Forum Replies Created
- Posts
Rameshks,
Off course this paper is about tricking students. They have to make sure, that even if you know most of the things that are examinable, they will put in lots of trifles to make you lose enough marks to fail.
After all they will have to make their money too, and since this is probably among your last exams you will not give up, and keep on coming a few times. Tuition providers will benefit as well, since you will probably buy updated books (full of errors BTW), and may sign up for lessons. When you prepare for the 2nd or 3rd time, you will know (and will have time) to focus on those small changes in the standards, and things that you would never encounter with personally in real life.
The byproduct of repetition is that you wont even have to think about the core syllabus, it will come to you in a snap. Take it as a prize.It is a very clever and cunning system, and have double standards on ethics. If they had a transparent approach they would send us in e-mail our marked paper too in August (no doubt that they have those and could do so), but instead they will treat us like calves and give us no opportunity to see why we passed or failed, or find those few missing marks.
Welcome to the world of global business. It is all about $$$ and you just have been given a prime example of finding that fine line to get away with these tricks.Thats all good, but thinking about these minute parts of the syllabus burns down the time you have for the exam as a whole.
BTW – was the 40% interest in the Joint op the contractual or the ownership interest? Can’t remember, but this equally makes a big difference.
I think there were a lot of tiny references to adjustments that were hard to pick up, and no study material really cover that. Ie:
Q1 – classifyng the sub through OCI. That was sg new… Is it an wquity instrument? – If the parent says to deliver cash the sub will have to. Also it could have been paid for in cash. Therefore is it a debt instument? Those can be measured FVTPL or amortised cost. Definately not the latter this case. And that was my 15 minutes gone from the exam.
Q1 – Then the IC dividend
Q1 – Have you made a ST provision for the 3% on the 16m repayable the day after year end for the sale & repurchase? Was it a one day loan?
Q1 – Joint operation… not too common in the workbooks either.
Q3 a) – 1 page full of matters to consider – HORROR for 11 marks. Had to skip that bit completely, otherwise would have taken me an hour to struggle through.
Q2? The contingent liability was unlikely to result in any outflow, the amount could not be reliably measured – why even disclosing it?
All in all I found the exam quite tricky, although the basics were not too bad. To start with Graham was cunning to chuck in another Q1 on SOFP – as EVERYBODY were expecting P/L or C/F…
Typical.
Probably see you in Dec.