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Yeah accountants and auditors are journalists abd regularly writing CSR press releases in listed companies (lol)
Yeah backtesting is a key feature of auditing management acc. estimates. This will need to get you credits! Cheers.
Beside of price index, tax rates and dividend policy and feasibility docs there is not much of “hard evidence” for the assumptions done than an independent point estimate.
This exam was, compared to the mock exams, straight forward. There were some bits and pieces which required connected thinking (such as A.P on revenue vs average memberships, related party transaction on shareholder loan, interpretation of how to treat a de facto zero bond into borrowing cost (. I.e substance over form) and then the inherent risk of the whole new it systems on transaction (which might explain why revenue dont correlate with members beside the inherent risk of fraud in revenue recognition)
and then whoever was skipping government grant in his preparation had a big surprise in that Q1. So it’s really important to revise the IFRS thouroughly.
Timing is as always key. Not sure how I will write tomorrow for 4 bloody hours when my hand is messed up only after 3 hours ? . Good luck to everyone
Worked well, thanks to the Tutor and his effort putted into the very helpful lessons and lecture notes.
Thanks to OpenTuition.com I passed on first attempt. Video Lessons and Lecture Notes were enough material to be prepared for this horror exam.
Found some MCQ’s also a bit tricky “egg shell skull rule” wasn’t named that kind in my BPP book. And for the other confusing question I took also both principal and agent regarding the estoppel question.
The last Section B question was a bit like: Hmm is she really in a professional function and capable to assess the value of the stolen Information…is her son working for that Company or not?….I wrote it’s not inside dealing but theft. Maybe you can tell me your “considerations”.
And by the way alloted shares doesn’t mean paid in capital so I took 50’000 GBP as minimum requirement for the plc (given the fact that the question was only 1 mark worth 🙂 ). But I am pretty sure they meant it the other way round.
Does anyone know how long the review takes time for this particular paper?