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This was the worst exam I’ve sat this sitting! It was insanely difficult, I hope I get that lucky 50%, I struggled to keep time but tried to attempt all the questions, there was just too much info to get through in time to finish properly! Fingers crossed!
@acltang72 said:
Piece of cake compared to F6. Thank you examiner. Thanks open tuition!!I totally agree, F6 was a nightmare compared to this, I found it to be a gift from the examiner, complete contrast to past papers!
I thought it was very manageable! Looks like the new examiner decided to make it quite fair. Lots of control testing was involved though. I reckon I passed.
Thanks cuid3. So in this particular question, for the Nci cost of investment I should just calculate 20% of the $20million ordinary shares?
In regards to the goodwill impairment, it said “it is group accounting policy to carry out a goodwill impairment test every year. In the current year it is equal to one-fifth of goodwill. This write-off is treated as an administrative expense” So once the goodwill has been calculated then the Impairment would equal one-fifth of the total goodwill?
and lastly in the question, the table for inter-co trading shows that the sub already had a profit of $10m in inventory at the start of the year and it grows by $10m (to $20m) by the end of the year, the goods sold were worth $40m. how do you deal with this since it is four years after the date of acquisition?
Just one more question, what’s the reason for not including the fair value adjustment of land in the calculation? (920 > 1115)
Awesome, this bit was driving me mad, thanks once again sosologos for taking the time to help me out, much appreciated!
