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Totally a million % agree! I looked through and thought there must be easy marks but hardly! Grrr. So unfair. Took ages just to comprehend what they’re asking!
My second attempt, studied twice as hard but I think I did worse that before. ACCA making it impossible again!
Q1. Cash flow is not my strength and it had to come out! Stupidly did not attempt fair value on 10% equity as I got completely thrown out by the other questions.probably the easiest compared to the rest!! Damages compensation accounted as an adjusting event as condition existed before year-end and therefore create a receivable in the reporting period.
Q2. Far from the typical ethics question. Sustainability and profitability reporting? Mainly stressed on professional incompetence of the FD for failing to hedge and ignorant of regulations. Football player accounted as intangible asset and amortised which is probably wrong. There is a liability element with wage payments and transfer fee. No idea how to account for all of it. Contract on stadium and land development, stated as deferred revenue and recognised when work is complete. Capitalise cost of construction until completion. And then there’s additional payments and donations?? Wth??
Q3. Cryptocurrencies- briefly touched on disclosure and didn’t even read the rest of the questions. Ran out of time.
Q4. Another complex question around financing and whether it’s debt or trade payable? Never came across such Q in the revision kit . Customer sends purchase invoice to bank, bank pays supplier and how should liability be recognised?
Examiner will probably mark my entire paper in 5 mins! I’ve pretty much blanked out.
Pass on 2nd attempt with 53. Can never tell with these exams. Have always found it so unfairly difficult. Especially so when you’re working full time with young kids and so little time to study. We try so hard and yet they have to make it nearly impossible to pass.
