FAE September 2013

Muzi5434 · 24-08-2013 09:34PM

I read a few pages back that some people were finding change management a bit difficult (myself included), so prepared this document today and hope it benefits people. Sorry for the bad handwriting

upnorthchick · 24-08-2013 09:51PM

Lol2013 wrote: »

No no you are not lol.
wHERE IN THE p/l would the provision go...WOULD it be in revenue cos if it is not the journal below of cr rev with 100 would mean revenue is overstated

The reason I ask is if the person gives us the voucher of 20euro after buying 100euro worth of goods
and I record the transaction in the following manner
CR REV 100
DR PROV FOR VOUCHER IN CURRENT LIAB 20
DR Bank 80

Sorry bout this..that question is just doing my head in lol

Lol Yea it's annoying me now too Let's hope doesn't come up but think it's been answered above by diver I think

Shane732 · 24-08-2013 09:57PM

diverm2 wrote: »

IFRIC 13 has guidance on this. No entry takes place on giving out the price discount voucher, unless it results in the underlying product being sold at a loss, therefore it's an onerous contract under IAS37.
When redeemed it's set against revenue : DR Revenue, CR Bank

Page 5 of attached might help.

A provision would be created at the period end for the unredeemed vouchers though.

Lol2013 · 24-08-2013 10:04PM

Shane732 wrote: »

What's your journal when you gave the €20 voucher out? What terms was the original voucher given out? For example did the person buy, say, €200 worth of goods and get a voucher for €20?

No im just giving out a 20euro voucher for free

My journal was
cr current liability 20
dr p/l 20

but according to diverm I don't need to record a journal just for issuing out a vouchr

Lol2013 · 24-08-2013 10:05PM

diverm2 wrote: »

IFRIC 13 has guidance on this. No entry takes place on giving out the price discount voucher, unless it results in the underlying product being sold at a loss, therefore it's an onerous contract under IAS37.
When redeemed it's set against revenue : DR Revenue, CR Bank

Page 5 of attached might help.

Now I'm even more confused

So if someone comes in buys 200 euro worth of goods. I give a voucher for 20euro

The journals are
dr bank 200
cr rev 180
cr def rev 20

wHEN DO I DR def rev. the journal will be dr def rev 20 and cr revenue...but what will have to happen for me to do that

upnorthchick · 24-08-2013 10:10PM

Lol2013 wrote: »

Now I'm even more confused

So if someone comes in buys 200 euro worth of goods. I give a voucher for 20euro

The journals are
dr bank 200
cr rev 180
cr def rev 20

wHEN DO I DR def rev. the journal will be dr def rev 20 and cr revenue...but what will have to happen for me to do that

When the voucher is used? So dr provision cr revenue?

Lol2013 · 24-08-2013 10:11PM

Shane732 wrote: »

A provision would be created at the period end for the unredeemed vouchers though.

How will that be done.

Ahh I'm so confused I'm going to bed

Lol2013 · 24-08-2013 10:14PM

upnorthchick wrote: »

When the voucher is used? So dr provision cr revenue?

Ok thanks...but what I don't understand is y am I reducing the rev by 20 if im gonna come come to use this voucher that wasn't for the goods previousl y bought.

I give up im not gonna think about it anymore

gh001 · 24-08-2013 10:59PM

Hi all,
Does anyone have an email for Paul Monaghan, my head is wrecked with corporate gov... cannot get clear in my mind the difference between an non executive directors and an independent non exec director. When it is a small company and therefore only needs 2 NED is it sufficient that these are NED's and not INED's. I know that probably sounds like a retarded question but just catches me all time.

Also does anyone have the Vortechs case Paul Monaghan talked about at the Mock review, I just cant seem to find it.

