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- February 8, 2014 at 12:52 am #156230
Boom!!! 59% was so sure I was gonna fail. Also passed p1. Those were the final 2…,I’m now finished. So so happy.
Hope everyone else did well.
February 8, 2014 at 12:36 am #156206Boom!!! 58%
February 8, 2014 at 12:19 am #156189Pass boi!!!!! P1 58% p2 59%
December 12, 2013 at 8:48 am #152668Can some please remind me what q3 part a was? Was it a nomination or remuneration committee?
December 11, 2013 at 5:48 pm #152585I completed q2 aswell. I think part a was re the concepts of both rules based and principle based CG, and the disadvantages of rules based approach. Part b had something to do with agency relationship and how internal control systems within rules based CG reduce agency problems. The I think the last part was around the issues applying rules based to small companies and the view it is unfair to externally report on internal controls of finance report. (Something like that anyway)
Q1 was about sustainability and basically the differences between environmental and profit sustainability. I think part b was about risk responses of the 4 disclosed risks used Tara to formulate my answer but didn’t explain the model. Think part c was around the remuneration of the new CEO and the final bit was re a letter to the minister of industry re his concerns about Poor internal controls and why there are issues why HEC doesn’t have a current sound systems. (Used turnballs embedded people responds and culture to structure answer) there was more to this but can’t remember what it was?
Q3 I honestly can’t remember what part a was about – think it was a nominations or a remuneration committee. (Can some one help me here) part b was about diversity which was basically given to us in the technical articles on the acca website. Last part c was re csr . I ran out of time here and just spoke about the what csr is (ie to address wide range if stakeholders) and quick two examples as to difference between the charity discussed and a profit motivated company. Literally put down 6 or 7 sentences but hoping for 4 marks from this 10 marker.
I thought it was an ok exam but will neve know until d day in feb.
(However this has made me feel slightly better than I did last night after that horrendous p2 paper)
December 10, 2013 at 6:21 pm #152233I may be incorrect but the th fair value was 20 and the tax base was 15. Therefore a temp dif of 5m at 30% is 1.5m. This then needed to be deduced from the fair value of assets acquired. So goodwill was 30 less fav of na of 20 less the dt of 1.5. So goodwill was 11.5. (That’s what I calculated anyway). So this increases the impairment of goodwill to be added back in operating activities.
December 10, 2013 at 6:09 pm #152226Think the nic was q3 a) . I too treated it as a finance liability due to the fact there was a contractual obligation to pay the principle of b shares.
Was dreading cash flow but I didn’t think it was too bad. I got dt on in acq as $1.5m too which in turn increases the goodwill on acquisition. Had no idea about the borrowing costs part of ppe or the capital grant but think I got everything else. Part b I spit each section between the deposit / finace income and penLty. Discussed how each would be treated in soploci and consequently in the cash flow. Ie deduct the finance income and add the interest received. Re the 7m loan did any treat this as a financial asset instead of cash equivalent due to the fact it wasn’t extremely liquid? There using amortized cost and discount to presnt value??? ( might be completely wrong here) ethics part was straight forward enough.
Q 2 a was rev recognition of services . Just talked about stages of completion and allocating revenue to the elements of the contract. B was asset held for sale and whether or not proviso s should be accounted for under 3 scenarios. Not 100% on that one. Spoke Bout ifr5 the concentrate on each of the 3 items and how they should have been Ccontes for. I don’t think any needed a provision. Part c was sale and lease back cv 4.2m fv 5m and different sp. of 5m or 6m or 4.8m or 4m. I said that for both. Sale price of 5 or 4.8 a profit is recognised and charged to pl. sale price of 6 there was profit of 0.8 and 1m was treated as a loan and spread over the life of the lease. Sp of 4 was a loss to pl.
Q3 was next. I just discussed was an nic should be. That is fb of nic at acquisition plus share of post acq profits. Further more said should be finance liability as contractual right to repay the holders. (Min of 3ys )
Part b was hedging. Hate hedging but think I got enough down like can only hedge any item at inception . So could not use the associate .
Part c was hell. Had no idea. Just waffled on what little I know about combinations. Hated this part the most.
Didn’t look at q4 in depth but didn’t revised on my current issues. Was predicting debt vs equity which would have been my knight in shining armour.
I revised really well for this exam but thought the exam was horrible overall. No main topics any where.., where was NCA / sbp / financial instruments / pensions. Income taxes . I will be incredibly lucky if I pass this exam
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