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Miraji,
I remember the following topics:
Q1 Write explanation note to directors regarding three issues:
– Calculate Goodwill and explain directors what they did wrong in initial calculation and show the journal to amend their error;
– Correct treatment of the disposal of Associate from 40% to 10%;
– Derecognition of the Financial asset (bonds) with calculation according to Principles of derecognition in IFRS 9.Q2 Show correct accounting treatment and ethical issues re Provision/disclocure for Subsidence of the production line, where repair in the next year was probable but no information about costs. Also, proposal to account 80% of subsidiary as an Asset held for sale because this part of business was not profitable (if I remember correctly).
Q3 – 3 questions re Intangibles including difference in recognition principles btw IFRS & FRS 102; what should be capitalised, accounting policies re cost and revaluation etc.
Q4 a) discuss how fair would be inclusion of particular entity’s APMs into FS (EBITDAR* (*rent), Income from Operating cash free activities (free from PPE purchase, intangible purchase and issue of shares) and something else.
b) cash flow (killer one). I was struggling to understand the requirements for this confusing question.
It felt like the worst paper so far. I was expecting slightly easier questions for the new exam. Real accounting life is not that hard 🙂
I got the same Goodwill @jeromeb.