Category Archives: CPA CFE

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CPA CFE 2020 Canada

 

CPA CFE Sept 2020

You all are now busy with the final preparation of your exam in September 2020. Identifying issues and providing in depth response is the key to success in case writing particularly for Financial Reporting. I advise you to follow IAAR approach for depth of the issue. Identify it, analyze it providing reasons for the issue, provide options if any to resolve it and then your valid and correct recommendation based on your analysis. Many students are facing problem to reach up to C and CD level on account of lack of technical knowledge. CPA want speed, accuracy and use of professional judgement in variety of case situation. Make enough practice to see that you can read, understand, and identify all issues with point wise analysis in 30 percent of available time in case writing to get success at the final exam.

One of the important issues in present scenario is going for IPO by the private corporation. See the following important points you are required to mention in your response.

Implications of Going For IPO:

  1. Look into the existing business environment, bottom line and future prospectus for the company, SWOT analysis and or M D & A will be useful tools for managerial decision. See the implication form long term and short-term point of view
  1. Need to check about loss of control on account of issue of new shares
  1. From audit perspective, audit cost will increase on account of more users and reporting of extra requirements due to IFRS. This is also on account of preparation of prospectus and consent of auditor before publishing interim financial statements. More accurate and reliable financial

information is required due to more users. IT system may need to be updated and or revised.

  1. High cost of underwriter, advertisement, and cost related with listing requirement            applicability of IFRS, comparative information for earlier year and requirement of                additional   information in the notes to FS
  1. Option for fair valuation of PPE and its impact on financial statements and on share price
  1. Tax payable method of accounting is not allowed in IFRS, and as such future lax assets/liability  will be worked out and recorded in FS
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CPA CFE September 2020 Day 1 exam Canada

How to pass CPA CFE September 2020 Day 1/ Capstone 1

I found that many students are finding difficulty in passing CPA CFE day 1 exam. Even in 2018 & 2019, professionally qualified CA from India and other countries could not get success in passing day 1 exam. Some have approach me to put one course exclusively for Day 1. I provide below in brief some important hints to pass this exam at first attempt.

Day 1 – Evaluating your soft / professional skills (4 hours)

The first day of the CFE is a Pass/Fail mark treated separately and distinctly from Day 2 or 3. You can pass or fail Day 1 regardless of how you do on Day 2 and Day 3. Similarly, if you fail Day 1, you need to re-do, and successfully complete Day 1 regardless of how you did in Day 2 or 3. Day 1 is linked to the Capstone 1 module with the case being directly tied to your Capstone 1 case. You are provided with the original Capstone 1 case (not your solution) and the updated information on your CFE case. Day 1 tests your soft/professional skills, at a senior management level discussion.  You are not expected to discuss accounting or other technical competencies in any great detail but focus on the ‘enabling competencies’.

Capstone 1 case is mainly focusing enabling competencies. Therefore report will focus enabling competencies in depth and technical up to level 1. Enabling competencies are, problems solving and professional judgement, leadership, ethical, communication and etc. (refer CPA competency map). Capstone one case is mainly related with problem solving issue.

  •  Know your Capstone 1 case inside and out ahead of time
  • Broad thinking and integration of case facts
  • Assess the situation and what needs to be done (situation analysis)
  • Analyze the major issues
  • Conclude and provide useful advice (solution)
  • Ensure your communication is clear

Student should focus on big picture, prioritize issues, perform both quantitative and qualitative analysis, use appropriate tools for quantitative analysis, and provide your answer looking into internal and external environment of the company.

Students are required to prepare a report. See the format of report in detail. In situation analysis, provide present environment, assess the situation with tools like, Portal Five forces, PESTAL analysis and SWOT analysis.

In second part analyse various issues, prioritize it, provide financial analysis wherever required, and your recommendation to resolve the issue.

In conclusion, suggest best course of action based on your analysis.

Also ensure that you will watch for the time limit of 4 hours. Do not put more input in situation analysis, major part is main issues significantly affecting the decision, and brief conclusive summary. You can also see my you-tube video…link as below.

https://youtu.be/DfYe8TZZ4Ck

Marker will assess your holistic approach to the case; answers may be more than one.

