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Hi Gillian,
thanks for your response! Was hoping it would be allowable as I could then claim the c500 quid (kaplan cost) from work as an expense.
Thanks
I had the same questions woosballard, in the end I just did them in the sequential order, P1,P2,P3, P5 and P7.
I honestly don’t think it makes a difference what order you do them in as you have to them at some point anyway!
I would retake P5, as you’ve only failed once and with 38% I reckon you have a good chance of passing it a second time round.
If you are comfortable with the syllabus, I recommend focusing on exam technique! Leave lines for the marker, make it clear, underline headings. Write sharp sentences. Avoid waffle.
Remember that when you’re asked to write a report, it’s often to the board or non-financial people so keep it simple form and target your answer to the audience. I think that’s why so many students fail P5. The examiner wants information to be conveyed easily as you would in the real world, not confusing people with long ugly blocks of text or unnecessary jargon.
Interesting to note that pass rate as per this survey is tied with P7, proving that these are still very hard papers to pass.
Link works for me, last week it showed an error and I have @member on the e-business site. Waiting for P7 & P5 results.
Also I can’t view my status report, can anyone else?
It’s interesting but I wouldn’t put any attention to it. Best to wait for Sunday!
If you read IAS 16, this states that costs can only be capitalised for bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended.
This doesn’t include training costs as they are generally not required in order to bring the asset to its location or impact on the asset’s condition.
I’ve read a fair bit on block chain and how this will make reconciliations redundant and reduce the amount of audit testing. The articles I read stated that accountants would still be needed to interpret accounting standards and compile stats.
I still think that finance processing jobs will still exists especially in local practice were sole traders may not have access to high levels of technology to participate in block chain ledgers.
In industry though these will definitely fade out, think of the cost savings in staff doing mechanical processes. Finance teams may become smaller but more efficient due to only qualified accountants being employed.
Just my opinion.
My recommendation to you is briefly learn the ifrs and ias. Then go straight in to exam questions using the answers as a reference point. There are lots of good videos on youtube for consolidation techniques which I recommend. Don’t question spot and spend equal time in the theory as well as number crunching. The exam is passable but with all acca exams you have to put the time in. That’s my experience.
Gutted to see my final two papers P7 & P5 have the lowest pass rates. Very comforting.
Honestly can’t believe I passed with 61%.
I was so sure I failed I didn’t bother staying up.
Those that did fail, don’t give up. It can be done!
Well I would guess that cash is credited as “Verge spent $1 million on refurbishment and adaptation”.
The obvious debit entry is PPE and as this is a property gain, not a revalutaion, the gain is recorded in the SPL rather than the OCI and revalutation reserve, in much the same way if you were to dispose of the asset you’d recognise the gain/loss in the SPL.
Hi alkemist
Thank you so much for your reply. You have clarified this for me perfectly.
Kind regards
I have the BPP revision kit and have used it for other units however I think they do their workings slightly differently than the conventional 5 or 6 workings that OT and Kaplan use, this does make it slightly more tricky to reverse engineer the answers but not impossible.
I’ve actually found it more useful to watch youtube debriefs of questions and then go through the question myself once I have seen all the adjustments.