Forum Replies Created
- Posts
@gnordin said:
You don’t need to use a model unless it’s specifically stated in the question. I didn’t use a model for 1 a) or b) but realize on reflection that the points I made were in line with PESTLE, Porters Diamond and SAF. Unless the question tells you to use a model I prefer not to as tend to come up with more ideas by just using the info in the case and common sense.I agree with the sentiment here – I used Porter’s Diamond in 1a but did other categories to cover as many points as poss where I perhaps didn’t include under the relevant heading in a model. Wouldnt worry and overthink it.
@thelastfinalist said:
Anyone else notice the opening paragraph said 75% of people used online booking and the CEO said 80%.Wasn’t sure if this was relevant or not.
I read as 80% of the 75% using online booking go direct to the website rather than via OTAs
I think as long as you answer the question the model is more a framework to help with answers. The model you used is taught as for when you have internal change at an organisation, but sure you got the key points!
2a ah yes, press release. Thought was ok just not sure if enough for 10 marks but nice and easy question
Breaking down paper:
1a – I used Porters Diamond will few PESTEL bits not touched on before conclusion
1b – SAF to assess whether to buy. Didnt bother calc payback etc, just talked about acceptability and funding etc2a – cant remember question now
2b – integrated reporting – was ok bit wishy washy but intro covered medelow matrix then talked about each capital and how stakeholders could be managed3a – disruptive tech. Broke down into two parts and just went with key themes and then how to explot opportunities – again, bit subjective
3b – slides are ok as not as much writing. Did issue impact mitigation as the notesThought exam was fine – bit annoyed with myself on certain bits but wasnt a tough exam based on expectations.
Passed with 83% (and APM 68%) so just 1 to go in Dec!
Well done to all and to those who didnt pass I would stress practics technique – its all I did and I’ve never done an audit in my life (and nor will I!)
Everyone is forgetting this is an exam! Pass the exam, get your certification then use your morals, knowledge, EXPERIENCE, to make a positive contribution to the profession.
The exam is a means to an end like all exams you have sat.
I dont drive my car like I did on the test but does that mean I shouldnt drive?
Q1: I talked about the use of ROCE being something budget constrained style management would use, and that the recent good performance suggested it isnt a bad style for this business.
I then suggested where profit conscious measures focussing on value would help supplement this and would be a good appraoch to expansion in new geographies- treating each new country as a “project” and working out an NPV based on risks known to that country as a disc factor. Also mentioned that EVA would align with wanting to get cash for dividends better than ROCE.
Q2: If you look at Culam from Dec 14 and specimen paper I basically adapted this answer to fit the circumstances (ie model is backwards looking, has all companies on stock exch which have sectoral diffs, the long nature of oil projects Freeze and Thor deliver means there will be lifecycle cost implications not consideres when you take a snapshot at a point in time). I messed up the gearing bit to start but quickly got back into it – just hope my poor presentation at the start of this doesnt detract from the points I made about fixed vs variable costs and risk, then on financial gearing the serviceability of diff types of debt and risk profile being different etc.
Q3: I talked about the possible outsourcing savings being lost if the BPR project wasnt implemented successfully- did some calcs to show cost per unit if you only had 8000 goods in the container vs 10000. I also talked about the challenges of implementing but related everything back to the question as best as I could in this regard.
I think any answers suitably justified are worthy of merit based on what tutors tell us so fingers crossed!
For FV you need to deduct the costs to sell which were listed – excluding the additional reorg costs. This took the value below £3.6m by £85k
@saraf said:
I thought this was asking how would the firm decide what targets to set for staff, so I used the building blocks model to explain that targets set would need to be considered achievable, fair and have ownership. In the appraisal systems the above would stand plus they managers would need to clearly articulate to the staff both financial and non-financial measures in a clear manner so staff are assured that they are in control of those targets.Did very similar, applied building block model principles on that section on the rewards and standards aspects linked to the new nfpis and fpis I suggested in part a.
Thought Q1 on the whole was a decent question.
Q2 was ok too and almost a carbon copy of a past paper question that was on the specimen re corp failure models.
Q3 was on BPR which again was similar to the last question from 2016 on the subject, albeit different application. Part b was on info systems and again very similar to the past paper. Part c on issues was good as it was signposted in the Q what to focus on (outsourcing risks to employees, customers and environment when thinking ethics).
