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FAE 2018

fishy_fishy

So, here we go... Book collection for the AAFRP next weekend.

Anyone else struggling to decide on an elective? I work in audit but I can't see myself staying there beyond training contract, and think the material in APM is just more interesting than the Audit elective. Such a difficult decision though, and I don't want to pick one and be regretting it this time next year.

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ACAguy

I wouldn't imagine submitting that is too compulsory.

I am making folders for each of the Super 6 for the Core and trying to sub divide them based on topics and just go from there. Each folder will be a different colour to split things up. Have been advised to do so by someone who did the FAE last year.
Still trying to catch up on a couple of lectures missed before christmas.

ACAguy

Mckay66

That's what I was thinking but in the email it said to submit your assignment by the 31st January 2018. Is that just for feedback purposes?
Also, how is everyone going about setting up folders? Are you just setting up the one for the CORE tabbing out each individual subject and one for the elective?

Almostthere_17

So I have failed the audit twice and have left practice.... Took a year off exams last year and I am back now signed up for APM....

Didn't get my application in until last Friday and got confirmation yesterday. So I have missed a few lectures.

Have I missed anything important so far?

I need to pass this exam

ACAguy

No They are not marked. The solution goes up in a couple of days along with a recording. They suggested you do it in a group but i'm in industry so will probably have to do it alone. Have not started it yet as i'm organising folders and going over cap 2 material. Would love to know how everyone else is getting on

Mckay66

Does anyone know whether the STEPS cases are graded/ compulsory? Struggling coming up with an answer for the first indicator, and not really sure about my answer with the other two so I'm thinking of just not submitting this one as I don't feel it will be very beneficial to me. I'll still attempt it myself before I look at the solution but just not submit it for correction.

fishy_fishy

Did 2 of the indicators from Melton as a group. It'll be interesting to see the solution. Working as a group is definitely beneficial for the cases. I think it teases more out of it.

Mckay66

Yes definitely. I am also doing these exams alone and feel it would be beneficial when attempting these case studies etc that we're able to discuss and hear other students opinions on the topics/ indicators as well. Perhaps picking up things we wouldn't have thought of if doing them alone. Even when it comes to setting up the folders, I am not really to sure what is the best approach.

ACAguy

No Not yet I am currently arranging my folders across the 6 headings for the CORE and catching up on lectures missed. How much work are people doing weekly at the moment? Does anyone have any interest in a facebook page. A lot of reports I have read say working as a group is essential and as I work in industry I feel very isolated from everyone else doing the exams.

Mckay66

Has anyone attempted the Melton Steps Case yet?

ACAguy

Hi Banit,

thanks for the reply.

I was wondering why there was no audit books when i received my book.

I just had assumed i would be using the cap 2 audit book but even this isn't the correct version as it is not the revised version. I am in dublin and didnt receive these with my books.

I have emailed them so thank you for that.

I am a bit confused though is there huge changes in audit from last year.

Thanks for the help

tanit

ACAguy wrote: »

Hi Everyone

I am just catching up on audit lectures at the moment and I am just wondering what text everyone got delivered to them with their book

I dont have the Martin Nolan book revised version or the Addendum so where could I obtain one?

I also don't have IAASA Ethical & Auditing Standards 2017 (ROI);Can this be printed off the IAASA website or do we have to get one off CAI.

I have emailed them twice to no reply they are no unhelpful

Reply would be appreciated. THanks

Only people in Dublin got the new book with the updated IAASA standards and maybe a few others outside Dublin. Everyone else I know had to email them about the new books for audit to get them (except for a couple of people). If you have emailed them twice and they haven't answered I recommend you to put your student number on the subject line and forward those emails along with a new request to both:

Ian.Roe@charteredaccountants.ie
and
Kelda.Lewis@charteredaccountants.ie

If that doesn't work copy and paste the emails in here to give it more exposure. This year the organisation of the whole thing has been terrible

There are more contact emails and details in this page Support and Services

ACAguy

Hi Everyone

I am just catching up on audit lectures at the moment and I am just wondering what text everyone got delivered to them with their book

I dont have the Martin Nolan book revised version or the Addendum so where could I obtain one?

I also don't have IAASA Ethical & Auditing Standards 2017 (ROI);Can this be printed off the IAASA website or do we have to get one off CAI.

I have emailed them twice to no reply they are no unhelpful

Reply would be appreciated. THanks

dublinjen

Brownbread88 wrote: »

Hi all, just a general inquiry on how people are approaching studying for the core! I’m hoping to take a slow and steady approach and hopefully chalk down a small amount every week from here until study leave (hopefully!!). Only problem is I have no idea where to start....

Are people taking it subject by subject and going through CAP2/CAP1(where applicable) material? Or is it best to go straight into some case studies? There’s some CAP1 stuff I haven’t seen since college, but feel it possibly might not be the best utilization of time going through this?

Any advice or ideas other people have would be gladly welcomed! Thanks in advance

I'm going to assume you dont work in audit, time to study seems like something very intangible right now...

I would say like all these exams I'll start with exam papers, as i come across topics i dont feel too strong on i'll brush up on the material and then revert back to attempt the paper. Worked for me so far but i would say it's very personal...my biggest tip is these exams seem far more about marking schemes than what you know. If you have the format, tone, and be generally close to the answer you'll probably be fine. If you throw down a heap of material spewed out of a book with minimal reference to the cases presented you'll bomb.

ACAguy

I would agree with everyone that the communication ahead of lectures and In general is awful. I would not have had a clue about that case study for the cross marking work shop.
I'm assuming everyone in groups B & C do not have this tax assignment and that's just distance.
I haven't done Tax or audit in the last 2 years so I will be spending my next few weeks going over this.
I Definitely think a facebook group would be a good idea for anyone interested.
For anyone in group B was block release good? What is everyones general plan of action over the next 8 weeks or so. As by time march comes everyone will just focus on elective for a month.

