[Dean]

Happy to say that i passed the June exams! woo hoo

Good luck to all those writing in December.

[Dean]

Hi Tolga & Giggles

It is getting to the busy stage for those writing DipIFR in June (like me) and i pretty much have my notes done and am working through Q&A’s (BPP text)

I’m sure i would appreciate the ability to post questions and bounce answers at this late stage, but wont have the time to rework any notes.

Giggles, i think you will need to see what changes have been made between sep12 and sep13 as the Dec14 exam will cover the next years changes. June 2014 exam is the last usign sep12 cut off.

I am also using BPP so if i struggle with June 2014 exams we can start a group together

regards
Dean

[Dean]

Question for Swati

Do you have the BPP Q&A book as i have a very confusing consol. question.

this is a part year (1/2) aquisition with a typical inventory sale from sub to parent. To me this means i must adjust the subs P&L (sales/cos) before i pro rata for the year. The didnt !

any idea why?

regards
Dean

[Dean]

Hi Swati

Unfortunately BPP make quite a lot of mistakes in their notes (my opinion) and I believe this is one of them.

The period left to maturity is clearly 3 years.

Regards
Dean

[Dean]

Hi Swati

Prep. going a bit tough but am working through Q&A now so and sort of getting there. it looks to me that the Fi is not worth what it originally was due to the liquidation of the company. They state that the value to which we need to impair is 80% of the maturity value so $130 525 * 80% discounted @ 10% for 3 years (time left to maturity)

Hope this helps
regards
Dean

[Dean]

Hi Tolga

The materials (BPP) that i am using are only relevant upt o June 2014 exams as the Dec exams will take into account IFRS changes for another year.

Regards

[Dean]

Hi Bushra

I am doing the Dipifr so don’t have the same study material, but if you post the actual question info i can try help.
regards

[Dean]

Hi Tolga

I have been preparing for a few months quietly and really feel 150 hours will not be enough. Probably more like 250 hours if you want to ensure you do a decent amount of Q&A

regards
Dean

[Dean]

Hi Kelvin

Not 100% sure, but if you go to ACCA global website with a pretty good reference.

Copy this link into your browser:
https://www.accaglobal.com/gb/en/qualifications/glance/dipifr/how.html

Regards
Dean

[Dean]

Swati. I have chosen the self study book. It is tough but a lot cheaper.
On your question about the benefit of the dipifr vs acca I guess this is personal choice but I am doing it because my CIMA didn’t go into enough technical detail. I’m not sure if acca did.
Regards
Dean

[Dean]

Thanks. I am available to bounce questions off, are you?

[Dean]

I think it should be, but if i still have time i may download prior exams from the ACCA website.
At this stage i am working my way through the study text and doing the questions in there. Following that, i will work through all the questions in the revision book and try to close all the gaps that way.
I don’t think i will have time to do more.

At the moment is am doing IAS1 chapter which is about 3/4 way through the book and am making notes as i go, so moving really slowly.

[Dean]

Yes, its called “Practice & Revision kit”

[Dean]

Hi Swati

At last someone who has the same study material as me 🙂

I also bought the Q&A book from BPP as this has a lot of questions in it. Do you have this one?

regards

[Dean]

HI

I am doing Dip IFR. Bought one, used it once. BPP text has what i need so far.

My view
Cheers
Dean

[Dean]

Hi Swati

I have purchased the BPP study notes as well as their Q&A book in prep for exams. seems to have all the content needed, but a study buddy system is essential for verification and help.

cheers
Dean

[Dean]

Hey all

Are all of you studying P2 or is someone else also doing the Dip IFR?

Regards

[Dean]

Hi QIN

I dont have that text with me, but straight line revenue recognition is usually used in a service based example and (to me) means simply recognising the revenue evenly over the period of the contract.

Of course, if you have milestones in the contract and can reliably measure your achievement of these, you could recognise revenue according to these stages of completion.

Sorry, cant help with the profit part of your Q as i dont have the example to read.

[Dean]

Welcome Khushboo

Ok to all those who have replied and want to participate, I suggest any new questions get posted on the P2 forum and not in this post. Any new people who want to join or if you have general info, then we can use this post else it is going to get really long. 🙂

[Dean]

Hi Trazom, I am doing the dipifr which is similar to p2 and am doing the individual St’s first. Just seems more logical this way for me.

[Dean]

Hi Skhumz

Thanks for the info, it makes sense. I am still a little confused by the loan note example that carried no interest and is redeemable at a premium in a few years time. here they did compiund the interest, but surely this does not pass the “contractuals cash flows” test.

Dean

[Dean]

Wow, what a good response. we now have quite a few interested people. So we can either simply start posting our questions, comments and assistance right here on the P2 forum or use the DipIFR one that appears to be rather quiet and and may be easier to follow our posts.

I have already posted one question on this forum, but am happy to post anywhere, so lets get started.

regards
Dean

[Dean]

Hi Skhumz

I don’t have an IAS19 question, but do have an IFRS9 (FI’s) question if you interested. If you are using BPP test, then its on page 201.

When calculating the finance costs on a Deferred Loan Note issue, we compound the interest each year making the next years interest more as a result. BUT when its a Debt Instrument we don’t. Is this because , with a debt instrument is assumed, the borrower actually pays the interest out rather than letting it add to the capital?

Regards

[Dean]

Hi Tuli

Thanks for responding. Can you tell us a bit about yourself, what u studying, where you from etc.

I am from South Africa so time zones may be different.

Should we post our questions to each other here or on the DipIFR forum.

Regards
Dean

[Dean]

Hey Patrick

I am also doing the 2014 exam for DipIFR
How far are you with your preparation?

Regards
Dean

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