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Again, a tough one, very time intensive (3rd attempt after 49 & 35).
Q1: agreed, so many audit risk marks, with apparent emphasis on disclosure. I missed easy marks on new client, but focussed on the acquisitions/ disposals, in respect of disclosure in group and individual FS. Hope I did enough to get 50% here. Spent too much time on this bit (and how much revision ‘wasted’ on financial analysis..!).
Q2: due to time pressure I left the Lease question, seemed very technical to get the marks. For part (ii) I said the classification of profit was incorrect – should be OCI upon initial recognition of Investment Property… leaving the final 5k to be credited to P/L at year end… hope that was correct! Either way, immaterial (unless disclosure required). Part (iii) I thought was OK- incorrect to recognise any income, as no costa incurred? Should be recognised in line with expenditure? So all deferred, and potentially some element discounted, depending on additional info about timing of expenditure..?
Q3: relatively straight forward, but only had 25min for this. Gutted I left this until the end, as so many easier marks available.
I previously sat Dec 18 & Mar 19… this ‘seemed’ more straight forward… fingers crossed for results day… final exam..!
Good luck everyone!