CAP2 Repeats 2012

national express · 04-10-2012 12:17AM

The Phantom Jipper wrote: »

So what's on everyone's "bare minimum" list? Is this a pretty fair and generic summation?

Consols
IAS type q
Ratios
Cashflows
Some of the meatier IASs - 11, 16 etc?

Judging from the resit lectures in the Institute, he seemed to be leaning toward the first three making an appearance again and basically had to be coerced into running through a cashflow question. He also gave short shrift to the idea of a sub disposal making an appearance.

Also what're peoples thoughts on cashflows? I'll avoid them on the day if I can but i'm afraid of them getting snuck in to q1 either as an add on to an IAS1 question or appearing as a consol cashflow like it did a few years ago. Are the chances of that fairly remote do ye reckon?

Surely that covers the vast majority of the syllabus.

Does anyone have a copy of that consol adjustments file that the lecturer emailed around during the year? I think it was an excel file.

rockman15 · 04-10-2012 07:59AM

srm23 wrote: »

im assuming fx wont be involved in q1 after summer.
you think ratios would be on again??

A fgn associate wouldnt be difficult to ask. from what i have gathere by looking at some of the questions from Session 9 (IAS21), there isnt a translation reserve or any of that nonsense. You just retranslate goodwill and carry it to the SOFP.

Anyway. It will more than likely not be asked as it was on the Summer paper, but I'd be expecting some kind of spanner to be thrown into the works. I know Michael Tuohy had been saying its an exam on the basics, but at the end of the day you cant trust ICAI. Liable to do anything in these exams.

rockman15 · 04-10-2012 09:10AM

national express wrote: »

Surely that covers the vast majority of the syllabus.

Does anyone have a copy of that consol adjustments file that the lecturer emailed around during the year? I think it was an excel file.

should be attached here

national express · 04-10-2012 02:25PM

rockman15 wrote: »

national express wrote: »

Surely that covers the vast majority of the syllabus.

Does anyone have a copy of that consol adjustments file that the lecturer emailed around during the year? I think it was an excel file.

should be attached here

Thanks a million for that!

What are people bringing in on ethics? Is there a set of notes or anything?

Looking at last years autumn paper there were 10 marks for ethics. Which would be a gift if you had the right notes. I think I always assume I'd think of the ethics answers on the day but in that case I probably would have been throwing away the easiest 10 marks on the paper.

srm23 · 04-10-2012 02:54PM

thought sfma was tough!

srm23 · 04-10-2012 02:55PM

only FR to go cant wait to be done

muzzyizzet · 04-10-2012 05:30PM

national express wrote: »

rockman15 wrote: »

national express wrote: »

Surely that covers the vast majority of the syllabus.

Does anyone have a copy of that consol adjustments file that the lecturer emailed around during the year? I think it was an excel file.

should be attached here

Thanks a million for that!

What are people bringing in on ethics? Is there a set of notes or anything?

Looking at last years autumn paper there were 10 marks for ethics. Which would be a gift if you had the right notes. I think I always assume I'd think of the ethics answers on the day but in that case I probably would have been throwing away the easiest 10 marks on the paper.

Was wondering about the ethics too. Are there any quick reference notes available anywhere?

srm23 · 04-10-2012 05:35PM

bring in the solutions to past papers i reckon

rockman15 · 04-10-2012 05:55PM

its a fairly hit and miss area tbf. Consider the ethical areas in the audit course; objectivity. integrity, independence as they obv are applicable to any area on the ACA exams. The key to it is you recognise that whatever this person wants you to do is wrong. Hit the various IAS's that they are looking for. In the Summer paper it was 16 and 40 and apply some logic and common sense to it. list what you can do in the standards and identfy the conflict between their approach and what the standards say.

