CAP 2 Exams 2012

Shane732 · 25-06-2012 07:01PM

Muhahaha!! Tax exemption rules!

The Big Red Button · 25-06-2012 07:04PM

lauma wrote: »

Best of luck guys in your Audit exam tomorrow !

Emmmm ... what? :eek:

Shane732 · 25-06-2012 07:09PM

chatterpillar wrote: »

Emmmm ... what? :eek:

hahaha!

The Big Red Button · 25-06-2012 07:23PM

Shane732 wrote: »

Muhahaha!! Tax exemption rules!

I dislike you

Shane732 wrote: »

hahaha!

Now I dislike you even more! :P

Seriously though, it is tax tomorrow. Right?

lauma · 25-06-2012 07:23PM

chatterpillar wrote: »

Emmmm ... what? :eek:

Sorry Tax not audit . My head is not functioning anymore

Clarise123 · 25-06-2012 08:24PM

lauma wrote: »

Well €1000 50cnt shares that is 2000 shares in number not in € . Maybe I am missing what are you actually asking ?

Thanks Lauma.. i just didn;t read the question properly...

Anerak · 26-06-2012 09:31AM

Good luck everyone.

ted2767 · 26-06-2012 02:24PM

Well what did everybody think of tax?

EDudder · 26-06-2012 02:33PM

I felt like every question was a trick question.

apeking · 26-06-2012 02:38PM

I thought there was alot of theory compared to previous years.

Will be lucky to get 50%

I answered all 5 but it doesn't make a difference cause they only mark the first 4,

Can't believe i got the filing dates wrong for CAT

Raging but must keep going

myshirt · 26-06-2012 03:19PM

It was kind of tricky wasn't it.

14 marks for the R&D credit

Thought that was harsh, but maybe that's because I hadn't a clue.

Overall a fair paper though if we be honest... just for myself I had other things studied.

Oh well, on to the next one.

rolo34 · 26-06-2012 06:12PM

What was the right answer for cat filing date?? I got so confused

Id say I scribbled out the wrong answer

20 Times 20 Times · 26-06-2012 06:41PM

rolo34 wrote: »

What was the right answer for cat filing date?? I got so confused Id say I scribbled out the wrong answer

For all gifts and inheritances with a valuation date between 1 January and 31 August – the CAT return must be filed by 31 October of that year and any resulting CAT liability must be paid by that date.

Where the valuation date arises between 1 September and 31 December the relevant date for filing and payment is 31 October in the next year.

apeking · 26-06-2012 07:06PM

No its 30 September ....we are using the finance act 2011

The Big Red Button · 26-06-2012 07:09PM

EDudder wrote: »

I felt like every question was a trick question.

This!!! Big time.

apeking wrote: »

No its 30 September ....we are using the finance act 2011

Ha no way!!!

If so, I think I might have actually somehow managed to randomly guess the correct filing date, for once!

EDudder · 26-06-2012 07:19PM

Thank God, that was the one mark I thought I had in the bag.

I wouldn't describe it as entirely fair at all. We've had 6 past papers at this stage, and this was unlike them in format as far as I can see. It was weighted a lot more towards theory than calculations than it is usually (especially small parts of the course. They based 14% of our result on R&D credits, how that is a 'fair' representation of the course i'll never know.)

But all in all, it wasn't the worst paper the institute have ever thrown out. With them I'm just glad that all the questions were actually based on taxation.

srm23 · 26-06-2012 08:25PM

apeking wrote: »

No its 30 September ....we are using the finance act 2011

i could only remember the date 30/09
i think it asked for two dates?

seemed mad it would be 7% for writing two dates, i felt compelled to talk about online filing and stuff :P

i was doin one last question one last night & r&d was part d for like 3 marks! so knew a little bit thankfully.
i think nearly 50% of my paper was theory cos i did q3! mental doin all those comps for nothing!

EDudder · 26-06-2012 08:30PM

srm23 wrote: »

i could only remember the date 30/09
i think it asked for two dates?

seemed mad it would be 7% for writing two dates, i felt compelled to talk about online filing and stuff :P

i was doin one last question one last night & r&d was part d for like 3 marks! so knew a little bit thankfully.
i think nearly 50% of my paper was theory cos i did q3! mental doin all those comps for nothing!

