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@sahil1234 said:
What was the answer to Q5 part a ,state 3 different types of missatements recognised in ISA 315 ?Check latest article on ISA 450
Q2 was about external quality control review and students had to comment on reviewers findings. firm wide Materiality policy (inappropriate use), Use of expert (Can’t tag expert in audit opinion) and there’s another matter too which i am forgetting.
@vnoonanirl said:
https://www.ifrsbox.com/decommissioning-provision-ifrs/I didn’t get this right but I did say management shouldn’t have been coming up with estimate themselves as it’s very complex
Never saw this on past exam papers
Me too talked about estimates. If you go back into the last attempt’s matter to consider, he asked a matter related to inventory in which a candidate required to explain absorption costing method. But contrary to it, examiner answer was way to simple and mainstream. Management bias, complexity and estimates. That’s how you roll by reading past papers.
@doublej2 said:
I also wrote about the danger of water sports – If not maintained properly, might be dangerous for the guest.
2 hotels affected by hurricane. – If insurance cannot be used to cover, they risk GC because of lack of cash.GC really? They had a chain of hotels, and only two of them were situated in hurricane prone area. But yes you could’ve used that point in a sense that losing a major customer base, had they located those two hotels somewhere else. (Opportunity cost)
@spud said:
For matters I put down materiality, was it material etc! Then the accounting standards to be adhered to for that area and what they have to do. Also if there was a risk of material misstatement.
I used the same 3 of those for all 3 parts of the Q for the matters to be considered and tried to add one or 2 more where I could to get as many marks as possible ?Matters to consider question was based on estimates in all three parts of it. One really can’t put IAS 37 into a provisioning matter, IAS 16 into a depreciation matter or IFRS 9 into a receivable matter. They’re all talking about estimates. Estimation itself is based on judgement and is prone to ROMM. Further, management bias had to included in depreciation and receivable matters. Because directly impacts profits (Bad debt expense, depreciation expense) and profits could be linked to bonuses.
Niche business. Adults only.
Luxury business. Economic Recession ultimate hit.
Farland; political instability.
Hotel Complex – Prohibition of usage.I wrote them four. Because there were 10 marks. So 5 were enough. 2 mark each.
@souganthika said:
77 in the first attempt. Not good enough ! 🙁How come you’re not satisfied with 77 even in the first attempt considering P4 is a very technical paper? Be thankful to God.