*** ACCA P2 December 2016 Exam was.. Instant Poll and comments ***

Question two is fairly easy
a functional currency similar to one of the past paper
s – dollars
Major – yen
Minor – dollars

B intangible assets
Impairment to 500000 and amortise over the remaining term

c related party disclosure

Question 3 is tough for me
Part a IFRS13 level one input should be used
Part b and c don’t have enough time and can’t think of anything though

@kakahh said:
Question two is fairly easy
a functional currency similar to one of the past paper
s – dollars
Major – yen
Minor – dollars

B intangible assets
Impairment to 500000 and amortise over the remaining term

c related party disclosure

Question 3 is tough for me
Part a IFRS13 level one input should be used
Part b and c don’t have enough time and can’t think of anything though

Correct me if I am wrong and I do not want to panic you but see below :

The functional currency for Minor was Euro as they sold to the competitive market in Euro. this is the main criteria of 21. they only bought goods in dollars from the parent but converted to euro in Portugal.

Also, ther was no Active market in the scenario so we can not use level1. We have to use Level 2 as they were all listed companies. The definition they had for an inactive market was wrong as well.

Question 4 was tricky as I kept mixing up the fair value measurement criteria and also the financial instruments buckets!

Lets forget it now we are done

For the property in question one I accounted for a tenth as PPE (i.e. with depreciation for the year), and the remainder as an investment property (no depreciation for the year). I don’t know for sure if that’s right.

Why a lot of people didn’t answer Q4, there was 18 free mak in part A & B(ii)

Part A was from technical articles

agree the income statement I have no idea. I misread the investment property question and just treated under IAS 16 🙁 Sarah, I could be wrong about the funtional currency but I they are consolidation they would be dollar but I am pretty certain it is euro.

does anyone know anything about question 3 part B and C?
that was horrible

also, i ran out of time and didn’t calculate the profit attributable to NCI, also didn’t have time to actually do the statement and include the adjustments 🙁 i did all the workings though except for working number 7. how bad does that sound? i really don’t wanna fail ?

Did anyone get a loss on the disposal in the income statement? of around 13mill?

Was there a question on impairments to assets in both questions 2 and 3? I wrote very similar answers to both.

I think I wrote ‘higher of FVLCTS and VIU’ and least 3 times in the exam.

@seanog91 said:
Did anyone get a loss on the disposal in the income statement? of around 13mill?

I got a group loss on the part disposal of the subsidiary. I got something like minus 4.8m, but I don’t have much confidence in my calculations!

@seanog91 said:
Did anyone get a loss on the disposal in the income statement? of around 13mill?

I think I got 13.6 so I adjusted the figure they’d included already by 0.4

Does anyone remember the standards apply for Question 3(c)?
Was it the criteria for development cost to be capitalized under ias38??

What the heck was part 1 b wanting? It was about the new rules for SMEs and to tell management about them. I found it frustrating as what limited knowledge I had of this the question already told you. 0/8 for me here.

What was the trick on the product sale bit in question 1)? As simple as take off the 6m already included in revene and replace with the discounted price Revenue for the 13m units, and then take off the money lost for thr defective goods?

Did anyone get a gain on disposal of subsidiary of 13M? So I said it was a gain the group of 13m and a loss to the now associate of 13m. Didn’t know what to do here but so I took the 14M that it said had already been included away and replaced with the 13M for group revene and then included the 13m as a loss in the now in the now associate company who got 60% of the loss and then 40% of the loss came back to the group.

Was lucky for checking examiner articles on Ifrs 13 given half a chan was the only bit of exam I felt I knew the right answer for.