[SandraaB]

Waiting for final exam AFM result;had a dream that I got 51 ,which I will be very happy with !
Best of luck to everyone and special wishes to AFM takers ,as it’s tough although the most interesting professional paper ( personally for me ):)

[SandraaB]

Hi

Integrated Reporting section has been removed from Chapter 1 FYI

[SandraaB]

That 12 marker in Div Capacity was for dividend capacity including calculation of dividends remitted from the foreigh sub

Also another 12 Marker in question 1 was sale using NAV and FCFE methods

Anyone done NPV and VAR?

[SandraaB]

We were told at the exam centre that it the time runs out all you needed to do is to press exit at the end

[SandraaB]

Morning siting ,same questions as ale wrote
On the face of it was not difficult ,but messed up with interest rate calculations ,although the theory bits were were reasonable !
Question 3
I got —1.5 NPV and -1,155 VAR so 95% worst case downside risk was the total of the two ,then for 6 marks was the commentary regarding why NPV is underestimated ,so said they should consider real options etc – anyone else got similar figures ?
Question 1
Special dividend and wether to do one is suitable in this scenario as they have no plans to invest in projects which would generate + NPV ,also this will deter from takeover ,but shareholders might have divided goals – div yield or cap gain

Share buyback is similar ,avoids dilution

Question 2

Interest rate options adv and disadvantages – good is rates go up but large premium upfront

[SandraaB]

I applied for mitigation circumstances last June for ATX as exam centre kept us waiting from 8.05 for 9.00 start and only uploaded an exam at 12.29 pm
I never found out how many mark or wether they have considered that ,as there is no disclosure of marks only marks themselves ,but read somewhere it’s 1 or 2 .
Hope this helps

[SandraaB]

Yes,I had the same version and though it was challenging as well

Best of luck and fingers crossed !

[SandraaB]

Waiting for final exam AFM results !
Which version did you gave you though was difficult for AFM ?

Those awaiting AFM results – how is your feeling and did you do any studies after the exam guys ?
Best of luck to all !

[SandraaB]

For perpetuity CFO/ (1+r) I think

[SandraaB]

Q3 Hedging mark allocation was
Advantages and disadvantages of using interest rate swap versus futures – 6 marks

Swap calc 4 marks
Futures calc4 marks

Weather any of the two instruments are suitable as a hedge against interest rate rises ? 6 marks

New manager confused regarding the function of treasury -7 marks

Plus or minus a mark either way 🙂

[SandraaB]

Thank you so much ,definitely few gaps for me to cover ! Best of luck to you and sounds you have just done it !

[SandraaB]

Thank you ,looked at the material and seems that these were 2 methods of bond valuation ,so seems that you have nailed it !

Did you attempt acquisition calculation question if you had it ,how did you arrive to the value combined to then get to max and min prices ?

[SandraaB]

First attempt and last paper, sat the exam at 09.00 am

Had the set of questions with bond valuations and WACC, Sukuk bonds, acquisition using FCFE, and then interest rates swap and futures.

Can someone please explain how you dealt with arriving at Kd in equation one using 4 bonds and the credit rating spread? I’ve taken just a coupon of 5 and added credit premium to assume Kd is 5.5% and moved on.

Also didn’t manage to understand how to calculate the value of equity combined for the acquisition from the information provided, as the market cap was given, multiple and FCFE value. Neither valuation methods were obvious from the data given, so I would appreciate it if anyone could comment on my understanding.

Glad I did not see the interest rate swap question until the end as I have unfortunately discarded it as an unlikely contended and a rare occurrence, how wrong was I!!!

Would have loved to have a variant with NPV, duration, demerger, and currency derivatives, but oh well, stating to enforce my knowledge for June sitting I’m afraid

[SandraaB]

Fail ,43, this is after 3.5 waiting at the exam centre for the exam to start due to technical difficulties

[SandraaB]

Not yet ,any moment now

[SandraaB]

Awaiting for ATX result it’s my penultimate paper

Off to AFM next hopefully ,

Good luck to everyone guys ,hard work pays off

Keep believing in yourself and let’s keep in touch after the results are released

[SandraaB]

Unfortunately I did not get to the end of intensively fixed assets treatment either ,but for PR relief – – he had 6 unqualifying month when he went second time abroad as this was not preceded by the actual occupation

Question one part b I did not figure out what to do with the accounting period ?

[SandraaB]

Exam was delayed by over 3 hours at the exam centre !

Question 1 Joe
Pre liquidation income and capital treatment if interim payment

Becoming tax advisers

Accounting dates and other bits 20 marks-was confused as info was given in for each month – what did you guys get ?

Question 2 inheritance and overseas property

Gift to Hugo – liable to pay CGT even if non U.K. resident after 5/4/16 for re and the 3 years after for job resi properties ?

I did Fiona’ it to get she is HRT ,so 28% CGT in U.K. property

Questions 3 and 4 – mixture of
SCOP and SIP
PRR and letting – got 81 months actual and deemed and 86 months total ownership

Mixed up with short leases ?

Sale of warehouse ,etc I calculated the proceeds reinvested eligible god rollover and said remaining gain will be taxed now

Loan to close company participator ( charged to company until waived and then in shareholder at 32.5 div rate

Was confused with the treatment for intangibles

If not for part of question 1 then would have been a pass…

[SandraaB]

Hi

Looking for study buddy for ATX-UK June 21 exam, using BPP materials and planning to study over weekends online.
Anyone interested please liaise snowbee77@outlook.com

[SandraaB]

Waiting for ATX result ,first attempt ,then one more to go
Anyone waiting for ATX result here ?
Fingers crossed and good luck to all

[SandraaB]

@sindy- SBR and SBL are compulsory, but they have much higher pass rates, whereas if you attempted AXT and already spent time and effort in your studies, perhaps would be best to give it a go next sitting. I have two papers to go and whilst passed SBL and SBR from the first attempt, failed AAA a few times…Optional papers are the hardest to pass and ATX paper marking is the fairest one !Have another go!
Those you did attempt but will fail have a disadvantage in losing £176.00

[SandraaB]

Did you do UK ATX, i did not have this question

[SandraaB]

IHT question re sending to sister £1,500- it would have been out of income, but he has taken employment initially for 4 month , so then if job ceases, that would eat into his capital ?

[SandraaB]

Hi I have done UK ATX, very strange paper.Did anyone allocated the losses C/Y and then 2 years c/back?With R&D expenditure did anyone get CT refund rather than charge?What about the building – 1 scenario NGNL transfer between S and B, the second- just an ordinary disposal, no degrouping charge? IHT- GWRB no chance to calculate death estate, so only to comment that HMRC could tax as either PET or put to death estate? What about partnership – was that 8/12 of the year and 20% profit ?And redundancy- is cash payment called as EX-gratia?Thanks for your comments

[SandraaB]

Failed AAA with 35%

The only fail so far in ACCA

Is this the paper to avoid them ?

[Author]

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