[cardine]

Yes – ensure that you’re up dated with the changes.

[cardine]

The headging makes it FV through PL. there will be gain or loss on the transaction which affects financial status and so the contract become a financial transaction.

[cardine]

@desigirl said:
Hi sir,

A premium is paid on a operating lease.How should I account for this.And for finance lease,if the question did not mention if the ownership of the asset is transferred, we should assume that ownership of asset is transfered or not transferred at the end of the lease term.

Thank you

substantially all of the risks and rewards of ownership of the asset is transferred to the lessee, who has the option of buying the asset(s) at the end of its life. The lease payment – with interest rate is able to assist you determin type of lease. Please take a second look at the standard or read the topic in the BPP text book.

the lessee has the option to purchase the asset at a price which is expected to be sufficiently lower than fair value at the date the option becomes exercisable that, at the inception of the lease, it is reasonably certain that the option will be exercised
the lease term is for the major part of the economic life of the asset, even if title is not transferred at the inception of the lease, the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset and, the lessee has the ability to continue to lease for a secondary period at a rent that is substantially lower than market rent.

These are the three things used to clearly differentiate finance from operating lease.

Regards,

[cardine]

No – Look at the standard – taxation

[cardine]

Please take the time and apply the information – cementing knowledge. The activity of that company need the dogs to enhance its safety measures and there is a clear distinsion between capital and revenue expenditure.

The business is airline services which MUST have security measures. The information is clear as we already know and should apply the knowledge gain during studies. Look at it: A security firm owns guard dogs that work with its security personnel to provide security services.

The guard dogs meet the definition of biological assets—a living animal (see
paragraph 5 of IAS 41)—and the definition of PPE in IAS 16 because they are tangible
assets used in the provision of security services in more than one accounting period.

The biological asset exemption from the scope of IAS 16 does not apply to the guard
dogs because they are not related to agricultural activity (ie although the dogs are
controlled by the entity, their biological transformation—the process of growth,
degeneration, production, and procreation that causes qualitative or quantitative changes
in a biological asset—is not managed by an entity for harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets).

Consequently, the guard dogs are within the scope of IAS 16 – only if this airline company were offering security services to the public; its operation MUST be protected with the use of the dogs – operation cost, and maintenance for services renderd to keep them healthy – food and vetinary expenses.

The key point is the nature of business activity. The dogs enhance the security measures to operate safely.

palmy said:
I think detection dogs are within the scope of IAS 16. Have a look at the document in this link, page 13, 14.There is a similar example for guard dogs.

In every situation – we should identify the points and note them, seek clarification – assessing information receive before we take action. VERY good questions and we should use for knowledge application.

[cardine]

@seva1994 said:
Many thanks for the answer. The objective of IAS 41 is to establish standards of accounting for agricultural activity – the management of the biological transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity’s biological assets. Yes our dogs obviously aren’t used for agricultural purpose. But the amount of money we paid for them is significant and meets recognition criteria of assets by tax authorities so if we write them off as an expense our expenses will be significantly higher than that of previous year.

The value of your expenses does not JUSTIFY actions. It’s LAW and STANDARDS!!! If you do otherwise and your company pay the cost for an audit journal to correct your work; this will cost you your JOB!!!!!!!!!!!!!!! Our actions MUST meet ALL the requisite criteria of standards.

Let me share wil you. I was working with a company and joing them I saw several errors. I shared information with management and they riducle me. They receive audit journals and there after they want me to clean up same – I refused and ask them to allow me to show the person(s) made that mess how to clean it. They continue in the same manner and they are dismissed by the directors with publications in the local news paper.

Headline – incompetent management costing the company millions yearly!!!!!!!!!

[cardine]

@seva1994 said:
Dear all,

I’m working as an accountant in an airline company. We have recently purchased detective dogs to detect illegal drugs. Can we account them as biological assets? How about depreciation? Is it okay to depreciate them as non-current assets over their expected living lives? Above all, is it ethical to treat them as assets just like as machinery or plants?

