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69%. Qualified!!
What a long road. A little over six years from F1 to P5.
I always found it motivating to see people on the forum becoming qualified. It made me realise that it was possible for me too. And it was.
Thank you Open Tuition and others.
I thought explaining why the dashboard was award winning was a great question, loads to write about.
I wasn’t totally sure what the role of the accountant is in integrated reporting or how TQM could help Thyme specifically. My answers to these were a bit generic.
I think my answer about costs of quality control was also too basic, plus I was getting tired and taking too long, I needed to move on by then.
Question 2 looked the easiest, although I don’t like the calculations in this exam.
I was going to do question 3 but was running out of time and question 4 about staff appraisals and performance-related pay started looking better to me. Imagine having your entire salary dependent on getting 50 new clients every year when you work in a technical field that demands a second language as well as up-to-date tax knowledge of 2 countries. I wouldn’t take that job!
I didn’t know what to do with the numbers and didn’t have much time for them. All I said was that the acid test ratio went from about 2 to 0.9 which means they could not bay the bills.
Based on this I said that time critical as they could soon go bust.
I also said that they were ready to change since profit had plummeted so badly.Other than that I didn’t use ratios.
I said the changes needed to be quick but not so big because they were preserving a lot, but I named it adaptation by mistake. Hope I don’t get penalised.
Q4 was hard as I was very tired by that point. I hope I got enough to get by on that one.
I basically said that they should manufacture in one location and ship from there. Buy more than once a month and deliver straight to the relevant country. Better yet, manufacturers should deliver to the customers.
Being border-less meant using divisional structure not regional, and can sell more easily to anywhere in the world. Plus, they can focus on videos and music.
This is exactly my question. All those questions are very long. Is there a way of being to practice smaller examples as I go along so that I’m able to absorb it all as I learn?
I deducted the credit notes from revenue. 6,000 x $40 = $0.24M.
The 13,000 units wasn’t enough for a discount, so 13,000 x $1,000 is recognised in total, which is $13M.
@seanog91 said:
Did anyone get a loss on the disposal in the income statement? of around 13mill?I think I got 13.6 so I adjusted the figure they’d included already by 0.4
Was there a question on impairments to assets in both questions 2 and 3? I wrote very similar answers to both.
I think I wrote ‘higher of FVLCTS and VIU’ and least 3 times in the exam.
I felt the exam was really tough. 18 marks on CFC! A few of the questions were from parts of the syllabus that don’t take up much space in the study text, and the larger topics barely touched if at all. I’m surprised more people didn’t vote ‘disaster’. I did.
Thanks Mike.
In that case, does it make sense to do advanced tax then Business Analysis first and then throw myself fully into the IAS / IFRS for P2 & P7 (in 2 sittings)?
I don’t think I’ll have enough time over the next 6 months to tackle P2 but I don’t want to stall either.
I started off with question 1 simply because it’s where most of marks are and I thought I’d do it better if I start off with it. Let’s say you got 70% of the marks of Q1, you’d only need 15 marks from 2 questions to pass, which seems manageable even if you’re running behind schedule.
What did you guys write for strategic CSR? I wrote that since the local authority was a shareholder, it’s strategic to build the estate in their area to benefit them and keep their investment.
I thought part a asked how corporate governance would have helped in this situation, having an independent chairman is just one point. I didn’t see a need to go into detail about why an independent chairman was necessary. Other points included NEDs, committees, dialogue with shareholders, etc.
I think part d was specifically asking about the advantages of having an independent chairman as opposed to it being the CEO.
I found the paper quite good. It was long, I’m happy I was so anal about time management as I only just finished.
For a magazine article I wrote something like:
Lysus – A failure of corporate governance.
Most of our readers will be very familiar with the recent scandal at Lysus. The company is owned and managed by the Mara family…….. (brief summary of what happened).
The question now is, what can we learn from Lysus and how can we prevent such failures in the future?
Then I addressed bi) and bii)
Conclusion.
Lysus is undoubtedly a failure of corporate governance and risk management and there are lessons we can learn from its failure to ensure safety for patients and continuity of our corporations.I’m pretty sure but I wouldn’t trust everything you read on this forum. If you want to be certain you should call the ACCA yourself.
You can still practice as an accountant without it, but you need the UK variant of F4 for the auditing certificate.
as far as I know for F7 and F8 you don’t need the UK variant, only in F4 and the Ps.
I may be wrong but I think if you want an auditing certificate for the UK from ACCA you need to pass the UK variant of F4. If you don’t live in the UK then it’s no issue.
Can I just point out that to do these papers means sitting exams 3 consecutive days. Personally I couldn’t do it. I need a full day before an exam to revise and get my head in it. If you can do it great, but have you considered a different set of exams like F4 F6, F9? Just a thought.
So cash is all cash + cash equivalents + overdraft
Or is it minus overdraft?
And is it only the overdraft or other current liabilities as well?
depreciation is added to profit because it was considered an expense in the statement of profits and loss, but in reality, no cash was spent.
profit/loss on sale of asset. Let’s say your asset is worth $100 and you sell it for $50, in the SFP that’s put down as $50 lost but in reality you got $50 cash in.
increase in receivables. If someone owes you money, that’s cash you should have but don’t, it was put in the IS as income, but you didn’t get the cash yet.