FAE September 2013

elizabeth28 wrote: »

Hi Lexicon of verb link is in email sent from institute

Has anyone a copy of the sample exam Papers - i see them in the Case reference attached or can you guide me where to find them

Thanks

ANYONE GUYS???????

??????????????????

Lol2013 wrote: »

lexicon

Hi lol - thanks but i not looking them - i was replyin to some1 else

i am looking for the sample exam papers and solutions that are in the reference of cases studies

thanks

Lol2013 wrote: »

So are you saying it is possible for a group to be listed while the subsidiary is not?

I actually don't know

U would assume that subsid should be listed if parent is...but Has anyone any other take on this?

Is anyone still feeling that they cant get a good attempt at some cases??
Really feeling like this is a losing battle! Not getting any better at cases

donkey10 wrote: »

U would assume that subsid should be listed if parent is...but Has anyone any other take on this?

subsidiaries of public companies don't have to be listed... HSBC, RBS, Barclays, Telefonica (ie o2) all have private subsidiaries.. prob loads more

if you think about it's strategy - organisin your operations and limiting risk to an extent. i've seen private subsidiaries of public companies go into liquidation and the plc carries on

finished for day, day off tomorrow...............heading out for the day, dont think ive ever been so excitied about leaving the house!

Really behind on the Audit Elective, any advice on what to cover to do for it at this stage?

thinking of just going through the cases from the institute site, the ones off the planning schedule e.g. ebony, dexter mulligan all the way through

then doing all the past papers and mocks?
i didnt do bad in the 2013 mock but it seems there is a lot of specific things that weren't asked on it.

donkey10 wrote: »

U would assume that subsid should be listed if parent is...but Has anyone any other take on this?

That's not correct at all. The vast majority of listed companies have private limited companies sitting underneath them somewhere in there group structure.

Some paper I was looking at recently, think it was 2012, involved a reorganisation of two companies into a holding company structure. The holding company obtained a listing while the two companies underneath remained limited private companies.

upnorthchick wrote: »

Fair value of the redeemable amount of vouchers should be in deferred revenue as a provision.
Any consideration received should be recorded less the fv of voucher received.
Assumed then dr revenue cr deferred revenue as in provision for any liability of a redeemable voucher? Hence the fair value taken off consideration?

How do we account for the issued vouchers ie the j/e
Why are we recording redeemed vouchers as revenue eg say I issued a voucher for 20euro. I'll dr p/l cr voucher as a liability. So if someone comes in and buys an item say 100euro and wants to use the 20euro voucher i'll

Cr rev 100
DrBank 80
Dr voucher liability 20

I don't think that makes sense???

Or the voucher is not a liability but as you say a deferred revenue

It's so confusing

hi, just wondering what are the implications for a plc if they receive a qualified audit opinion? do they have to report to anyone or announce at a s/h meeting - just trying to be ready for any different scenarios that might come up

Suarez20 wrote: »

hi, just wondering what are the implications for a plc if they receive a qualified audit opinion? do they have to report to anyone or announce at a s/h meeting - just trying to be ready for any different scenarios that might come up

Say nothing and give yourself a big pay rise!

upnorthchick wrote: »

Surely then we would dr bank money received for vouchers then credit provision? Then those redeemed dr provision credit revenue?

So taken the fact you buy voucher at 20 record it like Dr bank credit provision

Then use voucher for 100 purchase
Dr provision 20
Dr bank 80
Credit revenue 100

bUT HOW WOULD YOU RECORD AN Issued voucher.

The point of a voucher is that it's for free

Which was why I was recording issued voucher as
cr prvision of voucher in CL 20
DR P/L provision for voucher 20

Then when that person with the 20 euro voucher comes in they buy somn for 100euro
you
dr bank 80
cr provision in sofp 20
cr rev 100

bUT that means the initial 20 would have to have been reorded in revenue as a debit in p/l

AAAAAAAAAARGH
This is driving me crazy

Just a quick Q re appendices- when ye are reading the cases, do ye read the appendix when it is referred to in the case or do ye read through the whole case before referring to the appendices? So like if it said meeting notes are in appendix A; would you go and read them immediately or continue and read the appendix at the end. I usually read through but i'm just wondering how other people approach this. I tend to take off in a rant scribbling notes as I go along and by the time I get to the appendices I realise half of them aren't relevant cause there looking for something else! I'm a disaster with time so I really need a plan!

Lol2013 wrote: »

bUT HOW WOULD YOU RECORD AN Issued voucher.

The point of a voucher is that it's for free

Which was why I was recording issued voucher as
cr prvision of voucher in CL 20
DR P/L provision for voucher 20

Then when that person with the 20 euro voucher comes in they buy somn for 100euro
you
dr bank 80
cr provision in sofp 20
cr rev 100

bUT that means the initial 20 would have to have been reorded in revenue as a debit in p/l

AAAAAAAAAARGH
This is driving me crazy

Assuming you're giving a free voucher worth, say, €20 with a purchase its necessary to attribute a cost to the vouchers based on the likely % of vouchers not redeemed at the period end and turnover of sales on which vouchers were issued.

You defer the amount until voucher is redeemed or no longer valid.