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It is also my last exam and I am failing to become an affiliate, I so badly want this qualification.
This particular exam breaks my heart a little.
It was such a doable paper, yet again I really struggled with time.
I spent too much time on Q1 parts (i) and (ii) but feel I evaluated the report with key points and linked it back to the overall strategic objective and the subsidiary objectives. I also think I did ok on the inventory days, ROCE. I believe it was possible to calculate the inventory days because the operating costs were the cost of goods sold, But now I think that is wron so I over thought it. I think I would have picked up all the professional marks based on the flow of the evaluation report. And headings etc. Bascially I need to pick up every mark possible!
I then left (iii) and (iv) and went back to them in the last 10 minutes, forgot what B&S was so talked about (iii) broadly because it did say ‘broadly’ which I felt was giving us a chance to pick up a mark or two even if we did forget B&S as it was so specific.
I attempted the VBM question 2 part (i) and feel I did quite well there, linking back to the Appendix 1.
As for Question 3, I feel I did quite well with JIT question. Broke it down on production and purchasing, tieing into Multiskilled workers needed to reduce waste, Close relationship with supplier needed, Quality needed, Working in cells needed, Reduced set up times to reduce waste, I am so hopeful I scored full marks in this question, Because I failed to attempt the cost of quality report.
I really hope I pass, I got 46 before and feel the same way I feel now about it. Hopeful I can get the 50, That is all I want. I will just be grateful for 50. 🙁Passed – this was my fourth attempt. This time, all I really did was past exam questions which I think may have improved my exam technique.
I think so too. I mean examiner could have just said food and drink. The extra unlimited word had to mean something. It reminded me of when I went to a resort in Spain and it was unlimited and I ate all around me. Haha. Oh well. I guess time will tell. Results come around fast since the additional 2 sittings per year.
For one of the business risks, I said the client was exposed to liabilty because guests could consume “Unlimited” food and drink, presumably alcohol. And engaging in extreme sports in water … increases risk of an accident occurring while intoxicated. Unforseen liability which could prevent company from maximizing profits.
Honestly I am struggling to pass this exam. 46 to 47 in two sittings. I just need 50. Reading the comments, I dont think I pushed over the edge this time either. I know the material, I just find it really tricky to get through all of the information. Its a little heartbreaking.
I scored over 70 in F8. But it took me more than two attempts aswell.Really? I disagree. Audit risk is a fundamental area in P7. The core of P7! Those type of questions have come up before. Ethics also. Plus professional issues.
Results coming out so soon! Time has flew by. Really hoping for a pass …. How is everyone else feeling about the upcoming results?
I just see it as it is all Fair Value figures at the date of acquisition. So you have to bring in fair values for goodwill consideration and the net assets. Same as the equity tables, bring everything in at fair value. I screwed up on the fair value figures at acquisition for Lambley, it’s normally given so I just couldn’t remember how to figure it out myself. It’s over now, cannot change anything. So what will be will be in April. It’s a really tough paper to pass I think.
What I did for Goodwill in Hampston was use 3 amounts for the FV of Consideration, the original amount Bidgeford paid for the 25% plus the increase in the fair value of that 25% holding which was from 200 to 225 so 25 is the increase in FV. Plus the 70% of what Lambley paid for H because it was L that paid for H. So 200+25+(70% of what L paid for H) . I think it was 70%. Then I put the increase in the FV of H as in the 25 to the retained earnings of B as it was a gain on disposal of an investment. It wasn’t Really a disposal but H was no longer an investment for B, it was now a sub sub at the year end.
I understand it is only necessary to time apportion if asked for a SPLOCI. SOFP was asked for so no need right ? It was a sub at the year end so just add across …. right ??!!!!
Same as that for question 1c and it was worth 7 marks so they were easy marks I thought and not to be ignored if between a pass and fail. I explained that they should account for it as a share of profit of associate and investment in associate (how to do that with the CSID working), what they should do with the dividend, and then I discussed the director having a duty of stewardship to the shareholders etc, true and fair view of accounts, the shareholders would expect to see the associate in the group accounts even though they were making losses. The number of directors at only 2 wasn’t a valid reason to not include it, as it owned 30% so that means significant influence. Don’t consolidate but do present in the accounts. That is what I said. I hope I scored at least 6 out of the 7. In this paper, every mark counts.
