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Thanks @Ehsan. The deadline mentioned in my letter was Jan 2018. So I’d better wait then.
Anyone received the certificate by post ? I have not yet.
Should I contact OBU about that ? Does anyone know how long the delivery normally takes ?
@sssymba said:
I like your point about ”unlimited” food and drink 🙂 what if some guests eat the hotel out of food? will definitely put a smile on examiners face 🙂 but I suppose it is a valid risk.I mentioned this risk too. Said something like if cost control was not good, this “unlimited” business model might be loss-making.
About Question 1 (c), it was not actually a NOCLAR I think, more like a litigation case made against the client by an environmental pressure group.
I finished about 85-90% of the paper. hope that what I wrote would be enough for a pass.
There’s various business risks to talk about in Q1 but due to time pressure I only wrote about 5 risks.
Question 5 was quite easy. How were you all comment on the adequacy of the evidence obtained in part (a) (i) ? I didn’t have much idea to write. But part (a) (ii) and (b) was indeed gifts.
What’s the matter with the impairment of receivables did you write? I only calculate materiality and talked about evidence. Totally forgot the impairment rules for receivables in IFRS9 to comment on the matters.
I should have started preparing for the exam earlier 🙁
However I have always thought that right before most of the previous papers and I never failed any 🙂 Hope this time it would be the same. The last battle for me and then I will qualify.
Dear Sir,
I think “material” and “significant” should have the same meaning in this context ?
If an auditor considered a matter to be “significant”, it implies that it is “material” as well.
Or “material” and “significant” indeed have different meaning in this context ?
I am still quite confused between Key Audit Matter (KAM) and Emphasis of Matter (EoM)
Let’s say, the auditor has determined the fair value measurement of a financial instrument, which involved subjective management judgment and has been communicated with those charged with governance (TCWG), a significant matter that needs to be highlighted to shareholders.
Let’s say, there is no misstatement found regarding the valuation of that financial instrument so the opinion is unmodified. It just needs to be highlighted to shareholders.
Now, do the auditor put it in KAM or EoM ?
I think we as students just need to write short and sweet sentences, go straight to the point with accurate key words being used. My lecturers said just about 2-3 lines of words is enough for 1 mark.
Students are not expected to write in the style of the model answers (which look like they have been re-drafted and reviewed dozen of times by examiners) which are for educational purpose only and not practically doable given the time limit on the exam.
The fresh article I think about to be tested in this Sep.
@accalegend said:
March 2017 questions are not published yet. So do not expect who sat in March 2017 to have memorized the questions there plus if you have failed in March 2017 where would you get the correct answers for March 2017. I’m pretty sure only the chapters covered were the same and this will be always like that but never the questions will be the same.I do not understand your comment. March/June 2017 sample question has just been published. Please check the link I posted.
I only sat for June 2017 exam and I noticed that only one question from June 2017 paper was featured in the sample March/June 2017 so the other three must be from March 2017 paper.
No way they would take questions somewhere else and put them online as sample March/June 2017.
Sample March/June 2017 questions have been posted on ACCA site: https://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p4/past-exam-papers.html
Only the bond question of June 2017 appeared. The other three were all March 2017.
@elie1lwin said:
Hi! How was free cash flow calculated with growth % ? Do you have to find “r” from the growth formula? I’m really not sure about that part. Please help.Are you asking about Q1 ?
I think the main problem is time pressure, given excessive amount of information in the scenario.
We have to rush to finish on time and when we are in a rush, we tend to make mistakes or forget the details.
If we were to have 4 or 5 hours to finish 3 questions, it would be easy to get 70-80 marks
@zhangyi85 said:
I got $2.88 too and I know it was wrong… I spent ages trying to find the discount rate for debt and figured out on my way home….. the question gives the coupon is 5%, book value is $60 and financing cost is $4.5m, should we use the 5% as discount to get the Vd?after the panic in part (b) I couldn’t concentrate to get the share for share for part (c)…..
put down some calculation for Metaxi’s cash flow but I wonder if they are useful for the marker….. sigh….
Why would you use 5%? It just a coupon rate. And 5% of $60m was just $3m, not $4.5m
I still can’t get it.
@zhangyi85 said:
Very tough paper…really struggled with time management and Q1Q4 I had option better than collar better than futures. Basis for Sep future was 0.12% (0.48*1/4) so effectively lock in rate was 4.08% (can’t remember exactly the number). I calculated all interest payment for 3 options but didn’t do the loss calculation! sugar…
Q3 so many tricks in this question, inflation calculation for sales and other costs, TP tax deductible in the sub’s CF calculation, but it need to be taxed by 25% when computing the parent’s CF, PBT from sub need to be taxed by extra 10%, loss of contribution due to setting up operation in BXXXland need to be taken into account, and on top of all these a few thing need to be translated into $ from Rupee…so time consuming! How can one do a big question like this within 45min?! I ran out of time on the first part of the question and didn’t even look at the b part….
Q1 the (a) part is 11 marks, after that it was a disaster for me… used FCF growth model to calculate the overall value of D co. I got $140 for the overall company value then I did the post acquisition: P/E*(synergy saving+PAT of D co. ) got $152 for D (maybe) … I must have made a really big mistake on the share price calculation…as I didn’t remove the loan value from the total company value! (anyone help?) Cash flow for Metaxi need to include dividend from Curis after withholding tax as well as an extra 10% tax on Curis PBT…so far here is everything I could possibly record
I praying for a pass after all these days and nights were spent on P4…
I also got $140m for the Durma firm value and $152 after taking into account the cost savings. And I made the same mistake: forgot to minus the debt to get equity value. That’s why my Durma share value was so high, $2.88.
But how could we calculate the market value of the $60m bond then? I remember that there is no info on the cost of debt to calculate market value. Or just assume that market value = book value ?
The hardest paper I have taken in the ACCA program but also the most interesting.
I was a prize winner of F9 but now P4 is totally different. I have a feeling that I am gonna fail or a miracle would happen with a marginal pass.
Hi,
Do I have to reference every conclusions and recommendations I make ?
Since conclusions are just a summary of every parts above that I already referenced, I think I do not have to reference again.
For recommendations, I think they are personal so they don’t need reference.
No. Maximum no. of papers students can take per year is 8. And per one exam cycle (Mar plus Jun or Sep plus Dec) is 4
Regarding the investment property in Q1, it should be apportioned into 2 parts:
– 1st and 2nd floor were owner-occupied so they were classified as PPE and depreciated in accordance with IAS16 and then revalued under revaluation model in IAS16 with gain credited to OCI
– The other 8 floors were rented out to unconnected parties so they were classified as investment property and not depreciated, changes in FV were credited to P&L under fair value model in IAS40
That was my treatment in the exam.
Yes so what ? I think the content is still the same as Statement of Profit or Loss and Other Comprehensive Income
Thank you. Yes for PPE I already know the logic behind its tax base.
However for other assets and liabilities such as provision, accrued expense, prepaid expense, receivables, loan, how to determine their tax base and what’s the logic about it ? Could you explain it to me ?
And it’s such a great relief to know that it’s just been tested in Sep’16
You should better follow the sequence : P1 then P2 then P3,…. There must be a reason why ACCA numbered the papers like that. Most of the time a certain paper underpins the next ones in sequence. So in my opinion you should start with P1 first. That’s the way I choose for my whole course of taking ACCA exams. Better not to break the sequence !