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The fact that it substantially changes net profit I would say it is pervasive since it could render the fs statements on a whole misleading. I would also add that it is material not only but size i.e 500/400 = 125% but it is also material by impact since it changes the profit from a positive to a negative. I base my argument on a discussion i had with a senior at a big 4 firm who said one way it would be pervasive if it has a huge effect on profit.
@moffatben said:
Passed P7 first attempt with 70%!! No idea how that happened! Now finally finished all exams!Well done everyone who passed, condolences to those who didn’t on this try.
hey how long did you study for and what was the strategy…thanks in advance for answering
Yh i agree..it would be nwise to go start studying for p5 when your marks are already near a pass for p7. i recommend you just study and practice a bit more but just dont continue doing the same thing and expect a different result…tweak things a bit and that will be sufficient. read some more and pratcie more past papers…all the best
i think i was 19 away from the net decrease in cash answer…i calculated the dividends paid to the nci but why do i recall being given a dividend for the parent. must be my mind playing tricks… anybody was able to calculate the deffered tax liability to use when finding the goodwill of the sub? mine was 1.6 and 2 for the deferred tax liabilities arising from the fv adjustments
if the land was held under ias 40 investment property the revaluation would have to be removed from the profit before tax figure under operating activities. if it is held under ias 16 then it is only used to calculate cash pd for purchases because it would be in the oci section of the cahflow. this is just a brief understanding…
You do not add back the loss on the disposal because it relates to discontinued operations and wasnt included in the adjusted profit figure which you started with.
i think it is because the company may be transferring the excess depn to retained earnings… so only 1.5-(.5-.42) would have been left in oce to be reversed. there is an option to transfer the excess depn. i am not sure if i am qualified to answer in this forum though or just the tutor
soci with forex? can anyone refer me to a consolidated statement of comprehensive income with a foreign sub?
@sokty said:
Does anyone know how to get the question for this exam. Pls tell me the link. Thanks.the exam paper has been released on acca exam past papers https://www.accaglobal.com/lk/en/student/exam-support-resources/professional-exams-study-resources/p2/past-exam-papers/international-stream.html
yes you can however the old standard for leases will no longer be examinable..the new ifrs for leases will be tested as a standard and not as an exposure draft. this is the only change i noticed for p2
thanks kris…it isnt for myself i was asking lol. but i dont agree with you. failure only happens when you aim for a bare minimum pass…thats why so many fail acca exams. it is much better to aim to being the best than to aim for a minimum score. remember aim for the moon if you fail you will fall among the stars.
This is a technical question and is best referred to the tutor in ask the tutor forums. However, this is my belief which can be wrong. the question stated that the only the depreciation based on the revalued amount was posted. therefore the entry which robby would have done is dr depn exp ( p and l) .61 and cr ppe .61.
therefore we need to transfer the excess depn from oce to re… the last line in the question said robby does this. dr oce (.61 -.50) .11 cr re .11 and lastly we need to record the impairment
you are taking too many exams at a time bro…do them one at a time. 40ss would mean that you are close but doing 3 exams at a sitting is extremely difficult to pull off.
you should do one at a time …best idea i can give, although i did 3 in a sitting it is because i am fulltime.i would advise do f9, followed by p1 and then p3 or if you liked. f9 do p4 before p2…but was my order and i have i passed all first time. all the best
@P2-D2 said:
wesbyss, you’ve been asked once before to stop answering technical questions on this forum and if you continue to do so then you will be removed.Why cant he answer sir? i thought the forums were for students to ask and answer each other? i think he is doing a good job and answers rather promptly…
@wesbyss said:
I guess the question did not mention that the company reverse the excess depreciation from revaluation reserve, so it is presumed that the depreciation for the current year (1.44) has all been booked in P&L.thank you very much wesbyss…understood.
@corina11 said:
Can you please let me know what is the most favorable article for Q4 for December 2017 sitting?</bloc you have started studying for december 2017 exams ?Hey wesbyss… have you written p2? and if so when did you write…. i have noticed that you are very knowledgeable about the content. is it possible to tell me a little about yourself and how you understand the material so clearly?
@alicechirwa said:
MY FINAL ATTEMPT *FINGERS CROSSED* #MARCH2017you got 1 month left alice…please put in the required time and you surely will pass. try to get in at least 6 hours of study per day during this period and hopefully you will get through. all the best
@haywhyoh said:
I plan to write CFA L1 in December. Anyone else? .i plan on writing in december also. i will be completing acca in june in God permits.
i did f6 f8 and f9 in one sitting and first time passes in both with 70ss in two … however to complete such in so little time will be hard. save yourself the pressure and do f6 in june
@shotop said:
Hello,
Congrats on your result.Please do you have any advise or tips on how to pass the P4 exam.I am planning on sitting the paper for the first attempt in March 2017 and want to passensure you do lots of past papers