[Thien]

Could you explain the reasons for your answers in the significant financing components? Honestly, I cannot remember all the detail of that part now.

[Thien]

Q1:
– Explain why exchange difference arises; Calculate the exchange difference; Explain the accounting treatment related to the exchange difference (10 marks) (I remember the PP currency is keeping weakened to Dollar so there will be exchange difference loss)

– Financial asset to Associate (10 marks) (I remember my calculation for the Investment in associate in 31/12/20×7 is 1,240,500)

– Warranty and SOFP adjustment (there is only the equity section given which makes me very confused, and I have to make any calculation and adjustment that I can think of lol)

Q2:
– IFRS 18 aggregation principle (goodwill impairment loss must be presented separately and not included in admin expense) (12 marks)

– I remember it asked about why this is an operating lease and the lessor accounting (still recognize the underlying asset) (8 marks)

Q3:
– Financial asset (Investment in loan notes) (11 marks) (I think the business model is FVOCI because it said the cash flow is for short and medium term investment, and the contractual term of the loan note is longer than the investment period, then in the end the loan note is sold -> both collecting contractual cash flows and selling financial assets -> FVOCI; When disposal, gain on disposal go to P/L and because it is a debt instrument, cumulative OCI will be reclassified to P/L)

– Business acquisition or asset acquisition (8 marks) (related to concentration test) (I think it is a business acquisition because concentration test is not met, there is also an input and substantive process to create output)

– Fair value adjustment of a block from residential use to hotel use (6 marks). The block is applied fair value model. (It is a non-financial asset so fair value is based on highest and best use)

Q4:
– Criteria for revenue to be recognized at a point in time or over time (5 marks) (I remember 2 of the 3 criteria are met so revenue should be recognized over time)

– Significant financing components in transaction price (6 marks) (I think Contract 1 has significant financing components while Contract 2 has a contract liability)

– IFRS S1, S2 about greenhouse gases emission metrics and targets (14 marks)

Overall, I regret not taking the IFRS 18, S1, S2 articles more seriously. I made some relevant points in the test but if I had written it more techincally, that would secure a pass. Now just hope for the best and the examiner will be easy on marking.

[Thien]

Q1:
– Calculation (5 marks)
– Performance reporting (14 marks)
– Balanced scorecard (15 marks)
– “What gets measured, gets done” (6 marks)

Q2: VBM-related
– How VBM is useful to the company (5 marks)
– Changes required in the existing performance system to implement VBM (10 marks)
– EVA calculation (5 marks)

I got a negative EVA of -220,500. Does anyone have the same results?

Q3:
– Data visualization and its 4 advantages (10 marks)
– Reward (Clear, Motivational, Controllable) (10 marks)

[Thien]

Passed at 74 ^^

[Author]

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