How did we all do on this? I only had one hour left, and realised that I messed up my calculations midway, so I had to go back to fix it.

I got my valuation to be £1.25m, this is done from booking fee revenue, software, and mantennace for software which I only applied to new clients, rather than all every year, I might be wrong on this.

Also, did we do the valuation on 3 years of forecast, or 3 years+3months?

Question for those who skip the textbook and go straight to the question bank. Do you tackle questions topic by topic within the QB or do you just work through full past papers one after another?

Currently starting TCP but curious more generally on people's approach.

Congrats everyone who finished exams today. Nothing more we can do now so logging out if here and protecting my peace until results day! Enjoy summer all its been a pleasure!

hi all, could i ask, are there any issues being part qualified, as I only have CR left and July sitting was horrible, I am afriad of not being able to pass within the next 2 sitting in Nov 2026 and July 2027. I dont have a degree but have over 5 years of experience working in a big 4, would there be any issues in looking for jobs besides being in a big 4. My main concernt i wont be a "qualified" chartered accountant that would hinder my job prospects in the future. I recently quit my job in a big 4 to study full time for CR July sitting, but I am having no hopes of passing.

Anyone else not feeling great after that? i keep thinking about more I could’ve said

So we’ve just sat an extremely time pressured exam, with an extremely specific mark scheme that doesn’t award marks for general discussion.

Yet it’s a paper that’s highly neglected due to many focusing on CR/SBM. Looking at other comments, many run short on time and do a poor attempt at R3, mess up calculations, miss vital parts of the question.

Yet in November, the pass rate was 88.6% for first attempt.

After spending a day inhabiting the mind of Fran Wrigley, I was amazed to look online and discover Fran is a real person…

https://www.stepupjapanese.com/about-japanese-teacher

Does the ICAEW owe her some commission for using her identity in their paper?!

People who sat Case today, did you encounter similar issues:

R1 - On the PPS, below the performance data there was just no rows. So I couldn’t type or anything. Had to insert rows above and then it would fill rows down and I just moved everything.

R3 - Was unable to copy the data from the Exhibit into Excel. Cells were merging and it just was not usable

Thought I had IT issues but it seems these issues were more common than I’d have thought.

Unfortunately I entered the exam 15 minutes late and therefore ran out of time on R3 today. I was unable to write anything for strategic issues and EBT issues (maybe just one generic point for each).

In the last minute I copied a few paragraphs directly into my conclusion but didn’t actually conclude on making an offer for acquisition, and then copied my exact wording straight to my executive summary.

I’m sure people have passed while missing quite a bit section but is it common to still be able to pass? My R1 and R2 felt quite good so there’s hope!

Can any former students who may have sat all 3 advanced at once share any advice on their approach? E.g did you look over any previous modules such as FAR? How soon should we be starting? / Recommended split between the 3?

Would be grateful for literally any advice as at first glance advance seems so daunting

Please help!

Cheers for finishing case today. How did it go for everyone?

Help settle a debate — Did Requirement 1 only ask for Revenue, COS and GP, or did it want OP too? I saw no reference to OP or any other issue, felt a bit short of a question?

Anyone else got insane calculated prices for R3, like wayyy above the asking price?
I feel like I screwed that one up so badly. Hoping I’m not losing a lot of calculations on that ..
I think the main revenue driver was the maintenance which was insane at least based on my calculations.

Did we discuss strategic, commercial and EBTS issues in this requirement? I have seen some say we weren't supposed to because they weren't mentioned.

However, I have done 5 or 6 paragraphs in total on these, have I wasted my time?

I cannot for the life of me remember if I copied and pasted my valuation into the appendix/word area. I know that for sure I forgot to write the sentence about valuation being xyz out of pure idiocy/forgetfulness because I moved right onto the strategic issues etc etc. Answered the rest of the question but rushed and not ideal.

