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FAE 2011 Where to begin

FAE_UCH

Hello all,

This thread may be a little premature but after that disaster of a paper on Saturday, I figure i better start doing a bit now while i'm still slightly in study mode. I did a masters so i feel at a huge disadvantage as i did not have to come through CAP 2. Is there any point in me now going back and trying to look at CAP2 material or would that be much too technical for this.

Does anyone know what the best plan of attack to study this? I'd love to hear past Faer's advice, or people who have a plan to share it with us.

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DaeryssaOne

REALLY fed up...glad someone else is feeling this way! Could be studying some of this stuff forever more & still wouldn't get it right on the day...and the fact that it can be so unbelievably boring doesn't really help the situation...

okdune

Coldplayer wrote: »

anyone else fed up at this stage?

Eh slow on the uptake, I started to get fed up ages ago.....

Coldplayer

anyone else fed up at this stage?

MW2011

Hey,

If anyone has done the plastic products case in the management and finance book can they help with the Lease v. Buy decision?

The answer uses an after tax cost of borrowings as the discount rate of 6% (1-10%), but then goes on to take away the PV of the tax payments again at 6%????

Surely this is the equivalent of taking tax off twice?

RidiculousHair

Quick q on last years paper on the valuations in Organic Beef...anyone know where they are pulling the profit increases for Silverturn?? I get the yr 1 61k figure, but not yr 2-5, looks like they're being pulled out of thin air.

Also on the the val for neville's any idea why no discount is being applied to the P/E?? I would have thought the industry data provided would have related to public co's and would therefore need to be discounted, esp given a discount was applied to silverturn.

Any suggestions would be gr8, thought i knew this stuff when i did it before, but looks like i seem to forgettin everythin!!!

upnorthchick

haha very true!:D

Peanut_M

upnorthchick wrote: »

I have always thought they were the same.

Thanks upnorthchick!

Choc Chip

upnorthchick wrote: »

two weeks lads and we will all still be in our beds....

Or still drinking...

upnorthchick

Peanut_M wrote: »

Are piecemeal acquisitions and disposals the same as step acquisitions and disposals ??

I have always thought they were the same.

Im going to spend today sorting my notes again, think i have too much or just not organised well enough...
Anyone have any ideas or suggestions for any topics. maybe anyone doing tax ni elective - any ideas how to organise that file..

two weeks lads and we will all still be in our beds....

Peanut_M

Are piecemeal acquisitions and disposals the same as step acquisitions and disposals ??

lucky01

flapps wrote: »

Sample paper 1 is doable but Sample paper 2 comp was a b itch as far as i remember..

Perkina, i think, posted these papers previously which has a good example which should help.. see appendix 4

thanks

Hanley

I live in fear of any standard costing style questions.

Student456

Kingdomkerry wrote: »

What is everyone studying for Performance Management besides IFRS/IAS?
The only thing I can think of is KPIs and balanced scorecard

I was thinking maybe divisionalisation, EVA, ROI & RI or decision making? Not sure what else to do

Not really much management accounting in the cases provided by the institute which could mean that we'll probably see a few indicators this year as it never came up last year either

Kingdomkerry

What is everyone studying for Performance Management besides IFRS/IAS?
The only thing I can think of is KPIs and balanced scorecard

Hanley

This is wrecking my head - does anyone know where there's a more detailed analysis of what is and is not acceptable when it comes to accepting assurance engagements other than audits? (eg reporting to banks etc?)

Is it just a case of looking at the report in the context of the APB's Ethical Standards and deciding from there if it's appropriate to accept?

Rickyroma

Temporary Dub wrote: »

As regards the mgmt acc and fin reporting case study books can any1 recommend 3 must do cases from each or are they all worth doing?

I'd definitely do the last 2 if you had to pick - Plastic and Stationery.

Bolt and Killyleagh Cycle were selected by lecturers and are also worth doing, in my opinion.

Fae1234

Does anyone have the solution to the 2010 Mock ROI Tax Elective???

Can't find it anywhere!

Thanks!

ahtfulal

Yeh Derry Cotter very good but hard book to reference I find. Pity Derry didn't do a better index at the front like give a few lines as to what's in each IAS instead of just stating the IAS.

At least with financial reporting indicators if ya spot da IAS that's half the battle, hoping for nothing too complex.

Looking at the last few Old Fae FR papers it tended to be more disclosures that was required rather than detailed journal entries. So my wish would be for the same and leave out that consolidation, leave dat to the cap 2 crew!

SL10

Temporary Dub wrote: »

As regards the mgmt acc and fin reporting case study books can any1 recommend 3 must do cases from each or are they all worth doing?

