[faizan]

Q1 cashflow I did it but not over confident with it because when I looked at how many pages there were for part A I was shocked. I think there were a few changes that needed to be made so you were not expected to get the same cashflow balance as the Angel did for 2013.
B) didnt know what to type but both were loans one was with a fixed rate the other one flexible due to the penalties and I wrote about where the transaction would be written in the cash flow.
C) love ethics I score pretty well in it

Q2) a) confused me a bit so I dont remember wht I wrote for it any suggestions about it?
b) was easy about IFRS 5 and how to treat the transactions given.
c) was easier sale and lease back. I wrote about leases and we needed more information to decide whether it is a finance or operating lease. Plus if the amount is higher than the current balance it would classified as a loan given etc etc.

Q3) a) I wrote that b-shares were preference shares that had a bit of equity and debt in it. I also wrote that using them as NCI was wrong since they hold no voting rights as stated.
b) Didnt know much basically wrote about IAS 39
c)at first this confused me a lot A LOT the language used in it under time pressure was deadly because at first I thought Lental acquired Bental but Later I realised it was Bental that acquired Lental since they control the business combination so I hope I score well in this.

Overall the paper was not easy and I think it never is

[faizan]

For Q4 part C I wrote that the company not accept the service as there was a self review threat as they were auditing the company. They can either audit it or go for the acturial service. Part B had a advocacy and intimadation threat. Part A self review too

Reading comments here I think I might have done a bit better than I thought lol or you all did as bad as I did.

Over all the paper was doable and Due Diligence was kinda expected if you read Kaplan tips though I gotta say I barely read it thinking only a small part would come not a whole 25 marks question. Hopefully will pass! Umeed pai duniya kaim hai

[faizan]

I used the 2012 figures for caller too as it become a subsidiary after the parent bought park. The impairement thing was 2220 – 2088 right? or you use 2088 (one guy used this)

btw someone here said q3 was about provisions.. no it was not about provision but held for sale which was kept in that state for more than 12 months and the company wanted it to still be classified as held for sale even when it was transfering activities to the subsidiary.

[faizan]

The goodwill was not 80 i’m sure of it. I dont know the exact figure because I forgot to deduct something but it was no where near 80. Everything went well but due to the time pressure I made a basic mistake of entering the wrong figures of asset and liabilities during consolidation of subsidiary in the balance sheet 🙁 Does anyone know how many marks you lose for that? other than that it was okay.

[faizan]

The Paper wasnt hard even with little preperation I could answer the questions though I should have gone with my gutts in Q1 a) and did a few more ratio analysis. I calculated materiality there too lol at that time I just wanted to do everything. Audit risk part was easy as there were many things you could write about from the scenerio given plus I identified what kind of risk it was IH etc etc. b) was pretty straight forward it was related to due diligence request from the last paragraph I wrote and confidentiality as they might be giving us this task knowing that other company is our client. I in the end wrote it should be declined as the due diligence request would be material to the financial statement and it would lead to self review threat. Hopefully that was correct.

2 wasnt hard pretty straight forward plus if you looked at the revision kit there were many questions similar to this. b) was really bad I made the stupid mistake of not going over forensic accounting and stick with the tips. Wrote basic stuff in part i) and part ii) i dont even remember what I wrote now lol it was just a tooka.

For the 3 question i calculated materiality and explained the audit evidence you’d expect from it though from reading stuff here I should have mentioned IAS relating to the problem.

4 a) was pretty easy if you remember F8 and P1. Pretty straight forward and easy marks to obtain here. How its the managements responsibility to detect fraud not the auditors though they did have a case with the statement by the partner but still the responsibility lies with the management. b) didnt write much here hoping to get atleast 3 or 4 marks didnt know much about it.

Over all hoping for a pass, but I didnt write a lot

[faizan]

question one was about SOFP with standard goodwill and 4 adjustments with B being about IFRS 5 mainly why held for sale needs to meet crtieria tht sale is highly probable and sale in present condition? C dont remember

2 was good green certificates I wrote about IAS 18 and contingent asset then there was about a foreign currency question relating to loss and how it should be treated in financial statement.

3 was about the samething in question 2 but different IAS there was one about lease where the company outsourced the waste disposal who bought trucks and it would be treated as lease as they would work for the company their whole life and if the outsourced company ceased trading it would go to blackcutt (yes i remember the name :P)

Over all only one question with calculations Q1 and the rest all theory. I’m 50/50 on it as i might not score high plus my BS didnt balance 🙁

[faizan]

b) was for 12 i think and c) was for 10

[faizan]

how many marks was the q1a? 35? or 25?

[faizan]

agree it was such a lengthy paper specially the first question so lengthy! but i finished it in time actually had 20 minutes to spare which I utilized

[faizan]

Okay so for the first question a) I analysed the financial situation and then used 5 forces model and put in swot too because I thought SWOT seemed more appropriate then ashridge as clearly it was given in the case study? Think I”ll get marks? cuz everyone here apparently used BCG 🙁

[faizan]

This happens the important thing is you shrug it off and continue with determination. Sometimes you look at the question paper after exam and say “yeah I’ll get 63+ something” but when the result comes out it’s 50 or something like that (happened to me in P1).

Usually when you fail at 45% or above it means you know the syllabus but you did some silly mistake where you should have gotten more marks.

@shincody said:
I was expecting more than 80% and got 45%. Absolutely devastated. I have looked at model answers and cannot see where I went wrong. I have appealed (although I know this will most probably come to nothing) but apparently in the appeal, I will be told what questions I have passed or failed. So this will at lease give me an indication of how they marked my paper.

