[thatgirl]

@omz86 said:
I see so we were only meant to equity account for the 30%?

In part A ii) yes. In part B – acquisition acc for 48% of share (controlled entity hence a subsidiary). Step acquisition as someone mentioned here before.

[thatgirl]

@omz86 said:
Yeah
part A (i) asked why was it accounted for as an associate and not a sub/control or something

and

(ii) was to equity account for the extra 18% (30% to 48%) it since it was correctly accounted for as an associate. My mind went blank on this one. Did we have to calculate investment in associate and if yes what was the working?

Part B (i)(ii)
If i remeber correclty was assume control has taken place calculate the goodwill, net assets and explain why they have control (share options, key management personnel, majority shareholding etc)

In part A ii) yes you are right this part was confusing but if you looked at the date in this question they asked position on 31.03.20×6 whereas in the scenario text they mentioned that additional 18% was bought on 01.04.20×6! Therefore this question was to account using equity accounting.

I was also confused so I had to reread and look at the dates more attentively

[thatgirl]

@thatgirl said:
I think the more you say the better (unless you are overspending time on the question) I mentioned front running as well as integrity

I also said that selling shares not only breach of ethical principles but also an illegal activity

[thatgirl]

@xanpech said:
In the ethics question I started mentioning insider dealing but thinking about it I’m not sure it even qualified as that and I prob should have just looked at it in terms of acca code of ethics

I think the more you say the better (unless you are overspending time on the question) I mentioned front running as well as integrity

[thatgirl]

@f6ali said:
Beyond disaster!

Honestly speaking, this was NOT a 3 hour 15 min exam. It was at least a 4 hour exam.
You need time to first look into the scenario, which was next level complex today, then try to understand what the requirement is and then plan and start writing your answer. The scenarios alone were so damn complex that it took hours to just understand them, how the heck could one fully attempt the exam?

I don’t think most candidates could attempt full exam. How many of you were lucky enough to do so?

Yeah true, i spent an hour on Q1 but defo didn’t get 30 out of 30! Maybe 10?
I did attempt all questions but if I didn’t know the answer as all(for example with GAAP) I just skipped it and came back in the end to write a non sense ;)))

[thatgirl]

I also got negative goodwil in Q1!
But Q1 was hard for me I spent so much time on it! I think 1 h. Then spent too much time on Q2 instead of 40 min max that I allocated to it I spent an hour because I wrote too much. My negative goodwill was -1.8m but I’m sure it is not correct, can someone tell me what their goodwill was In q1?

Q3 was a disaster to me because I didn’t have time to remember properly GAAP! I was confused with questions regarding difference in impairment between FRS2 and IAS16! Can someone tell me rules for impairment reviews in FRS2 I couldn’t even find it in my book!
Then obviously I couldn’t do the calculation for impairment in part 2 of Q3!
I was glad not the whole question was on GAAP. I managed to answer question about Joint venture.

Q4 it was a prepayment asset for a licence and then charged to profit and loss on straight line basis for 12 months.
I said it was a principal because agent usually takes a fee . Not amazing explanation to be honest I can’t remember what else I wrote to convince it was principal.
Also I forgot to calculate kpi stuff.. but I did manage to calculate goodwill, then contingent consideration discount was unwound and charged to p&l. I think it was 1.5m fin cost which increased contingent consideration liability by 1.5 m which resulted in 6.5 m of contingent consideration liability at year end

[thatgirl]

pm

Sorry I forgot to say I was answering bilalkhalifa’s question

bilalkhalifa
Participant
When answering Q2 ethics. Part b) ship depreciaton did we have address ethics part within part a)?

Q4 – did we have to calculate treatment under BOTH a) asset acquisition and b) business acquistion? Or simply state which one is relevant den apply this to calculate EPS. I got negative earnings under business combination so couldnt work out EPS?

Q4 was the revenue as an agent or principle ..although i discussed couldnt decide so went with my gut as principle

Q3 UK version there was discuss of correct to consolidate…what did others decide..i said yes….

[thatgirl]

pm

Q2 ethics part A. Situation 3. I talked about ethics as in professional behaviour – computing with relevant laws and regulations and avoid action that discredits the profession . Because clearly he was not following the standards.
And then in part B I talked specifically which standards were done incorrectly. I mentioned segment reporting since their ships were material items (not sure if correct though haha ), then said about it you use revaluation model then it should be applied to all class of assets in scope of that standard (PPE IAS 16). I also said gain and losses are charged through OCI. And disclosures should be made review of depreciation methods, etc.
Then also said that provision that was created before for overhaul was incorrect and it is an acc error. Should be corrected retrospectively. Said what provision is , that it is obligation from past events not future. Although now I am thinking did he have to have a provision for overhaul costs or not?

Q4 – I am not sure too! But I said it is business combination , and then started caccluatlions so I didn’t calculate if it was asset acquisition . sugar there was KPI and I forgot to that part, but just talked about contingent asset, then calculated goodwill, then said that direct costs are expensed.. Showed transactions

Q4 haha not principle ! principal

Q3 it was a joint venture , yes in consolidation It is accounting in Equity accounting . there should be asset investment in joint venture and corresponding share will be included in group retained earnings.

[thatgirl]

@opeyemiogunjimi said:
Who ever wrote AA is ridiculous!
There is no way someone could actually finish all the questions within the time frame without pressure.

I had questions about control deficiencies cash collection process (the tekst were so much I had brain freeze and heavy migraine after the exam.
Had questions about:
– inventory substantive procedures
– AR substantive procedures
– alotttt of Corporate Governance questions. E.g why should auditors continuously report to corporate governance
– etc

I think I had the same variant as you did! It was hard.

Does anyone know whether extra 10 marks that are going to be excluded were in multiple choice questions? There are in total 110 marks and 10 will be excluded for quality assurance process..

