Flood in TARC~Surprise?

CAN YOU GUESS WHERE IS THIS BLOCK??


My years of studying in TARC never encountered this before until today I saw the picture...

Photo taken by Kimi Soo

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A good sleep before exam

1) Myth: Your brain rests during sleep.

Fact: Your body rests while you snooze, but your brain is pretty busy consolidating memories and cognitive function. Sleep is also thought to give neurons used while we’re awake a chance to shut down and repair themselves so that they can continue to function normally. But awake or asleep, the brain is on the job. You’re still breathing, aren’t you?

2) Myth: The more sleep, the better.

Fact: Getting too much—or too little—slumber is linked to higher rates of diabetes, high blood pressure, and heart disease, reports Harvard Medical School’s Division of Sleep Medicine. Also concerning is a 2009 study from Spain, which found that adults age 65 or older who typically slept nine hours or more (including naps) were at higher risk for dementia. And other research has suggested that habitually sleeping nine hours or longer is associated with depression, illness and accidents. Conversely, regularly snoozing less than six hours a night is a risk factor for obesity, which in turn can lead to a long list of health risks, including diabetes, high blood pressure and heart disease. For optimum health, aim for 7 to 8 hours of sleep.

3) Myth: If you can’t sleep or you wake up during the night, it's best to relax until you fall asleep.

Fact: Not being able to fall or stay asleep is a symptom of insomnia. Sleep experts say your best bet is to get up after 15 or 20 minutes, go into another room and listen to music or read until you feel drowsy.

4) Myth: Taking prescription sleeping pills is a path to addiction.

Fact: According to the National Sleep Foundation, today’s sleeping pills taken as directed are safe and effective treatments for insomnia and present a lower risk of dependency than yesterday’s medications. (Exception: individuals with a history of addiction or alcohol or drug abuse.) Just be sure that you can sleep for 7 to 8 hours before you swallow the pill.

For the rest of 4 myths(is there such thing as beauty sleep? Is it good to read or watch TV before sleep?) go visit source via Yahoo! 8 sleep myths by Lisa Collier Cool on Dec 08, 2011
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Resource Audit (9M & 1I) under Internal Appraisal


This is the illustration I made while I was studying Internal Appraisal given by Parminder Singh!

Resource Audit talks about 9M and 1I.
-Machinery
-Money
-Materials
-Manpower
-Management
-Make-up (structures, coordination)
-Methods (Policies, procedures)
-Market/Products
-MIS (talks about 5Es)

Continue our revision for ACCA! Good luck!

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Can Facebook get you a job?

It is remarkable how Facebook affecting out life and to say the least, with iPhone now we can log on Facebook anywhere at anytime!

Heard of LinkIn? I'm surprised by the search showed my ex-employer's profile! The below picture will illustrate more detail....
Social Job Search
Created by: MBA Online
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ACCA Exam Tips December 2011 (BPP)

Here comes the exam period again! Check out the below BPP tips.

F4
Q1 Statutory interpretation
Q2 Formation of a contract – consideration or intention
Q3 Tort of negligence – how the duty of care is breached
Q5 Debentures and charges
Q6 Appointment/termination of directors
Q7 Employment law - the employment contract/relationship
Other likely topics – breach of contract and remedies, company insolvency and Insider Dealing.

F5
Specialist Cost and Management Accounting Techniques: Environmental accounting techniques have not yet been tested under the new syllabus, so could feature. Throughput accounting featured numerically in June. ABC vs AC or target costing is also possible.
Decision making techniques: There is a trend for pricing to be examined with other areas of the syllabus, for example learning curves. Relevant costing, CVP, make or buy or other short term decisions could feature as dealing with risk and uncertainty and limiting factors have featured recently.
Budgeting: Discussion marks often focus on the appropriateness of budgeting types or the behavioural impacts of types of budgeting. Numerically it could be tested via time series as a forecasting method.
Standard costing & variance analysis: Variances are likely to feature in the exam, students should be prepared for mix and yield variances, planning and operational variances as well as the basic variances and operating statements. Questions typically require thought about the most appropriate layout and could include discussion of variances which have already been calculated.
Performance Measurement and Control: In June, there was a change in emphasis, with this being the first paper not to contain a question focusing on interpretation of performance and financial vs. non financial measures. Detailed knowledge could instead be required on any of the performance measurement tools. Transfer pricing has not been examined recently, so could feature.


