[david1988]

I got all the emails and passed my final exam (P6) to become an affiliate. They are all generic and give no indication of a pass or fail in my opinion.

[david1988]

Passed with 58%. Exam didn’t go well on the day so I am more than happy with that. Goodbye exams :D.

[david1988]

In the Maldives on honeymoon so will be 4am local time when results come through. Waiting on my final result (P6) but not hopeful. First fail on the cards.

[david1988]

@ameera85 said:
Just gathered courage to use the link theory this morning. I was log in successfully with white and grey page and my contact details on it. But I don’t want to be confident that it means pass. Still praying.

I am not so sure that the results will have even been uploaded yet which seems strange that you are given access to this :/

[david1988]

Waiting on my final exam result (P6). Exam didn’t go well at all so anticipating my first fail :(. Hoping for a 50% miracle.

[david1988]

@hzfd said:
That is what I did too, what did you put for what was better strategy A or B and there was a surplus needed for both years?

I ended up with quite similar answers for both methods lol.

Must have done something wrong somewhere. Aahh well hopefully scrape together some marks.

Also for IHT I said the guy was resident as was previously 17 out of last 20 years.

Other residency based question I wrote that he needed 3 ties but in reality only had 1 in the form of his father being in UK provided he was still alive.

My answers really did appear to be a bit of a mess at times. Hard exam indeed.

[david1988]

@jl8222 said:
Question 3 or 4 (cant remember)
Where the brother wanted to take 30k after tax dividend,

did anybody treat the bonus as a payment to close participants and apply section 455 tax?
Really bugging me!

I remember that this asked got 30000 after tax proceeds. The guy was high rate tax payers so 40% tax and 2% NI. Before tax amount would be 100/58 * 30000 then calculated employer NI on that amount as was cost to company.

The dividend did have any effect on the company with regards to employer NI.

[david1988]

@gazeboz said:
Both standard and zero rated supplies are taxable supplies!

Agreed zero rated need to be included in the 83000 workings so they did need to register.

Also mentioned the 6 month services rule, 4 year asset rule and current stock rules too for benefits. Other benefits were they wouldn’t have to increuse prices and obvs could start reclaiming input VAT. Anything write similar for this?

[david1988]

Very tough exam.

Q1 I calculated extra employer NI and class 1A on the extra 5p per mile as only 45p allowed. Anything similar?

Then went on to take the 8000 machinery off as covered by AIA. Then calculated the taxable profits for each year. Then went on to calculate the tax and NI for Pippin. Dividend income was covered by the first 5000 rule so no tax. Then provided a summary at the end as sure there would be marks for doing this even if figures were wrong. Anyone follow similar process?

Some parts of the questions were tough. I said that for the shares she could use the capital method so this was the best approach. Sure she covered all the criteria. If benefits trade, sells certain % etc. Again may be wrong.

EIS relief effectively became void.

Vat 83000 limit criteria was in there. 35k a month revenue would have breached.

Anyone relate to any of this? Ha

[david1988]

59% pass. P6 left in June and will be done and dusted with these exams hopefully :).

[david1988]

Hi Paul,

I have sat F6, F8, P1, P2 and P3 and got them at first sitting. I sit them one at a time like yourself.

I think the key to these exams is technique and making it easier for the marker.

Use a heading for every point you make to clearly show the marker that this should get a mark provided it is explained properly. Work on the assumption that 1 point = 1 mark so 6 clear headings for 6 marks.

Get an exam revision kit for each exam and do every question in that analysing the examiners answers. This will give you an idea of the different kind of questions the examiner will ask.

With regards to being qualified by experience I believe that this will limit your career progression in future. Just keep working hard and get your exams mate.

I hope that you start to pass the exams and gain more confidence.

David

[david1988]

@mschembri said:
can I have some feedback on this pls.

Q1(b) additional info required?

From memory I think I wrote:

– Details with regards to the reasoning behind the change in asset lives
– Details relating to the brand impairment, any valuation documents relevant
– Deferred tax workings to confirm they are correct
– Reasoning and copies of any capital expenditure to justify increase
– Schedule of research costs to confirm they are all research to be expensed

No idea if I was on the right lines here

[david1988]

@prof008 said:
Does anyone know if paper p7 is marked very strict or you could score marks for vague answers? It is very hard to make answers resemble that of the examiner’s answers. what do you guys think?

I think from reading examiners reports etc the main importance is referring back to the scenario with every point you make.

Not sure how it works when the answers we give are not in the suggested solution. I think if you make a well explained point with reference to the scenario you get the mark. Very much depends on the markers opinion though.

