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i hadn’t completed all my PER until about the 22nd August so they wouldn’t begin the invite process until this is done as well as the exams.
just got my email invite 🙂 So that was about 10 days in all – much quicker than submitting an application it seems!
what is says on the website is that it takes about 10-12 days to ‘invite’ you to membership. Once you accept, then it takes another couple of weeks to complete.
This is still quicker than what it says if you submit an application for membership which they say takes about 6 weeks to process…52! Dont care how low the mark is – i’m now an affiliate!
Congrats to all those other who passed. I was so sure i had failed this one!i made the most carndinal sin in Q2 and failed to pick up on the whole question and somehow missed the whole consortium sentence! Cant believe i did that – never happened to me before. Only noticed when it was time to move on to the next question so i did loss relief as per two companies without consortium relief. Do you think there are any marks for this?
Didnt even have time at the end to state that consortium should have been taken in to consideration but left out in error!
All in all, my knowledge was good but exam technique was terrible i think which is gutting to be honest as practiced a lot of questions but obviously not enough.
I failed F7 for the same reason a year back or so and thought my revision had got the technique nailed. It’s sad when you have the knowledge but cant apply it well enough but no-one to blame except me for that.
Overall, i thought the exam was fair enough – i just hope the December one is too because i’ll be seeing it again i fear!i honestly have no idea if anything i wrote was correct now.some things seemed to make sense at the time but fluffed it on Eva and mirr and on other calculations. at first glance the questions seemed okay but they were not straightforward. my main problem i think was writing my discussionsas they seemed tofly all over the shop.i hope i did just enough but it will be touch and go… roll on p6!…. not…!
@fever003 said:
This matter has been going through my mind for quite some time.I can’t be that the whole world is unprepared for the P5 exam.
Passing rates before appointment of Alex Watt were above 40%.
History of pass marks for P5:
P5 37 43 32 42 44 35 35 29
Some rates were above 40 but not well above.
Performance has been worse though so maybe tougher marking i am guessing?right, so trust a trainee accountant to do this but i thought i would look at the average marks for each course over the years as per the ACCA pass rates page and they come out as follows:
F1 69.5%
F2 56.1%
F3 55.1%
F4 46.1%
F5 40.5%
F6 49.9%
F7 39.1%
F8 37.4%
F9 40.0%
P1 50.8%
P2 50.0%
P3 49.5%
P4 34.3%
P5 37.1%
p6 39.5%
p7 34.5%Make of it what you will but all the option papers sit within the 30% range which is lower than any other.
Not having sat any of these yet i cant say if they are much harder than previous papers but F7 and F8 are low as well.I actually thought the exam was quite fair in balance.
Not to say that i did as well as i should have done!
On consolidation, didn’t really do many of the adjustments as ran out of time but i did manage to try to state the principles so may get some method marks…?Didnt do question 2.
Question 3, i said that you can not capitalise humans as that is putting a price on a person which is like slavery. I said capitalise the agents fees to start with as costs of securing contract and then expense moving forwards…
Can’t even remember what I wrote other than that really!Not sure if i passed but i worked hard and if i didnt then i am very hopeful that i will next time.
To all of you who are in doubt, when i failed f7 and f9 the first time round, i went back and studied again till my brain fell out! I passed them second time, but what i realised was that i wasn’t grounded enough in the knowledge that i had and going through them again has made me more confident in my knowledge moving forwards. I think you have to see it as a positive. It gives worth to your efforts.
This time may be the same but i hope i passed because i thought the paper was fair and at this point in our studies we should all be happy that we have got this far and are close to finishing up!I just wish that we didnt have to wait so long for results and the next round of exams to be honest.
I’ll probably keep dipping in to my P2 books over the next few weeks just in case i didnt pass so i’m not completely rusty.For question 1, some people recovered the working capital in year 4 but as the project was continuing for years to come i did not recover on the assumption that there would be no recovery – just added inflated debits for the yearly increase in demand. came out with a positive NPV.