F6
Question 1 will test income tax with maybe a VAT section attached as a separate part. The income tax will focus on a self employed individual with property income and some investment income. The VAT section could look at calculation of VAT payable, penalties and special schemes.
Question 2 will test corporation tax and could involve a long period of account, capital allowance computations for plant and machinery, computation of corporation tax payable and payment of tax.
Question 3 will test capital gains tax from an individuals’ perspective. This question will involve a number of different disposals involving entrepreneurs’ relief, part disposals, chattels and shares with a computation of capital gains tax payable. It is possible this question could alternatively involve a company disposing of shares.
Question 4 & 5 will test anything else. Possible topics that may be examined here are:
- commencement, cessation and change of accounting date rules for sole traders and partnerships
- inheritance tax testing the inheritance tax liabilities on lifetime gifts and as a result of the individual’s death.
- Group relief
- Overseas aspects of corporation tax
- Self assessment system
- Badges of trade
- Corporation tax loss relief


F7(International)
Q1: Consolidated SOCI and/or SOFP with one subsidiary plus associate with intragroup adjustments and fair value adjustments. May include written part on a group topic.
Q2: SOCI and SOFP preparation from TB or restatement with usual adjustments for depreciation, revaluation, current/deferred tax plus others such as leases/substance, financial instruments (change in FV or amortised cost). May include discontinued operation/EPS/SOCIE.
Q3: Interpretation and/or statement of cash flows. Could focus on specific part of SOCF or specific ratios.
Q4 & Q5: One question in context of conceptual framework, and the other containing one or two discrete topics, such as regulatory framework, inflation, government grants, discontinued operations, impairments, deferred tax, leases or intangible assets.


F8(International)
Q1 (30 marks)
This question will be based on a scenario and incorporate between 3 and 5 distinct requirements.
The areas most likely to be tested in this question include audit planning and the identification and explanation of audit risk, audit procedures (substantive tests and/ or tests of control) and internal control.
Q2 (10 marks)
This will be a factual or knowledge based question. It is likely to cover several areas of the syllabus with 2 or 3 separate requirements worth between 2 and 5 marks each.
Topics for Question 2 can be drawn from all areas of the F8 syllabus and questions could include the responsibilities of directors and auditors as well as other definitions such as audit risk, audit assertions, audit regulation and corporate governance.
Q3, Q4 & Q5 (20 marks each)
These questions will be scenario based but will also include some knowledge based requirements.
Areas which are likely to be covered in these questions include ethics, planning, the audit of specific transactions or account balances (including estimates), subsequent events, management representations, going concern, audit reports, internal control and corporate governance.
Note that the scenario may be set in the context of a profit making or non-profit making organisation.


F9
Important areas to cover:
WACC: - any element of the WACC could be tested, including cost of equity, preference shares & different types of debt, along with their corresponding market values & then putting all of this together to calculate the WACC.
Investment decisions: the exam normally contains a question involving net present value (NPV), often with tax and inflation. In order to discount the NPV, you may be asked to first calculate a weighted average cost of capital (see above)
Working capital: questions on inventory management and receivables management are likely. Ensure that you are comfortable with working capital ratios as you may have to be able to put these in reverse
Sources of finance: a topical area, we would expect a part question on financing problems covering gearing issues and problems companies. Ratio analysis is likely to feature here with discussion of the numbers calculated. Ensure you are comfortable with the calculations of the different sources of finance. Islamic Finance was new on the syllabus for the June 11 exam but was not tested. It is possible it may come up in Dec 11, though if it does, it should be straightforward knowledge for a few marks only.
Business Valuations: commonly tested and a core syllabus area. The examiner often combines different syllabus areas within the same exam question – for example asking you to calculate a cost of equity and then use it to value a company.


P1
In the long 50 mark scenario question you can expect to see all areas of the syllabus being tested. For this reason you should ensure that you have not neglected any of the broad syllabus areas of governance, risk and ethics. The topic of risk can be further subdivided between risk and control.
Some good areas of governance to look at are agency, stakeholders and directors’ remuneration.
Don’t neglect internal control reporting.
Ethical theories get tested regularly, and professional codes of ethics are an important part of the syllabus. The examiner did not touch environmental issues in the June exam – you should ensure you brush up on these too.


P2(International)
Q1: group SOFP and/or SOCI including discontinued activities, acquisitions and disposals or a statement of cash flows, plus adjustments on other syllabus areas such as financial instruments, pensions, share-based payment and impairments. Written part on a linked accounting adjustment and social/ethical/moral aspects of corporate reporting.
Q2 & Q3:2 case study questions, one following a theme such as non-current assets, deferred tax, foreign currency, financial instruments, pensions, share-based payment, the other an industry-based question testing a range of standards such as accounting policies and the framework, leases, grants, IFRS for SMEs, reorganisations, provisions, events after the reporting period and related parties.
Q4:discussion question e.g. revenue recognition, fair values, management commentary, improvements in performance measurement, leasing, including an application part with some computations.