I would try do all of the cases in the Derry Cotter (Fin Acc) one. General consensus seems to be that the Mgt & Fin book is a waste of time cos its too detailed. ( I havent looked at it though so i could be wrong)

Clanno

Temporary Dub wrote: »

As regards the mgmt acc and fin reporting case study books can any1 recommend 3 must do cases from each or are they all worth doing?

Damn haven't done any of em... so screwed!!

Temporary Dub

As regards the mgmt acc and fin reporting case study books can any1 recommend 3 must do cases from each or are they all worth doing?

hooch-85

That dreaded time of year again...i just got off today to study for repeat audit elective, reading back over the thread all i have to say is thank fcuk im not doing core again.

One thing i found really helped me with core on the day last year was this summary i did which summarises the key indicators in the sample papers and mock, it helped when trying to find similar topics which came up on the day..

As regards the audit elective is there anything that has changed from last year to this besides ISA 600? How are you all studying for it, im just going over the notes and standards to start, then itll be onto the sample cases, questions etc, although ill have had all last years samples done to death since last year.

Im just hoping ill have enough time in the 14 days..

flapps

lucky01 wrote: »

I have just done sample paper 1 comprehensive! found it ok, although dont get the SWAP contract at all!

cant seem to understand this, does anyone else? I was hoping to dodge the whole area of hedging against risk! how likely does eveyone think this will come up?

Sample paper 1 is doable but Sample paper 2 comp was a b itch as far as i remember..

Perkina, i think, posted these papers previously which has a good example which should help.. see appendix 4

flapps

Yeah found the sample papers very difficult to finish in time.. and they seem to be hiding the indicators which didnt help..

Got a quick question on Firesec case study if anyone has done it.

They ask you to address the funding requirements of the business and in the solution they estimate 200K as sufficient.. This is based solely on the fit out costs of 175K and some extra for recruitment etc..

In my answer I was going along the line of they'll need funding for the above, the new prop they've leased and to purchase stock for the retail store. considering they're already looking to increase the o/draft for the core business they clearly don't have any spare cash floating around.

Am i missing something?

Cheers

lucky01

I have just done sample paper 1 comprehensive! found it ok, although dont get the SWAP contract at all!

cant seem to understand this, does anyone else? I was hoping to dodge the whole area of hedging against risk! how likely does eveyone think this will come up?

Coldplayer

Nidot wrote: »

Im finding all the sample papers a bit on the overcomplicated side. Indicators are more subtle aswell. And you're correct, there does seemmto be a large leaning towards finance and more calculation based cases.

My thinking is that these were written a year before last years exams and as such are not representative of the actual exam, the case studies appear to b le alot closer in standard and content.

All im hoping for now is a fair paper with indicators clearly visible to the student who put the work in an achievable standards expected in the answers given the time constraints.

Yeah but the only thing with regards to the sample papers is that they came direct from the exam dept, all the other case studies were written by Paul Mon, so if anything was going to be representative it would be the sample papers

Colts

dchitz wrote: »

Anyone else finding theyve peaked to soon so to speak, going through cases ive done before and missing simple indicators and points in solutions. Considering taking a day off to try clear the head

Possibly! I'm going to finish up with Core tomorrow, possibly take Saturday off before getting stuck into elective for a few days before going back to Core the final few days before the exam.

There's only so much you can do before you stop taking stuff in!

dchitz

Anyone else finding theyve peaked to soon so to speak, going through cases ive done before and missing simple indicators and points in solutions. Considering taking a day off to try clear the head

SL10

Colts wrote: »

Has anyone else found the comprehensive sample paper II, B&W, ridiculously overloaded with material?

I honestly don't think I could finish that question in 4 hours, the paper is 18 pages and the solution 29. And both comprehensive sample papers seem to focus on Finance more than any other 'super 6' subject.

Nidot wrote: »

Im finding all the sample papers a but on the overcomllicated side. Indicators are more subtle aswell.

Lol i was literally coming on line to ask people if the sample papers are worthwhile. I'm just doing sims sample paper one and not finding it very helpful at all.
Is there much point in attempting the others or would it be more productive to just go through them and make notes?

Innervision wrote: »

Think someone may have mentioned this earlier, but is there any soft copy of that SFMA toolkit floating around? Damn masters!

I dont think there is a soft copy of the SFMA toolkit- it is a book given out at CAP2 so your best bet is to find someone who just did CAP2's and borrow their book for the next couple of weeks.

Innervision

Think someone may have mentioned this earlier, but is there any soft copy of that SFMA toolkit floating around? Damn masters!