[braintree]

Hello All,

This may be surprising to many, but I have written P6 13 times. Yes, thirteen. one time with a 49% score. This time with 34%. I did online study with a major provider.

Now, I do understand its a vast paper, but it would not be insurmountable. I treated several questions, most of which one can easily recollect and have written them out with their applicable tax treatments.

For example, Duncan, business guy, with new contract, which qualifies for R & D, of extra 130%, on top of the 100% deductible R & D expenses, from TTP, or if (as in HMRC web pages, a loss making can reclaim 11%) as tax credit, which is taxable income for the entity.

So, for the three years required, 16/17, 17/18, 18/19, and last year of £30K would not be R & D eligible, prior years would make about £55K of TTP, so deduct the additional 130% eligible for, and determine the post-tax dividend, which was 18K thereabout, not to tip him (Duncan) into the higher rate tax band. (The question did state the Duncan’s coy’s was not a PSR, that was clear). Post tax retained profits, about 39K, with 18K being dividends and 10% withholding tax credit.

There was also I think Q4, DTR for Subsidiary of UK Resident Coy, which had the election alternative to exempt subsidiary profits. The question further sought what the outcome would be, which was mainly if the UK corporate elected, the foreign sub profits of the future would then be exempt, and the UK Corporate would not have recourse to offset any arising loses. Then FAIM 75% shareholder, question on Ethics. ..

Thirteen times, can anyone beat that?

Responses welcome!

[braintree]

@BOLAKALE said:
2017 is my last try too. what is the advice? i have been writing P7 without gap too since December 2014.

My dear, ACCA is a money-guzzling association of finance persons. They specialize in ripping off candidates with potential, and do so blatantly, with no recourse to rectify their grievances, and they do so, mostly to minorities, who most times are much more proficient than indigenous students. At least I did read the Metro paper asserting to students of a region being better, with the latter not being able to pass GCSE English language paper.

I have written P6, 13 times, live in the UK, advice tax payers, and understand the tax scenario, quite well. On the internet stories evolve of Malaysian paper plagiarism, but nothing heard of in the UK.

They specialize at ripping off developing country-students, and from initial evaluation seem cheaper. Check pass rates, and inquire as to why, the lower level papers have higher pass rates, than the Professional level papers, which pass rates lower in some cases than 35% of world numbers taking the paper.
They are not in the long term.

I passed 3 exams at a sitting, hold two masters, within Accounting. Oh, I’m also a lecturer at one of the London’s Universities. So, is ACCA making me feel dull? They can try, but I shall not relinquish.

[braintree]

@mikelittle said:
3 posts so far have asked whether an administrative review is worth considering

The answer / advice is a resounding NO, NO, NO

Do NOT waste your money. In all the years that I have been involved with ACCA tuition I have never once heard of a successful administrative review

It’s a clerical exercise to see that all your pages have been looked at and marked and that the marks add up to the total

It is NOT A RE-MARK

Save your money, accept that you didn’t score sufficient, assess whether you are missing something in examination technique, and now move on and get practising. March examinations are only 8 weeks away so there’s no time to wallow in despair and disappointment

I received an email, advising on success, with Congratulations,You made it, then another email, ” You’re on your way to membership”, then released results showed 34%.

Another letter arrived days after results release, but dated before the release, advising me to get ready for resit with 2017 exam schedules. Does this add up?

I am increasingly convinced, the ACCA is really making money, as opposed to promoting accounting profession. I have the emails, and I am embarking on Admin review, together with press release on the presentation of the prima facie examination paper evidence.

Any insights! or shall they (ACCA) cover up as usual? They assert to being in existence for 100 years. As far as I know, the Catholic church is older, and far from the truth of existence and operational excellence, we all know the story.

[braintree]

@mishukkazi said:
Passed and Affiliate . P7- 61% . Credit goes to Opentuition.com and Mr MIKE. Thank you so much.

Did you receive any email, telling you congratulations, you made it? within the subsequent week of having finished your examinations in December 2016?

[braintree]

Hello Mr Mike Little,

I want to kindly ask whether there’s an existing culture within the Association to send emails to would-be affiliates, who pass, prior to release of results?

Relevant to all passed finalists:-

Has any student shared their experience, or receiving emails, with you?

Much appreciated for your response.

Regards…

[braintree]

Hello Affiliates Just passed P6/All,

I am throwing this inquiry to all who passed, and possibly Mike Little, to advice.
“Did any one receive an email, with the following:

Start of Email description:

“Congratulations, You made it! within the email, a picture depicting two persons, with one meeting the other at the peak of a mountain, wearing yellow and black climbing gear”?

And a second email: “You are well on your way to membership” Pizza Hut vouchers and FRS 102 study offer, and other additional training opportunities.

End of Email description

Any body received such email, and then subsequently passed or not?

Both these emails would have been received prior to the release of the results.

Your candid response shall help in an on going investigation.