[david1988]

@cynthialiu said:
I write in bullet point form in section b questions carelessly, am I surely failed? Or only deducts some marks?so worry~?

Bullet points are fine for the procedures required and other information questions

[david1988]

Anyone else pick up in 4(c) that the accounting system would change half way through the year during the next audit? February 2017 consultancy finished and year end September 2017 so likely overlap of systems. Mentioned here that this would require a meeting with the client as fee will increade due to increased substantive and controls testing.

[david1988]

@qazimarsalan said:
what were the risks identified in question 1

1 – Brand impairment wrong
2 – capital expenditure increase
3 – stock impairment required? Current assets materially increased
4 – Research costs may be capitalised
5 – associate and subs treated wrong
6 – wrong exchange rates
7 – on stock exchange so management pressure may cause management of earnings
8 – Revenue material increase – not in line with other information provided
9 – Changing useless lives of assets wrong so depreciation understated
10 – Goodwill stayed the same – looks like no impairment
11 – health hazards – no provision in place

Couple of others I can’t remember

Anything similar?

[david1988]

Hi Dammy,

I sat the December 2016 exam and it was tough so do not feel too disheartened about the result. There were a few strange topics thrown into Q1.

My approach was to do all the questions in the BPP practice and revision kit. Also the key is not to spend all your revision time practicing consolidations as in reality this only makes up around 20 marks as the rest of Q1 is on your standards. Make sure you know the basic rules for all the standards which can be done through question practice.

Lastly, the examiners have stated on numerous occasions that you need to apply these standards to the scenario and not just regurgitate the standards rules. The majority of the marks are for application.

Hope that helps.

David

[david1988]

I sat the exam in December 2016 and it was a profit and loss so unlikely, however, not impossible that it will come up again in March 2017.

My guess would be a SOFP, however, you would be better learning all 3 to cover all eventualities. That was my exam plan and I am glad as the profit and loss had not been tested for some time. It is a highly risky method to guess what one will come up and not learn the other two.

All the best with your P2 studies.

[david1988]

Thanks mate.

You got many left to do after P2?

I plan on doing P6 in June and hopefully be finished for good ha

[david1988]

Also I would not fall into the trap of learning the standards word for word. It is more important to grasp how each standard would impact on the financial statements.

The majority of the marks in section B are for discussing if the treatment in question is correct or not through applying the standard. From what the examiner says in his reports people fall into the trap of explaining all the rules of the standard with little application to the scenario. This gains very few marks.

David

[david1988]

Hi Gavin,

I used the BPP lecture notes to learn the basic rules of each standard at first as well as doing their online lectures.

Once I learned the basics I found the revision kit was more than enough to see how each of the standards can be applied in different exam scenarios.

David

[david1988]

Yes P7 is just trying to get used to the correct way of writing from what I have seen.

Hopefully you get a SOFP in the March P2 exam as they are the most straight forward. The optional questions are just pot luck at times especially the current issue question 4.

All the best with your studies mate and hope you get through P2 first time.

David

[david1988]

Hi Gavin,

I am sitting P7 in March so we have done our exams back to front haha.

Yes, honestly I never even opened the BPP textbook. Key to P2 isn’t regurgitating the information from a textbook. It is about applying the standards to the relevant scenario. That is why I believe the revision kit is the best.

Key thing I learned from P2 is to use a subheading for each point to help breakdown your answer.

All the best for P2. They call it the beast and I can’t say that I disagree lol.

David

[david1988]

Hi Gavin,

I sat and passed the P2 exam in December 2016.

In my opinion I think P2 is achievable in 6 weeks if you start now. Did you do F7? I was exempt from F7 so had to spend a little time learning the basics first.

Best approach is to make sure you learn the 3 different Q1 formats. This is SOFP, P&L or cashflow as one of these are guaranteed to come up. It is risky to try and guess which one of these may come up. P&L came up for the first time in a while in December 2016.

Don’t fall into the trap, however, of spending all your time learning the consolidations and not focusing on your standards. The standards make up the majority of the questions in P2.

My approach was to try and do every question in the BPP revision kit which helped to get an idea of the structure and kind of questions which may be asked.

All the best with your studies.

[david1988]

I agree with wesbyss on this one. Key to this exam is learning the standards.
The examiners report mentions nearly every sitting that too many people focus their time on the consolidation when in reality it is only worth 35% of the exam at most. Key to passing this exam is section B questions and making sure you focus on the information provided in the scenario.

46 days is more than enough as you should have already covered the syllabus for the December sitting. I started question practice around 2 weeks before the exam and managed to get through the December 2016 sitting.

All the best with your studies and good luck for the sitting in March.

[Author]

Posts