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@arvind111 said:
Q4 – anybody do this? Within the second section, did you talk about professional appointments and how the new auditor needs to speak to the previous auditor before accepting the new engagement?I said something along the lines of them not responding doesn’t mean you turn down the audit just means they become high risk.
@arvind111 said:
Q3 – who else did this? The matters and evidence was relatively easy I thought but keen to know what standards people talked about? I mentioned IAS 16 for the newly built building and the firms failure to recognise depreciation, and then the last but was on grants IAS 20 I thought…..agree….I said that but also said it could be held as IP so no depreciation would be correct especially as they were going to rent it out to external parties.
Frustratingly I wrote a lot of ROMM but not much about detection risk. Q1 had so many risks I think more than the marks allocated for it.
Tough exam. Q1 was very large and there were loads of different points I think that were valid as business risk.
Food and drink if costs increase they will still have to pay for it if they want to maintain qulaity and if they lower quality then their reputation will suffer.
I wrote about FX rate fluctuations causing business risks.
Cashflow – they could be spending money prior to obligations being fulfilled especially as customers could refund up to a week prior to arrival date.
Will edit this post when I remember the scenario.
Hi
This is my last paper and I got 39! I’m not getting anywhere with this paper so not going to sit it in June. I’ll go on the BPP course and sit it properly in September.
Passed on my first attempt using Acowtancy and a small amount of OpenTuition.
Got 54. Exam technique is key as the syllabus isn’t difficult.
Don’t overthink. Only studied approx. 5 weeks.
@dannyw1984 said:
Luckily I had smashed out a load of CSR revision for P1, but it didn’t appear there at all. So when I saw it here I was semi happy.I said what CSR was and the question was VERY leading into the donation to the charity being a strategic CSR strategy.
Donating to a finance charity which helps people who have suffered financial difficulties in the past would mean that by investing in them and teaching them then in the long term it would be dividends as they are less likely to get into financial difficultly again and thus would reduce potential bad debts.
This was a long term strategic plan
The institutional shareholders were concerned as the bank wasn’t being strategic and was basically robbing the shareholders of their own money – this is a pristine capitalist viewpoint. All of the money should be given to the shareholders and the bank is stealing from them.
However, the shareholders needed to realise the CSR strategy was strategic, which would in the long run benefit them and bring them more profit and rewards.
Wow, very good answer. I was running out of time for that part so ended up blagging it.
I think the paper was okay however was very time pressured and with regards to models I didn’t really use any in particular models. Any difficult parts I just moved on as that has been my downfall in other papers.
Was hard to stick to time! Q1 was okay – hopefully got a good percentage of marks as 1B and 1C were okay. I attempted Q2 which was okay but some hard parts and Q4 I wrote as much as possible but didn’t get time to complete the question.
The full disposal was tough I thought as you didn’t have the FV of NCI at disposal date nor did I know whether to take into account the FV adjustment as part of the NA they gave.
When a revalued asset is disposed of, any revaluation surplus may be transferred directly to retained earnings, or it may be left in equity under the heading revaluation surplus. The transfer to retained earnings should not be made through profit or loss.
I don’t think anyone knows at the moment. I booked North London and am hoping it is easy to get to.
@saadfarah said:
1. Put double efforts on studying consolidation of financial statements.
2. Try to study past questions as much as you can.
3. Read the technical articles.
4. Dont leave any question unaswered during the exam.Good luck !!
Thank you. Starting to study from tonight. Need to pass P2 this time round.
Failed again with 37%. Resitting in September. Need to do more question practice I think.
For Q1 did anyone not ignore the contigent consideration? I thought regardless of probabilty you always include it in goodwill calculation.
@latoyah84 said:
Q2 the cash flow edge is effective it is within 80%-125% i stated as much but i didnt do the calculation i know that it was not effective but didnt do the calculation.I thought it was more than the 125% effective but went with it being effective. FV of bond dropped approx 90 and swap increased approx 200.
@lunip said:
I think I got like 90 for the goodwill of the first sub as the 40 impairment of property was not included in the fair value of net assets and therefore would of reduced the Less@ FV of net assets part. (otherwise i would have got 50)Does this sound correct?
You needed to include the 40 impairment as part of the GW calculation.
I got 49 for one as the FV of the liability changed within a year? Probably wrong. My consolidation didn’t balance either.
@neilsolaris said:
I found this paper very hard, but then I was very ill prepared. What threw me in question 1 was that they gave the fair value of the NCI for only the 30% acquired. How did people deal with that?That was okay as the Parent owned 70%.
@andrewfox80 said:
How many parts were there to Q2 i cant remember. also was part b) a contingent liability or notAt the end I said no but disclose it as it wasn’t guaranteed that they could pay the final payment.