Talked about sensitivity analysis, EV’s and aggressive and conservative approaches etc…Question 2 i got a cost of debt as about 4.6% (didnt round it up) and then after the bond issue it was still the same!!
I used the redemption period of the new bonds for the existing ones although looking back i guess they could have been classed as iredeemable debt…. hmm….On director’s views, i said that he was right to assume the WACC would decrease but this would not necessarily raise the market value of the company as gearing may increase and interest cover etc so more risk. Discussed traditional, M&M theories and then realted back to the assumption that there is more to the argument than just WACC and theory and that external views were also a factor.
WACC came down by about 1% on my reckoning after bond issue.
Question 3 – god knows. Started to do some calculations, got a bit lost, wrote a bit of theory! LOL… not good.
Question 5 – forward hedge was better.
Think i messed up the second part as i said that the .5% discount was best. Got confused with the interest bit. I calculated that a reduction in payment terms would cost the company 60 days extra in overdraft but i have no idea why now!!!
Overall, i felt fairly prepared. This was my second sitting. Got about 44 last time and really hope for 50 but didnt answer two questions worth 10 marks so instantly down to 90.
Not sure if i did enough but hopefully the theory might pull something back. Pleeeeeeeeeease!!!!! LOL….well.. fair exam like f9 and f8, but managed to mess it up like the other two! Havent had my computer much this time round so didnt use open tuition as much. Helped me pass all 3 in June. Gutted to say that i’ll probably be taking all 3 again the summer with some focused thoughts about where i went wrong. Q1 and Q2 – dont really even know what i ended up doing.. Q3 ratios – kind of a cross over with F9 here and i studied quite hard for that one so think it went okay. Net profit was negative but once you take the one-off costs in to account, performance was not as bad as first analysed.
Q5 i spoke about assets held for sale. As they were held for sale they need to be derocgnised and deferred liability and income put in current assets and liabilities. Incomce statement then needs a seperate ‘other income’ line to represent the assets held for sale.
Anyway, anyone else failed a few in one sitting and then re-taken? Could do with some positive thoughts around this time to keep me going! Thanks all…I de and then regeared beta in question. It came out a bit less 1.2 or 1.3 but boot fully remember!
Cost of debt after my calculations on the irr was 15 if I remember rightly? May be getting percentages confused! I got 10 somewhere, 15 somewhere and I thimj I said wacc was 12.4
The npv was around 77 people reckon? Well I got a negative but it was a lot more that that! I calculated roce and payback and although both were outside of the expected return from directors I said that view still may consider if view had nothing else but would be careless to base their decisions on that due to the npv and that The two methods don’t take account of future values me money, tax etc…
You know when an exam is really easy… and you still manage to mess it up… that’s is gutting. Messed up f8 and now f9. Hope I can get through f7. Don’t know what happened to me. I passed all 3 in June! 🙁
that being said, for anyone that did f6 in june this year, I thought that was terrible and I got through that one so anything is possible!
Karishma… I think you may be right on that which I presume means I was wrong! Oh well f8 take two June 2011 here I come…
I think paper was okay but I didn’t time enough revision so really not sure about this one! I think preconditions was to do with management confirming accounting standard used, disclosure of evidence and other facts etc… that’s what I put anyway!
okay thanks for that.
Yes on the shares front that is obvious and should have instantly remembered that!At the risk of sounding totally stupid, when you say deduct 6 months profit, from reatined earnings, as i only have the one figure do i just apportion this?
As in retained earnings at acquisition would be £8,800 x 50%? (£8,800/12*6) which would make £4,400Thanks
okay thanks for the response.
The example below is the question being asked:
Can you check my solution?
P owns 75% of S
Aquired on 01.07.08
Reporting 31.12.08Net assets of subsidiary
At Reporting: 31.12.08
Ordinary Share £4,000
Retained Earnings £8,800Net Assets of subsidiary at acquistion: (no figure given in question so taken % and time apportioned??)
Ordinary Share
(4,000 *75%/12*6 £1,500.00)
(8,800*75%/12*6 £3,300.00)So the net assets at acquistion are £4,800 and at reporting £12,800???
Quite a large leap?