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The paper was overall okayish for me
Q1) i got 3m cash and the res 9m shares had to work backward by adding the revalued net assets and all
B)it totally threw me off i just did t accounts and the balancing figures i got i put em in the investing and financing was just the increase in shares and premium
C) i said service and interest cost need to be added back thus will increase the cash generated from operating activities since cotribution had not been paid.Q2) control was passed at the end so deffered income to be recorded now and revenue at the end of 2nd yesr and borrowing cost to be capitalized
B) i just calculted the pv of 9.5m and wrote the entries but opposite entries by mistake(ik such a dumb mistake to be loosing marks) i credited the cash and debited the deffered income plus the borrowing cost which needed to be capitalized :/
C) was okayish the accountant is looking to secure a permanent job so self interest
And not having skills but going to provide service professional behaviour not in compliance and should take legal advice if in violation of local regulations3) first part was theory
No active market
Hard to comapre with other brands due to being brands of such nature
B) i wrote a mixture of ias 38 provions for restructuring and ifrs 5 (it wasnt saleable in its current condition so not meeting the ifrs 5 criteria)
ii)first brand can be recognized as its well established
Second brand can not as once the actor goes poof the brand will too so definite life
iii) internet sales to be recorded seperately as theyre a different cash generating unit not working anyhow in relation with that specific store
4) luckily i read one question about ifrs for smes so just stated that its made for smes so they can apply those critiera and dont need the heavy disclorues and all which the public entities do and just gave example for no revaluation for certain assets in sme ifrs and all intagibles to be anortized over 10 years if uncertain usefull life
B) it will help investors to make decisions based on those ifrs for smes since if not followed management can be biased to show optimistic position and investors won’t have enough confidence without smes following a certain framework
C) just rubbish about how the intellcual human and natural capital will help them to create value can be reported in IR and how other relevant information which some investors look for will be available to those investors and will help the entity to follow a reporting layout so can be comapred this boosts shareholders confidence
B) almost blank (left for the end) just pv of the increase due to the salary didnt even have time to think about calculating the probability too ?
C) both will increase the pension cost as more employees will stay in employment and if salaries increase then higher future value thus more cost
I just hope i pass this attempt can’t even think about re studying and taking the exam pressure again wish me luck10 marks
I just wrote it’s gonna be a managment role issue and self review issueWell idk if what i wrote is right or wrong but for procedures i just stated to analyze the break up segments and asses their completeness and all that
B)statement that management is responsible for other info and that the audit opinion does not cover the other informationC)i stated because of the nature of the disclosure not stating in notes would make it a material misstatement so a qualifed except for opinion
Familiarty and self interest for the engagement partner as audit fees was 250k and ither service he provided had a received 890k xD
Plus been 8 years since he’s the partner on this engagementQ1) a) audit risks 26 marks
b) 5 audit procedures relating to degment reporting
c) matters to consider before accepting to report on company’s environmental and social reporting
d) benefits to data analytics2) a) quality controls planning and performance evaluation and quality control ethical and professional issues evaluation
b) matters to consider before accepting engagement of a new audit client involved in bribery and foerign operations3) a) comment on matters and recommend firther actions of (i)selling of a CGU but not disclosing ifrs 5
ii) new adoption of ifrs 16 and not disclosing why the policy change
ii)Impact on audit report if not adjusted
b)i) auditors responsiblity regarding the other information and consistency of chairman’s statement and the actual performance
ii) impact on audit report if not adjustedI’d say overall this was a relatively easy paper.
By the way anyone attemped in Saudi Arabia?What was the requirement for the last project wuestion? I just frooze at that didnt know what to write ehat was that? And also what were they asking in 2a) key change drivers like i just wrote due to environmental they need to speed up as customers have a demand for environmentally sustainable products