If anyone need any more information and like to go for coaching for Day 1 and or for full exam, please visit my website www.beyond.coach, cell: 16475056648, email: pcdesai1454@gmail.com. Beyond Accounting Coaching Services…Paresh Desai CPA-CGA, CMA (USA) FCMA(India)

 

 

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Paresh Desai__1 - Copy

CPA CFE 2020 /CPA Common Final Exam 2020 Canada

 CPA CFE (COMMON FINAL EXAM) 2020

CPA Common Final Exam Sept 2020 is approaching fast. If student get through in the exam, he will get the most prestigious designation of CPA Canada. Many students are in process to do the same. Result of Sept 2019 was very good at BACS. Even all repeat writers also went through.

Exam is for three days and little more tough and lengthy. Most of you are busy with the jobs and family as well and left with little time to prepare well. As all of you know very well that exam is totally on case writing approach and time is always the constraint. Speed, accuracy and professional judgement are the essential skills in this exam.

Many students are struggling to pass exam. Particularly CA students visiting Canada from India and Pakistan are struggling hard on account of Taxation and Case writing approach. Time constraint was faced by the students particularly for day 3. The most preferable approach is to read, understand and prepare outline in 30 % of available time for each case. I provide below some useful trips for new and for repeat writers.

 The most preferable approach is to read, understand and prepare outline in 30 % of available time for each case.

  • Take professional training for technical and case writing strategies directly from well experienced CPA rather than ordinary markers
  • Thoroughly review all financial statements and its contents along with notes to the Balance Sheet for Public, Private and Not for Profit Corporation.
  • Write and get marked three cases for each day with professional marker. Do the repetitive practice for many such cases, find your weakness and improve your thinking.

CPA is testing your knowledge from variety of in depth course concepts and as such you should have a through technical knowledge and practice for reading and understanding cases. In view of limited availability of time, we at Beyond Accounting Coaching Services have published CFE Technical Guide Fifth Edition 2020 at a cost of $ 160. The book covers in brief all important technical competencies normally being tested in the exam. Exam is for total case writing approach, and without sound knowledge of technical concepts, it is difficult to provide in-depth response.

As per latest MOU between INDIA and CANADA, Indian CA similar to Pakistan CA is exempted to appear in Capstone 1 & 2 module. However these students require extensive training for technical concepts and case writing strategies. We at Beyond provide special training to such students to prepare them for the final exam and provide them the materials (technical and cases) to pass the exam. All repeat writers are also most welcome.

For further information and for one to one coaching, you can contact us at www.beyond.coach or email at tutor.pa1.pa2@gmail.com or cell: 16475056648..Paresh Desai

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How to pass CPA CFE 2019 Day 1

I found that many students are finding difficulty in passing CPA CFE day 1 exam. Even in 2018, well qualified CA from India and other countries could not get success in passing day 1 exam. Some have approach me to put one course exclusively for Day 1. I provide below in brief some important hints to pass this exam at first attempt.

Day 1 – Evaluating your soft / professional skills (4 hours)

The first day of the CFE is a Pass/Fail mark treated separately and distinctly from Day 2 or 3. You can pass or fail Day 1 regardless of how you do on Day 2 and Day 3. Similarly, if you fail Day 1, you need to re-do, and successfully complete Day 1 regardless of how you did in Day 2 or 3. Day 1 is linked to the Capstone 1 module with the case being directly tied to your Capstone 1 case. You are provided with the original Capstone 1 case (not your solution) and the updated information on your CFE case. Day 1 tests your soft/professional skills, at a senior management level discussion.  You are not expected to discuss accounting or other technical competencies in any great detail but focus on the ‘enabling competencies’.

Capstone 1 case is mainly focusing enabling competencies. Therefore report will focus enabling competencies in depth and technical up to level 1. Enabling competencies are, problems solving and professional judgement, leadership, ethical, communication and etc. (refer CPA competency map). Capstone one case is mainly related with problem solving issue.

  • Know your Capstone 1 case inside and out ahead of time
  • Broad thinking and integration of case facts
  • Assess the situation and what needs to be done (situation analysis)
  • Analyze the major issues
  • Conclude and provide useful advice (solution)
  • Ensure your communication is clear

Student should focus on big picture, prioritize issues, perform both quantitative and qualitative analysis, use appropriate tools for quantitative analysis, and provide your answer looking into internal and external environment of the company.

Students are required to prepare a report. See the format of report in detail. In situation analysis, provide present environment, assess the situation with tools like, Portal Five forces, PESTAL analysis and SWOT analysis.

