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Hi Sir,
I’m sorry for confusing you. This is real life example.
I just wanna to confirm with you, if a company shareholding right changed due to new share issued in subsidiary.Let’s say decreased from 80% to 70%, due to 1.2mil new shares issued. How should I calculate the 10% deemed disposal to NCI? I have to increase the 1.2mil new shares?
Hi Sir,
Thanks for your kind advice.
If the voting right affected (control still retained) by the issued of new shares in subsidiary, what is the solution here?
For example:-
A bought 60.78% of C’s share when C’s net assets were 124,183.20 (make up with Share Capital – 1.3mil and Accumulated Losses – (1.1mil), few years back. During the year, C issued 1.2mil new shares, this have caused voting right in A decrease from 60.78% to 60.40% (decreased 0.38%) when the Accumulated Losses – (1.2mil).Sir, from my understanding, the decrease of 0.38% have to share to NCI right? What amount should I use as NA to calculate the situation? Solution 1 or Solution 2 is correct?
Solution 1
NA = SC + RE
NA = 1.3mil + (1.2mil)
NA = 0.1milShare to NCI,
0.1mil x 0.38% = 0.00038 milDr SOCIE 0.00038mil
Cr NCI 0.00038milSolution 2
NA = SC + RE
NA = 2.5mil + (1.2mil)
NA = 1.3milShare to NCI,
1.3mil x 0.38% = 0.00494 milDr SOCIE 0.00494mil
Cr NCI 0.00494milHi Stephen,
Thanks for replying me.
1.Refer to the first question above, as we had been entered into agreement, which mean that there is a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event). In addition, there is probable cash outflow and the value is measure reliable. Why should not we recognize as a liability?2. Nope.
Hello Sir,
I’m here to sharing my joy with you as promised.
I has passed P7 in first attempt. It’s all your advises that make me succeed!
Thank you very much…@deejayahmed said:
4 marks = 4 points/impact on audit report
immaterial issue
no need to qualify
omp
omp positionIf I spread over the 4 issues will I be marked 0?
@deejayahmed said:
Q5) the issue was immaterial, although i did add OMP (other matters paragraph) due to the Chairman’s statement who said they’ve grow substantially but when looking at F/S there was no growth!!
Did i do right?
for 4 mark i wrote
issues immaterial
no impact on opinion
OMP
OMP after opinion paragraphI thought the 4 marks is spread to the 4 issues, wasn’t?
Sir,
I was accidentally coded wrong ISA number( it should ISA 570 but I coded as ISA510) and run out of time so I did not wrote a conclusion paragraph for my reply email, how many marks will I losing?@ahcompany said:
Thanks, yeah i too said adverse opinion due to the same reasons, but i considered its materiality in respect of it being 5 million and company having total assets of 101 million.I thought was 500,000 not 5million for the leases assets wasn’t it?
Hi,
Base on my calculation was immaterial to both profit and financial position because well below the threshold. But I concluded that it was immaterial in isolation.
If the leases should recognised as finance lease instead of operating lease, depreciation and assets will understatement and when those misstatements in aggregate might be both material and pervasive. So adverse opinion should then be express in audit report.This is how I answer but not sure whether it work or not!
What the threat you all comment on Q5b about outstanding fees? I wrote my answer as intimidation threat due to the financial director trying to influence the auditor decision in order to pay then the outstanding fees and self interest threat because auditor will trying to compromise to audit client for the outstanding fees.
Q5c only conflict of interest threat will arise? 6 marks is seen so much to discuss one threat!
How many points to write for audit risks to secure 18marks? I run out of time to wrote revaluation(IAS16) and deferred tax consequences… It’s hurt so much!
Hi Sir,
is IAS 18 Revenue has been replacing by IFRS 15 Revenue?
What is the important of IFRS 15 for the purpose of P7?Absolutely correct, there is no ones wishes to retake…
Thank you for your valuable advices.
Will be back to you if I have any further questions.Hope to bring you back a good news on the day result releasing.
Thank you sir.
Thank you sir for replied…
I’m new to P7 and Dec will be my first attempt, I trying to cover all the P7’s syllabus and planning to focus on past year paper on Nov.
There are ONLY 49days left till exam, and I have to give half of the remaining days to P6 as well.
Can you please advice me how can I pass P7 in this coming Dec’a sitting? I wish NOT to retake!I will cover all the syllabus lately by end of October if everything is going well.
Thank you for your times.
Appreciated.Thank you for replied…
I have another question here, I found that there are two article regarding forensic accounting in acca’s website, which one should I refer to?
sir thank you for replied.
POPIT model consist 4 elements not 5 as you stated right?
1. people
2. process
3. organisation
4. ITam I right? or I miss out one?
Then I am wrong, because I did not included reserves in calculating book value wacc in exam…
By the way,
Thank you sir.Appreciating for your replied!
Thank you…
If not included reserves when calculating BOOK VALUE WACC, is there wrong?
That the point!
So will I be mark wrong if I used IAS620 for Dec 2014?Thank you very much.
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f8/exampapers/uk/F8_Ans.pdf
Sir here the link for F8 Dec 2014 answer!
Hi guys,
just inform you that ACCA official answer for F8 is available at ACCA’s website now.https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f8/exampapers/uk/F8_Ans.pdf
Good Luck!
Thank you so much, its really helps me much…
I planned works in Singapore after I completed my 14 papers…
I’ll go with OBU!
Much appreciated.
