at the end too.

My head was sore afterwards.

Did you notice in the SIM 2 the audit senior retired? Wtf haha...

FAE 2017

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