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Post your comments about December 2011 F7 exam.
What came up? How did you do? How did this paper compare to previous exams?Vote in our Instant Poll
[polldaddy poll="5737388"]paper was easy but too time consuming
Q1 consolidation timing balance sheet
Q2 balance sheet income statement
Q3 cash flow and ratios
Q4 unexpectly IAS 23 again with 5 marks on IAS40
Q5 IFRS 9 theory nd i got no idea how to do it 🙁
I was able to complete my paper hope i pass
any guess for f8 nd f9
open tuition guess helps????It was bad 🙁 verry bad. i found it alot challenging compared to the previous papers 🙁
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@wasaf .. does any of the opentution guess come in f7 ??
@wasaf said:
paper was easy but too time consuming
Q1 consolidation timing balance sheet
Q2 balance sheet income statement
Q3 cash flow and ratios
Q4 unexpectly IAS 23 again with 5 marks on IAS40
Q5 IFRS 9 theory nd i got no idea how to do it 🙁
I was able to complete my paper hope i pass
any guess for f8 nd f9
open tuition guess helps????F8..payroll system, caats, CG, sampling
It was easy. What did you all think of the following questions:
1) Treatment of compound interment 5% $10 million convertibles as 100% equity??
2) Treatment of Loan gauranteed by Borough for Hamlet.My answers were:
1) YOu can’t treat convertibles as 100% equity as it reduced the finance cost from almost 735000 to 500000 and also turned liability of 9,091,0000 into equity which is basically creative accounting2) The loan would be contingent liability of $10 millions as it has been guaranteed by Borough. Rest $12million would be offset by current value of assets. Remaining $3 would be provision because Borough could be sued for that amount and if it is likely to loose then they need a provision
I don’t think it was too bad but then again I did not finish the paper, my time management is awful.
My biggest gripe however, is that the hall we did the exam in was freezeing, I spend half the time rubbing my hands together.- Topics: 0
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It was ok…. 4 & 5 stopped me in my tracks, knew a bit but not confidently so. I don’t think there was anything nasty on this paper. Good luck all….fingers crossed.
It was surprisingly easy!
My performance on it could be better of course, but generally i think Examiner will get his pass rate a bit higher this time as he always hopes 🙂It Was Ok! =] consolidation was easy..
Number 2 was a little difficult .. I didn’t know what to do with the adjustment no 2 internally created PPE.
Overall it was ok ..It was quite straightforward, the consolidation of subsidiary and associate was easy! Q2, was alright, both my SCI and SOFP tied up. Q3 was time consuming. Q4 the provisions definition for 6 marks was a gift. However the hamlet loan question was a bit tricky. Q5 was a gift!
It was easier than I thought..Q1 was really straight forward…Got bit stuck with Q3..
i thought it was straight forward in terms of what the questions wanted. but i thought a lot of the notes where difficult to work out what they wanted and included some things i have not studied before. hopefully done enough to pass id take 51% any day!
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i didnt do Q3 at all but rest was great i think ill make it Q1 balanced Q2 dividends ???? wht was the treatment ?
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made a blunder in question 1…accounted for intangible assets at acquisition date but didn’t account for it at reporting date due to which didn’t calculate amortisation 🙂
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Was much more easy that in June 2011. Hoping to pass 🙂
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@wasaf…i think question 4 was from IAS-37 and we had to tell the amounts which needed to be capitalised…any1 having any idea if i am right?
c’mon guys your keeping me in suspense ; ) – was Q1 consolidated statement of financial position only…. or did you have to do the income statement as well!!!
cheers
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Q4.
Part a
I. Length of licence -10 years
Cost of licence – $50 m
Clean up cost: Fixed costs – $ 20 m
Variable cost – $.02 per barrel
production of voume year ended 30.09.2011 was 150 m barrel- Topics: 0
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Q 1 balance – $143,500
@richieinspain said:
c’mon guys your keeping me in suspense ; ) – was Q1 consolidated statement of financial position only…. or did you have to do the income statement as well!!!SOFP only
cheers
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