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@peshteman said:
GOOD LUCK TO EVERYONE THIS WAS NOT AN EASY PAPER. First time at doing p2 and it won’t be my last!!! A frustrating exam many parts were not hard just confusing, I’m sure many people lost confidence as I did and there are MANY parts that under different circumstances could be answered. The examiner wanted to catch us out and he succeeded it seems. there are many marks avaliable though, just writing out the pro for a balance sheet in q1, marks are avaliable just for trying every question in q2 and/or 3 so as long as you tried ever part you get a mark!Q1 I only answered half. Oestensibly many parts were not hard. Establishing the value of the nci from a P/E ratio is neither hard nor unintuitive and was covered in f7. However, given that the past 14 exams did not cover it at p2 it was unexpected. I myself took about 5 minutes to figure out what I was doing. The examiner threw me off my game by presenting a lot of necessary information that was unexpected. I got confused by the disposal of the interest in niche, the partial,goodwill method was used I couldn’t remember if I needed to include goodwill when calculating the investment.
Was the lease a sales type lease? I stated the residual value shouldn’t have been included in the revenue and costs of good sold as this was not going to be realised, but I paniced and forgot how to account for a sales type lease so again, not a topic that is hard, but one that was certainly unexpected.
I messed up with the foreign property, I started treating it as a translation of a financial statement, trying to translate the impairment at the rate at the end of the period when everything should have used the historical rate. Was it a permenant difference? I got confused so much. What was the deal with the restricting of the pension arrangement? I saw the word restructuring and ignored it.
B on the UK stream was difficult, difference between frs102 and ifrs smes for when subsidiaries do not need consolidated accounts prepared. Wrote bout 2 lines.
C also challenging, I was hoping to critique ethical performance but there was no opportunity to do so.
Q2. No obvious principal market, Asia was most active but the entity had used Europe the most. All 3 markets had been used in the past. Assume Europe as most favourable market.
No idea on the discounted cash flows. Stated it was a level 3 input on the heirarchy, that ias41 requires argiculture to be measured at fv-cts and after harvest the assets are treated under ias2 but didn’t write much more. Said the nominal rents shouldn’t be included, don’t know if that’s true or not.
Cash settled share based payment, fairly straight forward.
Ifrs13 states use highest and best use, land couldn’t be valued on basis of use for construction as there is no planning permission (legally permissible is a criteria for highest and best use etc) so treat as farmland.
Q4 ias1 requires soci to feature profit and lloss and oci under seperate headings and PCI should be separated into that which will be and won’t be recycled.
Discussed cash flow hedges and Ppe revaluations and basics of recycling, nothing much. A line on the iasb dp.
About 5 minutes left… Objective of financial reporting, qualitative characteristics of useful information, the other headings of the conceptual framework. Didn’t actually say what the cf is so marks lost there. Didn’t really say why it wasn’t any good, just that it isn’t targeted at non investing stakeholders.
Gains on cash flow hedge should be recycled when inventory hits the income statement. Mentioned the change of basis approach but not sure if relevent. Ias2 lower of cost and nrv. Made some stuff up.
Last part was straight forward, excess depreiation from reserves to retained earnings, impairment loss first taken out of reval reaerve then retained earnings.
Its amazing how you can remember all the questions…I couldn’t even remember most parts of Q2 & 3 as at 1hour after exams…
@sovuthyoum said:
Cannt imagine how the hell examiner think of such tough questions.I personally think the examiners are not humans,maybe some robotic scientific creature or an alien
@akm9825 said:
We are all blaming ourselves for poor time management. The requirements were just too much considering the reading, planning, calculation and writing. I am doubtful whether its knowledge and application testing or just business for ACCA. I am already considering moving to academic qualifications…Lool! At this level?!
Oh, okay.
Its not like I don’t understand it at all, just looking to see if there’s a short cut to make it all easier and not so complicated.
Thank you.Yes, yes!
Thank you KeyMaster. I’ll be back for further questions soon.
Thank youHmmnn! Thank you for that eye opener. It just suddenly got a lot easier. It explains why investors can rely on Company B. Thank you.
Okay, I think I’m missing something.
Maybe I don’t know what reference means. How do I get you the reference so you can please take a look at the question. Thank you.