Note. We are planning to use them as long as they stay alive.

NO Colleague – ordinary cost, security and maintenance. The nature of this business does not allow you to classify them as ASSETS – no.

The company must be aware that they’re lives – biological assets is not the answer. Read the standards.

Regards,

[cardine]

@jo9673 said:
Jehovah I just want to thank you. JESUS you have done it again. I passed first attempt with 69% . Praise be to Jehovah shalon.
Thank you opentuition.

Colleague – He’s ALL about Peace. As hestrengthen, there is a provision for us – take it in the name of Jesus and pray for those who FAILD, the Lord God almighty will prepare path for excellent at the next sitting.

We all have to prepare without dought – the rest belong to the Father – creator of ALL things in this world. In Jesus name, I ask for the spirit of excellent to be place on ALL those who faild and blessing beyond measure. Let them top their group now and thank you for immediate actions, because you’re Lord – Jehoviah Jireh, our provider!!!!!!!!!!!

[cardine]

@nanyf said:
Thanks Opentuition, this time I totally self-study, relied on OP, so delighted, one paper p5 to go. share my performance p1 58, p2 66, p3 62, p4 66, and how about p5 in september exam session? I wish a 60+, because I feel its bit easier thsn p3, hope so.

Colleague, Pass ALL at this sitting? This means Pass with 56%.Very happy coz last acca paper passed on 2013.

I should be blasting on my return break more than five years and love the promotion OPENTUITION, is it a lick with the BPP study pack. I’ll pass ALL my professional papers – come 2017 we’ll lose paper(s) passed – seven years rule applied and term limit. ACCA not a bed of ROSE!!!!!!!!!!!!!!!!!!!!!!!!!!

[cardine]

@gabrielasdiana said:
Another 18 minutes to wait…i hope it is 12am. On their website they say results..week commencing 18th..

You and Sharlene17 are the best – clamer than the rest; but this does not stop the unrest. The uncertinity surrounding the test results, why ACCA TEST and assess? We’re better able to to present our best at the desk – employer test for compliance and applications of standards – no audit journals and we PASS the TEST!!!!!!!!!!!!!!!

It is too much stress at ACCA test centre and we concentrate on the desk!!! What a way to do it; are we creative? Lets TEST – at the time we get the results of the test!!!!!!!

Thank you ACCA for letting this rest – We pass the TEST!!!!!!!!!!!!!

[cardine]

@sharlene17 said:
P3 51
P7 53

Nice Girl!!!!!!!!!! Give thanks for the additional makes you’ll receive. ALL good things belongs to us.

[cardine]

Colleagues;

Always aim high and allow the blessing to fall on you. Fail not in the thought when we were writting the exams and our preparation should be one of excellent.

For ALL those who will start their professional papers in the next secession – please raise the bar; no easy task. You must set the standards from early and work towards your goals.

I would like to thank everyone who proclaime FAIL – Jehovah God PASS you now. Anything over the mark of 50 – meaning you should concentrate on the left diget of your exam results. So, if you see 5 – it does not matter what come next; I’ve pass my exam!!!!!!!!!!!

[cardine]

@niknak said:
Petus is also an anagram of…. S E T U P!!! We’re being set up comrades!!

Colleagues – U have me laughing ALL the WAY!!!!!!!!!!!!! Real set-up. I’ve not done exams in a LONG time, but follow the forum post as we should be supporting other in their quest for excellent. We’re the best – laugh is the best exercise to remedy whatever the results may. It is FREE and thank ALL those who allow us to laugh!!!!!!!!!!!

Just keep relax or to assess yourself – please use the module answer on ACCA site and determine the grade – pass or fail. If you score forty-five (45); just ask for mercy and give thanks for FIFTY-FOUR (54). Jehovah God is gracious – no good thing shall he with hold from us Jer 29 vs 11; it is his plans to prosper and not to harm and he stand in deep waters with us.

what ever is your God – tell him all about your trubles and it will be in your favour when the day come – excellent all the way!!!!!!!!!!

