[ernstaugust]

In Q1 I made reference to the Building Blocks model as it was a service company and then I started to recommend NFPI-s as well. But not for each the division, but for the Company as a whole. Because I couldn’t see what is the difference between the divisions. Besides that one of them had a very long receivables collectibility period. But otherwise… I couldn’t draw any conclusions. It was a nightmare.

[ernstaugust]

EVA was only needed for 2012, don’t worry. you needed some figures from past year to calculate the actual adjustments, that’s why they were given.

[ernstaugust]

yes, because he asked for QUALITATIVE model

[ernstaugust]

Rolling budget was very easy. Everybody thought it’s something special but it were easy marks 🙂
Just multiplied revenue by 1,03, fix costs remained the same, CoS and Distribution as someone mentioned 55% and 9% of revenue.

Thats’s it!

[ernstaugust]

hey people! what did you recommend as performance measures for each of the divisions in Q1 part b)? Because they asked for different measures for each division, but I couldn’t analyse what is going on in the divisions. Q1 a) and b) were a mess for me! So much data and I still don’t know what the examiner wanted us to conclude in these two parts. Anyone has an idea?

My WACC also was 8,46% as someone mentioned before. EVA was also positive, and ROCE 5,99 or 5,98% so it failed the requirements. Then I calculated ROCE from the published FS figures and with them it met the requirements. So I concluded that these figures can be manipulated etc, that’s why the regulator wants a special measurement for the assets.

For me Q2, Q3, Q4 were okay.
I expected corporate failure, HR management (remuneration) and BUDGETING, and quality.
3 out of 4 came up in fact 🙂

[ernstaugust]

I was sure that I’m going to fail. Even in the middle of the exam I was thinking that I stop now because time was not enough for me as a non-native speaker.
But I passed with 55 marks, Whooooo-hooooo 🙂

Two more exams to go in December.

[ernstaugust]

1st attempt, prepared for 6 days
60 marks 🙂

[ernstaugust]

what is interesting is that the pass rate on easy papers is lower than on harder papers.

I think the idea behind not showing us the marked papers is that a lot of students from all over the world would claim their missing marks, most of them probably would be unjustified. it would be impossible to employ that many people that they had the time to look at all these claims and make a decision whether to give the marks or not. this is not feasible at all and that’s why we can’t see our marked papers.

however, acca could include in its policy that they send us the marked papers in email but it is not possible to claim any additional marks – besides the ones missing because of administrative failures.

at least we would know WHY we have failed. as for now, we have no chance to learn from our previous mistakes…but of course this is a way how they can earn more money.

[ernstaugust]

@nagdam said:
IFRS 10 is consolidated no IFRS 3

IFRS 3 = Business combinations.
IFRS 10 had nothing to do with this question.

[ernstaugust]

I also can’t believe that almost everybody found it easy. Maybe they didnt see the real issues;)
By the way, the easiest P2 exam ever was Dec 2011. That was a gift. Its a pity that I didnt attempt that time.

[ernstaugust]

Did anyone write about IFRS 3 in Q2 part d), regarding contingent liability?
IFRS 3 permits to recognise it on consolidation – this is the only possibility to recognize a contingent liability in the books.

And in my opinion the fair value adjustment should’ve been icluded in goodwill, so GW was 6 at the end. The measurement correction was within 12 months after acquisition.

[ernstaugust]

@akte1337 said:
I think the exam was a disater 🙁 I was well prepared… so I tought. For the first question the Joint operation totally confused me and I have no clue if I did it correct.
The second question killed me when it came to the share based payment for the managers… I have no idea what to do with it.
At Q3 I was totally confused so I really donßt know what they wanted to hear, I just hope the examiner is a fair marker so that I hopefully can get the 50%… this would make me happy!
How was it for you???

in Q2 the share-based payment was a very simple question so maybe you were not se well prepared 🙂

[ernstaugust]

@haseebwasti said:
qno 1 was really surprising …….examiner has writteen he will not test difficult calculation from previous sylabuss but qno 1 b evaluation of investment decsion is really tough

I dont think its a tough requirement to add up 6 numbers and then subtract the sum from another number and multiply it by a third number 😀

[ernstaugust]

@emmasanders said:
am i alone in the use of tows ? 1B thought it made sense at the time but dont think many poeple used it thought because they gave the swot analysis it made sense doubting my chose now

don’t be worried, TOWS was the most straightforward solution which will earn the most marks. it was not an accident that he gave us the SWOT.

[ernstaugust]

@navdpkaur said:
ernstaugust if u got BPP Mock please could you e mail to me on navdeeplall@hotmail.com . ur last minute help would b really appriceted,

Thanks a lot

hi, i only have a paper-based one and have no scanner. sorry 🙁

[ernstaugust]

Im asking those who resat this paper. Is it always so time-pressured or was it extreme this time?

[ernstaugust]

@notforu said:
gearing of the company was reducing without doing anything. but if u will use sale and lease back scheme it will increase (!) gearing, coz u will recognise liability in the BS.
my strategy is about to focus on green customers, which can pai premium margin and to avoid direct competition with cheap products from some country (dont remember the name)

gearing was increasing as far as I know.
and they should lease it back with operating lease… then you have only the monthly payments under current liabilities.

[ernstaugust]

entity reconstruction was asked last time for 25 marks. it wont come up again hopefully.

[ernstaugust]

BPP mock has SOFP and IAS 21 which is also not really probable to come up.

[ernstaugust]

I also had problems with the time allocation. Never sat an exam before where I left so many questions unanswered. Even those that I could answer – I had no time to plan and structure my answer.
How can anyone do that? Because it doesn’t matter whether you have learnt or not – P3 success depends on something else for which you cannot really prepare yourself and that makes me sad 🙁

Otherwise: I think the questions were all okay (Haven’t done Q3 though.)

[ernstaugust]

@mountain123 said:
can anyone tell me how to answer Q2(b), any model/theory to use?

There is a process established by Skidmore itself. It’s in the BPP course notes. But I think if you wrote common sense things this will also earn you a few marks.

[ernstaugust]

For sure you won’t get extra marks just because of knowing the standards’ numbers.

[ernstaugust]

there won’t be any changes in IAS 39 since it is going to be replaced by IFRS 9…

[ernstaugust]

who said that only those topics can be examined that have been examined before??? what are the people thinking who are complaining about this?? OMG.

[ernstaugust]

if people feel time-pressured on F5 what will they feel on F7 and F8 ???

[Author]

Posts