Thank you

[braintree]

My perspective of ACCA examinations, is that it is the easiest examination with the most ridiculous marking scheme. Believe it or not, the marks awarded usually do not represent the effort of the individual, skill-set or ability to synthesize scenario with say auditing standards or accounting standards. Your score is weighted, to cost you, and make you long for more, spend more monies.

A question has full marks of 5, you write four strong and synthesized points, applying the verb sought (explain, describe etc) , and using embedded information in the question. You score 2 out of 5, and have failed. That’s ACCA.

Now check this: The duration of completing the ACCA qualification surpasses duration for a Doctoral program at Harvard, i.e. 5 years. < $30,000.

Now, you weigh which has the prospects of returning value, over your working life-time, up to say 75 yrs.

Take for instance, in practice, rarely are the qualified ones in a position to exert and command resources, if you do not fit within the demographics of an office workplace, nothing for you. Capped at an earnings ceiling.

If you are qualified, and are working with persons who may not be, but are higher in hierarchy/role(s) to yourself, you become toast, as nit-picking of your work becomes the order of the day.

It is not reasonable, to expect one to carryout a piece of work, assess a variety of sources of information, carry out analysis or review already done work, and draw conclusions that is quality-driven and can withstand any query turbulence, within 3 hours, and a quarter. Or is it?. Can we then infer that the marks and outcomes, do not usually represent the actual marks if these were marked as open marks.

Come to think of it, how is it that large audit firms having several months and qualified experts poring over files and files, electronic and hard copies, multi-layered reviews through hierarchies, and still get audit opinions wrong?

Costing tax payers billions to prop up the same institutions that took monumental risks, which learned auditors, having several months, to do work, did not detect?

The ACCA must become more transparent as per results.

How can one complete four questions, 35, 25, 20, 20 and score 50? Presented as eloquently as this article, with carefully-detailed computations, having written the paper over 7 times, and still score 50%. Joke, I say.

Are we saying that each question requirement, and its sub-elements, of the responses made, and experience in the previous 7 times, did not attract more than the equivalent of 50% of the question marks? It cannot be…joke:)

We get 4 exams a year, and now the ACCA are marketing MSc in Professional Accountancy. What does that mean?
A professional, is one who does or carries out a trade, vocation, or practice, for a living.
If not doing this for a living, then the person is an aspiring professional, advocating for and professing for the act of the practice of accountancy. The proposed MSc does not convey any rights to sign off accounts, hence its just a parody to make money.

Business Education is Business, and the students, are the underdogs.

[braintree]

Hi Shotop,

Thanks for your response. I really cannot understand the difficulty in drafting a letter, in line with your Tax manager’s instructions, concerning the tax affairs of Mr. Wolfe, nor the identification of his interests, as controlling 58%, alongside the 10.5 (x4) others.

If memory serves me right, question 2 sought to evaluate the reliefs available to another client, who had made investments in EIS and SEIS qualifying companies, £90’000 in the former. With liabilities outstanding, the 30% and 50% investment values would reduce his liabilities.

Even the identification of potential penalties of up to £50’000 for the firm, if we negligently enabled the under-reporting of the foreign incomes of the client.

Dis-incorporation relief is not difficult, nor the evaluation of options for an employee who could either earn 15’000 with benefits, or offer service through PSC, whilst taking dividends from profits. NIC calculation is not difficult either. Don’t forget the availability of the payroll relief.

The summary of my assessment is that, Business Education, is business, and in view of the simplicity of the exam, and lower pass rate outcomes, one cannot fail to draw a hypothesis here:

– Students are holding up the association, regardless of practice licence fees, because, many accountants are getting out of practice anyway.Highlight is the PWC report on fading role of the modern accountant.

-The psychological game of lower pass rates, in culminating years, coupled with more exam dates per year indicates students as cash cows.

-ACCA only really is prominent in EMEA market, some markets as Australia have employers being rigid as per employment for ACCA holders. American market and CPA bodies do not recognize ACCA with little exemptions.

– The lower pass rates only spurs one to want qualification, thus throwing more cash at the objective. Surely, being ACCA qualified is no guarantee of success in life.
Its not Chemistry or Physics, which is more difficult, is it?

-Algorithms are usurping the decision making, with big data analysed by fast systems.
-COO are more in demand than CFO’s, with multi-talented persons,

So, it’s a no brainer to control final pass rates, if the profession is seemingly going down.

[braintree]

I have written the P6 and P7 papers for 7 times, still no joy. Scored 43 in both papers, in September ’15, and today 43 and 44, respectively. I even finished P6, with confidence on questions 1, 2, 4, and 5. I doubt ACCA’s quality checks despite their rhetoric-riddled marking standards, in view of not just my experience, but several narrations, assessed over the years, from others’.

I think something is going on here beyond our comprehension…..

I’m I the only one with this perspective?

[Author]

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