Cap 2 SFMA Assessment Study Group

The Little Fella · 22-06-2013 04:32PM

littlemiss123 wrote: »

Ya, I just really don't know how I'm set anymore. One minute I'm confident, next minute I'm not. Haven't a clue if I'll fail them all or pass them all :-(

Anyone know does the FR interim examiner set the summer paper? We'll be fairly screwed if he/she does....

In hindsight, the interim paper's problem wasn't the difficulty just that he or she had a ridiculous notion of the time constraints involved.

PhilipLuke · 22-06-2013 04:50PM

The Little Fella wrote: »

In hindsight, the interim paper's problem wasn't the difficulty just that he or she had a ridiculous notion of the time constraints involved.

I reckon its goin to be awful hard!! That Interim Paper was colossal at the time and I reckon q 1 will have all the worst adjustments possible thrown in!!

Then you have a Consol q 2 and thats gonna take min an hour to do

littlemiss123 · 22-06-2013 04:55PM

The Little Fella wrote: »

In hindsight, the interim paper's problem wasn't the difficulty just that he or she had a ridiculous notion of the time constraints involved.

I totally agree with you. I did the interim again the last day and couldn't believe I got so stressed about it and thought it was that hard, it actually wasn't too difficult at all. I just got so stuck for time and got worked up that it seemed impossible.

So rule number 1: don't get stressed in the exam!

I'm deffo gonna abandon questions if I run out of time in the exam.

PhilipLuke · 22-06-2013 05:41PM

littlemiss123 wrote: »

I totally agree with you. I did the interim again the last day and couldn't believe I got so stressed about it and thought it was that hard, it actually wasn't too difficult at all. I just got so stuck for time and got worked up that it seemed impossible.

So rule number 1: don't get stressed in the exam!

I'm deffo gonna abandon questions if I run out of time in the exam.

Actually just looked at the Interim Paper god it was easy!! At the time it was hard though, time issue and the Dr and Cr were a bit rusty!!

autumnbelle · 22-06-2013 06:11PM

PhilipLuke wrote: »

Actually just looked at the Interim Paper god it was easy!! At the time it was hard though, time issue and the Dr and Cr were a bit rusty!!

Has anyone any tips on close company calculations? FR is gonna be major disaster for me

littlemiss123 · 22-06-2013 06:45PM

autumnbelle wrote: »

Has anyone any tips on close company calculations? FR is gonna be major disaster for me

Close company calc I'd say just know the layout and then make sure you know the different rules regarding loans to/from the company and whether to treat something as a distribution or a BIK cos they come up in small little parts and can be handy marks.

Quick questions on R&D credit on page 281 of the book, in the example given, the 4th line down, should the qualifying expenditure not be €140k instead of €120k? My understanding is that you take €100k limit (because the amount in 2012 is €120k) and then add on the incremental expenditure of €40k?

autumnbelle · 22-06-2013 07:07PM

littlemiss123 wrote: »

Close company calc I'd say just know the layout and then make sure you know the different rules regarding loans to/from the company and whether to treat something as a distribution or a BIK cos they come up in small little parts and can be handy marks.

Quick questions on R&D credit on page 281 of the book, in the example given, the 4th line down, should the qualifying expenditure not be €140k instead of €120k? My understanding is that you take €100k limit (because the amount in 2012 is €120k) and then add on the incremental expenditure of €40k?

I would have said 140 too looking at it as on the prev pg it say 100k plus incremental exp over the amount spent in base yr. close company it is tommorro so.

Miller1990 · 22-06-2013 08:45PM

littlemiss123 wrote: »

Close company calc I'd say just know the layout and then make sure you know the different rules regarding loans to/from the company and whether to treat something as a distribution or a BIK cos they come up in small little parts and can be handy marks.

Quick questions on R&D credit on page 281 of the book, in the example given, the 4th line down, should the qualifying expenditure not be €140k instead of €120k? My understanding is that you take €100k limit (because the amount in 2012 is €120k) and then add on the incremental expenditure of €40k?

I think it's limited to the expenditure incurred that year, haven't got it in front of me but from what i remember, the 120 was the R&D that year.

littlemiss123 · 22-06-2013 09:29PM

Miller1990 wrote: »

I think it's limited to the expenditure incurred that year, haven't got it in front of me but from what i remember, the 120 was the R&D that year.

So it's a max of €100k, or €100k plus the incremental expenditure subject to it not exceeding the current year expense?

collegeme · 22-06-2013 09:36PM

The Little Fella wrote: »

In hindsight, the interim paper's problem wasn't the difficulty just that he or she had a ridiculous notion of the time constraints involved.