In second part analyse various issues, prioritize it, provide financial analysis wherever required, and your recommendation to resolve the issue.

In conclusion, suggest best course of action based on your analysis.

Also ensure that you will watch for the time limit of 4 hours. Do not put more input in situation analysis, major part is main issues significantly affecting the decision, and brief conclusive summary.

Marker will assess your holistic approach to the case; answers may be more than one.

If anyone need any more information and like to go for coaching for Day 1 and or for full exam, please visit my website www.beyond.coach, cell: 16475056648, email: pcdesai1454@gmail.com. Beyond Accounting Coaching Services…Paresh Desai CPA-CGA, CMA (USA) FCMA(India)

 

 

 

 

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CPA CFE (Common Final Exam) 2019

CPA CFE (COMMON FINAL EXAM) SEP 2019

CPA Common Final Exam 2019 is approaching fast and now less than six month away. Exam is conducted by CPA Canada only once a year. If student get through in the exam, he will get the most prestigious designation of CPA Canada. Many students are in process to do the same.

Exam is for three days and little more tough and lengthy. Most of you are busy with the jobs and family as well and left with little time to prepare well. As all of you know very well that exam is totally on case writing approach and time is always the constraint. Speed, accuracy and professional judgement are the essential skills in this exam.

Many students are struggling to pass day 2& 3 exam. Time constraint was faced by the students particularly for day 3. The most preferable approach is to read, understand and prepare outline in 30 % of available time for each case.

CPA is testing your knowledge from variety of   in depth course concepts and as such you should have a through technical knowledge and practice for reading and understanding cases. In view of limited availability of time, we at Beyond Accounting Coaching Services have prepared 7 recorded video lectures exclusively for CFE 2019 exam. These lectures cover in brief all important technical competencies normally being tested in the exam. Exam is for total case writing approach, and without sound knowledge of technical concepts, it is difficult to provide in-depth response.

These video lectures are available at just $ 75 plus tax. Exclusive book CFE TECHNICAL GUIDE 2019 is also available at a cost of $ 165.

As per latest MOU between INDIA and CANADA, Indian CA similar to Pakistan CA is exempted to appear in Capstone 1 & 2 module. However these students require extensive training for technical concepts and case writing strategies. We at Beyond provide special training to such students to prepare them for the final exam and provide them the materials to pass the exam.

For further information and for one to one coaching, you can contact us at www.beyond.coach or email at tutor.pa1.pa2@gmail.com or cell: 16475056648..Paresh Desai

 

 

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CPA CFE (common final exam) 2019


CPA CFE (common final exam) 2019

CPA Canada Common Final Exam 2019 consists of

•Capstone 1
•Capstone 2
•Common final exam, (a) Day 1 (b) Day 2 (c) Day 3

Capstone 1:

•A group assignment among 6-7 students
•A case analysis of around 45-50 pages
•Individually need to present with markers
•The case is related to day 1 final exam
•All students mostly get through in this work

Capstone 2:

•A group assignment among 6-7 students
•A case analysis of around 45-50 pages, role base
•Individually need to submit the reply
•The case is related to day 2 final exam
•Student should select his role from Performance Management, Finance, Audit and Taxation in advance
•Mostly all students pass this module

Day 1:
•one case analysis of 4 hour duration (about 50 pages) based on enabling competencies related with ethics , problem solving, leadership and communication skill.
•This is an extension of Capstone 1 case with different scenario. The focus is not on technical competencies but ethics, big picture and problem solving.
•Answer should be based on a) situation analysis b) analysis of major issues c) conclusion and advise d)effective communication with holistic approach ( i.e. from all aspects)
•Student need to separately pass this exam
•Grade is either pass or fail

Day 2:

•one case analysis of 5 hour duration (about 50 pages) based on technical competencies related with financial accounting, management accounting, and chosen role
•Answer should be depth in financial or management accounting and in selected role
•Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
•Day 2 will be graded combine with day 3

Day 3:

•Three case analysis of total 4 hour duration based on technical and enabling competencies
•Answer should be depth in financial or management accounting
•Answer should be integrated with breath of other courses like taxation, audit, strategy and governance
•Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
•Day 3 will be graded combine with day 2

Day 2 & 3:

To pass day 2 & 3, student should write answer with
•Sufficient with aggregate all issues….Level 1
•Depth in MA or FR ……Level 2
•Depth of issue in selected role…Level 3
•Breath of issues …..Level 4

Students must reply satisfying all 4 level in all major issues. Passing grade /limit will be decided for each exam by CPA Exam Board. Students should be familiar with all technical course are to pass this exam.