P3
Important areas to cover:
Strategy models
Analysis of the environment and/or internal factors has featured in most exams. Key models include PESTEL, Porter’s Five Forces and the value chain. Expect something on forecasting soon.
Evaluation of strategic options is usually tested one way or another (although wasn’t in the last paper).SAF can be a useful framework to generate ideas but don’t feel you need to follow it slavishly.
Strategic action (largely change management and organisational configuration) is often overlooked, but has featured in the last two papers, emphasising the need for good syllabus coverage.
Business Process Change
A popular area, which may be based around models such as Harmon, or completely unstructured, describing a process and asking for improvements. Expect to see some numbers coming in to questions in this area to help with decisions such as automation and outsourcing.
Information Technology
A pervasive theme in many questions. Make sure you are comfortable with some of the more important recent concepts in technology such as cloud computing, viral marketing and new business models.
Project Management
This is a major topic and was not tested in the last sitting so may well be this time. Questions could well focus on analysis and realisation of benefits and again are likely to include a numerical element.
Financial Analysis
Lots of management accounting knowledge from F5 is assumed knowledge here, including budgeting, variance analysis and relevant costing. The lessons from Q1 in the last paper are that, 1) this may be in the compulsory question and 2) you may not be specifically told which techniques to use, but have to work it out from the data given.
People
This is most likely to be tested in conjunction with one of the other topics, as it was in the last paper.
Most importantly…
Knowledge alone will not get you close to a pass on this paper. You need to be able to apply your knowledge to specific situations. Practice this using past questions and stories in the press or on the web as often as you can and you will be ready for whatever the exam throws at you!


P4
Role and responsibility towards stakeholders:
Ethical issues continue to appear regularly as an optional discussion question, normally with practical financial issues from elsewhere in the syllabus. The discussion question is normally one of the easier optional questions.
Economic value added and ratio analysis can also be used to appraise the performance of a company.
Advanced investment appraisal:
The compulsory question often features an NPV question with an analysis of risk and/or financing; it could easily be set in the context of an overseas investment.
Cost of capital calculations are regularly tested, make sure that you are comfortable adjusting betas for differences in gearing. Real options are also a popular theme.
Acquisitions and mergers:
This exam normally contains a question involving valuations which the examiner sees as a crucial part of the syllabus; valuations questions are also likely to cover strategic and financing issues.
Corporate reconstruction:
A question could also ask you to evaluate a management buy out i.e. whether a business will be worth more if it splits itself up.
Advanced risk management:
We would expect to see a numerical risk management question featuring either interest rate or exchange rate hedging; currency hedging was tested in June 2011.


P5
Performance analysis:
The new examiner has indicated that his questions will require more skill in interpreting data and discussing strategies to improve performance rather than performing calculations. You may be asked to analysis performance vs budget to identify underlying problems that a company needs to address. This analysis could include the use of activity-based approaches, learning curves or non-financial performance measures.
‘Beyond budgeting’ is an important area that can be tested either as a discussion or a numerical question.
Performance appraisal requires effective information systems, expect to be asked to identify the key strategic, tactical and operational information requirements of a business.
Risk analysis:
Analysis of the risk of a new proposal could include numerical techniques such as expected values and probabilities; but strategic frameworks such as PEST analysis could feature here.
Strategic performance measures in the private sector:
Divisional performance measurement is another key area; ROI, RI , EVA, NPV or even cost of quality could feature here and transfer pricing could feature as an aspect of these questions.
EVA is especially likely given the recent articles published in this area – make sure you have read them. Modified IRR is new to the syllabus so make sure that you are comfortable with this area.
Reward systems:
HR issues are new to the syllabus from June 2011; the examiner is interested in the impact of reward systems on performance management.
Alternative views of performance measurement:
Questions are commonly set that require a good understanding of the balanced scorecard, the building blocks model and the performance pyramid. Questions will often require you to analyse data that has been collected using one of these models. The balanced scorecard and performance pyramid were tested heavily in June 2011.
Performance hierarchy:
Linking strategic decisions to mission statements or suggesting strategic options using models such as Ansoff’s matrix or the BCG matrix lend themselves to questions containing a mixture of financial and discursive elements that could easily include a simple NPV or profit analysis.


