[lizzie]

Ah thanks a million Mike …
I was beginning to panic if i was understanding it correctly

[lizzie]

Hi Mike

Please ca i ask your advise – im going though Dec 2011 Yew question and trying to apply the new audit report

There is a overstatement of Intangible assets of 12.5m of which is material
54% PBT
6% Total Assets

And co is struggling to raise finance with only 125.000 in bank

If the fs are not amended –

Would the new report or Audit opinion be as follows
1)Opinion – Qualified “except for ” ( material but no pervasive)
2) Basis for opinion – we conducted Audit accordance with isa etc
3) Material Uncertainity relating to going concern – we draw attention to note 2 in sofp
– overstatement of development costs -should be treated as expense as no sufficient Audit evidence to confirm that future economic benefits will flow to the entity and they do not have sufficient funds to complete the research in accordance with IAS 38
4) KAM – Audit evidence before completion of the audit – was that Mgt representations that there will be little no use for the reseach to be completed even thou the chairman will not change his report or sofp to change the accounting treatment ..

Am i off track i what im saying Mike or do you think its okay

Would i include an eom ??

And finally if the mgt and chairman agree to change the report and we conduct further tests and amend our reports – Would it still be unmodified opinion ?based on the original error

Thanks a million

[lizzie]

sorry ignore found them

Thanks

[lizzie]

Ah thanks a million , i get so worked up in what question is asking sometimes common sense goes out the window

Thanks again

[lizzie]

Thanks Ken

But in the question , it says that we are using the app 1 for the baby division and need to calculate the ROI + RI

My question is why we need to take out the the 11 r&d for the controllable profit

I’m really struggling on this question as i would have only calculated the Baby divison but the solution calculated the Controllable profit , the profit after R&D and the divisional profit

I know the h/o costs are only for whole division but the R&D is confusing me

Thanks a million

Liz

[lizzie]

Thanks a million , much appreciated

[lizzie]

Yes thanks, but when we introduce this new standard for example in question , we also bring into account IAS 8 changes in accounting policies for previous customer contracts and apply retrospectively , this would be very complex would it for large companies ?

what about contracts with wip where control in not met ?

is this only relating to IAS2 sorry i’m going through ever possible way this could come up ?

Thanks again for your help

[lizzie]

Thanks a million Mike

[lizzie]

Thanks a million , much appreciated

[lizzie]

Thanks a million Mike ,much appreciated , was getting so caught up on the question that sometimes common sense goes out the window

[lizzie]

Hi

i think i read that aswell here on the forum ..
reconstruction came up on the kaplan mock and it has come up in at least 3 past papers but none as a main question , have anyone covered this in great detail …

Also provisions were tipped but they came as q4 only 2 sittings ago ..
Who are the more accurate with tips going on past experience ,,,,

[lizzie]

Hi Vidi

I’m mainly concentrating on cashflows and fx questions for Q1 have done few soci aswell just in case ..
Q2&3 covered in great detail IFRS 9 (ias 32 + 39) convertible bonds etc ..
Share based payments seems to be a common one..
Impairment and leasing was in student mag ..
after that im just hope i can rememember the other standards done through my studies

[lizzie]

Thanks a million Lee12 much appreciated

[lizzie]

Can anyone please let us know if this is in fact true as its the most important stage of revision for everyone …

Thanks

[lizzie]

Hi Kat2012 what question is this ?

[lizzie]

Thanks a million , much appreciated .
Was the revaluation that was confusing me …Thanks again

[lizzie]

Thanks a million Temi , sorry im still a bit confused .

[lizzie]

Thanks a million Bechir , Much appreciated

[lizzie]

I also have failed on 3 attempts 49 twice and a 45 on first attempt , i put it down to nerves and lack of confidence . i can answer anything in class but just panic in exam . keep going and try again we will get there .

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