•Financial Accounting
•Management Accounting
•Finance and Financial Planning
•Taxation
•Audit
•Strategy & governance

Students also should have mastery and expertise knowledge in preparation of financial statements for all legal entities in Canada like Private , Public , Not for Profit corporation and Government.

Students will be provided with two booklets, one for case exam and other for rough work. Students will also get CPA Canada Handbook and Income tax act (valid up to Dec 31 2018) PDF version.

To pass this exam, student should have a through technical knowledge along with applicability of related accounting standard in the final exam.

Exam questions are little complicated and students should remain very careful about what exactly is the requirement.

CPA want a reasonable professional judgement which student should have under normal circumstances. Speed and accuracy are equally important. Time constraint will be observed by the students particularly in Day 3.

To pass this exam at first attempt, students should know the techniques of writing this exam. They need proper guidance to approach this exam with some practice and feedback for improvement from an expert tutor.

Professionally qualified students from India & Pakistan in particular, need some more efforts to understand Canadian taxation law and accounting standard.

If you require expert guidance and coaching, contact www.beyond.coach.
Tutor Paresh Desai CPA-CGA, CMA(USA) FCMA(INDIA) …..he will also published exclusive book CFE Technical Guide 2019 shortly…his cell no 6475056648

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CPA CFE (COMMON FINAL EXAM) SEP 2018

CPA Common Final Exam 2018 is approaching fast and now just two month away. Exam is conducted by CPA Canada only once a year. If student get through in the exam, he will get the most prestigious designation of CPA Canada. Many students are in process to do the same.

Exam is for three days and little more tough and lengthy. Most of you are busy with the jobs and family as well and left with little time to prepare well. As all of you know very well that exam is totally on case writing approach and time is always the constraint. Speed, accuracy and professional judgement are the essential skills in this exam.

Many students are struggling to pass day 2& 3 exam. Time constraint was faced by the students particularly for day 3. The most preferable approach is to read, understand and prepare outline in 30 % of available time for each case.

CPA is testing your knowledge from variety of in depth course concepts and as such you should have a through technical knowledge and practice for reading and understanding cases. In view of limited availability of time, we at Beyond Accounting Coaching Services have prepared 7 recorded video lectures exclusively for CFE 2018 exam. These lectures cover in brief all important technical competencies normally being tested in the exam. Exam is for total case writing approach, and without sound knowledge of technical concepts, it is difficult to provide in-depth response.

These video lectures are available at just $ 75 plus tax. Exclusive book CFE TECHNICAL GUIDE 2018 is also available at a cost of $ 165. For further information and for one to one coaching, you can contact us at www.beyond.coach or email at tutor.pa1.pa2@gmail.com

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CPA CFE September 2018

 

CPA Canada Common Final Exam 2018

CPA Canada Common Final Exam 2018 consists of…

  • Capstone 1
  • Capstone 2
  • Common final exam

(a)  Day 1   (b)  Day 2   (c)  Day 3

Capstone 1:

  • A group assignment among 6-7 students
  • A case analysis of around 45-50 pages
  • Individually need to present with markers
  • The case is related to day 1 final exam
  • All students mostly get through in this work

Capstone 2:

  • A group assignment among 6-7 students
  • A case analysis of around 45-50 pages, role base
  • Individually need to submit the reply
  • The case is related to day 2 final exam
  • Student should select his role from Performance Management, Finance, Audit and Taxation in advance
  • Mostly all students pass this module

Day 1:

  • one case analysis of 4 hour duration (about 50 pages) based on enabling competencies related with ethics , problem solving, leadership and communication skill.
  • This is an extension of Capstone 1 case with different scenario. The focus is not on technical competencies but ethics, big picture and problem solving.
  • Answer should be based on a) situation analysis b) analysis of major issues c) conclusion and advise d) effective communication with holistic approach ( i.e. from all aspects)
  • Student need to separately pass this exam
  • Grade is either pass or fail

Day 2:

  • one case analysis of 5 hour duration (about 50 pages) based on technical competencies related with financial accounting, management accounting, and chosen role
  • Answer should be depth in financial or management accounting and in selected role
  • Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
  • Day 2 will be graded combine with day 3

