Forum Replies Created
- May 25, 2020 at 3:01 pm
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.
KayJanuary 15, 2020 at 11:43 am
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.January 15, 2020 at 6:11 am
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.
KayJanuary 15, 2020 at 5:44 am
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.January 13, 2020 at 1:12 am
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.
Don’t quit now. You are so close to the finish line.January 13, 2020 at 12:50 am
The lesson to bring home is that you can never predict ACCA results.January 13, 2020 at 12:49 am
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.October 16, 2019 at 7:27 am
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.September 24, 2019 at 7:27 am
Thank you John.September 24, 2019 at 7:26 am
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.
KaySeptember 3, 2019 at 4:10 pm
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.September 2, 2019 at 8:51 pm
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 :/September 2, 2019 at 3:19 pm
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.May 29, 2019 at 11:51 pm
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.April 15, 2019 at 6:20 am
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.January 15, 2019 at 1:46 pm
Failed with 40% – disappointed 🙁December 26, 2018 at 7:53 pm
What are the critical areas of AA (ex-F8) to master before attempting AAA?December 1, 2018 at 2:17 pm
Thank you so muchNovember 30, 2018 at 7:38 am
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.November 30, 2018 at 7:32 am
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”
KayNovember 30, 2018 at 7:28 am
Thank you mrjonbain. I’ll consider this going forward.November 23, 2018 at 8:59 am
According to my understanding transaction costs are expensed in P/L only for Financial assets classified at FV through P/L.
Otherwise, they are capitalised.November 20, 2018 at 3:18 pm
Presentation = Items appearing clearly on the face of the financial statements such Share capital, Property Plant and Equipment etc.
Disclosure = Provision of additional information in the notes that is not directly available on the face of the financial statement. For instance, the rate used in determining the capitalised borrowing costs, or the fair value of investment properties measured at cost etc.November 14, 2018 at 1:04 pm
Write some study cards with the basics of each accounting standards.November 13, 2018 at 7:11 pm
Actually, it is not the loss on disposal of the freehold but rather the extra depreciation charge that needs to be charged in group accounts.
Let me explain.
The cost to the group of the freehold property amounts to $900,000 (including land element $100,000).
Highland acquired the property and booked it in its own separate accounts at cost of $800,000 (including land element $300,000).
Therefore it must certainly have already booked in its separate accounts a depreciation charge of $12,500 (building element 500,000 divided by remaining useful life of 40 years)
However, since we are in a situation of intragroup trading (intragroup sale of non-current asset), we must consider that no sale took place on the group perspective and therefore calculate the depreciation charge based on the initial cost to the group (building element initial cost 800,000 divided by the whole useful life being 50 years = 16,000).
Hence: 16,000 – 12,500 = 3,500 additional depreciation charge.
Hopefully, this is clear enough.