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meaow01

Profile picture of meaow01
Active 8 years ago
  • Topics: 23
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Viewing 25 posts - 1 through 25 (of 37 total)
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  • November 18, 2016 at 8:51 am #349628
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    if you will successfully grasp essence of p5 and apply that in your real life before exam sooner the better eg: critical analysis,implications in future of anything , you will perform better in exam too.

    Go Solve Problems in exam !!!

    June 1, 2014 at 7:16 pm #172456
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    still looking for help from tutor.

    May 24, 2014 at 6:53 am #170431
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    1-
    Choice of Settlement with ISSUER/Purchasing entity:

    F.L/F.A unless all other alternative options results in it being Equity

    So choice of settlement does’not require entity to split into equity and debt.

    2-Convertible Debt :
    as An Asset-Should be Booked an Asset at Fair Value P/L (as amortized cost tests it doesn’t passes) ?

    May 23, 2014 at 6:49 pm #170364
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    1- For Disposal of Ceram, Examiner provided “NCI of Ceram attributable to
    Bochem” (not Ashanti) .and Also included this in gain/loss calculation

    ^ , is this the reason that portion of gain/loss is attributable to NCI of bochem?

    2-How is the 30% calculated ? [Bochem had 80% holding,disposed of 50% ,that lefts with 40% holding on associate for Bochem ]

    3-Increase in NCI :
    Amount recognised as non-controlling interest (Net assets per question at year
    end $210m + Fair value of PPE at acquisition $10m – depreciation of fair value
    adjustment $4m + goodwill (44 – 8·8)) x 10%

    Does that mean NCI-adjustment for Ceram ,should not be apportioned?

    May 23, 2014 at 4:38 pm #170344
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    The reporting entity also attributes total comprehensive income to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance. [IFRS 10:B94]

    https://www.iasplus.com/en/standards/ifrs/ifrs10

    May 22, 2014 at 6:12 pm #170195
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Feedback:
    Thread was over,However i felt like providing you feedback.hope its fine with you.incase any other student asks you.

    Well , according to my subsequent research , i have come to the conclusion that they can be negative .

    Gratitude:
    (taking a chance (Otherwise you would have not liked the idea 🙂 )) of saying Thanks for great support (Unable to express my gratitude in words ) .Thanks v v much.

    May 22, 2014 at 6:01 pm #170192
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Alright 🙂 but i need to go with atleast a final conclusion before sitting at exams.

    And i.e : Unpaid contributions is part of Asset plus a liability [but separately accounted right ] Otherwise that would have set off the effect Net Defined Liability.

    this conclusion is reasonable with goodluck 🙂 ?

    May 22, 2014 at 5:45 pm #170183
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Ashanti June 2010

    1.Ashanti Acquired Bochem ,Bochem Acquired Ceram. ( Bochem’s NCI will be adjusted for Consideration paid for Ceram)

    Ashanti Disposes 10% equity interest in Bochem to NCI .

    How would Increase in NCI would be accounted for.
    (Should the BochemNCI at transaction date would be completely proportioned?without taking account of NCI Adjustment —- as normally i take carrying amount of NCI at transaction date and proportionate it according to the change in NCI)

    May 19, 2014 at 8:31 pm #169554
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    ^
    But its defined contribution Plan,isnt it.
    And we are concerned with defined benefit plan’s contributions.

    Also can you look into the question
    Traveller 12/11,that’s a plus.

    Looking forward

    May 19, 2014 at 8:11 pm #169551
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    (to be honest, i made this example up so , i could understand that thread too.apologize for being difficult student 🙁 .I assume answer of this will help me get it all)

    So i am looking forward for complete adjustment entries for consolidation for p/l and sofp.
    [you may add “cost of an associate” or “profit of year of associate ” any values]

    May 19, 2014 at 12:03 pm #169480
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Difference is NCI Premium ( F.V of NCI – Share of Net Assets attributable to NCI ].
    But if it confuses you, you should ignore (to learn the concept )

    May 19, 2014 at 11:58 am #169478
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    I just constructed the example for better understanding.You may put missing values if required.(Say 25%)

    May 19, 2014 at 11:46 am #169477
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    1-Question was Traveller 12/11-UNPAID Contribution -Employee benefits.
    I see it as unpaid contribution because it was paid after year end.

    (Would you please specifically look into the matter , and see if i am missing something ?).

