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Yes this question. What did you choose ?
piotr88 wrote:Do you mean the question which of them should be the subject of impairment review?
It was a bit technical but I did the section A and B quite well.
GraceOla wrote:agboolakenny84 wrote:Grace how was your paper ?
agboolakenny84 wrote:Who got the intangible assets question in section B? Was the answer neither ….
I chose ‘neither’. I think that only goodwill and intangible assets with indefinite useful life have to be reviewed annually.
Same here- only assets with indefinite lives require annual impairment review.
piotr88 wrote:I chose ‘neither’. I think that only goodwill and intangible assets with indefinite useful life have to be reviewed annually.
agboolakenny84 wrote:Yes this question. What did you choose ?
There was no ‘neither’ option.
I chose goodwill and patent only because the license had a definite lifespan.
Has anyone had section C question with company+subsidiary+associate where preparation of SOFP was required (the only requirement)?
I got negative goodwill and I am not sure if it is fine or I messed up in calculations 🙁
piotr88 wrote:I chose ‘neither’. I think that only goodwill and intangible assets with indefinite useful life have to be reviewed annually.
Okay, has to be different options then cause I didn’t have neither.
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!!
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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 #crossingthefingersandtoesExactly !! 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)?
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