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Hello tutor,
You’ve been a great help to me over the past few months and I am really grateful that you took your time to answer my questions in detail. I scored 75% but I know that I wouldn’t have achieved this without your help! Thank you!! 🙂 🙂 Finally onto ACA now! Have a great day ahead!
Derrick.
So to confirm..we would accrue the expenses only in 20×9?
Dr Profit or loss
Cr accrued expenses?Wow thanks for the tips! Those are really good marks for an unfinished paper, congrats 🙂 Revising each standard in detail is what I’ve been doing too but I guess I need to put in more effort into those standards that you mentioned now. I’m most afraid of section B. Thanks again and good luck for P7 too!
Hello I’m attempting P7 as well, and P2. I wouldn’t skip question 1 since there are 4 professional marks which are easy to get as long as you present your answers well. Try to plan your risks before writing them. and allocate marks to them too so you know how many marks you could potentially score. But I think if you can answer Q2,3,4 faster than you would on Q1 then you should go ahead (not worth it to spend 2 hours on a 35 mark question). Especially when you have only 5-6 days left to master your exam technique.
For question 2 I would be thinking both SI and management responsibility. You dont have to know the accounting standards in detail. But just be sure that you know how to explain the basic requirements. And dont overelaborate them. Good luck to us both!
Was P2 hard for you?
That’s right. I forgot the impairment was already subsumed into the fair value. My apologies!
I see, thank you so much for the clarification. Hope you enjoyed your vacation 🙂
I’ll follow writing 1 mark per point then just to be safe. Thanks for the speedy response!
I am so glad I asked you. I’ll make sure to check out those videos, thank you!
Yes it is! I browsed through BPP chapter on IFRS 2 and finally found a small section on this specific treatment. I guess this treatment applies to only IFRS 2?
Thanks for the help!I am sorry for confusing you. That was an audit evidence indeed, from question 19 Francis co of BPP revision kit. Thank you for pointing it out.
Judging from the examples you have given the audit evidence from BPP is way too brief to score any marks, right? Or should we be aiming to write as many brief audit evidence (with no explanation) as we can? The latter is usually what BPP does but I also think BPP is trying to give a “comprehensive” answer so students can understand better. Which is the approach I should adopt for P7? Thanks again 🙂
Passed with 8x. For those who are still trying I highly suggest you pick up a financial newspaper like Financial Times. Things you learn in P4 can apply directly to the real life (stock, bond markets, trade agreements, failures of acquisition etc). It makes your studying so much easier. I didn’t bother memorising anything because of this (and you shouldn’t too). Just find some time on your way home or something to read. I did this when I was still in the army. keep practising and make sure you fully understand how bond works for both existing bonds and newly issued bonds. Other than that, master your exam technique. good luck
Hello Trephena, would it be advisable to use only one model in the external analysis part?
The structure of my report I’m picturing is:
1. PESTEL analysis
2. Ratio analysis
3. SW in “SWOT” and TOWS matrix
4. Recommendation
5. ConclusionI find that PESTEL is already sufficient to cover every threats and opportunities and so to use SW and TOWS after my ratio analysis, I could avoid repeating what I have covered in PESTEL and also explain the strengths and weaknesses better through the “events” mentioned in the ratio analysis part. It would also blend well with the recommendation part that comes next.
But is this recommended? I could use a different model such as five forces but there’s already so much to write under PESTEL and I may end up with two unelaborated models.
Looking forward to your reply, thanks 🙂
Hello tutor, thank you so much for answering my doubts.
For “interest should be spread over time”, does it mean that interest expense should only be recognised at 30 June 2012 (as this is the duration of the repo) and added to the carrying amount of the repo loan?
Entries will hence be:
Dr Finance cost 0.48m;
Cr Repo Loan 0.48mAfter breaking everything down I finally understood it. Thank you so much for the help!
Okay I’ll show the tax workings separately then, thanks for the valuable tip 🙂
I see, it is all finally connecting now. Issuing bonds at a premium goes by the same logic – the company will get the face value+premium amount for each bond unit and thus can issue fewer bonds to raise the required funds, right? Thank you so much!
I keep thinking that $128m must be shared amongst the original Cigno’s shareholders and the new shareholders (previously from Anatra) since both sides would now share the value of the combined company. Guess I had complicated it. Thanks for the help 🙂
Wow this is one crazy hard question – makes the recent questions seem way too easy. Thanks again for the help 🙂
