Hi

I remember answering this yesterday!

I believe that the material misstatement article is in “Technical articles” in the ACCA website, P7 page.

Similarly, if you check that same page, it tells you which are the examinable documents!

Good luck

Hi, yes. I once saw an audit report with a disagreement on the balance sheet, an uncertainty in the income statement and an emphasis of matter for the notes. In addition to that, there was a statement that “In all other respects the financial statements were properly compiled in accordance with the relevant statute”

I believe ( I could be wrong ) that the material misstatement article is in “Technical articles” on the P7 section of the ACCA website.

For the IFRS 10 – 13 question, check on the ACCA website under “Examinable documents” in the P7 section!

Hi You CAN leave the section – but it’s your gamble. Personally, I would never recommend that any student should leave any section. Question spotting is not recommended. Having said that, all tutors are pushed continually to make their predictions about likely topics which could appear. Our response is to make these guesses, but you’ll [...]

If a component’s audit report is modified it COULD have an affect on the group auditors’ opinion on truth and fairness of the group. But if the component is not material to the group, or if the mattergiving rise to the modification is not material in a group context then, no, the group audit report [...]

Page 581 / 582 of Kaplan study text! Dr Cash with the net proceeds of issue Credit the Liability As each year goes by, unwind the discounted liability,s o Dr Finance charges Credit the Liability Redemption date? Dr the Liability Credit Cash Convertible bonds? Calculate the debt element. The difference between Net proceeds and Debt [...]

I can’t believe it – I’ll be back

They should be ok for June 2012

The verbs? Look in any ( reputable ) study text. Read examiner’s articles!

As for the articles and video – they’re somewhere on the site. I suggest you ask the question in the forum rather than on “Ask the tutor” – sorry, but it’s a long time since I looked at them

Are you sure that this is not somewhere in the study text or even in the OT notes?

Ah! In the solution! You told me it was in the question. The fact that the exchange of assets transaction has commercial substance pushes us to treat the acquisition at fair value. I think if it were simply us exchanging an unused asset for a different unused asset, we wouldn’t then need to recognise the [...]

Hi David, I’ve been thinking again about your question. I suppose really it depends on how many letters there are in average in the words you use. If you are extravagantly ambitious and superlatively excessive, then you’re going to be writing fewer words than if you used shorter ones I trust that that is helpful [...]

To answer the second part of your question first, the 500,000 is deducted from the net assets as at date of acquisition because, per the question, “Picant’s directors believed the software to have no recoverable value at the date of acquisition” so it’s a fair value adjustment. Because it has been written off in the [...]

Hi sorry for taking so long – I’ve only just got home after some time away so now I’ve got my F7 notes in front of me. Have you worked all the way through the repayment schedule? You WILL NOT have to do this in the exam If you HAVE worked through the repayments [...]

Ok, I’ve read the question and didn’t see the expression c”commercialsubstance” anywhere.

So I read through it again ….. and it’s still not there.

You’ll need to do better than that I’m afraid

You need a little T account showing balance brought forward, movement from the income statement, balance carried forward. The balancing figure will be cash. But if there is no cash payment during the year eg, no warranty claime settled by cash, then the movement in the provision account will be purely a “book adjustment”. And [...]

It’s not the provision you deduct – it’s the MOVEMENT in the provision. And sometimes it’s a deduction but sometimes it’s an addition (deduction where the provision has gone down since last year, addition if the provision has increased ) The reason is that movements in provisions are ( sometimes ) attributale to a non-cash [...]

How on Earth can I possibly answer this! You need to spend 5 minutes planning and 13 minutes writing for each of the ten questions. Some answers will, by definition, be more discursive in nature than others. there is NO ideal number of words. Just make sure that you have ten markable, relevant, correct points [...]

You should aim for around 383!

give me a reference where I can find the context, please