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59% Thanks to Open tuition. I am now finished the ACCA! Never thought I would see this time. Congrats to everyone who passed and to those who missed out this time your day will come.
Answered an extra question by mistake and passed 1st time with 55%. now finished ACCA 🙂
I have P level completed and I am a finalist. It has all my exam variants as pass and a certificate number. Please god let this be true as it will mean I am an affiliate. Literally just will make the next 2 days more pressured as I think I have passed
I have access to the link now and see all my details there. Please god let this be a good thing!
@sharon1234 said:
I am waiting for my final exam P4 result, is there anyone could enter into the Exam Entry, while selecting March/June 2017 exam, showing ‘No exams for the session’?I got this as well. Also, I tried the link theory and I get an error page. not sure what this means but hopefully for us finalists its a good thing.
best of luck everyone!
@kevikraze said:
What the heck was part 1 b wanting? It was about the new rules for SMEs and to tell management about them. I found it frustrating as what limited knowledge I had of this the question already told you. 0/8 for me here.What was the trick on the product sale bit in question 1)? As simple as take off the 6m already included in revene and replace with the discounted price Revenue for the 13m units, and then take off the money lost for thr defective goods?
Did anyone get a gain on disposal of subsidiary of 13M? So I said it was a gain the group of 13m and a loss to the now associate of 13m. Didn’t know what to do here but so I took the 14M that it said had already been included away and replaced with the 13M for group revene and then included the 13m as a loss in the now in the now associate company who got 60% of the loss and then 40% of the loss came back to the group.
Was lucky for checking examiner articles on Ifrs 13 given half a chan was the only bit of exam I felt I knew the right answer for.
Kevin dont take my word on any of these as I just realised I did every question and was wondering why my timing so so wrong. I hope they take pity on me here 🙁
Part 1B was about Pensions and employee benefits so I just described the various Pensions and then gave a bit of FS treatment around this. I got about 6 points down max on this.
The product sales I did the same as yourself and got something like 6.8 million revenue and .2 of the discount going to cost of sales.
I misread the investment but and treated it as a normal property and jsut depreciated and sent the revaluation gain to the SPLOCI.
the disposal I did the exact same thing. I got 57 as the Transfer in less the conderation price and got 13.
Did anyone get a loss on the disposal in the income statement? of around 13mill?
agree the income statement I have no idea. I misread the investment property question and just treated under IAS 16 🙁 Sarah, I could be wrong about the funtional currency but I they are consolidation they would be dollar but I am pretty certain it is euro.
@kakahh said:
Question two is fairly easy
a functional currency similar to one of the past paper
s – dollars
Major – yen
Minor – dollarsB intangible assets
Impairment to 500000 and amortise over the remaining termc related party disclosure
Question 3 is tough for me
Part a IFRS13 level one input should be used
Part b and c don’t have enough time and can’t think of anything thoughCorrect me if I am wrong and I do not want to panic you but see below :
The functional currency for Minor was Euro as they sold to the competitive market in Euro. this is the main criteria of 21. they only bought goods in dollars from the parent but converted to euro in Portugal.
Also, ther was no Active market in the scenario so we can not use level1. We have to use Level 2 as they were all listed companies. The definition they had for an inactive market was wrong as well.
Question 4 was tricky as I kept mixing up the fair value measurement criteria and also the financial instruments buckets!
Lets forget it now we are done
It does give some clarity not a lot of the point above are mentioned for example costs and resources.
My concern is that my points are leaning more towards prior acceptance of an audit whilst it says in the scenario that “our firm has been appointed auditors of……”. Will these still be sufficient.
Thanks Mike! Would you know what the definition of the unmodified unmodified opinion is? I am a bit confused by this
Thank you! One other question 🙂
If an internal intangible asset is recognised on the balance sheet this is in violation of IAS 38. What is the offsetting side to the journal which would derecognise the intangible?
Do we not add back the provision for bad debt becasue it was a movement throughout the year? Also didnt the OCE not have to factor in some depreciation for the operating leases?
Thought is was an okay question but time was very much against me. With regards ROCE we had to calculate it but talk about the expected value use in decision making right? Also, in the EVA question what did everyone do to the ROCE. Did you add the operation deprecation into it?
Please God let me get 50!
What do you mean by “perfect” performance model? There is no such thing as a perfect model as all the above models relate to different things. ie: Performance Pyramid can not be used in the service industry as it is an operational model. Likewise the building blocks model can only be used in the service industry as this measures non financial information.
I said it was strategic design because Fred had designed the original strategy to have fun and the strategy was to play with kids and receive feed back from them. I argued it was not strategic by idea because all the managers were not happy with the current strategy and therefore their input was not valued by Fred.
In 2014
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p5/exampapers/P5_2014_Dec_q.pdf
the production costs was not added back to the calculation. after pasting the link to the solution I realised that credit was giving if it was included but why would anyone leave it out?
Could it be assumed that it was capitalised and therefore excluded?