[vjsharksn]

Seriously man! the exam was tricky….

[vjsharksn]

This was my second attempt :'(
and I just want to pass….. Damn…. :'(….
I always work so hard for the papers… but….

[vjsharksn]

Even I scrwed it…
but they gave you Ke of That company and other factors were present such as risk free rate… a bit of calculation that was

[vjsharksn]

HI laura…
in a bit of rush… as p7 is damn time consuming… i didnt even thought of Subsequent event….
All i did for trade debts was that it is material… it should be written-off as per IFRS-9 and – and audit report impact….
and for other information… auditor is not responsible for the other information. and should include the matter in other matter para, or may consider to withhold the report or withdraw from the engagement

[vjsharksn]

OMG Q5. was subsequent event????? i didn’t noticed that :O

[vjsharksn]

My overall paper was good 🙂

[vjsharksn]

Hi guys,

In Q1- my efficiency was very slow :(….
I wrote the following matters.

Impairment – IAS36
Trade debts – due to economic recession
IAS 38- 0 cash available
Understated cost – Cost of sales , risk of understatement as well as for Operating cost
Revaluation/’Fair value- Always assessed as high risk area by the auditors, time duration of expert engaged, and PPE was
increased by like 10% something whereas Revaluation reserves were increased by 25%.
IAS-17 – classification of finance lease!

[vjsharksn]

@halbesri
me too, exam was easy but time management is a big problem for me, but still i have a hope. 🙂

[vjsharksn]

Q4. i did not have much time!!!!!
so i just wrote 1 page outlining main points of provision of contingent liabilities!!!!
and for (b) i just outlined the proposed changes by E.D that was use of expected value, Obligation for service related that was to include profit margin and onerous contrrac will be accounted for as current ias 37……
missed the last easy 7 marks!!! hope to PASS

any suggestions pleaseee????

[vjsharksn]

wooaaaa!!!! what i did was,
1. i left 2.(b)
* Q3. Islamic dinance confused with musharka :(!!! 5 marks wore incorrect :'(
*Q4 bcoz i time pressure i didnt saw the tax rate xD so i assumed it 30% clearly writting my assumption and then calculated WACC xD and that divident valuation was incomplete!!!! so i guess 20 marks gone hanged xD

Remaining marks!!!!! battle to PASS!
Will pass INSHA ALLAH

[vjsharksn]

can any one plz tell me that Q.1 employment income? did he left the employment? i mean? did i made a mistake in reading question properly??? i thought he was employed through out the year so i took whole year salary!

[vjsharksn]

@vipulv!!!
you will probably pass!!!! marks are allocated to mistakes and they just dont consume whole of your marks! relax

[vjsharksn]

hey vipulv!!!
what examiners expects is your working and that u have proper knowledge and not all that exact answers!!! yes answers have marks allocated to them!!! i.e, 2- 3 marks may be? but what main thing is tht u have clear understanding and that u are able to pick and make assumptions properly where possible! 🙂

[vjsharksn]

hey vipulv!!!
what examiners expects is your working and that u have proper knowledge and not all that exact answers!!! yes answers have marks allocated to them!!! i.e, 2- 3 marks may be? but what main thing is tht u have clear understanding and that u are able to pick and make assumptions properly where possible! 🙂

[vjsharksn]

hey vipulv!!!
what examiners expects is your working and that u have proper knowledge and not all that exact answers!!! yes answers have marks allocated to them!!! i.e, 2- 3 marks may be? but what main thing is tht u have clear understanding and that u are able to pick and make assumptions properly where possible! 🙂

[vjsharksn]

for the flat rate i showed him both way working!!!!
with normal vat!!! 1. OUTPUT And INPUT VAT
2. not registering to VAT, making your input vat irrecoverable
and
3. Using flat rate!!! FLAT rate was benefial if compared by both 🙂

[vjsharksn]

@i-acca
NIL BAND RATE = 325000 + (325000 x 70%)

[vjsharksn]

Papers was easy! but it was time consuming as usual!
i attempted 85% + i made a stupid mistake relating to capital gains that was related to Entrepreneur Relief! i first claimed Incorpiration relief due to time pressure and then E.R!!!! correct or incorrect? if anyone can guide! now i am worried that i wasnt able to answer it completely even after i was able to answer 100%…. P2 will be lengthy!!!! need to make FAST STRATEGY!!!! and will do it INSHA ALLAH

[vjsharksn]

Q2. Was so trick… I did 20000 thousand fitting to be bought from… These two words autonomy and high priority was confusing… Hmmmm… Well there are always marks 4 the working right?

[vjsharksn]

i asnwered 48 marks i got 47 :S

[vjsharksn]

43 :(!!!! f8 well! have to work hard for the DEC attempt! ALLAH will help INSHA ALLAH

[vjsharksn]

What was Q3. auditor’s Response to audit risk at planning stage!!!!!!?????
I wrote about the impact that risk will have, the suggestion an auditor would give……. :S. for example, for irrecoverable amount,,,,……. company should reduced its credit limit!

[vjsharksn]

@willynwilson are u sure that its a correct answer??? if it is! then i am happy! 🙂

[vjsharksn]

It was not tough for me :'(! i was sick yesterday! i was in bad condition!!!!!!!
i only attempted 48 marks question!!!!! i knew the whole paper except for (90% of question 4)
:'(! i am just not feeling happy!!!!!!!!
My mind was not working properly!!!!! so it was insufficient time for me!

[vjsharksn]

@psyurmh the question was NEGLIGENCE > DUTY OF CARE ….. it is the landmark case “DONOGHE V STEVENSON” in which High court stated that every person owes duty of care to another person whome he has no contractual relationship, court also refined some subsequent ruling on some principle.

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