Thanks a mil,

Losing the will to live at this stage!!

upnorthchick · 24-08-2013 11:21PM

Most companies in Ireland are small. Small relates to not being on ftse 350 and any Ltd Co going for flotation will not be classed as large enough for this. Independent is no prior relationship with company or with any directors within the company. Need at least two independent executive directors not including the chairman. An executive director could be son of ceo but doesn't work in company and is not independent because of relationship with ceo.

lala1987 · 24-08-2013 11:36PM

Is enver plastics the only variance case?

Thanks.

upnorthchick · 24-08-2013 11:37PM

Yea that's first I've seen.

CHARTEREDEXAMS · 25-08-2013 12:05AM

gh001 wrote: »

Hi all,
Does anyone have an email for Paul Monaghan,

Paul stated he wasn't responding to any email after 31st July.

Lol2013 · 25-08-2013 11:54AM

Hmmm.... guys I find I don't write my answers like the way the solution does. Instead of saying increased staff turnover, I might write more staff leaving/increased loss of staff...which is weird considering if I want to say that in real life I would say increased staff turnover if I'm explaining something to someone..but in the heat of the moment when there are so many thoughts in my head the first thing I think to write is more staff leaving..now I'm worried that I might not get my point across or my answer will be lost in different phraseology.

They write in this concise and brief way whereas I go in roundabouts

myshirt · 25-08-2013 12:00PM

But they write draft after draft, and they nearly have the solution written before the question.

Us on the other hand, we gotta cope in high pressure mode.

Just wondering... anyone who is repeating here... how did ye get on in the mocks... actually, on that, did anyone here pass the bulk of the bloody thing

so_bored.com · 25-08-2013 12:48PM

Has anyone looked at the journal entries for share options? Looking at the question in the casestudy book but cant understand why the credit osc and share premium... When is a share premium account used?

upnorthchick · 25-08-2013 12:56PM

Share premium account used if shares sold at premium price above nominal value. I'm open to correction though

so_bored.com · 25-08-2013 01:03PM

upnorthchick wrote: »

Share premium account used if shares sold at premium price above nominal value. I'm open to correction though

Yeah your right, i understand the journal entries now, thanks

Lol2013 · 25-08-2013 01:18PM

Lol2013 wrote: »

Hmmm.... guys I find I don't write my answers like the way the solution does. Instead of saying increased staff turnover, I might write more staff leaving/increased loss of staff...which is weird considering if I want to say that in real life I would say increased staff turnover if I'm explaining something to someone..but in the heat of the moment when there are so many thoughts in my head the first thing I think to write is more staff leaving..now I'm worried that I might not get my point across or my answer will be lost in different phraseology.

They write in this concise and brief way whereas I go in roundabouts

myshirt wrote: »

But they write draft after draft, and they nearly have the solution written before the question.

Us on the other hand, we gotta cope in high pressure mode.

Just wondering... anyone who is repeating here... how did ye get on in the mocks... actually, on that, did anyone here pass the bulk of the bloody thing

Hopefully they take that into consideration!

lexluthor · 25-08-2013 01:40PM

Guys question re Ethics in O'Reilly Mortgages -
Narrative read
"Included in this meeting was yourself as audit senior, one of the audit managers, Owen Jackson, and one of the management consultancy partners, Susan Fields. Susan has been doing extensive management consultancy work with this client, which includes reviewing forecasts and other analyses, interpreting financial results and counselling on the business expansion.
Some of Susan’s staff have also been assisting the internal audit department within O’Reilly Mortgages, implementing a new control system for the internet banking side of the business. Susan had some background information on O’Reilly Mortgages and the document circulated during the meeting is contained in Appendix 1."

In relation to the part in Bold - which Non Audit Service per ES-5 would this work fall into? Particularly the first one?
The second one is rather clear either Internal Audit or Information mgmt..
Any help would be much appreciated.

womandriver · 25-08-2013 01:46PM

Does anyone else find it difficult to figure out what they want you to do in some of the BL indicators?

E.g. Eflashfashions - "big picture assessment on strategy" meant they wanted a SWOT analysis.

