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So I just got an email confirming affiliate status. How’s your Thursday going?
This was a carbon copy of the December 2018 exam. My last ACCA paper and I couldn’t have asked for an easier time :))))
I am done!Q1
(a) Benefits of diversification (5)
(b) Report
(i) Simple disposal calculation (2)
(ii) % gain to target company shareholders from two offers – cash & share exchange, FCF & DVM (19)
(iii) Problems with new combined company achieving synergy targets (8)
(iv) Impact of acquisition on holding company (7)
(c) Ethical issues (5)Q2
(a) Advantages of centralised treasury department (7)
(b) FRA, IR futures, options, comments (15)
(c) Smoothing (3)Q3
(a) APV (15)
(b) Advantages of APV (4)
(c) Importance of credit rating to shareholders (6)Jennie_fierz wrote:i think there were two different papers, what do you think?
Q1 – Jewellery brand with 3 wholly own subs<br>Audit risks<br>principal audit procedures for Inventory<br>Audit strategy<br>EthicsThere are multiple exams now (at strategic level anyway). The person sitting next to you might have a completely different paper. I find this strange as some people might pass or fail depending on what comes up.
lkleponyte wrote:My Q3 was acquisition of subsidiary for which investment was put as ‘long-term investment’. I wrote that goodwill should have been calculated. I think it was qualified opinion with except for.
I had that Q3 also, I hope your answer is 100% correct because that’s what I wrote aswell :))))
Hey everybody, how did you all get on?
Here’s my exam to the best of my memory 🙂
Q1 – Claude Co – Listed Pharmaceutical Company
(a) Business risks – 10
(b) ROMM – 20
(c) Audit procedures and control tests (!!!) about research and development costs – 8
(d) Ethical threats from long association with a client – 8Q2
(a) Due diligence on potential acquisition for client – 10
(b) Enquiries to target company about future sales & receivables (strange question, assumed they meant what evidence they would need for DD report) – 9
(c) Evidence about a warehouse expansion – 5Q3
(a) (i) KAMs (ii) KAMs and disclosures around slow-moving inventory, poor internal control system, conflict of interest – 12
(b) Subsidiary not consolidated and implications for audit – 13 (don’t know how they expected us to get 13 relevant points down for a single FR issue lol)You only need to do the Irish variant (as well as Irish AAA) if you intend on becoming an audit partner later in your career. Otherwise just do International.
ACCA are combining the variants in the near future so it’s probably pretty pointlessPassed first time with 61%, absolutely shaking here!
Big thanks, as ever, to Chris and Steve for their brilliant lectures.Long live Opentuition! 🙂
Yeah, that 13 marker sent me into a spin! I was already reeling from the second part of Q2, something about a drug patent or whatever. Then a barage of info about leases and what effect they have on EBITDA? WHAT? Who cares??? 🙂
I just scribbled down some theory and got the hell out of there. If I fail, it will be because of that Q and I’ll feel very hard done byHey everybody, how did you all do?
My exam will effectively be marked from 78 marks because I could barely attempt 2 questions (Q2b & Q3a) 🙁
I am fairly confident that I answered the rest of the exam pretty good, certainly got maximum marks on a good few questions.
Just have to hope the examiner though so too 🙂
This is my exam structure and mark allocation:
Q1
(a)
(i) Principles of Equity accounting – 4
(ii) Is equity accounting appropriate – 5
(iii) How to account for associate – 7
(b)
(i) Net assets calculation – 8
(ii) Goodwill on step acquisition – 8Q2
(a)
(i) Treatment of foreign sub HFS – 3
(ii) Ethical issues – 6+2
(b)
(i) Something about selling a drug??? – 5
(ii) Development of drug patent – 4Q3
(a) Three types of leases and how they affect EBITDA, profit before tax and the SFP (really tough!) – 13
(b)
(i) Principles of equity accounting (again!) – 4
(ii) Joint venture – 8Q4
(a) Sustainability – 8+2
(b) Impairment of non-current assets, lawsuits, write-off of raw materials – 11
(c) Share-based payment to CEO – 6Don’t think it was too bad.
Q1 was pure common sense, easy to pick up marks.
Q2 was weird. Reckon that one will be worst answered in Examiner’s Report!
Q3&4 were the most straightforward, got most of my marks here and both had lots of easy professional marks.
Q5 with the slides was a bit meh, probably my weakest question.Lol @anyone who studied the models, absolutely no use for them whatsoever in this exam.
Here was my exam, based on a newly merged accounting firm, Glendon Farr
Q1 Change in governance structure (18 marks)
Q2 Proposed sale of consultancy firm (17 marks)
Q3 Email about conduct of Audit Partner (24 marks)
Q4 Automation, Internal Audit (28 marks)
Q5 Slides about rival firms, opportunities and changing culture (13 marks)@yentam said:
It took me a good half hour for 4 bloody marks!!!I’m worried that I did more than was required!
From memory: revaluation gain on lease was 8m less 1m for deferred tax, some of the dev expenditure was expensed about 6m I think, the rest capitalised with depreciation for 3 months of the year?, then depreciation for the plant and depreciation for lease at revalued cost, as well as closing inventory value decrease due to change in NRV. Surely this couldn’t have been for just 4 marks!!
It doesn’t make sense. The Goodwill Q was 8 marks and (even though I messed up the contingent payment) I was done in 10 mins. Strange marking in this exam.
Does anyone agree?Oh dear, that sounds more like it. I tried to time apportionment and got into a muddle. Brain meltdown halfway through exam. Did okay with most other things I think.
Anyone have a clue how to deal with that Goodwill Q? The deferred cash payment stumped me. Hadn’t seen one like that before
Hi Martin, the best thing to do in the Irish tax exam is to look for the easy marks and simply IGNORE any complicated bits. It’s probably the most time pressured of all the F’s because of the bloody income tax Q.
Order of Q’s: Do Capital Gains first, same topics come up year after year. Do the two smaller Q’s next followed by the Corporation Tax and leave the Income Tax til last.
You simply won’t have time to finish the income tax Q as it’s just ridiculous every year. Look for the easy marks, scan down through the Q and highlight each item of income, credits etc and pop them into a proforma. Don’t try and add up any final figures as it’s only a half mark and wastes time.
There are loads of easy marks available in each Q, and remember you’re only looking for just over half marks in each one, so if you can’t remember the tax treatment for an item just skip it.And just keep practising past q’s (using an exam kit as the q’s are updated to the current syllabus)
Good luck in the exam! 🙂
Haha this caused quite a bit of a stir in my F5 class last semester. One guy was adamant it was pronounced “Royce” as in Rolls Royce. 🙂
In one of the notes it gave the C/S Ratio for each product.
So for the each product you multiplied the Total Sales x C/S Ratio to get Total Contribution, then divide by no. of units to get the Contribution per unit