I thought it was OK. The issue I have is the time management. It is extremely tough to get the consolidation down in 63 minutes. Thinking fast under pressure …. I guess that what is expected of professionals. I honestly think it will be a SCRAPE pass if I do pass. If I don’t, I guess there is always June. I can’t remember now but I didn’t think it was necessary to gross up the goodwill for the impairment as wasn’t Lambley measured at Full GW method. I just don’t remember and it’s too late to change anything. Marks are awarded for technique and method too even if the figures are wrong. So if I go on that, I MAY have passed. But who knows…. April will tell. Here’s hoping. But at this stage, I am not giving up on completing these papers.
Hi Mike,
Hope you are well.
So unfortunately I didn’t make the pass for P2.
Obviously considering the work I put in (and of course the same for many others) I am pretty under the weather about it.
I am not sure what more I could have done (spent countless quality hours on it) – it was a big step up from F7 as I know and I was exempt from that some time ago. I am going to go for it again which I cannot do in September, it will have to be December due to the city I am based in.
Please can you help me with a strategy/plan for the next 4 months. Best to start with OT F7 notes/lectures instead first?I am also asking for your advice, should I go for another paper aswell. P3? Considering I have done a lot for P2 so far. Or best to stick to P2 alone with the volume in the course?
Really need some advice here.
Thanks very much,
CiaraWell done! What was your strategy for this sitting? I’m going back for a 2nd time, I have to get it next time. Can you email me? ciaratraditional@gmail.com
Any one on here that found it hard and failed, was it a close fail? Anyone have thoughts about their strategy for repeat? I didn’t pass unfortunately. A lot of work put in. Very devastated. But not going to give up.
That is very true Mike. I don’t think I will ever forget what P/E ratio means ever again! Nor any other student.
I was looking though the examiner’s workbook on IFRS and cannot see it anywhere but must be something he said yeah yeah yeah let’s do that! See how these ones handle it. Will they move on or dwell for 15 mins?
Anyhow, When I saw it, I said (bad word). Then said no starting with q1 parts b and c. By the time I got to the SOFP q(a), I’d gotten over it and decided to make it up. Only thing about that is I got negative GW when I knew it wasn’t so had to knowingly (and wrongly) say it was a bargain purchase and put it to RE of the parent when I knew it wasn’t ‘really’ a BP.
Anyway, my mantra now is: If I do not pass, I am not ready to move on. And when I do pass whenever that may be, then I am ready to move on.
In 20 years time, this exam will not matter. Because I will have passed it at some point.
Love the ACCA 😀Let me know what you think of the NCI treatment. Paper is available on the ACCA website. Though as you said too, it is over.
Must not dwell!!!! But it’s difficult not to when it consumes your life for so long.
Thanks Mike for your input – you are right nothing will change my performance, it is done !!That secret must have been the best one you have ever told Mike! It amazes me that you spend your time educating students and explaining questions. I’m turning my steering wheel to this site full time!!
And now I need the accelerator!!
I do pray that my suspected fail will turn into a figure like that staring at me 🙁
The tears that go into this qualification…. Only can make us more diligent and stronger.
Thanks Mike for sharing your expertise and knowledge !What is the change to the recording of employee benefits? I think I skipped a beat. I don’t want you to explain it if it’s somewhere on Open Tuition. Let me know where it is, if that’s okay, please.
Thanks Mike 🙂I feel the same.
The thoughts of going back to it.
Strange thing is I liked the course! I learned a lot and it is so upsetting to get thrown like that with the NCI. I did not dwell on it. Knew I would not get it so made it up and moved on.
I do not want to sit this one but If I have to, then such is life.
The examiner lives on another planet. The scenarios he thinks up of!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!This is my first attempt so I think no matter how much you prepare for a paper like this, the examiner will always throw in a lot that students ‘should’ know. Seems like he has the approach of ‘professionals are expected to know how to deal with such transactions’ —- ‘read around the subject’ —– err well I am not a thinker like the dudes in Enron!! Just want to prepare accounts and deal with issues. 🙂 Mark easy examiners please!!!!
Thanks Sean. I definitely did all the basic workings. And finished them off an slotted them in. Actually did that in the last 5 minutes because ‘thought’ I may have time to go back to Q1 , didnt so went back to it and finished off the workings. Put in the %’s and all that sort of stuff.
I really do not know. 50 marks is a lot to lose but its looking that way. How about you?