I had thought they wanted an assessment of their current strategy of online trading, no shops, liberal returns policy etc. as in is it the right strategy and make suggestions. Instead they just gave a SWOT in solution. Is a SWOT not a strategic position analysis, not an analysis of actual strategy? or is it?

Does anyone else find this? How do you know what they want?

Lol2013 · 25-08-2013 01:49PM

lexluthor wrote: »

Guys question re Ethics in O'Reilly Mortgages -
Narrative read
"Included in this meeting was yourself as audit senior, one of the audit managers, Owen Jackson, and one of the management consultancy partners, Susan Fields. Susan has been doing extensive management consultancy work with this client, which includes reviewing forecasts and other analyses, interpreting financial results and counselling on the business expansion.
Some of Susan’s staff have also been assisting the internal audit department within O’Reilly Mortgages, implementing a new control system for the internet banking side of the business. Susan had some background information on O’Reilly Mortgages and the document circulated during the meeting is contained in Appendix 1."

In relation to the part in Bold - which Non Audit Service per ES-5 would this work fall into? Particularly the first one?
The second one is rather clear either Internal Audit or Information mgmt..
Any help would be much appreciated.

Just actually finished that question wasn't too bad..but I was not sure of that myself..it's just general business advisory and consultancy service

so_bored.com · 25-08-2013 01:50PM

womandriver wrote: »

Does anyone else find it difficult to figure out what they want you to do in some of the BL indicators?

E.g. Eflashfashions - "big picture assessment on strategy" meant they wanted a SWOT analysis.

I had thought they wanted an assessment of their current strategy of online trading, no shops, liberal returns policy etc. as in is it the right strategy and make suggestions. Instead they just gave a SWOT in solution.

Does anyone else find this? How do you know what they want?

Yeah i find it really difficult to identify what they want! And to get competent a lot of the time its very specific!
I always hope the criteria is actually abit more flexible because i can't see how everyone would be inclined to structure there answer in the same way

upnorthchick · 25-08-2013 02:26PM

so_bored.com wrote: »

Yeah your right, i understand the journal entries now,

No problem!

lala1987 · 25-08-2013 02:33PM

What's people's attitudes to calculations are they taking the appendix at the back approach? I don't like that too much! Moving forward and back through pages can be time wasting?

DonnaDarko09 · 25-08-2013 02:53PM

Starting to worry here..finished most of the cases and still finding it difficult to spot some indicators..and where I did my suggested solution does not reach competent most of the times.. Any one else still finding it difficult just spotting the indicators? Im Starting to look back over integrated cases in pack they gave us.. Building Fixes - I listed 5 indicators..solution has 3..eek I honestly feel I could just take this whole week off and still be in exact same position come D-Day lol

Shane732 · 25-08-2013 03:01PM

womandriver wrote: »

Does anyone else find it difficult to figure out what they want you to do in some of the BL indicators?

E.g. Eflashfashions - "big picture assessment on strategy" meant they wanted a SWOT analysis.

I had thought they wanted an assessment of their current strategy of online trading, no shops, liberal returns policy etc. as in is it the right strategy and make suggestions. Instead they just gave a SWOT in solution. Is a SWOT not a strategic position analysis, not an analysis of actual strategy? or is it?

Does anyone else find this? How do you know what they want?

Yup I agree with you. The strategy indicators can be tough to decipher.

Dmac_Aca12 · 25-08-2013 03:26PM

I passed core last year and believe me what I wrote half the time was nt even similar to the solution so if everyone picks something up a certain way then that becomes the threshold. The solutions are very subjective. If u make sence with what ur saying and follow through with a conclusion u will get there

so_bored.com · 25-08-2013 03:28PM

Im really struggling with FR, have a competent in the assessment from last year but still panicking about this area.. Any advice?

Dmac_Aca12 · 25-08-2013 03:31PM

I just done Derry cotters book to death and had everything tabbed to the last. Done out a little guide of key points of each IAS and the relating journal. There is nt enough in the exam papers .

FAE September 2013

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