FRACCA FR exam was – September 2021 Exam – Instant Poll and comments

Even I chose Goodwill and patent because they had indefinite lifes

Did anyone get questions on issue costs ??

It was good overall, but i want to ask that in sec C, i was asked to make profit and loss statement in which i did not insert negative sign i.e () or - with values like cost of sale and expenses figures, i also didn't use =sum formula to calculate gross or net profit but instead i simply did revenue cell - cost of sale cell to get my gross profit, so is that ok? I mean, I'm worried of whether examiner will approve this or not!! Please reply!

One question was about research and development costs - two statements given and neither was correct. And another question in the same B scenario question was about mandatory annual review of intangibles and yes, goodwill and licence was correct. ( as it had indefinite useful life)

I had the exact same question part c - I also had negative goodwill and the associate you put down as a single line item on the SOFP. if i can remember i think it was 40% for associate profits under the NCA part.

I got a similar question for section c: I got a positive goodwill balance. MY FV adjustment was wrong probably, I deducted the Fv from the carrying amount to get the surplus.

The paper was different for morning and noon shift. Anyone appeared for noon shift? And what ques they got so I can discuss. Also paper was easy for morning shift as I heard

Hi folks! I also got too many leases questions which was like nothing covered by Kaplan rev kits... so surprising. Also, tuition providers never did SOCIE in class and I got it in section C! (5 marks) and then another surprise was that Parent (Beech)which had acquired a mid-year subsidiary(sycamore) , was itself was target for acquisition! anyhow, overall it was a good paper, apart from the jolts and bumps mentioned.

I got this variant as well I think. I found there were other question in section B I didn't really understand what they were asking- lots of rights of use and lease stuff which is my least prepared stuff!! Sycamore was brutal as well, I have worked through most of the single entity c questions in the kaplan workbook and didn't come across one like this - had the two little cashfllow statement qs but ran out of time and then also a statement of equity of changes in C -was prepared for a consolidated financial statements question or like a big Goodwill calculation but those didn't come up, think I had maybe two questions in the whole paper about NCI. Had nothing on cash generating units or asset replacement which I actually like. Glad ratios came up in c though- might be a saving grace to push me over the line #crossingthefingersandtoes

All this was in morning shift exam right? As nothing was like in noon shift

Exactly !! Same thought .. and the worst part is I dint time apportion the sycamore while excluding..

I had the same issue, especially with the Beech Co it was so confusing. And there wasn't much to interpret for ratios because there wasn't sufficient info. Hopefully i answered it right.

Guys I messed up the Section C Sycamore question badly and now I'm panicking, and I didnt have enough time to finish the PnL, I managed to do it halfway. Am I screwed?? Im so worried now

Divyaprakash wrote:Did anyone get questions on issue costs ??

Yeah, I did. Something about the amount being charged to the SPL instead of being deducted from the loan proceeds

Same here, I got negative goodwill. Where did you include the negative goodwill.

piotr88 wrote:Has anyone had section C question with company+subsidiary+associate where preparation of SOFP was required (the only requirement)?

Goodwill and patent with indefinite life

Hello is any tutor available for clearing doubts please reply.............. it is for resit doubt clearance...its on 14/9/2021

I got same questions , one of them was about temp deferrence between recieveable and payable? What was the correct answer?

DELETED I added the subsidary instead of removing it, looks like I'm going to fail great!

woodg8 wrote:I had a completely different exam from all of you it seems. I assumed we all got the same exam paper

I had the same section C questions, I too was bowled over with no consolidated SFP and a single entity P&L. The ratio analysis was quite odd too, since it didn't require us to restate the P&L without the subsidiary, so had to compare one year with consolidated and one year without

agboolakenny84 wrote:Same here, I got negative goodwill. Where did you include the negative goodwill.

I adjusted retained earnings

Hi.did you revise with the BPP or kaplan kit?

Hi.did you revise with BPP or kaplan kit?planning on sitting the dec exam

Omg yes! I got the same questions for Section C! I had worked really hard and was 100% confident with the consolidated statements too but urgh unfortunately ended up with SPL/SOCIE/CASH FLOWS and ratios! I am honestly worried cuz I was not confident about Ratio analysis as much as I was about single entity sofp and consolidated statements. And I messed up the tiny cash flows part too. Its sad honestly Did you get profit or loss as the answer for single entity statement of p&l? Also how did your Section A and B go? :)