[cardine]

@kirsty92 said:
When I usually log in on the home page (I think!) it used to show like 12 out of 14 exams passed and all things like that, whereas now in the “MY QUALIFICATION PROGRESS” box on the My ACCA homepage it says “Your qualification information is currently restricted while ACCA processes exam results.”, is everyone else’s the same?

I presume it is but just wanted to check! 🙂

Colleague,

This normally be the case as the results are being uploaded, which will be available on the date anounced for results release.

I can tell you – ALL the papers are in and they may be crossing checking while putting the information on your home page – myacca. Data errors is what they’re trying to prevent. This does not eliminate errors, but to some extent curtails mistakes.

I believe most time I’ve passed my exams and the data imputed back-way – 54 as 45; it’s amaizing when I calculate my results after exams – declearing 70’s and over; the examiner pitty me with marginal fail grade. So with 47 I know I did well and achieve 74, but administration will not accept their mistake.

Please do not pay for administrative review; this is just more stress and waste of valuable funds.

Best wishes to everyone – ALL admin errors MUST BE in your favour and not against you. Thank the creator for ALL which is possible with PASS that you’ll not do the paper(s) again. It’s time to move up the ladder.

Regards,

[cardine]

@Ampz said:
I was after some advice regarding FRS102 in relation to financial instruments derivatives. If that’s ok?
We currently operate in £ $ and € – no subsidiaries
Due to the company’s policies I revalue (re translate) the AR & AP & Banks to the £ closing rate at the end of every month, as you would at year end.
The makea in fx and changing new business opportunities I now have to use hedging to reduce the exposure.

Should I revalue the hedge at the end of each month, to mirror the revaluations to be in line with AP & AR translations? I am guessing they should be recognised at Fair Value at the end of the month as opposed to the closing rate until the transaction is complete, then the effectiveness of the instrument can judged?

example – 3 month hedging contract, purchase in $ and sell in Zlotys, revalue end of month one & revalue the brought forward value in month 2 etc any gain or loss would be separately identifiable and transferred to the p&l

So i would recognise the movement in Fair value at the end of each month until transactions has taken place using the bank to verify the Fair value rate for the remainder of the contract

Should the customer not pay within contract terms, will i be able to roll fx contract forward or would i have to satisfy the contract and get a new one in place?

Thank you to any one who has the time to respond, it is much appreciated

Colleague;

Your company financial statements is prepared on a single currency and, this is what is important.

IAS21 – foreign currency dictates how ALL what you’re enquiring about must be treated, and to help you appreciate the principle – read the specific standard(s). It’s easy to post the answer for you , but I learn better when I see the answer for myself and therefore encourages you to take a glance at the standards.

I hope you’re motivated and up for the work you’ve created for yourself and team members. When you find the errors – Please do a general journal to correct ALL errors, take note and instruct you subornates the correct procedures.

There are some very delicate points in this mail and would like to pin point this with you; but you may drop me a private mail in the mail section and I’ll address ALL to your response ONLY. It’s good question and your desire to learn is an excellent indicator – sharing information to develop competency.

Regards,

[cardine]

@kingnasha said:
An accountant in a big firm had a very strange habit. Every morning he used to open his drawer, look at a paper and then lock the drawer again. The trainees were very curious and thought of his success is hidden on that paper in his drawer. So one day, when the accountant was out, the trainees decided to break the lock, whn they broke the lock & took out the paper, it was written on the paper:<br /><span style=”font-weight: bold”>left is debit and right is credit</span>

Thank you very much; I’m in a depressive moode – not working for ALMOST eighty months and decided to view the joke – It’s the best. Pure laughter and I’ll assume that this accountant is helping is sorbornates to identifies errors or accounts to be investigated from the trail balance. It is FUNNY!!!!!!!!!!!!

