[kakahh]

i saw my name, it should work now.

[kakahh]

Link theories didn’t work on me

[kakahh]

55% ? Thanks God and tutor

[kakahh]

additionaal procedure
Review the new legislation and the min requirement
– confirm with HR the no of employee below min wage
Discuss with management and HR for the possibility for salary increment
Recal the salary
Obtain the lease agreement and review tems (any max lease amount?)
Discuss/ written representationwith lessor for expected lease costs

Forgot other issues…anyone write same as me ?

[kakahh]

For q5 last question

5 marks i put
– adequate information, IAS 1 complied with.
– auditor will express an unmodified opinion
– but include a separate section Material Uncertainty Related to Going Concern.
– highlight the difficulties
– draw the reader’s attention to disclosure notes
– immediately after the Basis for
Opinion paragraph, before the KAM section.
– charged with governance should be informed : inclusion of the paragraph, proposed wording

[kakahh]

I put IAS10 for planned acquisitions too
Audit procedure include
Review the disclosure
Review the legal document – consideration of 130m, date
Review board minutes for approval the acquisition
Discuss with management on the expected revenue earned, if it can replace the existing products
Obtain the DD report and review the consideration to be paid is reasonable or not

[kakahh]

For 1st company
I put
Advocacy threat – promoting client interest re bank loan
Self interest – % increase in audit fee if complete before a certain date
Self -review – review of internal control
Possibly intimidation – significant client – dismissal from office issues

2nd
Self interest
Self review for valuation (but immaterial, still acceptable)
Misunderstanding the role of engagement quality reviewer ??

3rd can’t rmb details
Self interest
Self review

[kakahh]

Hope to get a pass! Paper was not difficult had a lot to write

[kakahh]

55:) thanks god can’t believe I passed !

[kakahh]

@shahimk said:
IFRS 15 Revenue from Contracts with Customers was issued by the IASB on 28 May 2014 and applies to an entity’s first annual IFRS financial statements for a period beginning on or after 1 January 2018.

thanks for your info but I thk early application is permitted and it looks applicable to me :<

[kakahh]

ACCA posted the questions online. If tutor has any comments ?

[kakahh]

For investment property, only 8/10 should be resognisd = 96 x 8 / 10
And two floor PPE = 81 x 2 / 10

Not sure if I rmb the number correctly
And the deprciation part I assume it is recorded correctly as per question said.

[kakahh]

For the revenue part – I thk discount should be included as per IFRS 15 step 3.

So the revenue should be 6000×960 + 7000×1000

They didn’t purchase over 15000, no further discount should be recognised

[kakahh]

I did almost the same with you

[kakahh]

@rana91 said:
does anyone know anything about question 3 part B and C?
that was horrible

also, i ran out of time and didn’t calculate the profit attributable to NCI, also didn’t have time to actually do the statement and include the adjustments 🙁 i did all the workings though except for working number 7. how bad does that sound? i really don’t wanna fail ?

Question 3 B C really horrible .. I don’t know what to write even re read the questions for numerous time

[kakahh]

But there’s no definitely right or wrong in this exam , marks will be scored for valid argument
So don’t panic 🙂

[kakahh]

@neilsolaris said:
For the property in question one I accounted for a tenth as PPE (i.e. with depreciation for the year), and the remainder as an investment property (no depreciation for the year). I don’t know for sure if that’s right.

PPE the floor to boo ?
And one floor I forgot the issue

[kakahh]

I think minor is not Euro
– not autonomous
– level of transactions with parents (dividend all the profit)

[kakahh]

First and second floor should not recognised under IAS40?

[kakahh]

Question two is fairly easy
a functional currency similar to one of the past paper
s – dollars
Major – yen
Minor – dollars

B intangible assets
Impairment to 500000 and amortise over the remaining term

c related party disclosure

Question 3 is tough for me
Part a IFRS13 level one input should be used
Part b and c don’t have enough time and can’t think of anything though

[kakahh]

Hi tutor,

Working 8
Non-current liabilities
Kutchen 67
House 12
Mach 28
Reduction of pension obligation (2 + 2·4) (4·4)
Deferred tax asset (1·25)

Thanks

[kakahh]

Hi tutor, I would like to know the cost for library before depreciation is 2.1 instead of 5-2.1=2.9?

Is it because of the replacement cost is the cost need to be capitalised ?

[kakahh]

Hi may I know why DTA is recorded under non current liability instead of presenting under assets ?

[kakahh]

Can you please confirm my understanding –
Minny had designated as FV through OCI. However, when Minny achieved significant influence, the gain of previously held interest will transfer to RE, right ?

I also have some questions on this.

Puttin: share of post-acquisition retained profits (W3) (4·5 – 2)
Dividend income from OCE 2·00 { Understand that dividend should not go to OCI but RE}

But why -2 in share of post-acquisition retained profits ?
Dividend in that case was net off ?

[kakahh]

Hi tutor, thanks for your reply.

For the first bit, if the question revised to sell the patent right in exchange of cash, we will use IFRS5 , right ?

The reason to use IFRS9 in the question because the equity investment falls into the scope of it

Please correct me if I’m wrong.

[Author]

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