FAE September 2013

so_bored.com · 27-08-2013 08:30AM

Can anyone tell me the journal entries for leases? Ive looked at the derry cotter cases, it gives extracts from sofp rather than journal entries? Or is it ok to do this in the exam?

upnorthchick · 27-08-2013 09:01AM

Surely you will have credit hp/lease with amount of credit offered just split between current liability less than one year and non current liability more than one year. Dr fixed assets or whatever it is purchased.

Every payment then cr bank dr non current liability regarding lease payments (net of interest)and dr interest expense on lease payments

Whiplash85 · 27-08-2013 09:50AM

Has anyone got the summary notes for IFRS 10,11 and 12 please? Would really appreciate it.

donkey10 · 27-08-2013 10:22AM

Are people doing executive summaries for the sims....it just doing it for the comp?

Padkir · 27-08-2013 11:09AM

donkey10 wrote: »

Are people doing executive summaries for the sims....it just doing it for the comp?

I didn't for the mocks but I might for the real thing...

Exec summaries don't really "go" in memos but it's a really good way of ensuring that you blatantly conclude on anything that needs concluding on.

donkey10 · 27-08-2013 11:28AM

Padkir wrote: »

I didn't for the mocks but I might for the real thing...

Exec summaries don't really "go" in memos but it's a really good way of ensuring that you blatantly conclude on anything that needs concluding on.

Yeah I was thinking that, just that going through the cases for the sims they don't seem to do exec summaries for them, but I supose it's a matter of whether we have the time to do them with sims

upnorthchick · 27-08-2013 11:47AM

Anybody finding it hard to start doing a solution. I can do a plan and everything but just seem to crack open the solution to see if I'm on the right track. My genuine thinking on it is that I'll get through more cases and therfore more scenarios. Bad idea?

Padkir · 27-08-2013 11:50AM

donkey10 wrote: »

Yeah I was thinking that, just that going through the cases for the sims they don't seem to do exec summaries for them, but I supose it's a matter of whether we have the time to do them with sims

Yeah that's true. I don't think you'd be in any way penalised for it though, so well worth doing anyway if only to get the corrector on side with a clear layout. One minute writing after each indicator is all that's needed to give a conclusion.

so_bored.com · 27-08-2013 12:06PM

Does anyone know if any credit is given for RC in elective? Or how many times roughly you'd need to be getting competent?

Dmac_Aca12 · 27-08-2013 12:09PM

Hi guys when calculating gearing some questions use

Debt/ ( equity+ debt ) and other s use debt/equity

Which is correct or is there a reason you use each one at different times

ZeroTFA · 27-08-2013 12:26PM

so_bored.com wrote: »

Does anyone know if any credit is given for RC in elective? Or how many times roughly you'd need to be getting competent?

Yeah the elective is based on sufficiency which per the board reports:

"This is measured by allocating a value to each “Reaching Competence” attained by the candidate, and a higher value to “Competent” and “Highly Competent”.

I suppose for the overall value needed or cut off point for this will be set when marking begins and they see how everyone is doing relatively. I'd imagine to be sure you would want to get at least RC in them all and possibly 3x competent but that's just my view.

Lol2013 · 27-08-2013 12:37PM

so_bored.com wrote: »

Can anyone tell me the journal entries for leases? Ive looked at the derry cotter cases, it gives extracts from sofp rather than journal entries? Or is it ok to do this in the exam?

Are yo sure.. It does give the j/e on the page after the lease workings

Lol2013 · 27-08-2013 12:44PM

Lol2013 wrote: »

Did anyone do Swetter Gyms. wHAT did they mean by cancelling the shares

Also what's the story with the practising certificate in surf shop

ALos is a sharebuy back only for unquoted companies

Lol2013 wrote: »

Wow guys how do these people calculate gearing and interest cover.

