[kayzah]

Passed with 65%….. I can’t believe it!

I faced so many setbacks while writing this paper. I left the exam centre completely disheartened and hopeless.

Firstly, I miscalculated the time available to write my answers. I planned my answers across 4 hours instead of 3h15. I guess my mind was still stuck with SBL which was the last paper I sat a year back.
I realised that when there was only one hour left for me to complete the 50-mark question which I attempted last. Useless to say how many marks I have missed there.

Secondly, the CBE format was new to me. On top of that, I had to type on a QWERTY keyboard which I’m not accustomed to. I have used AZERTY keyboards my all life. So this reduced my typing speed by 30 to 50%.

As you can tell, all odds were against me, so much so that I was already planning my Sept 2021 sitting.

Therefore, having passed this exam is only due to the Greatness and Grace of Allah Almighty Who answered my prayers. I’m so grateful for that.

This is the strategy I implemented and my advice to those who have failed:

1. When answering a discursive question, always write your answers by only using cues from the scenario. Just act as if you had never read anything about the subject from your textbooks. When you have made at least 3 to 4 arguments fully based on the scenario (depending on how much the question is worth), now you can bring in 1 or 2 arguments from your textbook knowledge BUT always relate them back to the scenario, otherwise they won’t earn marks at all or very little.
Your textbook-knowledge arguments should never exceed your scenario-based arguments in any question.
Write full “punchy” sentences, never use bullet points.

2. When answering a numerical question, always break down to the tiniest bit every single step of your calculation for you don’t know which parts of the calculation are worth marks.

3. When answering a numerical question where you are unsure of an intermediary calculation that will have bearing on the subsequent calculations, just make up a figure and state your assumption clearly to the marker. Then move on to the next calculation using your assumed figure, you may still gain marks if you get the subsequent calculation correct using your own figure. This is also known as the “own-figure rule”, and I think this rule is a blessing for passing AFM.

4. Don’t miss the 4 professional marks on the report format. You may earn up to 4 marks by simply putting a title to the report, an introduction, separate paragraphs for each sub-requirements of the question and a conclusion. So make sure you don’t miss these marks.

I have failed exams before, and I know how disheartening this can be. So hopefully, my tips and advice will benefit you for the next sitting.

Cheers

[kayzah]

Hi

Also had
Q1 NPV APV real options
Q2 Acquisition
Q3 Currency hedging

I’m absolutely gutted not having the time to finish the exam, which I think was doable compared to previous papers. Must have left circa 20 marks unattempted, sadly ?.

I did silly mistakes in Q3 which I realised at the end of the exam.

For people reading this, it is crucial to attempt many papers to time once you have covered the whole syllabus.

CBE format can make time management a bit more challenging.

[kayzah]

Many thanks, Kim.

I guess I now need to train typing on a QWERTY keyboard before the exam then 🙂

[kayzah]

Thank you so much for your feedback ddmo.

Finally, I won’t do either of those, I will attempt AFM instead.

[kayzah]

Hi,

I think there is a kind of confusion. There are actually two Practicing certificates:

– Practicing certificate (w/o audit)
– Practicing certificate with audit qualification (PCAQ)

I think only the latter requires the individual to sit UK-variant papers.

Unless I’m mistaken, there is no mention of such requirement for the simple Practicing certificate.

Kr,

Kay

[kayzah]

@basitms003

My overall approach is as I described above in my post.

I didn’t know P1 and P3 therefore I can’t relate to them.

I practice questions from BPP workbook and revision kit.

[kayzah]

Yes. You can sit both of them in the same sitting.

SBL doesn’t require a huge amount of study time when think about it. Especially if it’s a second attempt.

Go and read the topic titled “SBL failed and next steps” in this forum.

Kind regards,

Kay

[kayzah]

Hi,

Here is my story and advice with regard to SBL.

I first started studying for SBL with classroom lessons last July and sat the exam in September 2019. I left the exam center very confident that I had succeed. There was nothing unknown to me in the exam… And yet, I failed with 42%. I was literally shocked. I had also failed AAA with 48% in this same sitting.

When my grieving period faded away, I decided to get back on track and put all my effort into AAA rather than SBL. I had read that some people managed to pass SBL without even studying since most of it is common sense.