Will be massivley disappointed to fail the paper given some past papers had more difficult EVA / MIRR questions and more data to disseminate
Thought the exam was very fair in content. Nothing too challenging, very much application of case study as expected.
Fingers crossed!
Lemmy, I believe there was an impairment as both value in use and fv less costs to sell were below carrying value.
Alaya, may I ask are you a tutor, student or a former student who has completed the qualification?
@ashrafaziz said:
Dear ColleaguesI think we should file a petition for P7 at ( students@accaglobal.com ) for not completing the paper on time due to it being extremely long because :
1-It is the 1st trial for ACCA in introducing the new format compulsory exam and i think a
trial version of the exam should be tested by the examiner itself ( asssuming that
she have full technical knowledge to answer all the questions ) to assess only timing
required to :Firstly: Reading time 4 Exhibits of Q1 + 2 others questions each is spitted in a)+b)
sub questions and each a) &b) is spitted into 2 main pointsSecondly : Planning time to answers the overall the question & imagine in
mind the main points sequences before the pen touch the paperThirdly : Writing time the correct answers in full details to get full mark of each risk
to proof to examiners that i understand the requirements as
recommended by ACCA in technical articlesA part from time for thinking in technical knowledge of the core question ,Reading
+Planning +Writing i think need fairly 4 hours3-Assuming that a candidate knowledge cover 90 % of the corrects answers , i.e. he is ready to pass and cover the syllabus by a 90% , he also must got panic , blacked out , exhausted when reaching Q 3 due to lack of time required to 1-Think in 10% lack of Knowledge 2-Reading 3-Planning 4-Writing
4-The issue of time shortage especially in Q1 outweigh outweigh the pretended benefits of time saving because students have no longer to read 3 questions to opt 2 out of 3 .
ACCA must review it point of view with an expert in setting exam techniques NOT ONLY expert in advanced audit materials5-For those who compare timing of ACCA exams to others post grad professional qualifications , i think it is cost -benefit criterion which mean that CFA exam timing is extremely severe however its reward is more promising , so it can t be compared to other qualifications
6- I think most of us can pass by at least 50% if they answers verbally or even by KB in a Computer Based Exam to avoid hand writing waste time which make our hand paralyzed by end of 3 hours , consequently , ACCA in fact is testing our hand writing skills + our rest muscles rather than core knowledge
7-The suggested solution is extending time to 4 h under new exam format or examiners give some compensations and reduce correction criteria for this session
I wouldn’t waste your time to be honest mate.
Whilst I do think the question felt long, was it actually any more content heavy than past questions like Adams Group (specimen from Jun 14) or Sunshine Hotels (winter 17)?
The acquisition element of the question was almost copy and paste from CS Group in June 2012.
Until I get results I will reserve making too many comments, but exam technique from both Kaplan and my own past paper analysis work really helped disseminate and focus the key aspects I wanted to talk about for ROMM. And most importantly after I hit the time I set myself I moved on having written about 10/11 ROMM using the MAR (materiality, acc treatment and risk of MM) approach.
Exactly – the marks are split over the entite paper, not just q1. Q2 and Q3 weren’t that lengthy and very do-able.
Its meant to be hard and time pressured so that you focus on the key areas. I’m “lucky” to have done a number of post grad professional level qualifications and if you think the ACCA are time pressured I would urge you to look at Joint Insolvency Exam Board papers. 3 in 3 days back to back, 3.5 hours per paper.
Its as much technique as knowledge in my opinion (for what it is worth!).
Good luck with remaining exams everyone.
I did a table at start of answer with 5/6 APs in there – talked about revenue changes in light or Lynx acq and the fact profit hadnt moved directionally as expected – mgt bias etc – linking in the Lynx acq.
Most other APs I commented on tended to be SOFP related – ie goodwill going up 30m if you strip out Lynx acq etc.
Agree – you have to be disciplined and think exam technique. You get 4 marks for setting it out neatly and like briefing notes so you start with that before even reading the question (or at least I do). I spend first 5 mins annotating time at which I stop writing about each part of the question and leave half a page minimum after each part so then can go back if my knowledge is weak in some areas compared to others.
I don’t understand why people insist on spending a disproportionate amount of time on q1 in the exam? All the kaplan/lse/bpp tutors tell us this day 1!
Suppose exam pressure sometimes throws people off but i’ll stick to the plan for APM on Weds