Day 3:

  • Three case analysis of total 4 hour duration based on technical and enabling competencies
  • Answer should be depth in financial or management accounting
  • Answer should be integrated with breath of other courses like taxation, audit, strategy and governance
  • Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
  • Day 3 will be graded combine with day 2

Day 2 & 3:

To pass day 2 & 3, student should write answer with

  • Sufficient with aggregate all issues….Level 1
  • Depth in MA or FR ……Level 2
  • Depth of issue in selected role…Level 3
  • Breath of issues …..Level 4

Students must reply satisfying all 4 level in all major issues

Passing grade /limit will be decided for each exam by CPA Exam Board

Students should be familiar with all technical course are to pass this exam.

  • Financial Accounting
  • Management Accounting
  • Finance and Financial Planning
  • Taxation
  • Audit
  • Strategy & governance

Students also should have mastery and expertise knowledge in preparation of financial statements for all legal entities in Canada like Private , Public , Not for Profit corporation and Government.

Students will be provided with two booklets, one for case exam and other for rough work.  Students will also get CPA Canada HB and Income tax act (valid up to Dec 31 2017) PDF version.

To pass this exam, student should have a through technical knowledge along with applicability of related accounting standard in the final exam.

Exam questions are little complicated and  students should remain very careful about what exactly is the requirement.

CPA want a reasonable professional judgement  which student should have under normal circumstances. Speed and accuracy are equally important. Time constraint will be observed by the students particularly in Day 3.

To pass this exam at first attempt, students should know the techniques of writing this exam. They need proper guidance to approach this exam with some practice and feedback for improvement from a expert tutor.

Professionally qualified students from India & Pakistan in particular, need some more efforts to understand Canadian taxation law and accounting standard.

If you require expert guidance and coaching, contact www.beyond.coach.

Tutor Paresh Desai CPA-CGA, CMA(USA) FCMA(INDIA) …..he has also published exclusive book CFE Technical Guide 2018…his cell no 6475056648

 

 

 

 

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Going for IPO

Implications of going for IPO

Many time students are required to identify the competency of going for equity finance option. Students are required to be very careful reading the case facts, environment and circumstances presently face by the company. Examine all relevant indicators like consistent profitability and growth factors related to previous years. Students should go in more depth of the issue and discuss all relevant factors before jumping to go for the decision. See the following possible factors from Accounting, Finance, Audit and Taxation perspectives.

 Look into the existing business environment, bottom line and future prospectus for the company, SWOT analysis and or MD & A will be useful tools for managerial decision. Examine the implication form long term and short term point of view

 Need to check about loss of control on account of issue of new shares

 From audit perspective, audit cost will increase on account of more users and reporting of extra requirement due to IFRS. This is also on account of preparation of prospectus and consent of auditor before publishing interim financial statements. More accurate and reliable
financial information is required due to more users. IT system may need to be updated
and or revised.
 High cost of underwriter, advertisement, and cost related with listing requirement

 Applicability of IFRS, comparative information for earlier year and requirement of additional

information in the notes to Financial Statements
 Option for fair valuation of Property, Plant and Equipment and its impact on financial statements and on share price
 Tax payable method of accounting is not allowed in IFRS, and as such future lax assets/liability will be worked out and recorded in FS

 Small business deduction will not be available which may impact higher income tax rate

 

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Problem Solving and Professional Judgment

This is one of the competency, CPA had to come across in real work situation. As a controller or as a CEO, CPA had to take several decisions to run the company smoothly to reward its stakeholders.
He is required to use professional judgment from the variety of collected information. CPA students will face this competency in their final exam in case analysis.

Following process is important for resolving this issue-

• Define the problem and obtain initial understanding around the issue
• Divide the problem in different parts or sub-heading to facilitate in-depth analysis
• Exercise professional judgment in order of priority. Examine the sensitivity of the issue and
its material impact
• Evolve multiple options and or a single option
• Perform appropriate analysis
• Collect variety of relevant information
• Integrate information to find the right solution
• Recommend and then justify the conclusion from the collected case facts, develop decision
criteria and then finally recommend the right solution to take correct management decision

Student should follow above approach for solving this competency in the exam. Problem should be with integrative effect affecting other course area if any from financial and non-financial information.

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