    (Yes googled, no success)

    2-
    (Did i get it right?)
    If a contribution is paid by Employee (Whether it is discretionary or compulsory) , surely that not only increases the liability ( Do you mean contribution by employees increases obligation)
    So its a [ Dr Plan Asset Cr Liability ]

    May 18, 2014 at 8:46 pm #169381
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Same questions.
    Concerned about the Decrease in NCI calculation.

    Here it is calculated as Change % * [Net Assets at disposal + Impaired goodwill (although kit answers say its unimpaired goodwill,is there a reason for this?) ]

    May 18, 2014 at 1:04 pm #169288
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Aren’t we mistaken here, as When sales is from associate to parent, i guess parent inventory is overstated now. Hence Crediting Group inventories.

    Otherwise, all good.
    Thanks

    May 16, 2014 at 2:56 pm #169053
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Example 1:At acquisition :
    difference b-w fair value and book values of Associate is a depreciating asset With remaing useful life.
    [ as the Asset and Liabilities include book values]

    {should we debit Consolidated Reserves and credit Invesment in associate ; as reserves will change by additional depreciation on revalued amount }

    Example 2: AFTER ACQUISITION
    a depreciating asset With remaing useful life is revalued upwards and this revaluation is not incorporated in associate accounts.

    {
    i)should we debit Investment in associate and credit Consolidated reserve ; as reserves should increase and hence investment in associate .
    ii) depreciation that should be charged and have impact on associate resrves. debit Consolidated Reserves and credit Invesment in associate ; as reserves will change by additional depreciation on revalued amount .}

    {potential solutions }-only group’s share amount is taken ]

    when you say take share of adjusted retained reserves (does the above potential solutions achieves same )?

    May 16, 2014 at 2:03 pm #169049
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    dividends by subsidiary or associate ignored in C-p/l.

    intra group balances of div recievable/ payable ( related to subsidiary) will be cancelled in C-sofp.

    dividend recievable from associate will be shown as asset .[ignore meant there is nothing to cancel with so keep them where they are Here as an asset]

    Query :
    did i get it right? [ i apologize for communication issues .

    May 16, 2014 at 8:34 am #169005
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    (understanding your explanation regarding presentation of group,s share of pup).

    assume amounts are correctly calculated.
    as you said :
    “Once
    we have that
    figure, debit
    consolidated
    reserves (debit
    cost of sales) and
    credit Investment
    in Associate ”

    as the sales is from associate to parent. right presentation would be not to debit cost of sales . shouldnt we increase any other expense ! say admin or distribution . ( as sales is from associate)

    May 16, 2014 at 8:23 am #169002
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    do you mean that in Csofp intra group balances with associate ignored ? ( including dividends recievable )

    May 15, 2014 at 2:44 pm #168908
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    although the thread was over .
    i wanted to re check with you.

    1-dividends recievable from associate .How it can be eliminated / cancelled in sofp? ( as it,s nature is also intra group balances with associate )

    2- arent intra group balances with associates ignored ?

    May 15, 2014 at 1:14 pm #168898
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    i) & ii) You made it clear that no impact on sales or cost of sales in either case.

    Question:

    iii) Only unrealized profit will be adjusted for Consolidated P/L

    if its Parent to Associate .

    DR Cost of sales[p/l] / Consolidated reserves [sofp]
    CR Investment in Associate

    if its Associate to parent

    Dr Expenses ( reducing associate’s profit )[p/l] / Consolidated reserves [sofp]
    Cr Inventory

    is it correct adjustment?

    May 9, 2014 at 12:13 pm #168096
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Sure.You guys deserve it.

    May 8, 2014 at 8:28 pm #167978
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Summarizing the thread:

    1-Ignore dividends . Only just make sure Consolidated p/l should not include the investment income?

    2-Intra group dividends payable/recievable will be cancelled.

    It seems like we can leave the thread with this.
    (Thank you )

    May 8, 2014 at 8:21 pm #167977
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    There is NO SUCH THING as some Exemption or Addition in recognition criteria (provided by ias 37) of restructuring provision for consolidation ?

    if this is right. We can leave the thread with this.

    May 8, 2014 at 8:14 pm #167976
    mysterymeaow01
    Member
    • Topics: 23
    • Replies: 37
    • ☆☆

    Concluded from your reply :

    For P2 purposes

    Before year end:
    Proposed and Declared dividend will be recognized : give rise to liability.

    Question:

    After year-end :

    1-Proposed /declared dividend [ Not an adjusting event and disclosed ? ]
    2-Bonus issue [ (read somewhere while doing a kit question) , its a major share transaction that should be disclosed but it is an exception so it will not be disclosed ] .

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