I noticed there were 4 scenarios, 5 questions with 2 marks for each question = 40 marks whereas it used it be in paper exam 30 marks. Long questions stayed the same 30, 20 and 20 marks. Does it mean they will exclude 10 marks from multiple choice questions?
Will be a shame because they were quite straightforward compared to constructed questions

[thatgirl]

Kakataj,
Thanks very much! Yes I will follow your advice and make sure I practice exam kit/past papers. why did you fail P1 and P3 that are supposed to be the easiest exams from professional level? Now I’m worried 🙂 do you think it is better to take p1 and p3 in march and p2 in June or other way around ?

[thatgirl]

Tell us your marks for each exam? And if you passed them all first time?

Can you also advise if it is a big jump in difficulty of P level exams from F level? I have last F level to do (f8) before I move to P level but I am a bit worried about them. Especially if I was mostly getting my results in f level were 51, 57, 59 and 61 – will it be similar in P level if I continue studying putting the same amount of time? Or do marks tend to go lower once you start sitting P level exam if you spend the same amount of time.

Did you feel like you had to study more for P level exams than for F level?

If anyone knows, can then answer as well please !

[thatgirl]

Yes I also found that on future.accaglobal.com all P level papers from September 2018 will section B with 2 compulsory questions , so no optional to choose from ! I was so disappointed because I’m not gonna make it on time to finish all P level papers before September 2018.
I decided now that I will try as best as I can to clear P2, and P1+P3 in March and June.
Could anyone advise if it is better to take P2 in March first and then P1+P3 in June? The problem with this is that if I Fail One P1 or P3 – would mean I Failed both as I would have to retake it as One combined exam in September. But I heard P1 and P3 are easy.. that’s why I thought better to clear P2 first as it is the most difficult paper in ACCA I think..

Can anyone suggest please

[thatgirl]

I think you need to take it again before September 2018. Because you are very close to passing. I think you need to work more on your exam technique rather knowledge as someone here suggested.

You didn’t answer if you are running out of time on exam and whether you manage to answer all questions? because if you are not , then you are already losing those marks.

I am not sure why I am suggesting something – as I haven’t taken these exams yet but going to in March 2018

[thatgirl]

hi Alages,

I think it depends if you work full time or study and if you have kids. I would say from my point of view and given my circumstances:
I work full time and I don’t have kids. I need 2 weeks off before exams to prepare for 2 exams and 1 week off to prepare for 1.
For the past 3 sittings I was taking March – 2 exams(F5 and F9), June -1 (F7) , Sept -1 (F6).

All exams taken so far had a poor preparation strategy (I did F6 in September with 1 week preparation in total as I was busy the whole summer, for example). But I wouldn’t recommend it to anyone. I am just quite disorganised person and plus I don’t aim high marks. So always get around 57-61.

I am going to take F8 this December with 5 days off just before exam.
This time I am going to study every day for 1 hour and have a revision of 5 full days just before the exam.

I was going to take P2 or P1+P3 in March 2018 as I know the structure of both with change in September 2018. However I don’t know from which to start.

To summarise, if you just study and/or have no kids and have about 2 weeks off before exams – take 2 exams P2 and P3. If you work full time or have kids to look after or if you are not given at least 2 weeks off before the exams – take only 1. That’s what I would do. I wouldn’t take P2 and P3 together unless you already passed P1. Because P2 would be a real struggle for me as F7 was so I will make sure I will take 2 weeks off for this exam alone.

Hope it helps.

[thatgirl]

And also by my calculations I thought I wouldn’t even get 50 so I was surprised I got 61

[thatgirl]

However I would say I didn’t practice a lot.. I just took one example for each mini topic and wrote it down in my notes. obviously understanding is the key and ability to do other examples and apply that knowledge to a different scenario. The most difficult thing for me was trying to remember how each operation affects financial statements (could be in SOFP, SOPL and etc )

[thatgirl]

I got 61% with first attempt! It was a tough subject but I think quite an easy paper this time so I’m glad I took it!

[thatgirl]

Agapechiboka,
Why take P4 if F9 was a struggle? Why not P5 instead?

In my case I thought I will get higher mark at F5 than F9 but ended up getting higher at F9 than F5. So strange. Keep thinking that F5 was easier though. Now I don’t know whether to take P4 or P5 as elective..

[thatgirl]

Passed with 57 on first attempt ! Thank God !

[thatgirl]

I passed with 51! Thank God!

[thatgirl]

Khaikasu71,
Yeah true, everyone has different approach to study.

I also agree with you guys – next time I will take only 1 exam!

Rohvj,
How was f7? People say it is the most difficult exam on Skills level.

[thatgirl]

I must say that only lectures from here didn’t help me when I tried to do Exam Kit.. so few days before exam I started reading the book…. this is my first every attempt of ACCA papers so next time I will know that I have to start with the book first..
Before I have heard you don’t need to read a book, just do the lectures here and exam kit. However this approach probably doesn’t work for me..
Next session I will be reading a book first.

[thatgirl]

Khaikasu71,
Thank you very much! Really need luck in this upcoming f9 exam!

I thought first that MCQ section B was a disaster and started panicking. Then said to myself calm down, just see how it goes, do one by one and you will get there. And then it got easier. The problem with section B is that you either get it all or nothing! Because they are interrelated and ask similar questions.

[thatgirl]

Did anyone do F9? Sorry my English gets worse when I panic haha

[thatgirl]

Fingers crossed we will all pass! !
Does anyone know if they will put this march exam paper online after results come out?

I don’t know why I’m sitting here. I must be revising for F9 for this Friday!!!! It’s more difficult than F5 I think. I just hope that exam wont be difficult. Does anyone did F9? Is it hard?

[Author]

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