[sulmaan]

Q 2 and 3 were okay.. Section A 1 i and ii were confusing, not enough data to benchmark.. What are we suppose to benchmark? A had more collections than VMS? B had recycled more waste than A? I just didn’t get it

[sulmaan]

The exam was just OK.

Question 1 – Was ok but 1a no idea.. revise a budget that is already revised and simple enough?? Even my grandma would understand it, did he just want us to copy and paste it onto the answer sheet

Question 2 – what has the examiner been drinking, what a shambolic question but I gave it ago. Probably got around 10 marks.

Question 3 – What on earth was this, only he knows the answers

Question 4 – waffled i think i wrote 4 pages

[sulmaan]

You have to deduct 9360 tax on cash flow

[sulmaan]

I finished all questions, wrote 17 pages and still had 6 minutes to spare.

[sulmaan]

A complete joke of a paper!

[sulmaan]

My EVA was 67 so I guess I lost some marks there!!

But overall, it was a decent paper.

[sulmaan]

How did you guys do?

[sulmaan]

P2 is a beast of a paper and by far the toughest of the lot.

[sulmaan]

Passed with 50. It was my first attempt and couldn’t believe it. Thought I was still dreaming as I checked the result in bed this morning.

Now time to get outta here and jump onto the forum for the next exam!

Bye!

[sulmaan]

@manosmanos said:
There are more than 30 examinable IFRS in P2 and he chose company reconstruction and operating segments??? God!!!

And provisions! Came up in Q2

[sulmaan]

I attempted Q2 Reconstructions because I had some knowledge on it because I went through the December 2004 question on reconstructions on Saturday morning which proved quite helpful. Q3 looked horrible! I mean football???? Has Graham Holt gone mad?

[sulmaan]

I studied hard for this paper. Hoping for a pass.

[sulmaan]

Debit Income Statement.

Unrecognised Actuarial gain and losses will be included in OCI when the Corridor method is scrapped.

[sulmaan]

@ansuboni said:
what is the possibility for the foreign subsidiary to come up in the dec 2011 ????

You mean foreign currency translation? Well seen as though it came up in June 2011 as a 35 mark question, it would be really silly for it to come up again as a full question, however you might be asked to make some adjustments to the SFP/SOCI/CFS in relation to the additional info which will probably be around 3-4 marks, e.g account for the changes in fair value of an overseas property.

[sulmaan]

You should have purchased this book well before.

You can buy a BPP exam kit E-BOOK from the BPP website.

[sulmaan]

You can’t predict Section B of the exam. Simple as that.

[sulmaan]

@salmanahmedkhi said:
IAS 17 main bhi tu current development hain

Yes that is Leases.

[sulmaan]

@peekaboa said:
Dear Sulmaan,

Do you know where to get useful notes on these area?

BPP/Kaplan books, IASPLUS website.

[sulmaan]

@peekaboa said:
Dear Sulmaan,

Thanks but FV measurement on what?

Management commentary is?

Management commentary is a narrative report that provides a context within which to interpret the financial position, financial performance and cash flows of an entity. It also provides management with an opportunity to explain its objectives and its strategies for achieving those objectives.

In terms of FV measurement, you should be able to discuss Fair Value v Historic cost and the advantages/disadvantages of each method and also any current developments in this area.

[sulmaan]

oh and fair value measurement could come up

[sulmaan]

I’m sure they will be coming out soon!

[sulmaan]

IFRS for SME’s
Managing the change to IFRS
Employee benefits (Corridor method to be scrapped)
Accounting for Leases (problems and exposure draft)
Revenue Recognition (IASB + FASB working on a new standard)
Complexity in Financial Instruments
Management Commentary

[sulmaan]

bpp is the most comprehensive book for p2 however it does waffle quite a bit unlike kaplan which is to the point but then again lacks information and can become confusing

[sulmaan]

well it ain’t going to come up in dec 2011

[Author]

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