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@muchuu said:
Any one with idea on how to tackle AAA, as September, 2019 was 2nd attempt but managed 36% though certain of at least a 50+1%.kashif Kamran on you tube. Only way
I’m a sceptic, when I see passed on the text message I will celebrate. Just have to try and stay calm now
Hi All,
I can log in to the grey and white page with details and I can also see affiliate in source code but not convinced I think this is just if you have checked the box.
Only time will tell.. 4hrs to go?
Q2 part (I) the sale and lease back seemed correct in the way they treated it. However the sale of the property was recorded under ifrs 15 and the profit to the P&L. As this is not their normal course of business it should have went to OCI.
(ii) initially the impairment loss went to P&L however when it was revalued only the amount that went to the P&L as a loss should have went to the P&L the rest to the OCI. The depreciation was amended correctly, however there was no mention of the depreciation being amended once revalued the 2nd time.
(iii) can’t remember what this was
Audit risk – grant I think there were 5 marks in total here. 3 for the materiality, standard and risk of recognition of a grant and then another 2 for the risk the condition of the grant might not be met.
I also said the restructuring plans should be disclose as a note in the FS there is a risk of no disclosure or risk that the disclosure would not be adequate.
The licence of 15k was depreciated over 20 years, this should have been depreciated over the 3 years. Materiality and standard – 3 marks
Managent trying to recoup the capital expenditure of 43 – risk of manipulation and over statement of profit
I got 5.7 and I got 5.45% for swap… Not over confident on either.
Basis was 25 and only 1 of 5 months were remaining
I got 9% for the Wacc of company n and company p was just the cost of equity as it had no debt. I think it was about 13% which sounds about right as you would expect the ke to go up as they nolo ger have tax shield
Q1 was the hardest… The black sholes model was asked so different.
The NPV was easy
Q2 this was quite easy… Blanked slightly on the swaps but overall good
Q3 this was easy ungearing beta, wacc of numiger and the the ungeared cost of equity poylins (can’t remember the exact name of companies)
Hoping I’ve done enough to pass..it will be a close call
I thought the exam was quite easy, although I had a lot more business risks for 12 marks than ROMM 18 marks. I tried to fill that up with calculations. Q1 was the most difficult for me but still fairly reasonable.
I managed to answer everything, started with q2 which was super easy, I could have wrote another 30mins on that question however I was strict on myself and moved on after the time allocation.
Q3 I can barely remember but answered everything.
Here is hoping I didn’t write 50% nonsense.
I thought the exam was fairly ok.
Bargin Purchase 28m
Goodwill 71m
FV adj of 75 (I deducted 5m for the contingent liability not provided for) and either 36 or 30
Value of the share received (180 %10 /3)*2 =12 by $4 =48, I think the 10% share was worth 51 or 53 so loss on disposal.I also did question 2 & 3
I discussed ethic and the over stating of the profits in both
The Gas contract should not be held as an assets as it no longer gives rise to future benefits and should be re-classed as a liability at its NPV
I provided for the 7m as by offering the settlement they created a constructive liability
The 50k to bring each item to sale I expensed as these are inventory not non current assetI thought it was really hard. Also ended up with uk varient instead of international. Oops
For optimal capital structure i wrote about modigig and miller after tax theory about gearing ect.
@surajnair said:
2% discount? Yea option D . Not sure about buffer stock. How about equity beta and fra? I got 1.16 for equity beta and 37500 for fraSame for fra. Complete blank on the beta question so i guessed
@acca145 said:
What about capital rationing? I think that was small point for 10 marks…I wrote a page and a half on capital rational about hard and soft rationing. About related projects. About captionrationing being out of their control ie they dont have enough to finace the projects. About profitability index and divisible projects and choosing the best schedule
Multiple choice question with 40% taking the 2% discount paying in 15 days. I went with d something like 168k
Also the mcq with the buffer stock. I had 412k
@acca145 said:
Happens ?
But round diff would be less
I got negative balance in year 4 and 5
NPV = $63 mill roundsSurely i could only loses one mark for this? Hopefully still a pass
@acca145 said:
Tax was in arrears so ,
The tax taken on year 4 would be send to year 5 .Really was it how did I miss that! Dam
@caspian087 said:
? exactly remember a question where it asked to calculate cost of debt for 8% pref. share. Nominal value was .5 and MV was 10% greater.Yeah I went with c 76 but when i calculated it i got 73.5… so id say its wrong. I think it was irredemable debt not pref shares
@apostolou said:
I am very cofidend for most of my answers. Reply me please
1D
2D
3A
4B
5C
6B
7B
8A
9C
10C
11B
12B
13D
14C
15B
16C
17B
18D
19D
20A
21C
22C
23D
24A
25A
26C
27D
28A
29B
30DFor 1 i had a modigliani and miller with tax as ke went up wacc went down
For 10 i also went with c. Originaly i was going with a but changed to c. This was the over capitalisation ques