I found that question really frustrating, because how many times have we been told to only 'answer the question that is asked'!? They would need to be giving full marks if you get the dates right. Like, are we supposed to just guess what other information their hoping to get even though they haven't asked any other question? It didn't ask what happens if it's late, it didn't ask how to avoid penalties etc, it specifically asked for the date. And then it was for 6 marks or so.

srm23 · 26-06-2012 08:36PM

EDudder wrote: »

I found that question really frustrating, because how many times have we been told to only 'answer the question that is asked'!? They would need to be giving full marks if you get the dates right. Like, are we supposed to just guess what other information their hoping to get even though they haven't asked any other question? It didn't ask what happens if it's late, it didn't ask how to avoid penalties etc, it specifically asked for the date. And then it was for 6 marks or so.

so its 30/09 file, whats the other date?
i think i lashed down 31/12

EDudder · 26-06-2012 08:41PM

It's 30 Sept isn't it? I don't think there is a second date.

I put no CAT for the use of the holiday home because it didn't state he actually used it. So based on that, all the other acquisitions were pre 31 August. So 30 september 2011 is what I put down.

The Big Red Button · 26-06-2012 10:07PM

EDudder wrote: »

It's 30 Sept isn't it? I don't think there is a second date.

I put no CAT for the use of the holiday home because it didn't state he actually used it. So based on that, all the other acquisitions were pre 31 August. So 30 september 2011 is what I put down.

Well I put no CAT for the use of the holiday home too.

That probably means it was wrong. Sorry.

The Big Red Button · 26-06-2012 10:36PM

Soooo if there was one thing that would be recommended, for a person to pass FR on Friday, with two full days to do it in ... what would you do?!

I passed Audit and SFMA last year.

My advice with Audit would be:

You have loads of time in the exam.
Read the question. Think about it. Be practical. What would you do, in that situation, without any books, or anyone to ask? How would you prove what they're asking you to prove? Honestly, don't look at the books, just think it out in your head, and plan your answer around this.

And, then, look at the books, just to polish it off. But have your answer all planned out, before consulting the books.

My advice with SFMA would be:

Good luck.

:pac:

Tricky1979 · 26-06-2012 10:44PM

Hi Chatterpillar - i have SFMA and FR - any words of wisdom on SFMA?

FR, I don't know - I'm just redoing consol questions at this stage - the amount of stuff that can be put in these questions is unreal - does anybody ever get them all out?!

I'f your comfortable with consol and cashflows I'd be revising the main and topical standards as they will come up in some shape or form IAS 17, 10, 39, 32 etc

The Big Red Button · 26-06-2012 10:53PM

Well, with SFMA, they say to not rely on books.

I would say, have EVERY book with you. You don't know what they'll throw at you.

Just, go in there, and remember, all you need is to scrape the 50%. So, even if you know well that half of what you're doing is wrong ... hopefully, half of it is right!

That's all you can really hope for. It's a messy messy paper!!!

srm23 · 26-06-2012 10:54PM

well my plan for smfa is hopefully do a very good q1.

hopefully theres one section b question i know,
then try & scrape theory marks on the enevitable one ive no clue on!

i feel that one of variance, transfer price, fx risk or interest risk will be on the section b so goin to do them weds night.

FR ive not done much for, resigned to fail it but would be delighted with the other 3 if i can get them.

for FR im pretty much bringing in the solutions & trying to work my answer around it for consol, prob not best approach :P
not much done on cashflow either, if its q1 cashflow i may as well get up & leave

ecos88 · 26-06-2012 11:11PM

does anyone know where the best place is to look at theory for ethics for FR. The solutions dont really shed much light on whats needed!!

EDudder · 27-06-2012 12:02AM

I was just wondering about ethics for audit actually. Where's the best notes/any notes for auditing ethics?

Probably too late now.

myshirt · 27-06-2012 12:16AM

EDudder wrote: »

I was just wondering about ethics for audit actually. Where's the best notes/any notes for auditing ethics?

Probably too late now.

Just say you would err on the side of caution.

That you would discuss the issue with the ethics partner; you would consult internal policies; you would talk to the institute; you would consider if it would impact your independence; get a second partner review; get an external consultant review; take someone off the job; don't take the job; put some safeguards in place.

Anything in around that can be shaped and moulded into an answer.

Padkir · 27-06-2012 01:57PM

Well what did ye all think?? I was happy enough with it! Kinda freaked a bit when I read it the first time but once I got into it thought it was a nice enough paper!

ted2767 · 27-06-2012 02:01PM

Padkir wrote: »

Well what did ye all think?? I was happy enough with it! Kinda freaked a bit when I read it the first time but once I got into it thought it was a nice enough paper!

Same as I thought oh f**k at first but when I started getting into it was ok am really happy audit is outa the way

CAP 2 Exams 2012

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