[seth1]

Passed with 52% and now an affiliate!!! I cannot really believe it!
To all felling regret and pain: I managed to do that in my 1st sitting , with just a couple of days study,with full time job and without any kind of guidance, lectures etc.
I am not an exceptional student as others in here achieving some crazy 70+ marks and I consider myself just an average student.
Also, my statement is further enhanced as I had sit F8 about 5-6 times in the past….
So,how I did it?
I just finally comprehensed, realized and deeply in my heart understood that in the end ACCA is all about EXAM TECHNIQUE!!!! I know everyone say that, but only a few can REALLY understand and apply it. (this only applies to theoretical papers however).
All I did was to do a couple of past papers and extract some key elements from past papers official answers. I don’t understand why bother with third parties papers which are answered by tutors who are just not the examiner..!!
I wrote 110% of the paper and despite my undoubtedly many comments unmarked, I managed to gather the magic pass marks…
So , I feel that all non genious 70%+ candidates should apply this approach in da future!

[seth1]

Really?
Well my friend it is the first time I am hearing that. And I have read many many threads in here.
Every report I have ever seen in my life,however, has the references at the end.
Anyway, I copied reference list and bibliography in a separate doc just to be covered.

[seth1]

Hi guys
I uploaded my project but there was an area named References. But my references, as and everyone’s else I supose, are at the end of the word RAP.
So, I just made another Word document and copied there only the reference list.

Suggestions??

[seth1]

@trephena,
I know this is not the correct topic but I have an extremely urgent question only you could answer.

Information pack suggests to use Harvard referencing system,but the examples inside the pack pg 60 have brackets for the year and authors are not in capital letters!!!
Well this is CLEARLY APA STYLE!
what should we do??

[seth1]

Hi guys,
I currently am eligible to do the RAP but I am waiting for the results of the last paper which was taken on december 2013. THus, if I will pass it I will become an affiliate. Will I still be able to submit the RAP on April 2014??
Also, I would like a sample RAP (whatever topic, I just want to figure out references and general approach) for a guideline, at alstathis@gmail.com

[seth1]

I would also like a sample please, although I will choose a different topic. Just to help me out with references and general approach guidelines… alstathis@gmail.com

[seth1]

<cite> @sherri said:</cite>
In order to perform substantive tests and tests of control (which are the main two types of tests the auditor will carry out depending on the strength of the client’s control system), auditors can use a variety of techniques/procedures. Go back to your notes. These are the AEIOU, as you know. That is Analytical procedures, Enquiry, Inspection of docs, Observation and Recomputation. Read ISA 500 Audit evidence. Sorry, but you are wrong.

its ok. I probably lost 5 marks out of this as my tests for PPE were standrad ones (such as depr recalc etc) .

[seth1]

<cite>@sunilthetutor said:</cite>
I have read the recent posts regarding the level of feeling many of you have regarding the time pressure on this paper. I stand by assessment but also totally respect your views. You were in the room and I only sat the exam in my study – totally different type of pressure.

I can say as an experienced member of the marking team that I have conveyed the thoughts of my student population (which are similar to your views) through the relevant channels regarding the time pressure issue. I believe that all markers in any paper will feed their views back to their respective examiner. This is the correct protocol.

THANK YOU VERY MUCH FOR DOING SO! THE MARKING SHOULD BE FAVOURABLE
.

[seth1]

Hi all.
Regarding the types of procedures, I remind all that the question was asking TYPES of procedures to gain audit evidence, and not TYPES of SUBSTANTIVES procedures to use PROVE OR AUIOU. So, my approach was to write
controls test
substantive test
representation letters
third parties confirmation
evidence from legal authorities

as I felt these were different TYPES of acquiring evidence

[seth1]

None of us will be in September. I believe that! Becasue in deifferent case there will be a 10% pass rate which is impossible cause ACCA must retain the 1/3 pass proportion

[seth1]

I just read the respective comments on the December 2012 exams. People there analyze questions without any frustration and disappointment.

I consider the feedback receiving from all of you a real gift because I now know that I am not alone in this fight!!!
I felt stupid after the exams but now I know most faced same issues!
I no longer feel bad for attempting about 86% as this is general.

Therefore I strongly suggest to all of all to be confident as the marking will be proportional to the overall performance!
I feel that marking must depict this, or else we are gonna witness a 10% pass rate which (obviously) cannot happen.

best luck (M&? aws definately the right way for Ke degeraing)

[seth1]

cardine: mmm I found another correction for you:

to find impairment you compare CV to NBV= Net Assets + goodwill
that is: Bower CV 1174 – 251=1174 => no impairment
NBV 968+190=1158

Heeny CV 604-231 = 373 => impairment 50
NBV 400+23=423

you seem to include liabilities in NBV calculation which is not the formula. I konw it ‘as I did a past paper with goodwill impairment a few days ago…

[seth1]

I just downloaded the question paper and re did vertical group! could not resist it!! 🙂
Soooooo, goodwill is 190 for B and 23 for H i can verify it. I did it correctly and I am 99% sure that these are the numbers!!! best luck to all

Impairment: I am almost quite certain that only H is impaired and this is the adjusting entry (which I sadly did’t do……. it was quite tricky given the time pressure……..):

DR NCI (44%) 28
DR RE (56%) 22
CR goodwill 23
CR intangibles 27 (?)

[? is a greek letter by the way!!! looooll (obviously I am greek) ]

Congrats to those of you who did it right……. cause I didn’t 🙁
I am not worried though… the impairment of the sub sub goodwil cannot worth more than 4 marks so its ok..

Associate:

I just did this journal, I don’t know if it is correct:

DR other equity 2
DR Investment in assiciate 7 (?)
CR RE 9 (30*30%)

Capitilised expenses:

I only derecognised prototype cost of 4 :

DR I/S (RE) 4
CR intangibles 4

I messed up in the last one….

overall a very passable paper I suppose….
best luck to all
Seth

[seth1]

no prob benitez.
Something else came on my mind now: in the last note of consolidation (Q1) we just had to de recognise PPE, Inventory and CL as given, or also run an impairment by taking as Recov amount the cash expected to receive (or already received I dont remember..)??????

I hope we will all pass. Indeed it was a relatively easy and straightforward paper compared to previous sittings

[seth1]

impairment tests are intended to test!! if REc value < NBV , u never impair anything

[seth1]

guysss!! impairment of 50 for the sub sub was indeed the case IF liabilities were deducted from Recov. Value.
This means that all of you have correctly calculated goodwill at the first place since NBV= Net assets (year end) + goodwill !!!
But, the thing is that in this case, impairment of 50 is greater that actual goodwill which cannot be true at any case.

Also, Recoverable value= higher of NRV (NSP) and Value in use. Where does the standard say that liabilities must be excluded from the calculation of Recoverable value?? I think this was just to cinfuse us.

This is why I didn;t impair either of the subs……………………

Greeting to all (is my first post on this site)

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