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@anon39 said:
I wouldn’t fixate on what has come up previously, question spotting as they say is a dangerous strategy.Having a good breath of the syllabus & being apply it, is what’ll get you through.
Great advice. I was convinced sfp would be the main question in dec 17 but i did enough study on spl and it came up. Sept 17 was cashflow so it seems like it has to be sfp next but i wouldnt take that for granted
@sindypanda said:
@farhaank Omg, congratulation,:D happy for you!!! I still have 2 to go!! >.<
What optionals did you do?? Im taking P5 in March and not sure what to pick for my other optional. Any advice? 😀
@sindypanda Thank you Sindy im still on cloud 9 😀 Applied for my membership yesterday and it got approved having completed my PER and ethcis too.From feeling down and out and almost giving up on ACCA a couple of months ago because i would have lost my P exams due to the 7 year rule if i didnt pass P2 at this sitting…to becoming a full member how things can change in a flash…
Moral is to never give up even when it all seems so bleak.
I sat advanced audit and the performance options but that was way way back in 2011. Good luck with whichever you choose im sure you will be on that prestigious ACCA members list with me soon 😉
@sindypanda congrats on passing.
Unbelievably i passed too with 57%. I still cant believe it im finally an ACCA Affiliate
Im pretty sure shishap was the lessee so for them to recognise as a right to use asset the had to have exclusive use of the asset regardless of the length as long as its over a year and also control the assett of the lease as long as it was over a year.
In the first scenario i dont think they had control or exposure to risks as the company providing the ship maintained it chose routes times etc so it was a service contract i think not even an operating lease….but i may have got it wrong.
The second a right to use asset as it met all the criteria shipshap had the risks and controlled the asset. Npv the cashflows using the discount rate for the liability and add any upfront costs for the right to use asset and recognise it on the sfp. Then depreciate over the shorter of the lease and life of the asset. Apply the discount rate each year as interest to the liability and charge to spl and reduce the liability with any payments made for year end liability.
Looking back now Q1 wasnt that difficult no mid year acq no NCI in foreign sub but the pressure of the situation takes hold sometimes and interpreting the question becomes half the battle. I worked out i got 43 but who knows….it could be 33 or 53 i think the marking is fair so im not holding my hopes uo too high.
Mentioned related parties in the intercompany ethics part c of q1. I stated that related party transactions had to be disclosed in the single entity accounts and therefore even though the revenues are inflated it could be derived from the notes the amount of trading woth tbr parent but this still wouldnt highlight the mark up. Integrity of the parent in question as it was obvious sales were being manipulated to attract the highest possible price for the sub.
The rest of the paper didnt go so well!!