P6
Section A will involve two case study questions covering around 60-70% of the marks. One will be from a personal tax perspective and the other from a corporate tax perspective. Both questions will cover a range of topics and taxes and will require the construction of professional documents like reports/letters.
Section B will comprise 3 questions making up the balance of the marks.
Topics that may appear this sitting are as follows:
Liquidation
Group/Consortium relief
Close companies
Sole trader/partnerships
Inheritance tax versus capital gains tax
Property income
Enterprise investment scheme/venture capital trust
Termination of employment
Income tax losses
Personal service companies
Land and buildings aspects of VAT


P7 (International)
There are a number of areas that candidates can expect to see in their exam, such as:
•A risk-based planning scenario in the compulsory section
•Questions based on articles published in Student Accountant (although not necessarily from the last six months)
•A number of requirements asking for audit procedures and required evidence in respect of specific financial reporting issues and ISAs
•A practice-based scenario looking at professional, ethical and quality control issues
•A reporting scenario of some sort - probably testing candidates’ knowledge of either the various modifications to the standard audit report or other forms of communication available to the external auditor.
We would also recommend that candidates read the examiner’s report from the June 2011 exam (in the context of the June 2011 exam paper) and keep the following additional issues in mind as part of their revision:
•Don’t forget key brought-forward knowledge from Paper F8 which candidates have traditionally struggled with at P7(audit risk, audit procedures and audit reports).
•Candidates should also not forget about practice-related issues (such as the terms of audit engagements, sampling and documentation) where topics such as quality control procedures, ACCA firm practising requirements and the ethical implications of one firm providing both internal and external audit services could be discussed.
•The correct accounting treatment of complex issues, such as IAS 19 Employee benefits or a newcomer for 2011 IAS 21 The effects of changes in foreign exchange rates or even the associated issues of disclosure (such as IFRS 8 Operating segments or IAS 33

Thanks to PQ Magazine; "ACCA December 2011 exam tips" article.

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Everyone's growing up except Salary



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THE GOD OF EXAM!


Eventhough we had revised or listen to tutors' teachings we still couldn't pass, we need some LUCK to pass the exam, so we pray for luck, well some pray for miracle (99% fail, 1% happened).

Yeah the ACCA, CAT and CPA and CIMA exams are just around the corner!

Everyone is going to pray hard for a pass in exam so here I remind you all to start doing revision , do not wait til the last minute!


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Top 30 Audit firms in 2011

Here's the list of top 30 audit firms in 2011 surveyed by AccountancyAge.

We have these audit firms in 2011
(1) PwC
(2) Deloitte
(3) KPMG
(4) Ernst & Young
(5) Grant Thornton
(6) BDO
(7) RSM
(8) Baker Tilly


Top 30 Audit firms in 2015:
http://tarcafa.blogspot.com/2015/10/top-30-audit-firms-in-2015.html



Where does your audit firm ranked at?


source via "Top 50 +50 Firms 2011" in AccountancyAge

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College life

Isn't this how we go through most of our college days??

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Facebook new feature aka TIMELINE

The official Timeline in Facebook will be launched next week! Thanks to Taylor Hatmaker, Tecca who wrote this article step by step to teach us how to enable the Timeline so we can try out the unofficial version a.k.a buggy version so be warned about the bugs and trouble you might face when you install this Timeline into Facebook.
-------- -------- --------
Get ready to become an unofficial developer

1. Go to your Facebook page and use the search box at the top to find the official Facebook Developer app. Typing in "developer" should bring it up as the top choice. After you select the app, grant it permission to access your basic information by clicking "allow."

2. Now that you've got the Facebook Developer app installed, you'll be brought to a welcome screen. Click the "Create New App" box in the upper right-hand corner. A pop-up box will appear titled "New App." In this box, you need to input an App Display Name and an App Namespace. This sounds confusing, but it doesn't matter what you enter here.

What you type really doesn't matter

Once you've picked a few words and plugged them in, you need to check that you agree to the Platform Privacy Policy (read over it first).
Note: To complete this step, you must have a verified Facebook account, so if you get an error message, you can follow Facebook's instructions for completing this step.

3. You should then be returned to the developer portal's homepage. Look in the left-hand column and click a link named "Open Graph" to access the page titled "Get started using Open Graph." Now you'll be prompted to create an action for your app. It doesn't really matter what you type here because you aren't making a real app anyhow. Just choose an action and a noun, like "read" and "magazine" then click the "Get Started" button."

