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parthbhanushali

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Active 4 years ago
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  • September 5, 2021 at 12:12 pm #634427
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • ☆☆

    haha! got it! Thankyou!

    September 4, 2021 at 11:23 pm #634359
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    Hi Sir,

    Please confirm that there will be no impact on ANY PARAGRAPH of the group Audit Report in this case.

    September 3, 2021 at 11:58 am #634135
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    So in this case, can I consider items that are more than 50% of PBT (For SOPL items) and more than 50% of Total Assets (For SOFP) to be substantial?

    If an item is above materiality % and below 50%, will writing the following would be correct?

    If this misstatement is not corrected, the auditor’s report should include a qualified ‘except for’ opinion paragraph at the start of report.
    This paragraph should be followed immediately by a basis for qualified opinion paragraph which should explain the reasons for the qualified auditor’s opinion and which should quantify the impact of the matters identified on the financial statements.

    If in auditor’s professional judgement, $0.3m, 14% of PBT represents a Substantial portion of SOPL, then the misstatement would be considered as material and pervasive, in which case an adverse opinion would be given on FS. With a statement that FS do not give a true and fair view in “Opinion para” and a “Basis for Qualified Opinion para” explaining the relevant misstatement and its effects.

    September 3, 2021 at 10:08 am #634108
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • Topics: 34
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    • ☆☆

    Okay! I will not use the short forms for current/prior year.

    For others, eg, FV , PV(present value) , TCWG, SOFP, SOPL, SOCF, SOCIE, do I need to mention their full forms in the end or at start of the briefing note?

    September 1, 2021 at 9:57 am #633779
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    Thankyou sir!!

    Thankyou for all of your replies!

    August 28, 2021 at 4:10 pm #633277
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    Please help me understand this following para (para 32) of IAS 21:-

    Exchange difference arising on a monetary item that forms part of a reporting entity’s net investment in a foreign operation (see paragraph 15) shall be recognised in profit or loss in the separate financial statements of the reporting entity or the individual financial statements of the foreign operation, as appropriate. In the financial statements that include the foreign operation and the reporting entity (eg consolidated financial statements when the foreign operation is a subsidiary), such exchange differences shall be recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment in accordance with paragraph 48.

    August 26, 2021 at 1:22 pm #633021
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • ☆☆

    Thankyou for your response sir.

    Could you please confirm if the following statements have been officially made by ACCA:-

    1. One question will always predominantly come from syllabus area E , in section B

    2. The other Section B question can be drawn from any other syllabus section, including A, B, C, D and F.”

    Promise – this is the last question for this topic. 😀

    August 26, 2021 at 10:55 am #633013
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • Topics: 34
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    • ☆☆

    Hi sir,

    Thankyou for the insight.

    Also, currently my syllabus area E and F, both are pending. If I had to choose one syllabus area, which one would you recommend.

    Based on what I had read in Kaplan, There will be one for sure question from syllabus area E. I wanted to understand if the examiner himself has given this insight or this could be comment of kaplan.

    P.S – AAA is my last paper. In all my professional papers I was only able to attempt maximum of 75 marks due to my speed issues. Even though, I have cleared all the papers in first attempt.

    August 25, 2021 at 7:44 pm #632929
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • ☆☆

    P.S – I also request any student who has prepared this list to share it here. It would be very helpful for revision.
    Thanks in advance 🙂

    August 23, 2021 at 1:12 pm #632621
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • Topics: 34
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    • ☆☆

    Okay. I understand your point.

    So, generally can a point of “Informing the client about misstatement and required changes” be considered as “Audit Procedure”?

    I am not asking for any one particular question.

    “Informing” is a verb and auditors often do this activity, hence i am assuming it can be a point for audit procedure.

    August 17, 2021 at 8:31 pm #631873
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • ☆☆

    So if we consider the rules of IFRS 15 and 16 today, Please let me know if the following treatment will be correct or not:-

    Hence the Journal entry will be:-
    Cash Dr. 37m
    financial Liability Cr. 37m

    Asset should be recognized at 27m (unless the co. is planning to revalue the entire class of that asset. Single asset cannot be revalued.)

    July 19, 2021 at 1:52 am #628470
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • Topics: 34
    • Replies: 20
    • ☆☆

    Did you get a rank?

    June 6, 2021 at 9:17 pm #623537
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
    • Topics: 34
    • Replies: 20
    • ☆☆

    Please guide me how to rectify this problem if I face this in remote exam.

    Currently I have not faced this problem in practice platform. This has only happened in live exam.
    Pressing the “Insert” or “Delete” did not trigger the overwriting feature in MsWord or practice platform.

    I am using Windows 10 currently.

    June 6, 2021 at 3:11 pm #623453
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
    • Topics: 34
    • Replies: 20
    • ☆☆

    Dear Sir,

    I had faced the following problem in my previous remote exam-

    For example if I have typed a paragraph and now I want to change/add a word/line in between the para.
    As soon as I started typing the additional word, it would not add that word but would replace the next (already typed and correct) letter.

    Why would the cursor replace instead of just typing. It seemed like a bug. Please let me know if there is a way to avoid this because it was too time consuming and resulted in me panicking in exam.

    April 28, 2021 at 10:22 am #619051
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
    • Topics: 34
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    • ☆☆

    What should have been my approach if following verbs were used in this question :-

    1) Analyse the rationale
    2) Assess the rationale
    3) Critise the rationale
    4) interpret the rationale
    5) state the rationale
    6) summarise the rationale

    April 12, 2021 at 10:55 am #617204
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
    • Topics: 34
    • Replies: 20
    • ☆☆

    Passed with 59 without any coaching class.
    It would not have been possible without John sir’s support. Great job opentution!

    March 5, 2021 at 5:06 am #613419
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
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    • ☆☆

    sir please reply. I have my exam in next 3 hours.

    sorry for the last moment queries. But please help asap

    March 4, 2021 at 11:11 am #613285
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
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    • ☆☆

    If you say that,”Co. is not paying any tax on sale proceeds” why does the question say that sale value of $4m is AFTER TAX?

    please help me here sir!

    February 28, 2021 at 5:58 pm #612169
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
    • Topics: 34
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    • ☆☆

    Thankyou Sir!!

    Knowing that if I get stuck somewhere you will be there to save ,is a big relief sir!

    February 28, 2021 at 5:50 pm #612168
    c67cc1a545196e80ae35b2c8aae6effa60c882644e17ff6d789cd74cde3a8df1 80parthbhanushali
    Member
    • Topics: 34
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    • ☆☆

    As per my understanding, we interpolate.

    Interest rate parity is used to cal exchange rates say after 1 year. They are not to be used for cal of Forward market rate.

    For interpolation refer asnwer to Question- LAMMER PLC.

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