It’s the first time I have ever been so shocked by a result to the point of quitting the ACCA. I feel so betrayed by the integrity of the marking and do not feel my performance is reflected. Maybe this is just a one off and I am over reacting.

[faizan]

Looks like a lot of people got 50 exact like me. Expected it to be in the 60s but I guess I didnt write as many points as the examiner expected. Still over all Happy with my June 2012 results 😀

[faizan]

Passed with 67 percent. Really happy with the result. Didnt expect this much 😀

[faizan]

thanks all for replying

@ace yeah there is different methods of calculating for australian and american but i’m trying to find out about the american one

I think I’ll email OBU or something but I’ve heard they discourage converting class to GPA

[faizan]

@rhymenoceros said:
Hey just a quick query about question 2 c…risk mitigation in larger and smaller companies. what angle did people go with on this one? I cant find any notes on it anywhere.

I went with the angle that it’s important in both but it can be more important in larger companies due to more of a headcount, complexity of transactions…that sort of thing. Does this make sense or am I completely off the mark?

I went with the same but stated it’s more important with large companies as the transaction amounts are higher, affect of transaction are bigger, etc.

What you wrote sounds write. You’re not completely off the mark.

[faizan]

@supermom said:

@carl29

I agree to a certain extent. I went for J also (I am a bit worried that nobody else has)
Firstly I thought Pealand was too obvious for a professional exam.
Secondly, the ETHICAL issue I thought was “bribery” (there were other risks that would need to be assessed but for the purposes of the AAA model I chose the “bribery” issue.)

The options were:
1.Pay the bribe go with Jayland
2.Don’t pay the bribe go with Jayland
3.Don’t pay the bribe go with Pealand.

Mostly aligned was “dont pay bribe go with jayland” – (developing country support, just because hayho is operating in a different country doesn’t mean that they have to lose their integrity, (integrity was obviously one of the IC challenges later on in the question)

Consequences are that Mr .popo will increase regulations on their operations, not get his bribe, support local workforce, help developing community, satisfy shareholders maximise profit objective, increase in exposure to risk( that will need to be dealt with in next question).?

Anyone do this too? I ve defo failed if nobody has???

I did mention that in the course of action in AAA but in the end I choose Pealand because this subject is about ethics and it would be wrong choosing a project that goes against the company’s press statement and other ethical codes. whats the point in studying a subject on ethics then?

I guess i’m the only one that went with COSO (control environment, risk assessment, control activities, information system and monitoring) 🙁 I’ll lose marks in this I’m sure now.

I used the COSO because in the revision there was a similar question about internal control where this was used but the difference was in the case study of tht question internal control already existed and they asked for challenges to putting more internal controls. So I got confused.

Anyways what is done is done good luck to all! Hope we pass!!

[faizan]

@rhymenoceros said:
Good point but I think that’s moreso if they have an internal control system in place already and you have to assess it and see if it’s good. In this one I think you had to point out reasons why establishing internal controls would be difficult..which meant you needed the objectives of an internal control system and then to point out the reason from the narrative why this couldnt be met..ie assess the risks.

Hmm you could be right because i’m 50/50 on this as they did mention stuff related to control environment, risk assessment, control activities, information system and monitoring in the case study but you could be right.. thinkin about it. the note did say if the system is working well not about why its difficult to have internal controls. Maybe i’ll lose marks in this 🙁

Did anyone write like this in Q1 part C about internal controls? COSO or what rhymenoceros used?

[faizan]

@rhymenoceros said:
Not sure if Q1 C was COSO or not. I cant remember the phrasing of the question but I described the objectives of an internal control system and then pointed out with examples for the study the risks that these objectives were under threat…underskilled staff etc…could very easily be wrong though

I am confused about it too but before going to exam i was reading the revision kit in it the tutorial note said whenever you read a question which has “assess” or “review” internal control.. use the COSO framework to answer.

[faizan]

It wasnt that bad I just gotta say Kaplan exam tips rock. They were very accurate. anyways Q2 was independence of NED, risk committee and risk mitigation difference for large and small companies.

I have a question in Q1 part C where they asked to asses internal controls you had to mention COSO framework right? and would i not get marks in Q4 part a as i didn’t mention insider and outsider but explained corporate governance pretty well.

[faizan]

Q4 was about financial assertions for account balances not inventory 4 financial assertion with substantive procedures… rest of the questions are right.

It wasnt a bad paper but lets see if I pass

[faizan]

What is the procedure for an administrative review do you just fill the form and post it to the address given or can you email it? and do they send you a written notification that the received the form by email? and does the feedback you get is it by an email or is it given to you by post?

thanks in advance

[faizan]

After the exam i had doubts that i would pass this but I did. I think you have a better chance of passing calculation based papers.

[faizan]

I got 49 percent when this was the paper i thought i did really good in though i must admit i did some blunder but i still expected 58-62 🙁 F9 which i thought i screwed up and would fail I passed… crazy isnt it.

Btw someone here mentioned ACCA lets you recheck your paper the answer is no they allow a previous where they calculate marks allocated they dont check how much marks you got in each questions.

[faizan]

@mustafamillwala same here

[faizan]

could someone explain how you incorporate irr in calculation of debt for cost of capital? was it needed in question 3?

Want to know about question 4 b? just gearing? debt/equity? what calculations did you do?

Reading comments 3 have got npv in 50s while ppl who did add back working capital have still got different npvs. Oh well i will lose a mark in it or so.

got operational cycle 93 as well so i guess i was correct in it 😀

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