QueenV · 04-10-2012 06:13PM

What are the chances of us getting a trial balance kinda of question for question one?

srm23 · 04-10-2012 06:18PM

is it when the company has a dominant position in an assocaite, you treat it as subsidary in the accounts? or is it always the same if ya have less than 50%?

national express · 04-10-2012 07:11PM

I think if it was a less than 50% sub they would have to make it really obvious (if that can even be done). Like say, have a 47% sub and mention that the parent makes all decisions in regard to operations and financing decisions or something.

Do I have it right in my head that the only possible consol type inclusions are: sub (full consol), associate (equity method), and joint venture (50% proportion)? I keep thinking I've left one out.

Also - in full consolidation, are the only parts of Equity that aren't consolidated the OSC and Share Premium? i.e. all other reserves are consolidated?

I'm feeling ok about question 1 if a consol comes up like the ones in the recent past at the minute. I'll never get it to balance, but I'm down to just silly mistakes along the way that are making that happen.

But if a cash flow or something came up for Q1 I'd be completely snookered. I'll have a look through cashflows tonight.

national express · 04-10-2012 07:14PM

QueenV wrote: »

What are the chances of us getting a trial balance kinda of question for question one?

I'd say it wouldn't be as unlikely as you'd think.

It would be in line with examining 'the basics'. And wasn't our mock preparing them from a trial balance?

rockman15 · 04-10-2012 07:20PM

srm23 wrote: »

is it when the company has a dominant position in an assocaite, you treat it as subsidary in the accounts? or is it always the same if ya have less than 50%?

dominant position evidenced by para13 of IAS27:
1. power over more than 50% of OSC by virtue of an agreement with other investors (43%+8% with another entity "yeah we will back you"/coalition government sort of thing.

2. power to govern policies

3. power to appoint or remove majority of board members

4. power to cast majority of votes at board meeting

highly unlikley anything that complex would be asked IMO. it might be a 5 marker theory type at the end of Q1 but dont think you would have to make a judgement call on it to get your consol correct

myshirt · 04-10-2012 07:21PM

So what do we bring to this exam tomorrow?

Is there any point in even bringing any notes?

All I am bringing is that 76 page course summary document, that's pretty much it...

Am I foolish? What are others bringing?

srm23 · 04-10-2012 07:36PM

myshirt wrote: »

So what do we bring to this exam tomorrow?

Is there any point in even bringing any notes?

All I am bringing is that 76 page course summary document, that's pretty much it...

Am I foolish? What are others bringing?

bringing the chartered grind school solutions to 2011/2010/2009
the solutions to all the ias questions on cai website
then whatever books i have, books usually useless in these situations anyway

national express · 04-10-2012 07:36PM

What's this 76 page course summary document?

I don't think I have that. Would be good instead of bringing in two lever arch files I'll never have a chance to look at.

srm23 · 04-10-2012 07:42PM

how do you consol the general reserve, i cant figure out what they did in q1 summer 2011

myshirt · 04-10-2012 07:42PM

national express wrote: »

What's this 76 page course summary document?

I don't think I have that. Would be good instead of bringing in two lever arch files I'll never have a chance to look at.

You can get it off the student centre when you log in. It has the key templates and some key points incl disclosures.

It's not as thorough as you might like, I updated mine a bit with hand written notes. For me it's possibly the best item to have, because if I am going to look at notes at all then I want the one document.

Timing is such a killer here, I am hoping to do this blind.

Even to write out the template of a SOCI, SOFP and a SOCE takes me 12-15 mins... I am thinking that is slow, but it's the best I can do...

The Phantom Jipper · 04-10-2012 07:53PM

national express wrote: »

I think if it was a less than 50% sub they would have to make it really obvious (if that can even be done). Like say, have a 47% sub and mention that the parent makes all decisions in regard to operations and financing decisions or something.

Do I have it right in my head that the only possible consol type inclusions are: sub (full consol), associate (equity method), and joint venture (50% proportion)? I keep thinking I've left one out.

Also - in full consolidation, are the only parts of Equity that aren't consolidated the OSC and Share Premium? i.e. all other reserves are consolidated?

