[Jo]

@hollyqian said:
Government rate and official rate is just the scenario given in the question, the testing point is not here, just testing the monetary term as cash following closing rate, non Monetary follow transaction historical rate, everage rate is not used.

That was the testing point though…The question said “are they allowed to use govt rate rather than official rate, and are they allowed to use a govt rate average for p&l”?

[Jo]

@sarahm1497 said:
The questions in Section B were weird. Not the usual questions I practiced. Alot of it, I felt, was based around the topic of change in accounting policies and estimates? I don’t know. I found it really difficult.

I felt exactly the same!! Really really discursive rather than doing calculations and applying the standards. Barely answered any of Q2!!

[Jo]

@sobieski said:
Ways of increasing the influence:
1. Sue the Local Government. Even if they do not win the case, it will delay the demolition.
2. Refuse to leave the premises.
3. Increase to public sensibility, via press, TV, media.

Not sure if this is what the examiner actually wants to hear from us.

Regarding the Mendelow, what did you write? how did you categories the stakeholders?

Mine was:
– Government / Shareholder – High Power / High Interest
– Public Library Potential Users – Low Power / Low Interest
– Tenants of the social housing – Low Power / High Interest.

Can anyone confirm / infirm it?

I put pretty much similar for the public interest bits so fingers crossed for a few marks!

I went for low power/high interest on library users but otherwise same as you. Didn’t really write much on that answer though so not sure how other marks were picked up!

[Jo]

@neke said:
The question asked for “roles’ of audit committee. What you wrote up there are the benefits of having an audit committee/ The duties (roles) of the audit committee are:
1. Review financial statements
2. Review internal controls
3. Review internal audit
4. Review risk management
5. Relationship with external auditors
6. Investigation

I think i just wrote media and protests so hopefully pick up a couple of marks then as that seems to be general consensus!

[Jo]

@chris165 said:
I think the phrasing of part (ii) was a clue that the residents and library users currently have low power. Here’s what I thought:

Science Company:
High Power:
Can bring 500 jobs to the area or if they don’t like the LGA terms they can go elsewhere.
High Interest:
Hoping to establish a new profitable business operation if terms are right

Local Residents:
Low Power:
As individuals can’t do a lot. Must obey laws and eventually comply with eviction terms
High Interest:
Would you like to be kicked out your house?

Potential Library users:
Low power. Similar to residents. The possibility of creating 10 jobs doesn’t have the same leverage as creating 500.
High Interest:
If things don’t go there way they won’t get their library at all…

I did the same as above….

[Jo]

I agree with what everyone is saying with regards to the examiner not testing a bulk of the key areas that I had focused on most!

I found Q1 difficult, especially the public interest bit. What did everyone put for ways in which stakeholders increase their influence???

[Author]

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