FAE September 2013

Tricky1979 · 25-08-2013 03:36PM

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.

is IFRIC 13 on the course?!

so_bored.com · 25-08-2013 03:36PM

Dmac_Aca12 wrote: »

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 .

Yeah iv been mainly focusing on derry cotters book, i seem to know a lot of the main principles but sometimes cant identify an FR indicator in an exam an i dont always get the journals correct

so_bored.com · 25-08-2013 03:42PM

Dmac_Aca12 wrote: »

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

Yeah im hoping for flexiblilty with the solutions! Its just sometimes disheartening when your putting all your effort into practising cases and when your answer isnt the exaxt same as the solution its difficult to judge how you would have done

Lol2013 · 25-08-2013 03:51PM

so_bored.com wrote: »

Yeah im hoping for flexiblilty with the solutions! Its just sometimes disheartening when your putting all your effort into practising cases and when your answer isnt the exaxt same as the solution its difficult to judge how you would have done

I know what you mean..
Just finished runways and my str and fin risk were totally diff to theirs. only two were the same..shocking

Lol2013 · 25-08-2013 03:51PM

Tricky1979 wrote: »

is IFRIC 13 on the course?!

No

Shane732 · 25-08-2013 04:02PM

Tricky1979 wrote: »

is IFRIC 13 on the course?!

Well IFRIC 13 deals with a specific part of IAS 18 so I guess you could make the argument that it is on the course.

Having said that we're not going to get anything detailed on it. If something does come up then it'll be a basic customer loyalty question I'd say.

lala1987 · 25-08-2013 04:10PM

Thanks in advance if anyone can help with this.
In southern fisheries, there is an onerous contract provision for 2 mill of the binding contract but not the total four mill they are going to supply.
How come only prob for 2 mill and not 4 mill?
Thanks.

Joziburg · 25-08-2013 05:22PM

Did anybody ever get the solutions to these questions? I know the first page of the document says "Questions & Solutions" but they were not attached

ted2767 · 25-08-2013 05:54PM

lala1987 wrote: »

Thanks in advance if anyone can help with this.
In southern fisheries, there is an onerous contract provision for 2 mill of the binding contract but not the total four mill they are going to supply.
How come only prob for 2 mill and not 4 mill?
Thanks.

The first 2 m is written off against closing inventory.

The remaining 2 m is a provision

Shane732 · 25-08-2013 07:13PM

Is decentralisation on our course?

Kingdomkerry · 25-08-2013 07:15PM

Struggling big time in Auditing. I'm distraught after doing the simulations question in 2012 & 2011 papers. When you look at the solutions it looks easy but I can never seem to nail under pressure.

I need to spend a day going over all the auditing indicators. Any tips on how to achieve improve my auditing answers?

DonnaDarko09 · 25-08-2013 07:27PM

Hi all, Just wondering if anyone can help...is there a SD relief for purchase of intangibles (like goodwill)? Just looking at indicator 1 for Telco case and

Mark1916 · 25-08-2013 08:44PM

Took the day off today studying just making sure folders etc are sorted I have one folder with my summary notes ill take in other stuff but ill prob not have time to use it. Ready now to give it a good week

upnorthchick · 25-08-2013 08:55PM

Mark1916 wrote: »

Took the day off today studying just making sure folders etc are sorted I have one folder with my summary notes ill take in other stuff but ill prob not have time to use it. Ready now to give it a good week

I still haven't got round to sorting files. Prob do that some might after study. I'm not doing a summary file I don't think. Kinda worried now wouldn't know where to start

ZeroTFA · 25-08-2013 09:05PM

DonnaDarko09 wrote: »

Hi all, Just wondering if anyone can help...is there a SD relief for purchase of intangibles (like goodwill)? Just looking at indicator 1 for Telco case and

Yeah s101 of the stamp duty act means that no stamp duty is charged on intellectual property such as patents, trademarks, brands, copyright etc.

For goodwill I think the trade has to derive most of its value from intellectual property to qualify but i'm open to correction on that.

walshing · 25-08-2013 09:14PM

planning pulling out all the management accounting indicators tomorrow, very weak at ma, good/ bad idea?

walshing · 25-08-2013 09:21PM

Dmac_Aca12 wrote: »

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 .

how long that take you? i have done the book but forgot to do out journals, thinking they might be handy nw?

upnorthchick · 25-08-2013 10:54PM

Just wondering what everyone's plans are for the last week? I'm contemplating doing some management and business finance a day then back into cases more specifically past papers. And sort files in an order that I'm happywith. Sound ok?

