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I had a similar approach. Used building block principles and spoke in reference to the scorecard and wider objectives.
First question on KPIs was tricky as had to be linked to the current situation Fearties was faced with (i.e. global expansion and quality problems).
Thought the corporate failure question was okay and pretty straight forward. Advantages and disadvantages of the quantitative models. Gearing was interesting as Thor had high fixed costs but Freeze had the oil spill problem.
BPR question was tricky and wasn’t like the previous questions asked.
Overall, tough but fair exam. P5/APM is a funny one as you may get a completely different answer to someone else but both score highly. Fingers crossed for everyone!!
I had a similar approach. Used building block principles and spoke in reference to the scorecard and wider objectives.
First question on KPIs was tricky as had to be linked to the current situation Fearties was faced with (i.e. global expansion and quality problems). i got 4.443 or something, but yes it was in the grey area
Thought the corporate failure question was okay and pretty straight forward. Advantages and disadvantages of the quantitative models. Gearing was interesting as Thor had high fixed costs but Freeze had the oil spill problem.
BPR question was tricky and wasn’t like the previous questions asked.
Overall, tough but fair exam. P5/APM is a funny one as you may get a completely different answer to someone else but both score highly. Fingers crossed for everyone
I had a similar approach. Used building block principles and spoke in reference to the scorecard and wider objectives.
First question on KPIs was tricky as had to be linked to the current situation Fearties was faced with (i.e. global expansion and quality problems).
Thought the corporate failure question was okay and pretty straight forward. Advantages and disadvantages of the quantitative models. Gearing was interesting as Thor had high fixed costs but Freeze had the oil spill problem.
BPR question was tricky and wasn’t like the previous questions asked.
Overall, tough but fair exam. P5/APM is a funny one as you may get a completely different answer to someone else but both score highly. Fingers crossed for everyone
First time pass with 64%!! Now just P5 and then i’m finished!!
Well done to all those who passed. Looking back at the paper, the questions were technical but there were plenty of other easy marks to pick up (e.g. soft capital rationing and explanation of real options).
My advice to those who are retaking. Practice, practice and practice!!
It is easy to say what you did and didn’t do. Ultimately, it is a very subjective exam where there is no “model” answer, therefore, if you did do a SWOT analysis for Q1, good, but if you didn’t, that doesn’t matter. And that is the small principles for all the questions.
I felt the examiners were quite cheeky. In Q1, normally there would be a 15-20 mark question on PESTEL/5 forces/value chain, etc. which you can waffle about to get marks. However, the questions were very specific, which would have suited those who revised hard.
Ultimately, I think it was a tough exam for those who didn’t study that hard and but quite easy for those who did.
PASS!!! 64% first attempt!!! I felt 50-50 as to whether I passed but so pleased I got the “beast” exam out of the way. I saw a few things on social media and on forums that it was an “easy” P2 paper. Be interesting to know the overall pass mark
No ones ever going to get 100% and shouldn’t try to. I got the basics right and that’s what matters.
All due respect, deferred tax to OCI is a simple consol technique 🙂
Mind you, it would be 3 marks at the max so who cares!!!
Ive seen a few people saying the consolidation was easier than previous years. It definitely wasn’t
For example, did you retranslate the PURP in inventory at the closing exchange rate? Did you add back the inventory to net assets at year end?
Exactly, pipe down
I found the exam all right but missed up on a simple things.
Not adding the ‘profit the year in’ when calculating net assets translation
Mistaking a cash based scheme as equityHow stupid of me!!!
I ended up getting zero for TCI for the year so sounds good that some got a loss or close to that!
Only small marks so not point in getting myself down!!
It was always gonna be a hard exam and that’s why P2 is known for being the hardest exam. Well done on everyone even getting to the P2 stage
LIT LIT LIT
I passed with 72% for the first time! No more foundation/skills exams, just the final 5!!
The end is nigh!!
Well done to all those who passed and those who didn’t, take time you’ll get it!
Glad to see the back of arbitrary multiple choice questions that test your general knowledge and do not show how good you really are
Curveball question the advocacy one.
Remember it is an advocacy threat if the audit firm promotes the interests of the client.
The question stated it was the client promoting the auditors (which would be self-interest but that wasn’t an option).
Either way it was two marks and I messed up a few MCQs. As long as you felt good with the 18 and 14 markers you’ll be fine.
And yes it was material. It was above the revenue threshold of 0.5-1% and and above the assets threshold.
Either way, they are never ask that question if the report stays unmodified, that would be the easiest answer in the world (I.e. subsequent event is not material, leave everything as it is)
ACCA want to test us!! So get in their heads!!
Horrible paper and questions compared to previous years’ papers.
Paper verged towards a lot of procedure based questions and technical knowledge, and didn’t at all mention corporate governance or audit frameworks (such as strategy, etc.)
Risk assessment – hard to find 7 risks in there but I managed it.
Q16 – the 18 marker was simple, lots of deficiencies (I could find about 8-9)
Overall, I found the paper okay but a lot of curveballs. Hope I passed it because audit is incredibly boring.
I am sorry if I have offended anyone but if you put the work in you pass, it’s pretty black and white.
Passed with 67% and still haven’t failed an ACCA exam! (I’ve completed 8 now)
I’ll be honest with people, how do you fail these exams, they’re not particularly hard if you put the work in?
If you’re doing an exam every 3 months simply do this:
1nd month = study
2nd month = revise what you have studied
2-3 weeks from exam = past papersIf I was failing the same exam multiple times i would seriously ask myself whether i can cut it as an ACCA affiliate and a real life finance professional
Tough exam compared to previous papers I feel. Clever with the section C question about trading profits for a property company (distorted the idea of capitalisation).
MCQs were fair I thought but difficult VAT questions in section B.
Also felt the paper wasn’t very clear – e.g. working out Hamish and Ivy’s NRB: there is nothing to say about an NRB transfer. Also the car reclaim in the VAT question – it is not clear as to whether it was subject to any private use.
For those who remember all their MCQs options – surely you’re more focussed on getting them right than remembering them to query them on this forum!?