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@ds3ce said:
Based on the poll it looks like this paper was a disaster. Not very reassuring for those of us yet to sit this exam. I failed P2 in June but won’t sit SBR until March as I am struggling with APM at the moment.I failed P2 in June exam. Today’s exam was weird. Question 4 talked about something I had never heard of ‘operating free cash flow’ or something and there was a LOT of focus on current issues such as integrated reporting, APM’s and proposed revision of conceptual framework. A very different format to P2 and my hand was hurting by the end as it involved a lot of writing and minimal calculations
For the selling of development project question (only 4 marks I think), I wrote that revenue shouldn’t have been recognised as the sale wasn’t part of the entities usual business activity and this is the definition of revenue. Anyone else put this?
What did everyone write about the potential issues investors would have re intangible assets? The question asked about the different acceptable valuation models, the capitalisation and one other thing which I can’t remember?
For capitalisation of intangibles I wrote that assets would increase which could decrease ROCE.
Not sure if I was on the right tracks with this one??
I know the audit risk part was 24 marks but I also did UK.
What did you put for question 3 part b regarding the implications to the directors of Krupt Ltd?
Did anyone else put component auditor and segmental reporting due to being listed as audit risks for Q1? I think I only put about 6 audit risks but calculated materiality on a couple of mentioned professional scepticism so hoping I’ll get a few extra marks here. Didn’t calculate any financial ratios or trends though!
I did the UK variant – what did others put for question 3 part b regarding the implications for the directors of Krupt’s actions on the going concern review? I believe this was a different question to the international paper.