I'm feeling ok about question 1 if a consol comes up like the ones in the recent past at the minute. I'll never get it to balance, but I'm down to just silly mistakes along the way that are making that happen.

But if a cash flow or something came up for Q1 I'd be completely snookered. I'll have a look through cashflows tonight.

I don't think you consolidate preference shares either. Is there anything in Equity that you do consolidate other than the post acquisition element? Can't think of anything off the top of my head.

national express · 04-10-2012 08:02PM

srm23 wrote: »

how do you consol the general reserve, i cant figure out what they did in q1 summer 2011

I think for all reserves its Parents reserves + Parents share of post aqu reserves.

It's a bit confusing in summer 2011 because I think there's a typo about who's general reserves have changed. But I think it was 2000 at sofp date and 800 at acquisition. So 2000-800= 1200. Parents share = 60% which is 720. Added to the parents gen reserve is 5,720.

I haven't got it in front of me but was looking at that earlier today and was stuck on it, so think that's right.

national express · 04-10-2012 08:57PM

Does anyone know where to find the 2011 mock solution?

rockman15 · 04-10-2012 09:13PM

national express wrote: »

I think for all reserves its Parents reserves + Parents share of post aqu reserves.

It's a bit confusing in summer 2011 because I think there's a typo about who's general reserves have changed. But I think it was 2000 at sofp date and 800 at acquisition. So 2000-800= 1200. Parents share = 60% which is 720. Added to the parents gen reserve is 5,720.

I haven't got it in front of me but was looking at that earlier today and was stuck on it, so think that's right.

Right; Parents 5,000 + NCI(Closing:2000- Opening:800) *60% = 5720 = share of post aqn general reserve
The 1280 in the adjustment column in the solution is 2000-720.

myshirt · 04-10-2012 11:50PM

Best of to everyone doing FR tomorrow, let's hope we get an accessible paper.

national express · 05-10-2012 02:02PM

What's the verdict?

I did it in the order 3 (the construction contract one) , 1, 4. I had barely any tune to do the last one but hopefully got a handful of marks out of 18. Based on the rest of the paper though I'd be really annoyed if I'd failed. Would be expecting to have passed.

The 22% investment was weird. Was that just to confuse us or what?

myshirt · 05-10-2012 02:08PM

It was a strange paper.

How did people deal with the revaluation reserve?

Overall, Q1 appeared too simple, but then my sofp didn't balance..

national express · 05-10-2012 02:20PM

myshirt wrote: »

It was a strange paper.

How did people deal with the revaluation reserve?

Overall, Q1 appeared too simple, but then my sofp didn't balance..

Same. I was looking at it for a while thinking I had missed something in reading it. And I couldn't get mine to balance either. Think I was out by around 300k. But I just moved on.

For the reval reserve I consoled the group share of post acqu reserve increase.

Just realised I didn't include it in the OCI though. I left out the OCI part because I thought there wasn't any. Forgot about that. D'oh.

Ahh well, overall I think it could have been much worse. I'll be very annoyed if I failed it.

The Phantom Jipper · 05-10-2012 02:47PM

Was the reval not done post acquisition, but pre this financial year? I didnt include it in the OCI in the SOCI on that basis...

Also did people get some wacky figure for the amount of shares to go into EPS calc? My TERP adjustment on the first 9 months of the year didnt look right at all :-(

Nermal · 05-10-2012 03:03PM

The Phantom Jipper wrote: »

Was the reval not done post acquisition, but pre this financial year? I didnt include it in the OCI in the SOCI on that basis...

Also did people get some wacky figure for the amount of shares to go into EPS calc? My TERP adjustment on the first 9 months of the year didnt look right at all :-(

Think I worked out during the SOCE that 15K shares were in issuance for 9 months, then 20K for three months after that, so it's the weighted average of that isn't it?

national express · 05-10-2012 03:03PM

Yes, I got a bit of an odd number for that. But I don't think it usually gives you a nice round number anyway.

That part was only worth 3 marks though.

CAP2 Repeats 2012

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