[cardine]

@mibrahimi said:
Dear, i would like to attend P2 course at a classroom, but i searched on the web, and it seemed impossible to find a centre neither in The Netherlands nor UK. can anyone recommend any approved centre please where lectures are taught in English? very much appreciated for your help. thank you very much. maroine

Colleague;

Depended on your own skills, Opentutions is the best option and MOST tution providers are going the technology way – electronic class. All these courses are taught in English and you may want to start with ACCA aprove learning partners (ALP).

It take decipline to self-study. With technology and dive for accedent free – exams success ALL the way; you can do anything.

Regards,

[cardine]

@b45am@yahoo.com said:
Failed 47
Gutted
Pass all 13 exams but this.
I think I have to give up as have attempted this paper over 10 times yet cannot make it.i passed all 13 first attempt.
Was very hopeful. Absolutely gutted !!

It is always like that, the feeling will not go away and this depress the spirit to lift you to victory. Please break for one sitting – if you desire to get the marks for pass. Depression is not good and this result has change your personal development plans.

In my opinion – A NEW BPP Practice and Revision kit with the lecture on the forum – Opentuition will pull you through at the December sitting, and you’ll have to start revising like NOW. This enable you to grasp topics that you may have taught you understand, but fail to present to the examiners what they want – specific answer for specific questions – no two way with this paper – Financial Controller need to master this and P4.

You’ve been doing your exams in order and passing ALL professional papers with one F paper – MORE than frustrating, because you don’t a certificate to say: I’ve completed ALL foundation course. Your employer may have an issue with this and the pressure mounting – do not let anyone decide your fate, it rest with your decisions ONLY!!!!!!!

For those who believe, How you pass ALL p’s and have F remain; they may not understand that – students taking exams in order can be doing F & P at the same time – complying with the exam body rules. In the BPP kit, it has some very good exams focus which you MUST take note.

It is ALL good when we pass, but failing as you did is depressing and you should get support from family. DO NOT STAY by yourself. If it is possible GET a body massage to relax the system – do so with some vacation leave, eating lots of vegetable and fruit with nuff water – room temperature.

It took me ten years – 2003 December till 2014 June to get a pass in this paper and my grades was like high forties and med line. I get a couple 49 which have cried for ALMOST two weeks straight. I know the feeling for those who fails. I had it!!!!!!!!! The good thing I learn how to support others, so when others weeping, my own sorrow is forgotten. The almighty knows – please ask him to chase the spirit of failure from you and it is done now – In Jesus Name. What ever your god be, put the situation before your God – Now.

Regards,

[cardine]

@rayauditor said:
How much time do you need for revision only, I don’t want to get caught up in using the textbook and the next thing I don’t have enough time to revise? Its my first attempt in June and I have to pass it at all costs.

Revision time depends on one’s ability – grasp the subject areas and quickly apply them with the knowledge gained.

Of course, you’ll will need time to work as many questions as possible – both past papers and from your practice and revision kit. In my opinion, you should start this by the latest – second week of April which gives you six weeks to reinforced what you know.

The final two weeks, you’ll need to working under exams pressure – same three hours for exams style questions – past papers and those that are recommended in the kit. If you follow the guide from our colleagues, you should have this in your mind that passing ACCA takes lots of practicing.

Regards,

[cardine]

@Lavinia69 said:
Hi,
There is no harm in asking for exam tips 🙂 we all know they are just a guess.
Sorry, I do not know any as I am not taking the exam this time round, but I’m sure that some on here will be happy to post any details they have.

Agreed Colleague!!!!!! The point of their gist will still be base on the pattern of the examination; therefore, I shared my opinion on using the past papers to arrest failure and loose pass.

I’ve not done exams in a while, but love to share with the forum – supporting those who appreciate one’s comments. We’ve different opinion, which drive learning among us.

[cardine]

@crazyfaisal said:
Can anyone provide BPP/KAPLAN/ATC/LSBF exam tips plz.

