Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** ACCA F7 December 2016 Exam was.. Instant Poll and comments ***
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- December 6, 2016 at 7:11 pm #354697
I put D for the very first question too but I agree it could be C or D.
I struggled with the CBE paper and agree it’s not fair that we had to input figures.
December 6, 2016 at 7:14 pm #354700I also got $8100 – did the question not state that deferred cons was offered per share issued (which was 3 per 5) (not share acquired) ?
December 6, 2016 at 7:15 pm #354701@cioccolatostars said:
i think def consideration was 9000 x 1.62/1.08 =13500I got the same for the def consideration, it was 1.62 for each share acquired (9000 shares) discounted at 8% for 1 year
December 6, 2016 at 7:16 pm #354702The big problem is the time and time, at least half an hour more, to be moderate.
December 6, 2016 at 7:28 pm #354705good question. but i thought it was shares acquired.
if it was shares issued, surely it would just be 3000 shares x $ price x Discount , still not 3/5 ?
December 6, 2016 at 7:30 pm #354706Can anyone remember the big consol question? was it SPLOCi or SOFP?
December 6, 2016 at 7:32 pm #354707When doing unwinding the discount you charge to finance cost which is split to 9 months and charged?
December 6, 2016 at 7:35 pm #354710December 6, 2016 at 7:37 pm #354711December 6, 2016 at 7:39 pm #354713@s4k1b said:
Thank you.I just dont remember writing out a proforma for a SOFP, so i thought i had missed a big chunk out when i moved on to the next question due to time pressure. :-s
Regardless, Im pretty sure i will be doing this one again…. again. 🙁
It was a cheeky part year acquisition as well so I think we were meant to pro rata the subs figures before consolidation
All in all a weird paper in my opinion.
Hey ho – P1 tomorrow!
December 6, 2016 at 7:41 pm #354714This was SOPL OCI was not required.
I x 9 / 12 all values for the subsidiary in P/L
I also reduced revenue by 9 months of intercomany sales ($7,200 i think?) did the same with COS and added 9 months of depreciation ($1,500) for the FVA and added PURP (cant remember how much this was)
Admin was unchanged, I added unwinding of discount x 9 /12 to finance costs.
Investment income I removed the $500 dividend and added 40% from profit on associate.
Think my profit was somethhing like $20,870 but cant remember. NCI was something like $2,600 but again cant remember.
I was not sure what to do with the inventory valuation, have a funny feeling I should have added it in P/L or maybe included it as a movement in FV when calculating the profit and ultimately the amount to NCI.
Anyone else get anything similar?December 6, 2016 at 7:46 pm #354715@citrus1986 said:
This was SOPL OCI was not required.
I x 9 / 12 all values for the subsidiary in P/L
I also reduced revenue by 9 months of intercomany sales ($7,200 i think?) did the same with COS and added 9 months of depreciation ($1,500) for the FVA and added PURP (cant remember how much this was)
Admin was unchanged, I added unwinding of discount x 9 /12 to finance costs.
Investment income I removed the $500 dividend and added 40% from profit on associate.
Think my profit was somethhing like $20,870 but cant remember. NCI was something like $2,600 but again cant remember.
I was not sure what to do with the inventory valuation, have a funny feeling I should have added it in P/L or maybe included it as a movement in FV when calculating the profit and ultimately the amount to NCI.
Anyone else get anything similar?You’re right – sorry – there was no OCI at the bottom
I did 9/12 of sub
Adjusted for PUP, FV and intercompany
Admin and finance costs unchanged (forgot to adjust for the unwinding)
Investment Income – can’t remember fully but know I took out the dividend from the sub and then was left with a balance to add on % of the associate but may have that wrong
I didn’t do anything with the inventory – I got confused and was trying to work out adjustments based on there being none left in stock and the valuation seemed a strange method for inventory
Think my profit ended up about £21,500
December 6, 2016 at 7:49 pm #354716I adjusted the subsidiary’s expenses too(admin & distrib) I added the post acq only, 9/12. For the investment income line, I didn’t put anything.
December 6, 2016 at 7:51 pm #354717I never prorated them into 9 months oh god.
December 6, 2016 at 8:00 pm #354720the dividend from the sub was $500,000 in total but as the parent only had % of the shares it needed proportioning so it was $300,000 to be removed from investment income?
December 6, 2016 at 8:00 pm #354721Unwinding the discount at 30 Sept 2016 is:
13500×8%x9/12 =810December 6, 2016 at 8:02 pm #354723@sherrydada123 said:
I never prorated them into 9 months oh god.
@sherrydada123 don’t worry – I’m sure you won’t have lost that many marks – it’s done now anyway 🙂
Do you have any more exams this week?December 6, 2016 at 8:03 pm #354724@nataliewaters said:
the dividend from the sub was $500,000 in total but as the parent only had % of the shares it needed proportioning so it was $300,000 to be removed from investment income?Yes that sounds like what I did! 🙂
December 6, 2016 at 8:13 pm #354726deferred consideration had to be muliplied by (1/1.08) the discount factor
December 6, 2016 at 8:14 pm #354727there was also dividend from associate of 200 that also needed to be removed. the investment income of subsidiary was 400 if i remember correclty that needed apportionment 9/12 ??
December 6, 2016 at 8:17 pm #354729I did that too…but did you not prorate the Subsidiary investment 9/12 too?…500-300+(400*9/12)
December 6, 2016 at 8:18 pm #354730good eye…i didnt unwind it thou
December 6, 2016 at 8:23 pm #354732@emma f6 on Thursday 😀
December 6, 2016 at 8:24 pm #354733I had a lot of Cs too
Goodwill 16500
With the investment income I had a mess – I thought 500 is already a share of dividends, plus I added 25%of associate’s profit and subs 9/12 of investment income. In total 1600.December 6, 2016 at 8:25 pm #354734I had half of the answers as C’s. Let’s just hope we have the same halves as C’s?????
@cioccolatostars said:
Am i the only one who got half the answers for the mcqs as C’s? >.> - AuthorPosts
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