*** P2 June 2012 Exam was … Comments and Instant Poll ***

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Was Q1 a Balance sheet or income statement??

@stasi said:
Was Q1 a Balance sheet or income statement??

Why are you so eager to know?

Go get your paper done first man

@razraz said:
Here in uk the exam is still running. I just came to toilet. Where did u give ur exams man

Much better this time. CSOFP for Q1 , Thank God not CSOCF,

I did Q1,Q2, Q3. Not much information for IAS37 so I didn’t choose.

Wish me good luck and to all of u! Thanks OT, really helped me a lot!

I think it’s attainable. I have not prepared well (just 4 days before the exam) so did not do it well. Hope next time the exam is fair like this.

Q1 is consolidated finiancial position (35marks)and the ethic when they sale a land before the year end with option to buy back. Q2 is about the various IAS (buy and lesase back, defined benefit plan, others I can’t remember now). Q3 is about the treatments if consolidate (financial instruments). Q4 is about the ED on provisions.

I thought it was hard but fair.

I was surprised at Question 1, it felt a little too straightforward. Hope I didn’t make silly mistakes.

I did Q2 and 3. I found 3 very difficult for some reason. I hope I answered the question correctly.

I think 2 was ok. I did it first so cant remember much about it

I can’t tell if I passed or failed, but I just feel calm about the whole thing, so I think I gave a good account of myself

Q1 is sofp was ok, first sub acquired 3years ago, paid dividends 2M to parents last year.
sec sub was step acqusition.
notes 3 is about Joint control
notes 4 is about receivable4m to factors 3.6. risk reward still remain.
notes 5 about PPE with imp loss
6, about sales and lease back, its loan!!!

Q2 Mix contains pension , provision, …
Q3, really messy, goodwill impired relate to change of deferred tax,
hold a sub 70%( a share and B share). NCI and interest hold by parents account based on B share , interest paid for B share cumulated if its no profit.
.
also about fair value measurement about investment proporty.
Q4 is 25 marks about provision. shocked!!!!!!!!!!!!!!!!!!

The person who was browing and commenting on this site on a toilet break while taking his/her exams is telling porkies. Here in the UK, I’m told, you are escorted in and out of toilets and your pockets are checked to see if you’re carrying anything. In any case who in their right mind would do such a thing! Going to the loo is bad enough, but then wasting time like this is ridiculous.

Easiest paper in the history of P2.
I had to read the paper 2 times to actually take in how easy it was. I was expecting a much harder exam and I knew I had to rely on Q1 to help me pass.

Balanced the SOFP without much trouble, the only technical adjustment was the Impairment of PPE and the transfer to reserves. This, though, was already done once in June 2010 (SOCI question), so the adjustment wasn’t so hard for me.
The written parts for IFRS 9 was a bit hard. I knew the rules but i just felt there wasn’t much to write for 9 marks.
The 6 marks for Sale and repurchase transaction were a GIFT!

Didn’t do Q2.

Q3 was fun. 11 marks for Impairment and Deferred Tax asset rules. And the application to the scenario. Not hard at all if you read it twice.
Part b) was hard, I didn’t really know what the issue was. Since it was just 7 marks, I decided I would discuss the classification of debt instruments and if the entity cud classify it as FVTPL (in this case, it could)
Part c) was EASY 5 marks. The shares had the characteristics of Preference shares and had to be accounted for as a liability. Just described how and why, the obligations and stuff. Also recommended Amortised cost as the method to be used for any unpaid but declared dividends.

Chose Q4. I so KNEWW this was coming. I was expecting a discursive of IAS 17 ED or the IAS 37 ED.
The first 9 marks were easy, just basic textbook knowledge with regards to provision creation and measurement.
Second part was also good. The proposals were small in number and i gave a few examples of how these proposals would look like under the revised standard (rename standard, expected values, conditional/unconditional obligation and such)

Part c, again not so sure about. Just calculated the expected values and created a liability, hope to get 3 if not more marks for calculations and discussion of treatment under current guidance and proposed amendment!

It was hard, but reasonable:
Q1: SOFP 2 subs, 1 acquired from investment to control, bit in there about Joint operations, Financial instrument impairment, PPE Revaluation Reversal 35, Derecognition of financial instruments 9, Creative accounting Ethics 6

Q2: Mix, Leases- Sale and Leaseback 7, Defined benefit Pensions8, Share based payments SARS 6 and Contingent liabilities 4

Q3 was running out of time, didn’t get a chance to read through,hence not attempting

Q4 Current treatment of Provision and New ED for provisions 18 marks for this then a further 7 for applying the knowledge written down to a scenario.

I know there was parts i messed up on or just didn’t know, but go through all the questions, hopefully done enough for a pass. Just glad it’s all over

BALANCE of SOFP pleaaaaaaaseeeeeee????….:D