4. Scroll to the bottom of each of the following pages (we counted three) and click "Save Changes and Next." Don't worry about the content of these pages; it isn't relevant for your Timeline test drive.

Once you've clicked through and saved on each page, you should be returned to the dashboard where you began (you can tell because the app name you typed in earlier should be at the top). Now you're almost done!

Just wait a couple of minutes and then return to your normal Facebook homepage. Facebook should now recognize that you've registered a developer account, and you'll be prompted to try out the Timeline at the top of the page.

Also, be warned: It doesn't appear to be possible to roll back to the original profile pages after you've enabled the Timeline. If you have any concerns or doubts about this process, you'll probably want to wait until the official release begins next week. If not, click "Start Tour" at the top of your Timeline and start exploring!

via Yahoo! and Tecca

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FREE LRT CARD 22nd September 2011!

A total of 150,000 free one-way coupons in the Kuala Lumpur Light Rail Transit (LRT) and Monorail will be given out on Saturdays, Sundays and public holidays from Sept 22 in support of World Car Free Day.

Thanks to Syarikat Prasarana Negara Bhd (Prasarana) chairman Tan Sri Ismail Adam in aiming to reduce carbon emissions by vehicles and encouraging the public to choose public transport.

Hope to see the campaign succeed =)

via TheStar

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RECESSION PROOF – TEN HOT CAREERS

LET'S FIND OUT IF YOU ARE IN THE LIST, OR ARE YOU JOINING "ON THE WAY OUT" JOB

Recession Proof - 10 Hot Careers
Created by: Online Graduate Programs


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2011 Forbes Asia’s Fab 50


Company
Country
Market Value ($B)
Industry
Tata Consultancy Services
India
44.3
Technology
Tencent Holdings
China
44.3
Technology
China Merchants Bank
China
41.6
Banking
Wesfarmers
Australia
38.1
Conglomerate
ITC
India
33.7
Agriculture
Bharti Airtel
India
33.3
Technology
Newcrest Mining
Australia
32.3
Materials
Hyundai Mobis
South Korea
30.8
Consumer Durables
Bank Central Asia
Indonesia
23.2
Banking
HTC
Taiwan
22.8
Technology
Anhui Conch Cement
China
19.3
Construction
Sany Heavy Industry
China
19.1
Capital Goods
Belle InternationalHoldings
China
17.7
Retailing
Tingyi Holding
China
16.0
Food
Dongfeng Motor Group
China
14.2
Consumer Durables
Axiata Group
Malaysia
13.5
Technology
Changsha Zoomlion Heavy Industry
China
12.9
Capital Goods
Want Want China Holdings
China
11.6
Food
Hengan InternationalGroup
China
10.6
Personal Products
Shandong Gold-Mining
China
10.6
Materials
Mahindra & Mahindra
India
9.8
Consumer Durables
NHN
South Korea
9.4
Technology
Gree Electric Appliances
China
9.3
Consumer Durables
Samsung Engineering
South Korea
9.0
Construction
GD Midea Holding
China
8.6
Consumer Durables
Noble Group
Hong Kong
8.6
Conglomerate
Zhongjin Gold
China
8.0
Materials
CP ALL
Thailand
7.7
Retailing
Adaro Energy
Indonesia
7.6
Materials
Country Garden Holdings
China
7.6
RealEstate
GOME ElectricalAppliances
China
7.3
Retailing
XCMG Construction Machinery
China
7.2
Capital Goods
Hyundai Glovis
South Korea
7.1
Transportation
Kotak Mahindra Bank
India
7.1
Banking
WorleyParsons
Australia
7.0
Construction
LG Household & Health Care
South Korea
6.9
Personal Products
PTT Chemical
Thailand
6.9
Chemicals
Asian Paints
India
6.8
Chemicals
China Mengniu Dairy
China
6.2
Food
HCL Technologies
India
6.1
Technology
Asia Pacific Breweries
Singapore
5.7
Food
Agile Property Holdings
China
4.7
Real Estate
Qingdao Haier
China
4.7
Consumer Durables
Great Wall Motor
China
4.0
Consumer Durables
CJ CheilJedang
South Korea
3.9
Food
JG Summit Holdings
Philippines
3.9
Conglomerate
Dongbu Insurance
South Korea
3.4
Insurance
Zhongsheng Group Holdings
China
3.2
Retailing
Digital China Holdings
China
1.9
Technology
Halla Engineering & Construction
South Korea
0.3
Construction


via 1-million Dollar Blog



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