However, I decided to tackle SBL the following way:
1. Restraining myself from writing too much theory (rote learning is bad in SBL), rather I would rely on the scenario and common sense as much as possible (Common sense is what they call COMMERCIAL ACCUMEN)

2. I would make as many points in my answers as the question is worth. For instance, if a question is worth 10 marks, there would be at least 10 bullet points in my answer (even 1 or 2 more in case I miss some).

3. The exam format. Learn to write an email, a memo, a report, a briefing paper and slides with notes in the appropriate format.

4. I used BPP study text for the knowledge side of things

So, with that in mind I showed up to the exam in December 19 for the second time, with very little hope, since I had barely prepared the exam.

I completed the paper within 3 hours instead of 4h (which was even more concerning) using my techniques above-mentioned.

After the exam, I was much less confident in my performance than I was in the September 19 sitting.
However, it turned out to be an efficient approach since I passed the exam with 58%.

And surprisingly, I got only 50% in AAA. This was the paper into which I had spent the most of my effort and time.

I hope this will inspire those of you who have failed this time.

Kind regards.

[kayzah]

@aishling82
Same story. Failed both SBL and AAA in September 19 sitting, when I thought that I did really well in both exams.

I was so devastated that I was really close to quit had I not received motivation from a friend.

I passed both in December 19 sitting thanks to God.

@lowander
Don’t quit now. You are so close to the finish line.

[kayzah]

The lesson to bring home is that you can never predict ACCA results.

[kayzah]

Al hamdou lillah
Passed this time second attempt, thinking I had failed, but it was a close call 50 %

Failed September 19 sitting at 48% when I thought I had killed it.

[kayzah]

Hi,

Failed 46% first attempt.
Quite disappointed and frustrated, since there were nothing unknown to me in the paper although I admit haven’t performed well in Q1 in relation to disclosures.

[kayzah]

Thank you John.

[kayzah]

Hi
No, it’s not too late at all.

Study hard every weekend but try to read a bit of your notes once every day.

When you complete a chapter, work through practice questions and give attentive care to the way the answers are laid down. This is what we call exam techniques and these are key in succeeding in SBL.

Kr

Kay

[kayzah]

I agree with most of the feedbacks regarding Q3.

I didn’t find many relevant information in the exhibits, therefore I exercised a lot of guesswork there and then not putting much conviction into it.

I just didn’t want to leave that question blank.

[kayzah]

@Kikelomo

I hope you are right, because I didn’t manage to understand how we could possibly achieve 24 marks only discussing audit risks relating to disclosures :/

[kayzah]

I agree that 24 marks on audit risk was a bit too much.

I couldn’t identify that many audit risks in my answer

It was a tough exam, and was up to its reputation.

[kayzah]

Hi,

I was also hesitant about the path to follow with regard to studying SBL.

I eventually decided to enroll for live face-to-face classes with MALVERN HOUSE LONDON, since they offered a really interesting “early bird” discount

So far, I haven’t get any feedbacks as regards tuitions quality. However, the staff seems really serious, nice and professional. Hopefully, this will be the case with the instructor.

[kayzah]

Al hamdou lillah passed. 58% second attempt.

Failed the first time in December 2018 sitting mostly because I lack answering question skills and Ethical issues questions practice

For those who have failed, read the examiner’s report when it will come out and do your best to attend the debrief webinar that ACCA will broadcast quite soon.

There are very helpful in spotting where you did wrong.

[kayzah]

Failed with 40% – disappointed 🙁

[kayzah]

What are the critical areas of AA (ex-F8) to master before attempting AAA?

[kayzah]

Thank you so much

[kayzah]

Thank you P2-D2.

Does this gain/loss in the separate FS of the parent need to be cancelled/reversed for consolidation purposes or no adjustment is required?

Thanks in advance.

[kayzah]

Hi,

Don’t bother it is the same.

The point they are trying to make is that under IFRS 16 when the implicit rate in the lease is not readily available, the entity’s incremental borrowing rate should be used instead.
This is the reason why it says: “because the rate used in the discounting may not be the implicit rate of interest in the lease”

KR

Kay

[kayzah]

Thank you mrjonbain. I’ll consider this going forward.

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