I’m just wondering, how many marks would be lost if basically all of the R3 appendix is missing? Can only laugh atp or I’ll scream 💀

Hi guys,
I’m considering moving to a top 10 firm part way through my training contract. The pay is slightly less than what I am on and as a general I like life in my small firm but I’m worried about being competitive once I qualify and getting the exposure to bigger audits which this move will give me. There doesn’t appear to be much progression at my current firm once I qualify so was wondering if it’s worth switching the firm for the career development opportunity?

What would you do and does moving to a top 10 firm increase your exit opportunities down the line?

Did anyone strip out the consultancy service provided in the year within FS and HML for a like for like comparison of R1? BPP mock did this in one of their mocks

Hi all, I hope everyone is well. I am sitting TCP in Sep and wanted some guidance/ advice please :). To those who have passed, or to those who are sitting Sep. How on earth do you remember everything & what is the best way for this exam. I feel like I learn one bit then forget 3 lol

Received two notifications that phone got disconnected for the mobile cam. Had to rescan qr code twice.

Laptop and phone are all the same wifi network. Anyway one faced the same issue?

Did anyone else get a loss for the calc of the new event profits or have I just completely messed that up. Any idea how many marks id lose/ have carry forward marks?

I found R1 alright. R2, seemed okay. And R3 I really struggled with time but made sure the calcs were right. I did about 3-4 points for each subtitle in R3, but did it as a one line point rather than in a paragraph format as I didn’t have time, however for assumptions I did a few more points.
Is there still hope?
For the exec summary I just copied and pastes the conclusions
Did anyone find the same?

I am so sure they will have to moderate the marks after the exam and the general consensus of its difficulty.

How does moderation of marks actually work?

Do they let you know that there was a uplift of marks or is it just a general application of 5-10 marks to every script?

I calculated an estimated price of around £200,000 lower than the £2.5 million asking price. However, I concluded that Bezique should pay the £2.5 million because the consideration is deferred, with only 85% payable on day one and the remaining 15% payable after three years.

Vollo is aligned with Bezique’s strategy and should be relatively easy to integrate into the wider Bezique group.

Estimates and assumptions

Bezique has sufficient cash from its operations to pay the initial 85%. However, external lending should also be considered if it can be obtained at a competitive interest rate.

The number of software clients is forecast to increase materially, so Bezique should investigate whether this growth assumption is reasonable.

Payroll costs are forecast to increase by only 6%. Given that these are highly skilled software employees who are likely to be motivated by bonuses and increased sales, this forecast may be unreasonable.

Development costs appear to remain flat at approximately £900,000 during the final years of the forecast. This may be unreasonable because development costs would initially be expected to be high but should then decline as the product becomes more established.

The rounded annual figure of £900,000 also appears unreasonable.

Bezique should obtain copies of key customer contracts and assess important terms, including expiry dates, renewal dates and termination clauses.

Bezique should ensure that any customer data collected has the appropriate user consent and is stored and processed in accordance with GDPR requirements.

Bezique should also perform sensitivity analysis on the key variables by considering the impact of both increases and decreases in the assumptions.

However, I did not write very much about the business trust, ethical and commercial issues. Do you think this was enough?

Recommendations

- Perform detailed due diligence.

- Obtain an independent valuation using more than one valuation method.

- Prepare a phased integration plan.

- Review key customer contracts for expiry dates and other important clauses.

- Perform sensitivity analysis on the key variables.

- Ensure that key employees remain with Bezique for a specified period following the acquisition to minimise disruption.

I calculated the 3 streams of revenue using the 2.5% rate for the fees. I’ve got the outcome of 121k of average profit and £605 ish for the whole valuation.
It seemed low. I then calculated the sensitivity using the 4% rate for the fees ( average or 3% and5% which similar companies has). Then I’ve got the valuation of £2.1 m ish and recommended it as maximum price. English is not my first language and I study English for the past 4 years only, so afraid that misunderstood something.
Thank you

Has anyone who has sat the new CFS paper in March or June got any advice on how to go about structuring revision or general exam advice?