December 5, 2012 at 10:27 am
Post your comments about December 2012 F7 exam.
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Remember that you are studying for a professional qualification – do not make postings that are abusive or threatening. Anyone breaking this rule may be reported to the ACCA disciplinary committee.December 5, 2012 at 1:04 pm
hmmmmm easyDecember 5, 2012 at 1:22 pm
Quite a fair paper. Time pressured though as usual.
Questions 3 and 4 were just a GIFT! thanks alot to examiner.
I hope at least this time i passedDecember 5, 2012 at 1:35 pm
questions 3 and 4 .. Were dey easy or so it seemed? cxz cmon it cudnt have been dat simpleDecember 5, 2012 at 1:42 pm
Time pressure was way too much!!
i attempted all question except Q5,didn’t have time
i hope this time i passDecember 5, 2012 at 1:46 pm
You had three hours – the same as everyone else. How many times do people have to tell you that you MUST allocate your time and you MUST stick to that time. That 18 minutes which you stole from question 5 may have earned you just one or two marginal marks in a different question which was substantially complete. But at a cost of probably 5 “easy” marks in question 5.December 5, 2012 at 2:06 pm
Q2 was so easy…December 5, 2012 at 2:17 pm
Q3 was ratio analysis and lots of written marks for the comparative analysis with the industry average
Q4 was construction contract with a written bit for a difference in change in policy and change in accounting estimate
Q5 was gov. Grant and environmental provision. Written bit in Q 5 I didn’t really understand, I just point out that the must adopt the new rule as it arise from past legal eventDecember 5, 2012 at 2:19 pm
No cash flow…December 5, 2012 at 2:21 pm
P7 was a fair paper in my opinion. I attempted all the questions that I needed to do. The trouble with these papers is the time pressure, one has to manage their time extremely well to secure a pass. I really enjoyed the exam, as most of the topics I studied came. Can’t wait for February’s results!!December 5, 2012 at 2:22 pm
Thanks a lot, Mike for the lectures and the revision, it was a great helpDecember 5, 2012 at 2:23 pm
it was easy but i panicked amid of paperDecember 5, 2012 at 2:33 pm
The cost got me on question 1, I initially thought the payment of $1.75/share (cant remember exactly how much) to be paid to shareholders would be classed as a dividend but that then gave me a negative goodwill so I put that cost back in. What did everyone else do/the right answer?
I missed cash flow statements, I spent most of yesterday doing it as it was one of my weaker areas then it didn’t come up, typical!
Ah well, will find out just how good/bad it went in 2 months time…December 5, 2012 at 2:41 pm
Cash payment of 1.76 per acquired share was a deferred consideration, which must have been discounted to npv by the cost of capital, I think 10percent.
9000shares x 1.76 / 1.1December 5, 2012 at 2:43 pm
Has anyone noticed an associate in Q1? What did you do with the dividend from the associate?December 5, 2012 at 2:43 pm
I think was 9000×1.75 then the 3 for 2 shares as wellDecember 5, 2012 at 2:59 pm
Contigent liability in Q1 ???
I ignore this information.
What is the correct treatment?December 5, 2012 at 3:04 pm
Share of profits from associate had to be included in other comprehensive income part in consolidate income statement, contingent liabilty taken off net assets at acqn and consol. date in nets assets list before doing goodwill.December 5, 2012 at 3:04 pm
treated associate as normal associate – didn’t count dividend but worked out share of profit.
same as tonymc for deferred consideration no of shares x 1.76 then discounted back by 1 year and then did normal share considerationDecember 5, 2012 at 3:05 pm
I took the dividend for the associate out of the parent as it was part of the 2m earnings for associate. It would then filter through when you do the consolidation taking 40% of the associate earnings at the end.
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