That's the main problem with the FR paper in general. I've sat it twice now and timing was as much an issue as the interim paper. Only difference was in my opinion that the interim paper was quite easy and I passed that (just about) , again it was the lack of time that was where all the marks were lost.

littlemiss123 · 22-06-2013 09:46PM

collegeme wrote: »

That's the main problem with the FR paper in general. I've sat it twice now and timing was as much an issue as the interim paper. Only difference was in my opinion that the interim paper was quite easy and I passed that (just about) , again it was the lack of time that was where all the marks were lost.

Even if we had another half an hour in the summer paper I'm sure it would make all the difference!

Fingers crossed this new examiner has a bit more sympathy....

ted2767 · 22-06-2013 09:47PM

collegeme wrote: »

That's the main problem with the FR paper in general. I've sat it twice now and timing was as much an issue as the interim paper. Only difference was in my opinion that the interim paper was quite easy and I passed that (just about) , again it was the lack of time that was where all the marks were lost.

Guys I sat CAP 2 last year and passed I have one simple tip.
Time management is vital I did section b first in every paper and left the q1 to last its too easy and tempting to get lost in q1.
As for the individual subjects.
For tax just make sure you can do the last few years papers the same stuff comes up again and again.
Audit same story, different sectors and businesses but same risks.
SFMA is a marathon know your variances.
Financial reporting just take your time at the consol and have clear workings you'd be amazed how many marks you'd pick up. I thought I'd failed it last year but ended up passing well and that is what saved me.
Best of luck to everybody.
Enjoy Friday night!!

collegeme · 22-06-2013 09:56PM

ted2767 wrote: »

Guys I sat CAP 2 last year and passed I have one simple tip.
Time management is vital I did section b first in every paper and left the q1 to last its too easy and tempting to get lost in q1.
As for the individual subjects.
For tax just make sure you can do the last few years papers the same stuff comes up again and again.
Audit same story, different sectors and businesses but same risks.
SFMA is a marathon know your variances.
Financial reporting just take your time at the consol and have clear workings you'd be amazed how many marks you'd pick up. I thought I'd failed it last year but ended up passing well and that is what saved me.
Best of luck to everybody.
Enjoy Friday night!!

Thanks and congrats! I actually sat them in 2011 and took last year out. Agree with your tip on doing section Bs first. This year for FR consol. is no longer a Q1, at most I think it will be worth 20marks.
Good luck with the FAE study.

autumnbelle · 22-06-2013 09:59PM

littlemiss123 wrote: »

So it's a max of €100k, or €100k plus the incremental expenditure subject to it not exceeding the current year expense?

Its cant exceed actual expenditure so it cant be more than 120 its 100 plus incremental but cant exceed actual expenditure

littlemiss123 · 22-06-2013 10:01PM

ted2767 wrote: »

Guys I sat CAP 2 last year and passed I have one simple tip.
Time management is vital I did section b first in every paper and left the q1 to last its too easy and tempting to get lost in q1.
As for the individual subjects.
For tax just make sure you can do the last few years papers the same stuff comes up again and again.
Audit same story, different sectors and businesses but same risks.
SFMA is a marathon know your variances.
Financial reporting just take your time at the consol and have clear workings you'd be amazed how many marks you'd pick up. I thought I'd failed it last year but ended up passing well and that is what saved me.
Best of luck to everybody.
Enjoy Friday night!!

Thanks so much for the advice!!! Great to hear from someone who was successful and get their tips!! Also nice to get a reminder that it IS possible to pass all of these :-) best of luck with the FAEs!!

myshirt · 22-06-2013 10:17PM

Best of luck to everyone doing the exams next week.

Please please please remember this...

TIMING!!!!!!!!!!!!!

Be absolutely ruthless with your time; keep going; keep fighting.

PhilipLuke · 23-06-2013 10:43AM

ted2767 wrote: »

Guys I sat CAP 2 last year and passed I have one simple tip.
Time management is vital I did section b first in every paper and left the q1 to last its too easy and tempting to get lost in q1.
As for the individual subjects.
For tax just make sure you can do the last few years papers the same stuff comes up again and again.
Audit same story, different sectors and businesses but same risks.
SFMA is a marathon know your variances.
Financial reporting just take your time at the consol and have clear workings you'd be amazed how many marks you'd pick up. I thought I'd failed it last year but ended up passing well and that is what saved me.
Best of luck to everybody.
Enjoy Friday night!!

Hi thanks for the tips!!
I was wondering as I am from a small firm and havent got any feedback from past students, did you manage to complete all questions in each paper?

littlemiss123 · 23-06-2013 06:18PM

Literally cannot do anymore! So so sick of studying!

