*** ACCA Paper FR September 2018 Exam was.. Instant Poll and comments ***

Same section C as you. I found A lots wanted 2 answers and a lot of interpretation rather than numbers. Was possibly my weakest area. had nothing on deferred tax and had really learnt that. Also nothing on financial assets, foreign exchange and really surprisingly nothing on revenue recognition

It was on Section B for me.
The Cv of an asset was 1.2m and the value in use or FV less cost of disopal was 1.4m. I forgot the numbers but Que was like

What is the impairment treatment for this scenario.
The option had
1.no impairment loss or gain
2. gain of 200,000 to P/L
3. Gain of 200,000 to OCI

Since it has asked impairment treatment and there is no anything like impairment gain I ticked on 1,but what should have been actually ?

As it’s computer based I guess all of us get different exam questions.

Mine was share issues, nci and convertible debt all over the place.
Part C ratios, goodwill and consolidated P&L.

I said no impairment as recoverable amount was above carrying amount. The other one about reversal of impairment you reverse to depreciated historical cost I believe which was 3 million.

@delamanisp said:
I am not sure. When I started doing the MCQs I was like “ok, I failed”. I was not expecting biological assets or overheads at all. Some MCQs were doable but I am not sure how I did. Most of the theoretical MCQs I got right, including some MCQs with calculations. Same with section B.
Q31, I had a balance sheet for 20X7 for the parent and a consolidated balance sheet for 20X8, asking to calculate NCI and retained earnings. Then calculate 3 ratios and comment on the performance based on the ratios and the acquisition.

Q32, I got a TB and it was asking SOPL, changes in equity and basic EPS.

I did well in Q32 (not sure about 1-2 points). Q31 was okay as well, I managed to make many points based on the information given. Ratios were okay, I am just not sure about the NCI and the retained earnings.

How did you find it?

Omg I got the same section C. Could you please tell me how you did 32 because I didn’t do it properly at all. Do u remember what you did for provision? I totally forgot to enter the convertible loan part which was note 3 I guess. I feel like I’m gonna fail because I really did bad in section C

For Q31 where there was a calculation for the NCI, Consol Reserves and then Ratio discussion. There was a note stating that Land had been sold to the Parent for $4m where the Subsidiary had a carrying amount of $2.5m.

This massively threw me and i didn’t know what to do with the $1.5m gain so i entered it as a deduction in the Consol Reserves.

Did this stick out to anybody else? Should it have gone in to the net assets and then been split between NCI & Parent calcs?

@delamanisp said:
For Q32, I believe that I got most of the things asked correctly. The contract was pretty straightforward, same with the convertible loan. The only thing I am not sure about is the provision and the deferred tax.

I remember that the overall amount from the lawsuit was 1.2m or something? 1.406? something like that and they made a provision for 800k. I don’t recall the provision note 100% but I believe it was saying that it was probable that they will settle. So I just added the additional amount and brought it PV and took the finance costs to the P&L along with the finance costs from the convertible loan. My logic was that since chances are that they will have to settle for the entire amount, why did they make a provision for 800k?

Just to note something here, don’t get stressed if you didn’t do the same thing as you might have done it right and I might have done it wrong.

Just a quick question, is it me or there was a hidden share premium there as well (in the share issue note)?

I got thé same q31 and q32
From your answer i can see a mistake i did.
Overall it was not Easy but ok. Hope to get a pass

I had the sect c questions with goodwill and p&l. Then the ratios. what was your goodwill figure? My mind went blank on this question I’m just hoping I get some marks for the sopl layout and follow through of figures! I got the ratio question too which is a fave of mine!!

Could you please advise pros and cons of Paper and CBE?

@barbadoshk said:
I had the sect c questions with goodwill and p&l. Then the ratios. what was your goodwill figure? My mind went blank on this question I’m just hoping I get some marks for the sopl layout and follow through of figures! I got the ratio question too which is a fave of mine!!

I got the same as you. Put 22,200 for overheaes. Can’t remember goodwill figure but was share exchange and deferred consideration that brought to present value (then unwound in finance costs). The net assets the contingent liability, revaluation, share capital and retained earnings plus the 3 months from that year

@jennie1984 said:
I got the same as you. Put 22,200 for overheaes. Can’t remember goodwill figure but was share exchange and deferred consideration that brought to present value (then unwound in finance costs). The net assets the contingent liability, revaluation, share capital and retained earnings plus the 3 months from that year

What’s the overhead of 22,200 for?? cant remember. And was the cash consideration deferred??????? cant remember.

Ya I also hate that spreadsheet in exam, in firm we use + sign in start and enter our data and link cells… but there is = sign necessary to enter first other wise it will not work. it waste my a lots of time. because I am use to with + sign .