Colleague – Please do not rely on the tips; they’re intelligent opinion/gist!!! Do the pass paper – ACCA the last one with Cash flow and the proceeding papers before.

In my opinion, these will drive you!!!!!!!!!!!!

[cardine]

@omairbin said:
Hi,

I am planning to join ICAEW after completing ACCA, as per the ICAEW website I can claim 12 exemptions from ICAEW exams if I sit for Advanced Taxation UK and Advanced Auditing. However there is no information available for p2 varient. I am confused to sit for P2 international or P2 uk. I am planning to sit for P2 this June,

Regards,

Colleague – It’s best to do the clarification with the ICAEW (Institute of Chartered Accountants, England & Wales). Every body has there requisite and or preferred qualifications to be a member.

[cardine]

@nadiya said:
Hi Sir, please I need confirmation if the examiner can fail you for the p2 exam if you have a poor score on question 1a? For example with 40marks in section B and only 10marks in section A .. Will you pass the exam ?
Thanks to clarify

The examiner will NOT fail you if you achieve the required pass mark. Anywhere you get the pass mark – 50%; it does not matter!!!!!!!! Say you’ve the ability to scrape 8 – 15 from section A; then you must be prepared to cap the maximum in the other section – B which has its cap at 50 mark.

Maximum marks from section B – 45 and over, then with your ability to scrape minimal marks to pass from the compulsory section – you’ve pass!!!!!!!!!!!!! The pass mark is what one aimed for and anything over 50 we appreciate it – patting self for the excellent time management skills and techniques applied to overcome failure.

It’s important that you will know the standards to be successful on the job – no audit journals, which cost the company and report your ability to properly prepared the company’s financial statements (income & other comprehensive income statement, SoFP, Cash Flow, notes to the financial statements; statement of changes in equity and anything else which support the information). You may know the standards but failed to apply them under exams pressure.

Just take your pass from any section combination. Remember to manage the time and ensure your best get the nod!!!!!!!!!!!!

Regards,

[cardine]

@aaalihaji said:
hi,

I am attempting p2 in march from riyadh, Saudi arabia. i have written notes for p2 from a very good teacher from karachi, Pakistan for the DEC13 attempt, the thing i want to know is what changes have been occured since 2013 in the p2 syllabus so that i can update the notes and prepare accordingly.

i hope it does not seem foolish to ask for such a thing but im forced to use these old notes as i dont have any alternate living in riyadh.

The update of the syllabus is what you should be using – new text from approved learning partner(s) which outlined the the standards – must know them to pass this paper. There are several changes in the syllabus – contracts, revenue and others.

Please read the articles on the acca website to support your studies; it is too late to get new text and ALL the changes are on the site – acca technical articles. Students resources is where they’re located and, remember – examiner tips!!!!!!

I MUST caution ALL colleagues – the profession is unique and the accounting bodies are constantly at work to prevent creative accounting which managers used to misrepresent companies performance to reward themselves with salary – not deserve. It makes it necessary to tighten the loop holes and this is what is being done. We should read the news on site and in our local jurisdiction. Use current materials for ALL exams.

Regards,

[cardine]

@aftaab1390 said:
Hello everyone. I wonder why majority of students refrain from using P2 text book from ALP? Are books really a waste of time for the beast paper?
I am actually using BPP text book along with the kit.
Please advice

We’ve choice – ALP (Approved Learning Partners) materials are recommended, and you’re using one. Everyone preference is different and the text used should meet one preference.

It does not matter which ALP materials – all aim to equipped one’s with the knowledge desired to pass the exam – NOT beast!!!!!!!!! It is just nuff work with good time management skills – Key to unlock pass and arrest failure.

Knowing the standards will helps to arrest failure – raising the percentage passing ACCA to an acceptable level – 65% or more. The current pass rate on its own does not say or indicate how difficult these papers are!!!!!!!!!! Probable the B animal will destroy the beast!!!

Regards,

[Author]

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