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86%! Took like 10 years and lockdown to kick me into gear but finally qualified!
leanne12 wrote:“Omg i had no idea what to do with the basis periods.. the first period was 20/21 and the other period was 22/23 so I just did 6 Apr 21 – 5 Apr 22?? And deducted the original overlap”
Oh do you know what year they wanted? It was 2 years right? I thought they wanted 21/22 and 22/23?
Omg i had no idea what to do with the basis periods.. the first period was 20/21 and the other period was 22/23 so I just did 6 Apr 21 – 5 Apr 22?? And deducted the original overlaps?
Obviously wrong!
The first losses question caught me a bit feel i could have written more
– The interest payable i said wasn’t for trade so it was a interest loss and therefore could be offset against total profit CY and CF but only interest profit PY?For trading loss I said it was MCINOT so couldn’t carry forward losses or back losses? I feel they wanted more on trade losses between the groups but I ran out of time 🙁
How was it for everyone?
I did the UK version and I feel I could have done better especially on the first questionI’m trying to book ATX – I’ve already had a refund on account from my previous booking but no At Home option – Only the CBE option showing up for me
I’m based in UK
Edit: Just realised the At Home button is at the top in white not with the picture options
It then asked me to choose F1, F2, F3 options?? CBE_ATX_UK_OP_F3What’s that about?
Wow how do you remember all the standards names!
Did you not discount the 3% raises to PV then?
There were some notes saying gains were to be reclassified to OCI though so I think they were getting at if the closing balance was higher than the actuarial estimate then it should go to OCI instead of asset ceiling? I don’t think i wrote that in the exam though
Yeah I agree just didn’t manage to figure it out in the exam :'(
Hopefully I still get enough marks for my held for sale and provision explanations
I had INT variant but I disagree that the held for sale criteria was met.. although I said the criteria wasn’t met I did go on to explain what would happen if the asset was held for sale instead of stating that it should been accounted for as an impairment
Ahh you are right it was an impairment as the market is gearing towards internet sales, did not clock that at all 🙁
I don’t think it said it would be sold in 3 months it said it was going to be put up for sale in 3 months after the liquidation sales so it wasn’t on the market yet
I had the property question too I think that was the step disposal – the one i couldn’t work out the carrying value of NCI one
They had 15% of shares remaining if I remember I said to account for that as a financial instrument I think as it’s not enough stake to be an associate
I adjusted for the $2m provision as well I think – don’t remember what my number for gain on disposal was
gain on bargain purchase happens when the consideration paid is less than the net assets of the company – should be expensed to P&L not recognised as negative goodwill – I think…
More details:
Q1 Goodwill – Bargain goodwill I calculated at $30m I think – to be expensed to P&L, Step disposal – explained the steps but couldn’t figure out the carrying value of the NCI
Q2 Ethics – Familitary, self interest and intimidation threat, KPM, sell of shares and then the usual spew of get advice from ACCA etc.
Q3 Intangibles life – i said the first one was indefinite as they have a secure brand, the newer one i said might be linked to the actress who might die lol so its not indefinite
Properties I explained the criteria for held for sale but it didn’t really meet the requirements i feel as it wasn’t on the market.
The other 6 properties I explained about provisions and there has been no management plans and told to those affected etc.
Impairment on new store didn’t need to happen as in line with management expectations
Q4 SME – I explained that they didn’t have to include assets held for sale, interim reporting etc, then i explained certain things they can’t do e.g. revalue intangible assets and then things that are simplified for them e.g. borrowing costs to P&L etc.
I couldn’t think of why having no information would defer investors except that they don’t have enough info to make economic decisions
The share stuff – i said PV of salaries * 1% * 75% over 5 year vesting period equals like $0.0014m
The rest should be recognised in liabilities
And then if salaries rises by more than 3% then work out things retrospectively and recognise remaining amount in P&L in YR2 after deducting YR1
Huh how come the exam questions are different for everyone?
Mine was CBE at a centre and it was
Q1 Goodwill, Step disposal – couldn’t figure out the carrying value of the NCI
Q2 Ethics
Q3 Intangibles
Q4 SMEI thought it was ok but never know!
I wouldn’t mind a study buddy! Email nightsky22@hotmail.com
I’m taking mine in London on the 10th