My answer is always diff to the one in the solution e.g swetter gym and global tech

Lol2013 wrote: »

Who thinks there is a chance of issues like CAT and AGRI-RELIEF coming up

Anyone on the above.. please

Lol2013 · 27-08-2013 12:45PM

Dmac_Aca12 wrote: »

Hi guys when calculating gearing some questions use

Debt/ ( equity+ debt ) and other s use debt/equity

Which is correct or is there a reason you use each one at different times

Oh ya..my figures seem to be different to the solution

lala1987 · 27-08-2013 01:01PM

upnorthchick wrote: »

Anybody finding it hard to start doing a solution. I can do a plan and everything but just seem to crack open the solution to see if I'm on the right track. My genuine thinking on it is that I'll get through more cases and therfore more scenarios. Bad idea?

Exact same approach as me. I'm kinda worried its wrong approach. But I figure if I get down all the main points in plan- whatever way I write them have to get competent. What u think?

walshing · 27-08-2013 01:02PM

for the 2012 sim 3 Call management solutions, where did they get that employee levels need to stay within 2%, i cant for life of me figure it, or i just clean missed something somewhere

Anyone find that u do out a plan, think that ur is pretty much on the right track, then look at the solution and u forgot to link it to loads of stuff and say, why didn't i think of that... sure i'll get that on the day?

I hope the pressure on the day kicks my head into action and i start thinking of everything cause at moment i love going in straight lines

Lol2013 · 27-08-2013 01:03PM

upnorthchick wrote: »

Anybody finding it hard to start doing a solution. I can do a plan and everything but just seem to crack open the solution to see if I'm on the right track. My genuine thinking on it is that I'll get through more cases and therfore more scenarios. Bad idea?

That's exactly the same approach I'm taking.

As I have not done enough cases

upnorthchick · 27-08-2013 01:14PM

walshing wrote: »

for the 2012 sim 3 Call management solutions, where did they get that employee levels need to stay within 2%, i cant for life of me figure it, or i just clean missed something somewhere

Anyone find that u do out a plan, think that ur is pretty much on the right track, then look at the solution and u forgot to link it to loads of stuff and say, why didn't i think of that... sure i'll get that on the day?

I hope the pressure on the day kicks my head into action and i start thinking of everything cause at moment i love going in straight lines

Yes completely the same as yourself. Hoping for the best..

upnorthchick · 27-08-2013 01:44PM

lala1987 wrote: »

Exact same approach as me. I'm kinda worried its wrong approach. But I figure if I get down all the main points in plan- whatever way I write them have to get competent. What u think?

I'm just hoping I can link through and get competent in bl and pm and few competents in others but none below rc.
Think it's how you interpret the case and being really clear minded

Dmac_Aca12 · 27-08-2013 02:03PM

Anyone feeling that they are just starring at there book and feeling so tired ur debating mind day naps

Padkir · 27-08-2013 02:23PM

ZeroTFA wrote: »

Yeah the elective is based on sufficiency which per the board reports:

"This is measured by allocating a value to each “Reaching Competence” attained by the candidate, and a higher value to “Competent” and “Highly Competent”.

I suppose for the overall value needed or cut off point for this will be set when marking begins and they see how everyone is doing relatively. I'd imagine to be sure you would want to get at least RC in them all and possibly 3x competent but that's just my view.

I got sufficiency of 2 in the mocks with, based on the suggested solution and the marker's comments, 2 Cs, 4 RCs and 4 NCs. Take from that what you want, but I reckon if I turned 2/3 of those NCs into RCs, that would do it.

Lol2013 · 27-08-2013 02:26PM

walshing wrote: »

Anyone find that u do out a plan, think that ur is pretty much on the right track, then look at the solution and u forgot to link it to loads of stuff and say, why didn't i think of that... sure i'll get that on the day?

