FR*** ACCA F7 June 2017 Exam was.. Instant Poll and comments ***

For Me, Exam was Okay Section A was piece of cake Section B was a bit tricky And Section C Oh boy! Never seen anything like it before

I found Section C Q32 with the P&L, SOCIE & Cash Flows a little too simple - like I've missed loads of things out? All the practice questions/examples I have seen have been a lot more complex with more/trickier adjustments. Seems too good to be true!

I agree Kerri, I hate it when things are too simple. It usually means I've misread the question!!

@kerrimcm1 said: I found Section C Q32 with the P&L, SOCIE & Cash Flows a little too simple - like I've missed loads of things out? All the practice questions/examples I have seen have been a lot more complex with more/trickier adjustments. Seems too good to be true!

Did you get a negative profit? excluding other income?

I think exam was probably hard for everyone. Section B and C Ratios were ok. Anyone got loss in Section C question 32(single entity)?

I got 200 profit on disposal for subsidiary. I highly doubt I got the right answer

I had a profit of 300 for Q32 and then OCI of circa 3200 But feel like I have missed things as it seemed too simple !!

I'm really not sure how I felt about this. Section A was alright, so was B but I am not sure about C at all. First part of Q31 (4 marks) was not nice for me personally but really hoping I managed to claw some marks back through the second and third part. I found Q32 ok but there was a few things I may have classified incorrectly. Hoping for at least half!

@tmavfc93 said: I'm really not sure how I felt about this. Section A was alright, so was B but I am not sure about C at all. First part of Q31 (4 marks) was not nice for me personally but really hoping I managed to claw some marks back through the second and third part. I found Q32 ok but there was a few things I may have classified incorrectly. Hoping for at least half!

For Q32, what items did you include on the cash flow extracts?

I didn't do that part as it was only 3 marks and there were a few MCQs I wasn't 100% sure about first time so I went back to those instead. My timing still needs to be better!

The paper was fair but the revenue question 1 200/0.20 = 6000 - 4000 = 2000 profit x % completion was wack!

added to ytd expenses less $1m invoicing to get Asset..

Diluted earnings per share was 0.46

I did operating activities - add back depreciation and remove gain Financing activities - added loan notes and removed removed issue costs and something else - can't remember as all a bit of a blur now lol

So glad it was the only EPS question LOL!

No long question on Consolidations.. spent so much time on it and Associates

F7 concepts are not difficult.. the challenges are: the syllabus is very wide + limited time in exam ...

Anyone remember what they put down for their mcq's answers ?

Main issue was with Section C Q31Ratio. You had to remove 3month of subsidiaries result from the consolidated profit and loss for the year 20X4 right?

Enhancing characteristic: comparability ?

1. The change is required by IFRS OR 2. The change will result in a more appropriate presentation of events or transactions in the financial statements of an entity, providing more reliable and RELEVANT information Relevance = materiality

Section c - main complications Interest in tb on the loan notes was at the lower amount so we had to deduct it and add in the correct rate interest by multiplying by the net proceeds of the issue. Investments in tb included 200 gain which you has to split out and report under other comp income as it stated in the question but 100 related to other increments which was to be reported after operating profit. The issue costs of the loan notes were charged to admin exps which had to be recharged to finance costs I believe. The 3.5m gain on properly gave rise to excess dep'n which was to be charged to cost of sales. The net figure was to be reported in other comp income as the gain. In statement of equity excess dep'n transfer was required.

What did you guys do with the new inventory figures in Q32?

I faced timing issue, I spend lot of time in understanding questions. Sec A & B were easy. Q31 I spend some times to understand a) question.

And in Q31 how do you separate profit of the disposed subsidiary from the rest

...

The exam was hard, a few fairly straight questions but the majority of MCQs were quite tricky, no as straight forward as they seemed. C section was not easy, I really hoped that consolidation would come up! In Q31 I do not think you had to dedcuct the subs results.

I didn't split out the results of the subsidiary because it didn't say anything about the loss occurring evenly/not, nor when the goodwill was written down. I did talk about it quite a lot though and how it may have effected things, also brought in how the gearing had been lowered. For the profit/loss on disposal I worked out a profit of c800k (I think). I worked out the goodwill at acquisition, then did the value of the subsiduary at acquisition as what it cost, took off half the goodwill for the impairment, added the revaluation and took off the post acquisition loss. That came up with a figure about 800k below the £9m they got for it I think. Not entirely confident that was right but we will see.

I found the revenue part of section B the trickiest I think. I thought it went quite well at the time but as I read though these posts I start to get worried!

Paul I agree as the question asked for the p/l on disposal in the confiscated accounts. Simply look at the sale proceeds less the net assets at date of disposal and cv of goodwill. No neeed for apportionments as the sub disposed was 100% owned.