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- December 3, 2013 at 3:08 am #149358
slumber1986: Everybody sit for exam already. This is a worldwide paper I remember I read about people waking up at 3am to take the exam.
December 3, 2013 at 2:58 am #149357Question 3.
Accident happened in a Coal mine and caused flood in one third of the tunnels. I think there’s something collapse. Local village destroyed, and 20 residents have to relocate else where. Company paying for the relocation costs. As for the tunnels, they are still waiting for lawyer advice to see whether the tunnel can be repaired or have to be dismantle completely.(a) Matters to consider (7marks)
(b) Evidence expect to find (7 marks)
(c) Management did not want to disclose the accident (I think they breach the health and safety law) (6 marks)(a) I talked about IAS36 Impairment of the tunnels, IAS37 Provision of relocation costs and dismantle/ repair costs.
(b) Letter of insurance claim for existence. Breakdown of relocation costs for adequacy. Legal letter from lawyer for expected outcome. Mining agreement especially on health & safety.
(c) I talked about duty of confidentiality. This is under public interest, on health & safety. Disclose under voluntary obligation. Management intention to cover up question their integrity. I think 6 marks can talk about if management refuses, auditor can challenge in AGM, communication with TCWG, seek legal advice, or lastly choose to resign.I did not have time to read the 3 optional question. I just remember my lecturer told us to do the longest question because long means easy. Question 3 is longer than question 4 so I just did it. And Question 5 is Audit report my lecturer say that’s a bonus must choose 5.
But this round Question 5 require so many things, so difficult. In 3 hours want this want that and want everything. Nowadays, the examiner is getting greedier and greedier.
I got no time to finish question 1, question 2.. I wondered how come the guy sitting behind me can ask for a second booklet when I didn’t even write till the middle of my booklet… =(((( Sigh…. I just hope for a p.a.s.s..
June 3, 2013 at 3:09 pm #128513Ya.. Question 1,2 and 5 is like 80% out of 100%..
Anyway, Question 1 is super time consuming. My friend couldn’t finished up her optional question too. You are not alone.
June 3, 2013 at 3:02 pm #128511<cite> @vjsharksn said:</cite>
OMG Q5. was subsequent event????? i didn’t noticed that :OI don’t think the whole thing is subsequent event.
First part. There is IAS 37 on provision..
Second part. There’s 1.6m trade receivable (material). But after year end the company went insolvent and can only cover 10%.. I think this is non adjusting subsequent event. (Not sure)
Third part.. Chairman Statement material inconsistancy.. It’s after balance sheet date not sure the examiner want to test on ISA720 or IAS10..
Anyway, I screwed them up =(
June 3, 2013 at 2:57 pm #128505Q1(b) Ethical matter on due diligent. Anyone knows how to answer this part? What is the ethical issue here? Self review? So can I put chinese wall as safeguard?
Q4(a) There is a question on FI. Hedging and forward contract.. Matter to consider.. It’s on IAS 21? I wonder how to answer this part?
>.<!!! Overall a fair paper for candidates who studied well.. Especially those who knows the standards.. Just hope on a 50%.. =(
May 10, 2011 at 2:40 am #81525Ah, I finally got it now.
Thank you.February 22, 2011 at 3:37 am #7863349%.. I wonder what’s the chances of “administrative review” to get me a pass?
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