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Did anyone else think it a little unfair that there was a current issue style question in there on a very obscure area of the syllabus (so obscure that it isn’t referred to in the revision materials for Kaplan)? Also I know we are meant to know the whole syllabus but given that literally none of the previous papers or any of the practice questions available included anything about current issues or exposure drafts I found this a bit mean. Thought rest of paper was ok though, interested to know others thoughts
Q1 wasn’t portfolio that model is for when you’re assessing an existing portfolio of products or divisions
For q1 b I talked about the 3 different types of cash flows (operating, Investing and financing) explained what each is and why they are separated (ie to help users, not same as profit etc), then talked about the 2 investments I said that the second one was cash equivalent as entitled to interest even if withdraw in the first 12 months. No idea if right tho!!
I thought q1 was ok fairly complex cash flow but doable for the most part.
Q2 not too bad, q3 part a was so confusing to read in the end I just moved on, part b had a good guess part c took me ages to read it so I just wrote down anything I thought was relevant about control / influence but didn’t conclude whether they had treated it correctly.
Hoping I get through on first 2 questions but who knows, sounds like everyone found it pretty nasty though!To marky123 – thanks so much! I’m due in June so definitely won’t be doing any exams in that session (resits or otherwise!), will have to see how I go as to when I do the next lot!
I didn’t use a model in q3 I used some elements of 7ps to give me some ideas but didn’t specifically say I was using a model, eg promotion – change the website / make it more visible / improve the brochures etc
I took one glance at q2 and moved swiftly on! Looked horrific and nothing like anything that has come up before or that we spent any sort of time on at college. Q1 was ok apart from I forgot one part of porters diamond….q4 was prob my strongest. Good luck to all! Gonna try and forget about them til results got a baby on the way more important!!
I’ve just spoken to acca they said it doesn’t matter if you didn’t tick the question box so long as you filled in all your other details on the front cover.
Answers usually come out a month or so before results so you’re looking at early to mid January
For the first scenario in q5 I said that although it only related to sales and receivables, because they couldn’t verify sales the profit itself is also in doubt. On this basis it should be a disclaimer as its material and pervasive. I did also say it could be argued that it should be “except for” as well.
For the second one I said adverse opinion as the whole of the accounts have been prepared on the going concern basis when it’s clear that this is wrong from what we are told in the question.The question asked for goodwill to be calculated at the date of acquisition. Therefore the impairment charge did not require deducting in this part of the question. I got £8000 for my answer for this part.
The contingent liability I used when calculating the value of subsidiary net assets at acquisition, ie a fair value adjustment just as you would if plant etc had increased in value from what was stated in subsidiary’s balance sheet. Except because its a liability you deduct it instead of adding.Pass rates are in a press release on ACCA website, see link: https://www.accaglobal.com/en/discover/news/2012/08/june-2012.html
42% for F5 (up from 38% last time)