Brownbread88

Hi all, just a general inquiry on how people are approaching studying for the core! I’m hoping to take a slow and steady approach and hopefully chalk down a small amount every week from here until study leave (hopefully!!). Only problem is I have no idea where to start....

Are people taking it subject by subject and going through CAP2/CAP1(where applicable) material? Or is it best to go straight into some case studies? There’s some CAP1 stuff I haven’t seen since college, but feel it possibly might not be the best utilization of time going through this?

Any advice or ideas other people have would be gladly welcomed! Thanks in advance

OttoPilot

McGaggs wrote: »

I'm getting a bit annoyed about the lack of communication in getting this year, and how bad the new website is.

It's been like this for years. I used to be involved in the student society side of things years ago and even back then the communication/organization was known to be an issue.

However, I will say that I know Bogdan from UCD that they have hired as FAE head coordinator is quite good, hopefully he can implement change for future students. Also the website is getting better, even if the CA diary is still dog****.

The J Stands for Jay

fishy_fishy wrote: »

Need to have read the case ahead of time but no need to prepare anything

https://www.charteredaccountants.ie/docs/default-source/Students/201718/fae/subject-materials/sanctuary-hotels-question.pdf?sfvrsn=4

I'm getting a bit annoyed about the lack of communication in getting this year, and how bad the new website is.

fishy_fishy

McGaggs wrote: »

What did hey say about the cross marking workshop?

Need to have read the case ahead of time but no need to prepare anything

https://www.charteredaccountants.ie/docs/default-source/Students/201718/fae/subject-materials/sanctuary-hotels-question.pdf?sfvrsn=4

The J Stands for Jay

fishy_fishy wrote: »

I'm going to guess it's a distance thing. I've been on block release (Dublin) all week and nobody mentioned a thing about a tax assignment, but we were talking about cross marking workshop.

What did hey say about the cross marking workshop?

fishy_fishy

Mckay66 wrote: »

I was sent an email on the 15th December with a Core Tax ROI Assignment attached (Versatile Imaging Ltd). It's not a mandatory assignment but is there to help you with your studies and obtain feedback. It's due to be submitted on the 11 January.
I'm doing the Galway FAE Distance not sure if this makes any difference?

I'm going to guess it's a distance thing. I've been on block release (Dublin) all week and nobody mentioned a thing about a tax assignment, but we were talking about cross marking workshop.

Mckay66

I was sent an email on the 15th December with a Core Tax ROI Assignment attached (Versatile Imaging Ltd). It's not a mandatory assignment but is there to help you with your studies and obtain feedback. It's due to be submitted on the 11 January.
I'm doing the Galway FAE Distance not sure if this makes any difference?

fishy_fishy

Mckay66 wrote: »

Happy new year everyone! Now that the AAFRP is out of the way it's time to knuckle down again i guess!

I've been having a look at the Core Tax Assignment that's due on the 11th January trying to get back in to the swing of things.
Due to having to repeat some of the Cap 2's a number of times, it's actually been quite some time since I have looked at tax. I was hoping someone on here would be able to provide me with some useful guidance on how to approach this assignment.
Any help at all to ensure I am on the right path would be greatly appreciated as i'm finding it a bit difficult to know where to start with it. I'm assuming there is more than one tax involved? Thanks.

What assignment is this?

I'm seeing a cross marking workshop on the 11th (moved from the 10th)

Mckay66

Happy new year everyone! Now that the AAFRP is out of the way it's time to knuckle down again i guess!

I've been having a look at the Core Tax Assignment that's due on the 11th January trying to get back in to the swing of things.
Due to having to repeat some of the Cap 2's a number of times, it's actually been quite some time since I have looked at tax. I was hoping someone on here would be able to provide me with some useful guidance on how to approach this assignment.
Any help at all to ensure I am on the right path would be greatly appreciated as i'm finding it a bit difficult to know where to start with it. I'm assuming there is more than one tax involved? Thanks.

dublinjen

McGaggs wrote: »

And it being nonrefundable means of the lease is cancelled, then the deferred income balance is released to p&l. D'oh!

McGaggs wrote: »

If anyone feels bad about needing up a question, just remember it doesn't actually matter. Assuming madness are assigned in the same proportion as the recommend time, section 2 carried the most marks. Getting no marks for one of those questions means you miss out on 1.725% overall

^ this. You'd have half the marks for getting the accounts and the DR/CR right

cgal17

pixie11123 wrote: »

Does anyone know when the results will be released?

Paper was straightforward, no big issues.

Results are released the 16th of February. Its a long wait

pixie11123

Does anyone know when the results will be released?

Paper was straightforward, no big issues.

The J Stands for Jay

If anyone feels bad about needing up a question, just remember it doesn't actually matter. Assuming madness are assigned in the same proportion as the recommend time, section 2 carried the most marks. Getting no marks for one of those questions means you miss out on 1.725% overall

The J Stands for Jay

dublinjen wrote: »

This is the correct treatment

And it being nonrefundable means of the lease is cancelled, then the deferred income balance is released to p&l. D'oh!

dublinjen

malistheman wrote: »

I put the incentive payment to deferred income. I then subtracted the incentive from overall lease commitment for the 4 years and then divided by 4. That's what the charge to P&L should be in each year. So thats the full rent payment (€5k I think?) being debited and then offset by the release of 1 years worth of the deferred income to the P&L to give an amount of €4,250 for the year for rental expense in p&l.

That could be completely wrong but thats what I did anyway!

This is the correct treatment