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Wishing all the best to all. I also got butterflies waiting for the results. Pass, Pass, Pass !!!!
So many questions Testing IFRS 9 and IFRS 32 financial instruments. I felt that the exam was too challenging for the allotted time. So many hours studying with the revision kit and I still felt unprepared. Very tough paper.
Sir, I thought we calculate finance costs using the effective rate of interest. Wouldn’t it be 5% ?
”The bonds pay interest annually in arrears at an interest rate ( based on nominal value) of 5%. Each bond can be converted at the maturity date into 30 1$ shares.”
Understood Sir. Much appreciated!
There is a difference of about $29 compared to the answer in the textbook. Would this lose marks if it were marked in the exam?
For clarification purposes. How would we go about subsequent measurement of the Financial liability ?
Would this be correct:Yr 1: B/f = 1,797,494.96 + Fin cost 5%: 89,874 – Cash paid: 100,000 = C/F : 1,787,368.96
Passed with 55% on my first attempt. I am elated! Coming out of the exam hall I had no gauge on how the exam went. To those who did not pass, Do not give up! .my best advice, always aim to attempt two mock papers under exam conditions during the final week of revision to the exam and If you cant do that, you MUST DO ONE even if you feel you’re not ready for the exam.
I’m super nervous and reading all these comments of people gaining their results earlier just makes me even more nervous.
Overall I found the paper to be fair, but I had to rush in answering the question on assessing the proposal on the Riverboat company with only 12 minutes left to answer the 24mark question. I hope what I jotted down was enough to earn a few marks which could add up to a passing grade.
I passed with 59% on my second attempt! I am so happy to be done with the applied skills module. Thank you so much to Sir. John Moffat. My best advice for those who failed is to aim to attempt two mock exams under exam timed conditions in the final week of revision. You MUST do at least one even if you feel you’re not ready for the exam.
Understood. I have watched all the lectures and gone through the course notes. Thank you so much Sir !
It is a Revision kit by LSBF. I also think it may be an error, sir. There was another question where instead of giving the companies cash flows they had given the profits. In this case, they had removed the depreciation from the cashflows before calculating the payback period. Would that be correct?
I Passed with 50%. After marginally failing numerous attempts within the 40% range, one also being 48% in my previous attempt., I thought I would score in the high 60% range considering how the paper went, but that’s ACCA exams for ya.
The greatest tip I can give to pass this exam is to aim to attempt two mocks under exam conditions in the final week of revision. And if you are pressed for time YOU MUST at least attempt one, even if you feel you are not ready for the exam.2nd attempt 44% 🙁 It was a very tough paper compared to the past papers. Congrats to all those who passed, any pointers would be greatly appreciated.
F5 was a troublesome one but I passed on my 5th attempt with 52%, persistence finally paid off. To those who didn’t pass Never give up, You can do this.My advice would be to practice all the past papers from the acca website along with the revision lectures on Open Tuition.
Failed with 40% on my 3rd attempt. Really is frustrating because I thought the paper went quite well. Huge congrats to those who passed, any pointers on this paper would be greatly appreciated. You give us hope !! 🙂
The thing I found most challenging were the mcq’s , God willing my guesses were correct.There was no cash flows which was kind of disappointing cause I spent alot of time preparing for it. All in all a fair paper.
Honestly sir it would be difficult to type out the whole question. But I appreciate the help sir , I managed to understand more of what the question required with your help. Thank you.
Sir could you also assist me on how to answer this mcq
Hillusion acquired 80% of skeptik on 1 july 20X2. in the post -acquisition period Hillusion sold goods to Skeptik at a price of $12m. These goods had cost Hillusion $9m. During the year to 31March 20X3 Skeptik had sold $10m (at cost to Skeptik) of these goods for $15m.
How will this affect group costs of sales in the consolidated statement of profit or loss of Hillusion for the year ended 31 March 20×3 ?
A. increase by $11.5
B. inc by $9.6
C. Dec by $11.5
D. Dec by $9.6Sir what i don’t understand is how they calculated the share of the post acquisition reserves. I managed to calculate the nets assets of the subsidiary as at acquisition but I don’t know how they calculated the net assets as at the reporting date.
The answer for calculating the NCI is:
NCI at acquisition (per question) = 83
NCI share of post acquisition retained earnings((wiii)48*25%)= 12
NCI share of post acquisition revaluation surplus((wiii)4*25%)= 1
NCI share of goodwill impairment= (5)
NCI as at reporting date= 91wiii) Revaluation surplus
Parents own revaluation surplus= $45m
group share of Samsons post acquisition revaluation($4m*75%) =3
=$48mDon’t understand what they’ve done in (wiii)
Its still not clear Sir. So when we credit the investment income its a gain in equity investment on the subsidiary i.e gain of $60m ?
Sir I also don’t understand how to calculate the fair value adjustment as at the reporting date. Do you have the question sir or should I type it out then you explain ?
