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Good day all, i require a clarification with regards a company to choose for topic 8, i intend using a food producer, a company that is into the manufacture of pasta, noodles, semolina, would this company be allowed as a food producer.
Hi Trephena, i’m about to start my project and i’m a bit stuck on how to proceed, i selected topic 19 on a recent acquisiton that happened in my country, i went through the obu forum and i couldn’t find a forum on topic 19, i would appreciate if you can provide guidance.
i came across this news via one of the emails sent to me, in my own opinion i don’t support the phasing out of all papers into cbe formats, especially paper F8, anybody who’s done this paper can attest to the fact that this paper helped them develop their writing skills in answering professional papers such as paper P1,P3,P7. Honestly, i don’t think without doing paper F8 in a paper based version i would have learnt how to answer professionally, i personally would advise anyone writing F papers should make sure they attempt paper F8 in a paper based version, the remaining F papers such as F5,6,7 and 9 comprise mainly of calculations and last i remember their theory questions don’t require much detailed explanations which paper f8 makes up for well.
in summary, i don’t support the introduction of cbe for f papers especially for paper F8, does anyone else support my agreement?it is definitely possible to study them both in 3.5 months, last year from june to december i wrote 5 papers in all, F5,7,8,9 and paper P2, all with scores above 70+, not in anyway to be boastful, as long as you put your mind to it, you should be fine. All the best
you’ll find it difficult studying paper p7 without taking paper p2 first, remember when you did paper f8, how would you detect audit risks that relate to financial statements without knowing a few accounting standards such as ias 2,16,38,etc. The overlapping knowledge of paper p2 in p7 cannot be overemphasized, even the paper p7 examiner as stated that it’s assumed that students taking p7 have either passed or are taking paper p2 at the same time.
personally, i found p2 not too demanding, it’s a balanced paper to me, most of the standards covered in p2 are already covered in paper f7, if you feel comfortable with f7 standards p2 should be a walk in the park for you.
In summary, i wouldn’t suggest you take up p7 before doing p2.IAS 18 is no longer applicable in march 2016, it is no longer applied as far back as september 2015,
sorry, but i strongly disagree with the assumption that employee occupied property is to be classified as an investment property, this is an extract from ias plus:
The following are not investment property and, therefore, are outside the scope of IAS 40: [IAS 40.5 and 40.9]
property held for use in the production or supply of goods or services or for administrative purposes property held for sale in the ordinary course of business or in the process of construction of development for such sale (IAS 2 Inventories) property being constructed or developed on behalf of third parties (IAS 11 Construction Contracts) owner-occupied property (IAS 16 Property, Plant and Equipment), including property held for future use as owner-occupied property, property held for future development and subsequent use as owner-occupied property, property occupied by employees and owner-occupied property awaiting disposal property leased to another entity under a finance lease
capitalised amounts are recognised as an asset and depreciated over the useful life of the asset, upon initial recognition the accounting entries are: Dr PPE XX and Cr Bank/Cash/Payables XX
Expensed amounts, like you rightly called them expensed amounts are fully expensed as they do not meet the recognition criteria of IAS 16, the accounting entries are: Dr Expenses XX and Cr Bank/Cash/Payables XX
when you say income i’m guessing you mean income gained in the day to day operations of the business; the entries are: Dr Cash/Bank/Receivables XX and Cr Revenue@surf23……like i said earlier on, taking p2 right after f7 is the best combo for the acca papers, you’ll be far better off than someone that’s done it a year ago.
p2 felt like a breeze through after mastering the IAS/IFRS, make sure you don’t cram the standards cos at p2 level youre expected to knw for each standard the initial recognition, initial measurement, subsequent measurement, disclose and derecognition of each standard.
the standards introduced in p2 that aren’t in f7 are not too much, possibly 5-7, you can see this gives an insight that most standards are tested in f7, so doing them in p2 right away feels like a revision course .doing F9 with P1 is a good balance, one requires calculations and the other requires a much more theoretical approach,
@surf have you done F7 recently?yes it builds up towards P2, doing P2 without passing F7 is one hanging off a cliff with a finger and hoping to pull himself back up, a good knowledge of F7 is required in P2, as soon as you pass F7 rush straight into paper P2 immediately, i found this immensely useful when i took F7 and P2 in septemeber and december diets succesively, i had 71 and 60.
there’s a couple of gaps between that and the most recent ones, such as IFRS 15 (Revenue from contract with customers) which replaces the former IAS 18 and IAS 11.