What's everyone's game plan for the last 24 hours? I've gone through the entire tax course again and thinking of just doing exam papers tomorrow....if I can even be bothered!!

PhilipLuke · 23-06-2013 06:23PM

littlemiss123 wrote: »

Literally cannot do anymore! So so sick of studying!

What's everyone's game plan for the last 24 hours? I've gone through the entire tax course again and thinking of just doing exam papers tomorrow....if I can even be bothered!!

Started revision this morning have gone through CGT SD and CAT and am revising loss relief at the moment. Goin to complete the course tonight and do Mock paper and 2012 paper tomorrow

littlemiss123 · 23-06-2013 06:41PM

PhilipLuke wrote: »

Started revision this morning have gone through CGT SD and CAT and am revising loss relief at the moment. Goin to complete the course tonight and do Mock paper and 2012 paper tomorrow

Ya I'm struggling a lot with loss relief, particularly group loss relief! Praying that q1 won't be a group loss but it hasn't been a main question in a long while so I have my suspicions...

autumnbelle · 23-06-2013 07:07PM

littlemiss123 wrote: »

Ya I'm struggling a lot with loss relief, particularly group loss relief! Praying that q1 won't be a group loss but it hasn't been a main question in a long while so I have my suspicions...

I can't remember half the conditions

gone through 5 papers I reckon close comp for question one or losses

PhilipLuke · 23-06-2013 07:14PM

autumnbelle wrote: »

I can't remember half the conditions gone through 5 papers I reckon close comp for question one or losses

Corp Tax Comp q1 id say def
Loss Relief or theory in part b of q 1

Its tough going dont know how these exams will go. Have a lot of work done but with time and exam pressures you never know!!

autumnbelle · 23-06-2013 07:19PM

PhilipLuke wrote: »

Corp Tax Comp q1 id say def
Loss Relief or theory in part b of q 1

Its tough going dont know how these exams will go. Have a lot of work done but with time and exam pressures you never know!!

Here's hoping they will go ok

littlemiss123 · 23-06-2013 07:42PM

PhilipLuke wrote: »

Corp Tax Comp q1 id say def
Loss Relief or theory in part b of q 1

Its tough going dont know how these exams will go. Have a lot of work done but with time and exam pressures you never know!!

2 things I think will definitely come up are:
The CGT relief on properties bought between 7 December 2011 and 31 December 2013
The change in retirement relief rules as of 1 January 2014

Mainly because they're topical and recent developments so I think we could be asked theory in relation to a q!

PhilipLuke · 23-06-2013 08:34PM

littlemiss123 wrote: »

2 things I think will definitely come up are:
The CGT relief on properties bought between 7 December 2011 and 31 December 2013
The change in retirement relief rules as of 1 January 2014

Mainly because they're topical and recent developments so I think we could be asked theory in relation to a q!

Theory I reckon he will just pick randomly as there is so much you could ask but R & D exp and CT three year exemption for start up seem to be favourites

ASOT2012 · 23-06-2013 08:34PM

littlemiss123 wrote: »

2 things I think will definitely come up are:
The CGT relief on properties bought between 7 December 2011 and 31 December 2013
The change in retirement relief rules as of 1 January 2014

Mainly because they're topical and recent developments so I think we could be asked theory in relation to a q!

Non resident companies is so topical too I can't see it not coming up!!

littlemiss123 · 23-06-2013 08:39PM

PhilipLuke wrote: »

Theory I reckon he will just pick randomly as there is so much you could ask but R & D exp and CT three year exemption for start up seem to be favourites

The summer 2012 paper was very theory based and from reading the examiner reports he said this didn't suit a lot of students and dropped the pass rate. Then the 2012 autumn was more computational based again which he said suited students more and there was a noticeable increase in the pass rate.

So it's tricky to decide whether he'll set a theoretical paper again or stick to computations!

littlemiss123 · 23-06-2013 08:39PM

ASOT2012 wrote: »

Non resident companies is so topical too I can't see it not coming up!!

I really hope not....find it very confusing :-/

ASOT2012 · 23-06-2013 08:39PM

PhilipLuke wrote: »

Theory I reckon he will just pick randomly as there is so much you could ask but R & D exp and CT three year exemption for start up seem to be favourites

I think R&D could come up too! There is so many rules though..I think get as many marks in the CT comp as possible and hope we know at least half the stuff after that !

ASOT2012 · 23-06-2013 08:42PM

littlemiss123 wrote: »

I really hope not....find it very confusing :-/

Pity we can't bring in colourful little diagrams to tax ha!

Cap 2 SFMA Assessment Study Group

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