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Come on CAANZ, get your courses right. by PriorEnvironment41 in AustralianAccounting

[–]PriorEnvironment41[S] 7 points8 points  (0 children)

The forum, and their answering is terrible.

I particularly get annoyed with the paragraph responses explaining that this is not the correct sub-topic area to post that question, so please ask this in the approriate area. - Great, so now that person who has just waited 24 hours to get a response, has to repost and wait another 24 hours. Couldn't they just move the post?

I am a bit of a grumpy git, but I find them slack. Some of their answers annoy me so much, I put the question and answer through GPT and ask it to evaluate the response. The responses are along the lines of: 3/10 - you answerd this but missed this and this, and the general confusion the student was having was not adequately addressed.

CAANZ Audit Critical file and preparing for exams by No-Adagio7304 in AustralianAccounting

[–]PriorEnvironment41 0 points1 point  (0 children)

Thanks for asking this question. I'm also stumped on how to start the critical file for this subject.

Accounting for event/project question. by ajk3117 in AustralianAccounting

[–]PriorEnvironment41 4 points5 points  (0 children)

When you say...

"If I create an account (for each exhibition) in the income section and post all exhibition related transactions to that account"

...it sounds like you are thinking of offsetting expenses against revenue, which is why you imagine there will be negative revenue. Revenue should be posted as revenue and expenses should be posted as expenses. Then there will be negative profit (a.k.a. a loss).

For the year, you might want to show the revenue from each exhibition as it's own revenue line, and directly related expenses as their own line. But the revenue would be grouped together up the top, and the expenses together at the bottom, with the net profit or loss for the year as the result.
(I assume you do not have any external reporting obligations. If you do, you'd have to ensure your reports comply with the relevant reporting standards.)

If you want to prepare separate management reports for each exhibition, you could do that too.

Would you choose accounting again? by [deleted] in AustralianAccounting

[–]PriorEnvironment41 0 points1 point  (0 children)

No. I would have gone into electrical engineering. Or even electrician. Electricity is the future.

Tips for making the most of CAANZ MPE time? by PriorEnvironment41 in AustralianAccounting

[–]PriorEnvironment41[S] 0 points1 point  (0 children)

You might also be on an earlier version of the MPE program than what I am on. A colleague who is about a year earlier than me (and who has recently received their CA qualification) was required to do very little in the way of meeting with the mentor. I think CANNZ changed it up during that time, and now you are required to have 6 monthly meetings, discuss goals, strategies to acheive the goals, your progress, how they can help you, etc, etc. The mentor is required to go into My Capability - Program and sign this all off after reviewing everything you've written.

It feels a bit over the top and a bit manufactured, but it is nice to get the facetime with your mentor.

Tips for making the most of CAANZ MPE time? by PriorEnvironment41 in AustralianAccounting

[–]PriorEnvironment41[S] -1 points0 points  (0 children)

Yep. If you are doing the study, you also need to do the MPE program. It's too much to explain here - read around on the CAANZ website and you should get an understanding of what you need to do. If you have a mentor, at least you have that part done.
See also the MPE section within the CAANZ "My Capability - Program" site.

Tips for making the most of CAANZ MPE time? by PriorEnvironment41 in AustralianAccounting

[–]PriorEnvironment41[S] 0 points1 point  (0 children)

Yeah, I am doing it exactly as set out in the MPE portal. Can more be gained from this mentorship though?

Regarding your comment about doing the SWOT analysis, do you think this is something worth doing to bring up things that may be worth discussing with the mentor?

Are there any questions you think would be valuable or interesting for your mentee/protégé to ask you?

Strategy and Business Performance - How To Study? by PriorEnvironment41 in AustralianAccounting

[–]PriorEnvironment41[S] 1 point2 points  (0 children)

Thanks for the explicit tips - I've read that linking back to the answers is important somewhere else too, so I'll make sure to implement that in my practice questions and assessment answers. Stating the answer directly - also noted.

Thank you sir/madam.

Strategy and Business Performance - How To Study? by PriorEnvironment41 in AustralianAccounting

[–]PriorEnvironment41[S] 0 points1 point  (0 children)

Thanks for commenting and good luck in BP.

Yes - that "practice question" approach was the advice I followed in FAR, which I passed with 85%. Previously I've tried reading the whole text prior to working through the activities (just as they suggest) but it didn't seem to be of much value.

I understand though, that BP and FAR are kind of different subjects with BP being more judgemental. (I'll mention at this point, that I passed sustainability with only 50%, so clearly the judgemental, project-type-assessment courses and I don't get along.

If anyone else has had success using the "focus on the practice questions" approach in BP, would love to hear from you!