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@beatab said:
I’m glad I’m not the only one who thinks the part B was a disaster. The two exchange rates Q -there was something similar in communism systems- government rate and ‘black market currency rate’- maybe that’s what they meant 😉
The vehicles for lease- I thought about IAS2 but never mentioned it… The business models question-very weird and highly marked. Also part c in question 1 was hard and for 9 marks -something about accounting policies…
Level 2 for the investing property. Didnt have time to come back to question about revenue. The gearing in Q3 was 30% before and 33% after…Forgot about depreciation though…
Overall- very disappointed!
Do you think they want people fail and let them sit the new P2 in September… And fail again then?
This was my second attempt for P2, this time I have put in a lot hours into studying but I feel so disappointed and discouraged now. The exams don’t really test your knowledge or ability to logical thinking anymore. They are just tricky, testing small details and putting people off… Maybe that is the aim…In 1 Questions (c) – I think you should have written about IAS 8. I wrote that as the company was LISTED, IFRS for SME was not applicable, which states that NCI should me measured at proportionate share of net FV ONLY. This means that the company could have measurement ar fair value, however once you choose the accounting policy you cannot change it, unless IFRS requires so or it enhances fairness of FSs. As the company was listed and market was open for prices and valuing at reliable Fair Value, the company could have taken full measurement accounting policy, but the directors mentioned that they wanted this change it in order to maximize shareholders’ wealth, which is not justified. It might mislead the users’ of FSs. Moreover there might be some covenants under profitability ratios and directors want to manipulate with the figures which will address the ethical issues of ACCA Code of Ethics.