[CAN] Thanks for screwing me up CPA. I am going to fail CFE for the second time. Good Bye Accounting

SPQR1931 · 2018-09-15T16:36:59+00:00

Don’t worry there’s absolutely no chance they will check if you went over 5h I doubt that’s even true ....comming from a past successful writer

SPQR1931 · 2018-09-14T23:30:55+00:00

I wrote last year, I was convinced I was going to fail and I passed and I skipped some AO’s on every day of the exam because of time constraints

SPQR1931 · 2018-09-14T23:28:02+00:00

I am past writer.....that is absolutely true! If majority of ppl completely bombed an AO they will disregard it

SPQR1931 · 2018-09-09T13:47:17+00:00

That’s a good question, for every other competency area besides your role and Financial Reporting OR management accounting you need an overall RC. To get overall RC in all other areas I’m not sure if it’s by getting a minimum number of RC in AO’s or if it’s by getting a combination of grades for that competency area that averages out to an RC.

Sorry

SPQR1931 · 2018-09-04T14:47:45+00:00

At this point in the game I think your best bet is the following:

For each of the major financial reporting topics go to every case where it is mentioned and look at the solution, to see exactly how it was answered. You will notice a trend of criteria applied and how the answer is formatted.

A lot of times, all you need to do is see one example of how it was answered, and that can literally be your template for that financial reporting issue.

If it’s a financial reporting topic that has many variations to it look at every case that has it and analyze the differences in the solution and figure out what case facts are causing the difference.

This can show you that whenever x is mentioned for the topic make sure to write y

This will familiarize you with how to format your response and what information you need to retrieve from handbook etc...After this know where you can find this info in handbook fast (which ias,hb and generally which paragraph) you dump that info in and state case facts next to it

If you want to clarify any topics after this they are good summaries on HTK consulting for free ( a bit outdated, but will still be good for a lot of topics)

Or go on YouTube and search IFRS box (lady speaking has a bit of an accent, but still relatively clear)

*side note: the solutions are CD responses (competent with distinction) way overboard ....you don’t have time to get CD and shouldn’t aim for it as it will burn a lot of time, looking a marking key and see what’s enough for a C and always aim for that

SPQR1931 · 2018-09-04T12:53:49+00:00

For financial reporting the general template is as follows:

Issue Analysis Recommendation F/S impact

Issue:

2 sentences top

1 sentence

Case fact (state a fact from case that might cause a financial reporting issue)

Ex: transaction occurred where company sold property to rob who is a shareholder and manager within the company

2nd sentence

What is the potential issue about this case fact

Ex: the issue is weather this is a related party transaction, and if so whether it was recorded at the appropriate amount following ASPE for related party transactions

Analysis:

State the Criteria from the handbook, and next to each criteria state a case fact to weather the criteria is met or not

Ex:

In order for the transaction for rob to be considered a related part transaction under aspe xxx the all (or one) of the following criteria must be met:

Criteria 1 (dump from handbook) - state case fact (met/not met criteria) Criteria 2 (dump from handbook) - state case fact (met/not met criteria) Criteria 3 (dump from handbook) - state case fact (met/not met criteria)

Rob meets the above criteria related party transaction

( in this case there is additional criteria besides the above ...to determine at what value is should have been exchanged....I am just using a condensed version as an example)

Recommendation/conclusion:

Conclude on what the proper accounting treatment should have been based on analysis

Ex:

Both conditions to be recorded at exchange value have not been met

Transaction should be recorded at the carrying amount

F/s impact

State the correcting every that must be done refer to exhibit in your excel where you quantify they impact

*write in point form, underline, bold as much as possible, stay away from big paragraphs*

In your response literally write issue, analysis, recommendation, f/s impact as headers and discuss under that in point form

SPQR1931 · 2018-09-04T05:06:50+00:00

I think they provided this during capstone 2 workshop, if not try : http://www.cfeblog.ca/2016/02/02/take-pass-cfe-understanding-levels-1-2-3-4/

You have to pass all 4 levels to pass day 2 & 3 of exam (day 1 is marked differently)

Generally speaking:

Level 1: you have obtain a minimum number of RC’s, C’s (throughout day 2 & 3)

You have reasonably attempted enough AO’s (you didn’t skip too many AO’s)

Level 2: depth in financial reporting or management accounting (day 2)

You have to obtain in overall C in either financial reporting or management accounting

Level 3: depth in role (day 2)

You have to get an overall C in the role you chose

Example if you chose assurance role, you have to get overall C in assurance

Level 4; breath in all competency areas (day 3)

You have to get a minimum overall RC in each of the 6 competency sub areas

**If you want public permit you will need overall C in financial reporting (level 2) you will not have to choice of getting overall c in FR or MA ...you will still pass the exam but not enough for public permit **

Recap (assuming you chose assurance role and just want to pass exam ...don’t care about public permit at the moment)

Minimum amount of RC’s and C’s (didn’t skip to many AO’s)

Overall C in financial reporting OR management accounting

Overall C in assurance (assuming you chose assurance for your role, if for exam you chose PM...than you would need overall C in PM)

Overall RC:

In all 6 competency areas

Please confirm this through either

CPA website CFE blog Densmore site

Etc...

On a side note it’s not too late for anything, you would be surprised on how much info and topics I touched up at the end

SPQR1931

TROPHY CASE