I hope the pressure on the day kicks my head into action and i start thinking of everything cause at moment i love going in straight lines

Dmac_Aca12 wrote: »

Anyone feeling that they are just starring at there book and feeling so tired ur debating mind day naps

Same here.
My mind is numb.
I don't even see things clearly

Lol2013 · 27-08-2013 02:34PM

Can anyone clarify reconstruction relief please:

iS THERE a clAwback for CGT or is it just for Stamp duty if sold before 2yrs
Esp 2/3 share swap

Can you still t/f goods within companies (cgt and stamp duty free) if you use

ZeroTFA · 27-08-2013 03:00PM

Lol2013 wrote: »

Can anyone clarify reconstruction relief please:

iS THERE a clAwback for CGT or is it just for Stamp duty if sold before 2yrs
Esp 2/3 share swap

There is no clawback for the individual in a 2 or 3 party swap but there can be an issue with the New company which receives the trade in a 2 party swap.

A 2 Party swap has clawback for CGT as it uses CGT group relief provisions on the transfer of the trade to the newly formed company, so the usual 10 year clawback applies.

It's not on the course but the other option is for relief under the Merger's directive but the clawback is still substantial at 6 years instead of 10.

That is my understanding from my study in the IATI exams

so_bored.com · 27-08-2013 03:09PM

Padkir wrote: »

I got sufficiency of 2 in the mocks with, based on the suggested solution and the marker's comments, 2 Cs, 4 RCs and 4 NCs. Take from that what you want, but I reckon if I turned 2/3 of those NCs into RCs, that would do it.

I hope your right lol, looking at elective past papers some of the solutions are very detailed and a lot of info needed to achieve competent.. Scary

Lol2013 · 27-08-2013 03:11PM

ZeroTFA wrote: »

There is no clawback for the individual in a 2 or 3 party swap but there can be an issue with the New company which receives the trade in a 2 party swap.

A 2 Party swap has clawback for CGT as it uses CGT group relief provisions on the transfer of the trade to the newly formed company, so the usual 10 year clawback applies.

I'm confused the book says there is no clawback

On page 133 under conditions for relief it says acquiring company has to hold shares for 2 years. Then on page 148 under the example it says if the individual disposes of the shares w/n 2years there is no clawback of the CGT relie(as it is reconstruction relief) or of stamp duty relief(as it is a three party swap)

Lol2013 · 27-08-2013 03:37PM

Also how did they get the Proceeds of €724,800 in bay trading and overhead allocated on basis of turnover

ZeroTFA · 27-08-2013 03:42PM

Lol2013 wrote: »

I'm confused the book says there is no clawback

On page 133 under conditions for relief it says acquiring company has to hold shares for 2 years. Then on page 148 under the example it says if the individual disposes of the shares w/n 2years there is no clawback of the CGT relie(as it is reconstruction relief) or of stamp duty relief(as it is a three party swap)

In the different swaps just remember who is acquiring the shares:

2 Party swap - Existing company
3 Party Swap - Existing shareholders

Pg 148 is a 3 party swap and for a 3 party swap the 2 year clawback for stamp duty does not arise for the individual under s80 of the act (although this does not always seems to be applied throughout the cases).

But for a 2 party swap there is a 2 year clawback for the existing company if it disposes of the newly acquired shares i.e. Pg 133

AB6891 · 27-08-2013 03:47PM

Hi All,

If the company in question in the exam is on the ISE, is the Irish Corporate Governance Annex the main port of call over the UK Code in all aspects?

myshirt · 27-08-2013 03:47PM

Anyone doing Tax Elective or Audit Elective....

Anything you came across in your studies that would be ideal for core? Please share.

Also, di someone say they were looking for a FR mind map? What one? I am too lazy to read back through the thread, but I am sure someone said something earlier when I was looking at this on my phone.

Really getting to the business end of things here... so hard to keep going... it is nearly 4 o clock, and if I told you I got 2 hours of quality study done today I would be being generous; this all in the context of getting up this morning with the intention of 10 hours quality study.

Ahhhhhh!!!! :pac:

FAE September 2013

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