CAP 2 Exams 2012

Any one any predications for the SFMA paper?

at the moment id nearly be resigned to failing FR, havent done enough on the consol or cashflow, and wary of dedicating too much of the remaining time to something i could easily fail anyway. anybody notice the Q1 in both 2011 papers were easier than the previous years? hopefully a good sign for us.

I think if i wrote off FR now I could pass the other three, but there is always the risk with SMFA that it will be something difficult or a terminal loss q1 could be on tax.

with audit im finding it difficult to study for, short of just knowing the answers its hard to go back looking to find "planning risks" for a certain situation. I guess going through the past papers is the only way, what is everyone else doing for audit?
I wouldnt even know what notes to bring in to that other than the past solutions maybe.

ecos88 wrote: »

Hi guys,

Can someone clear something up for me. Im looking at part disposals of subsidiaries, in the SOFP, is goodwill reduced by the percentage of the sub' disposed of or does it stay in there as it was at the date of acquisition?

I'd really appreciate someone help on this.

See attached I think its the example in p.3 & 4 your looking for but you need the information in p.1 to do the calculations. Apologies for the poor scanning quality.
Hope this helps, its from the CGS FR book.

ecos88 wrote: »

I sat audit last year, I found it the hardest to study. My advice to you about approaching the paper is use loads of common sense, if you think something sounds stupid and may look totally obvious, just write it down, I guarantee you it will score you marks and be sure to throw in as much of the standards as you possibly can, I reckon that's how I passed it last year.

Best of luck

I've been wondering this and maybe someone will know the answer. It probably applies only to Audit (maybe a little to FR).

Anyway - are there any marks/ is there any point in referencing the standard in your answer? e.g. mentioning "Under ISA 500..." etc.

The solutions never seem to mention ISA references, it seems to be more testing your knowledge of the theory/application of the rules as opposed to knowing the names of the rules...if you get my drift?

It's just that I would hate to waste time in the exam looking through notes to try and remember the name of the ISA, when it's not actually gaining you any marks.

Cabbage11 wrote: »

You either value NCI at its proportionate share of the fair value (partial goodwill method) - your example. (Smith)
or you have a group policy to value the non controlling interest (NCI) at acquisition at fair value (full goodwill method)
When we have NCI using full goodwill method we need to use group share % when doing a disposal. Thats my reading of it (which may be wrong), its just the two different methods we use to value the NCI, you will be told which way in the question, hope this helps.

Thats great thanks for clearing that up.

Padkir wrote: »

Does anyone know if the suggested solutions to the mocks are on the website, and if so where would I find them?

Thanks!

Yeah they're up alright under the student section I think there's actually a link up for it.

They are under course notes along with all other notes for each subject

EDudder wrote: »

Question on SFMA.

In the summer 2010 solution. for Q1 Part D - under the 'Sales comparison by multiple' the solution multiplies total sales by 55 for the hotel and 70 for Spa. Can anyone explain why the respective total sales are multiplied by these numbers/where these numbers are coming from?

55 is the number of rooms so total room revenue would be 55 x 57086(total revenue per room).
70 is average price per treatment so spa revenue is 70 x 5200 (# of treatments 2009).
Hope that helps

EDudder wrote: »

Thanks!

Don't know how I didn't see that.

It's amazing what you can miss when your head is fried!!

Had a few similar situations today!

hey, quick one nearly sure this is the case but can somebody pls confirm and is there any exact formula?

In this q3, c, the P.V. is obtained for receipts for example (€1,476,378) received in 6 months 6%. Ans €1,433,377

Can you use the discount factor for 3% for a period?

My problem is when it's required to get the P.V. of funds rec'd in 9 months @ 6%. PV of 1,330,000 is 1,272,727.

Thanks

Anerak wrote: »

How are people feeling with around a week left to go?

Can't f***ing wait to get them over with at this stage to be honest.

Anerak wrote: »

How are people feeling with around a week left to go?

I am so tired and exhausted at this point. Still having trouble with some parts like hedging, fx consolidations or disposals . Do any of you guys noticed that in SFMA in summer there is always question on variances and in autumn on transfer pricing?

How is everyone doing the consolidation questions? I preferred the t account method but the lack of t account answers for past papers etc are worrying me as my retained earning calcs never really agree to what the answer says!! Is it too late to go to the columner method

Anerak wrote: »

Go with what your comfortable with if only a few calculations dont work out you will still get majority of your marks,I wouldn't change as you will feel more at ease in the exam doing the question with your t accounts. In that small book we have by Paul Mahony the do both methods to the solutions if you haven't looked at it!

I am dreading FR i just cant seem to get my head around all the adjustments.

Has Foreign Operations come up much in the past?I cant seem to see much on it?

Anyone any ideas what we might get in the FR Exam?

I'd imagine that with 6 past papers, and then the sample papers, if something hasn't come up it wouldn't be fair to have it in the exam for anything more than a few marks.

That's just my personal opinion, but I think if I tried to get comfortable with every single obscure part of the course I'd be here all year. You'd imagine they wouldn't be THAT unfair.

That's just my opinion/ approach btw.

I'd be interested to hear other peoples insight.

On another note - Am I right in hearing that tax usually has the highest pass rate? How in the hell is that? It's the one that I'm fully expecting to fail miserably.