there’s also the current issues on matters such as leases,Sea goat has said it all, just want to point out also that for the group, there’s a 99% chance a foreign subsidiary wouldn’t come out as it came in December 2015, the next possible group question i’d expect would be on the group Statement of Financial Position, to me this stands a 70% chance of happening as the last time it was tested was June 2015.
the other qroup question could be the Statement of profit or loss, again i believe this stands a 30% chance of happening as it was recently tested in september 2015 diet.
one more thing ” MASTER YOUR IAS/IFRS” let it be your nursery rhyme when you wake up and go to bed and of course here come the usual advice practice past questions and you’ll be fine.
i hope you find this post useful.@bloage, the problem most students find difficult with the paper F8 is they tend to believe they are writing the right answers where as they’re wrong, Take for example, a question requires you to point out certain audit risks that relate to a client, there’s every tendency for students to start picking up risks that are not necessarily relevant such as business risks, there’s also the possibility to have a good sight for the risk and end up writing so much.
such answers to me shouldn’t take more than two to three lines max. Your answers should hit the nail on the head, writing too much details would not be relevant, when a question that’s just one mark requires a short answer.
your question as regards bpp, i find bpp revision kit quite voluminous and bulky when describing model exam answers, when solving questions, try this approach; download the examiner’s own answers and compare your answers to that, this would help a great deal when solving questions. read up on the examiner’s comments about each exam diet, it would help you spot mistakes students make regularly when solving questions. an examiner’s comment i find reoccurring is that student’s state audit procedures with the word “CHECK” if you did this before, after reading this post i’m sure you wouldn’t anymore.
i hope you find this post useful.dont let pass rates deter you from picking a paper, as long as there’s a percentage of people that pass, hope you fall into that category.
pick a paper you feel most comfortable with, one you can easily relate toi saw a bpp question in which after doing this, a variable overhead cost was included in the computation
thank you, i have another question as regards relevant costing, when dealing with relevant costs for labour if labour is fully utilized, the relevant consists of the contribution forgone in the other product plus the current cost of labour per hour, is this correct
if i may ask, since Y is not produced the only reason why we’re not excluding the $24,000 is because it relates to general overheads?
Your assumption is correct that the figure for $4.8m is to be recorded in the statement of financial position, the $4.8m would be recorded as a share based payment transaction but from the tax man’s point of view, for tax purposes the value is based on the intrinsic value of the shares issued, this would be a deferred tax asset until when the shares are issued
hello frankwilliams977
i can try to do that, the whole idea around the minimum 3 is this, take for example prior to us commencing production, a certain customer Mr Weng has already made an order for three components of X, what this means is that we have to consider a point in our graph where x is at least 3 and y is at any other point, which point y is we have to ensure that whichever point we decide on it has to maximize contribution where X is at least 3
The idea is to find the point your iso contribution line is towards the point of leaving the feasible region, this can be solved via a simultaneous equation,
Which is 4x+2y=16 equation 1 and 2x+2y=12 equation 2, once you subtract equation one from two you should get 2x=4, therefore x=2 putting that into equation 1, it becomes 4(2)+2y=16, therefore 2y = 16-8 and so y becomes 8/2=4
Putting these two into our contribution formula it becomes 60(2)+45(4)=300So the solution to plot in the graph is:
Our first constraint which is 4x+2y is less than or equal to 16, we need to make certain assumptions here to get a figure for x and y, so if x=0, y would become ?
That would mean 4(0)+2y=16, therefore y would become 16/2=8 and if we apply the same logic into y being 0, x would become 4x+2(0)=16, therefore x would become 16/4=4, so we’ve already established that x=4,y=8
So all you need do is plot a graph with this points in it
Our second constraint apply the same ideology from the first and it should give you x=6,y=6
Third line to draw is where equals 3
I can’t possibly draw a graph here apologies about that
The next step is to determine at what point is contribution the highestFor linear programming it is best you start from the top, what am I trying to achieve it is either to minimize cost or maximize contribution and in this scenario it appears to be contribution,
So my first thing to write down is contribution is maximized at the point where; lets makes diesel as x and petrol as y
So for contribution to be maximized it would be at the point where 60x+45y
So contribution = 60x + 45y
Step two is to identify the constraints, they are items not allowing us produce more, so for machine centre the constraint is 4x+2y is less than or equal to 16. As there are just 16 hrs available per day.
The second constraint is in the testing centre the constraint here is 2x+2y is less than or equal to 12hrs
The next item we are to write is x has to be greater than or equal to 3 as at least three must be produced each day
And last of course is the non-negativity formula which is x,y is greater than or equal to zero