Tricky1979 · 25-08-2013 11:15PM

ted2767 wrote: »

The first 2 m is written off against closing inventory.

The remaining 2 m is a provision

hi ted - can you pls explain the meaning of the first w/o against cl inv? thks

ted2767 · 25-08-2013 11:31PM

Tricky1979 wrote: »

hi ted - can you pls explain the meaning of the first w/o against cl inv? thks

If my memory serves me correctly they had a contract for €4m.
€2m was to be provided from the inventory at year end.
In accordance with IAS 2 the closing inventory was written down (I think they offered €2.50 per kg and the company had been valued their inventory at €2.56).
The other €2m was to be supplied in the new year from inventory not yet processed, therefore a provision had to be provided for, this will reflect the loss that will be made on the onerous contract.

Now I haven't looked at it for a while but to the best of my recollection that should explain the treatment.

myshirt · 25-08-2013 11:37PM

Bang on Ted.

My recollection also.

Crafty question I thought though; hits you right in the gonads.

ted2767 · 25-08-2013 11:43PM

Yeah I guess you just have to keep your wits about you with these things and stop and think about it logically.
Hopefully that way you can do these sorta indicators accurately first time and make up time for the others.

so_bored.com · 25-08-2013 11:58PM

upnorthchick wrote: »

I still haven't got round to sorting files. Prob do that some might after study. I'm not doing a summary file I don't think. Kinda worried now wouldn't know where to start

Im the same dont have a summary file an dont think i will have time to do one i have so much to look at this week

so_bored.com · 26-08-2013 12:02AM

Has anyone got a summary or mindmaps ir any sort of document with some of the main journal adjustments for the msin stamdards? Realy struggling with fr

deeacc · 26-08-2013 11:06AM

hey, could anyone explain in IFRS 5 - do you re-measure the assets of the division to be sold to fair value less costs to sell prior to reclassification?
I have seen two different questions with two different solutions to this :eek:

upnorthchick · 26-08-2013 11:14AM

deeacc wrote: »

hey, could anyone explain in IFRS 5 - do you re-measure the assets of the division to be sold to fair value less costs to sell prior to reclassification?
I have seen two different questions with two different solutions to this :eek:

Was there any specific difference between assets being sold in one of the questions compared to the other?
If assets originally accounted for under cost model and or impaired will be treated different than those accounted for under revaluation model.
Look at examples in back of ifrs .... You know the booklet we got for class with all ifrs and standards in?

deeacc · 26-08-2013 11:28AM

upnorthchick wrote: »

Was there any specific difference between assets being sold in one of the questions compared to the other?
If assets originally accounted for under cost model and or impaired will be treated different than those accounted for under revaluation model.
Look at examples in back of ifrs .... You know the booklet we got for class with all ifrs and standards in?

First the assets had been revlaued to their NBV and then reclassified into "disposal group held for sale - current asset" - then re-measured at fair value less costs to sell with an impairment being credited from the current asset - when doing a solution similar to this in one of the classes we where told to impair the asset prior to reclassification - think i mite be confusing myself with this one

upnorthchick · 26-08-2013 11:32AM

deeacc wrote: »

First the assets had been revlaued to their NBV and then reclassified into "disposal group held for sale - current asset" - then re-measured at fair value less costs to sell with an impairment being credited from the current asset - when doing a solution similar to this in one of the classes we where told to impair the asset prior to reclassification - think i mite be confusing myself with this one

You do impair first then transfer to asset held for sale.
Honestly look at the appendix examples 1 2 then look at 4 and see the difference. Write a table out to show how is affected.

deeacc · 26-08-2013 11:35AM

upnorthchick wrote: »

You do impair first then transfer to asset held for sale.
Honestly look at the appendix examples 1 2 then look at 4 and see the difference. Write a table out to show how is affected.

Il get it on it now - thanks for the help :P

so_bored.com · 26-08-2013 11:40AM

upnorthchick wrote: »

Was there any specific difference between assets being sold in one of the questions compared to the other?
If assets originally accounted for under cost model and or impaired will be treated different than those accounted for under revaluation model.
Look at examples in back of ifrs .... You know the booklet we got for class with all ifrs and standards in?

Which booklet was this?

FAE September 2013

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