*** ACCA P2 December 2017 Exam was.. Instant Poll and comments ***

This exam was a nightmare for me. I don’t want to see the results. Will start preps for March sooner!

I had a loss on the SPL but think I may of overstanded the forex loss on net assets. But think apart from that everything else seemed ok and managed to put something for every question.

Exchange rate for P&L is the average during the year

I thought it was a really fair paper but I still did badly – did not practise at all, so I deserve to fail. Better start revising properly for the March exam soon.

Hmm I was expecting a balance sheet consol, as soon as I saw PL I got flared up, but as I progressed towards the answer it was kinda okish and did well in section with operating segments and Ethics can score a high 35s in section A .
BUT section B is a complete disaster here and there points and definit ions and few explanations. Fingers crossed but have lost hopes . 🙁

The first question was step acqusition, 40% and then 20%, with initial 40% fair value increase, and fortunately the foreign subsidiary was 100% subsidiary and full year profit, requiring less calculations. Compared to past question was less tough, mainly because there was no need to make consolidated SOFP also, only P&L and OCI. Adjustments were straight forward including the pension, revaluation, purp etc.
The second part was testing IFRS 8 rules – mostly theory and not application. Thank god LSBF Mock and Becker Mock had same type of questions.
Second and third questions were mixed bag testing IAS 16 – ship with different parts with different life, entity giving a loan and then selling it to another testing IFRS 9 with expected credit loss, IFRS 13 impairment testing rules for a company with leisure and cargo ships and slowing economy etc. The question on IFRS 11 Joint Venture/Joint arrangement was highly confusing and same was the case of IFRS 16 Lease requirement for a company hiring ships on two different methods, one based on payment based on cargo weight and other hired for 6 months to 2 years.
Overall paper as compared to past questions were not tough.

The paper was highly tricky! There were so many chances to put candidates in confusion. Some of the questions were drafted in very tricky structure. This was my 3rd attempt. Done as much as I could to get 50.

Let see……how it will be marked. Wish u all the best.
1. SOPL-OCI with foreign subs, deferred tax, Asso-Subs, pension, revaluation of ppe.
B. IFRS 8-operating segment
C. Ethics-Intragroup transaction and sale of holding equity interest.

2. Segregation n recognition of Joint venture n arrangement.
B. IFRS 9-financial asset, expected credit loss allowance

others: IAS 16, Cash generating unit, etc.

All in all I thought it was ok

In saying that I can’t remember anything about 1b and I see people mentioned operating segments above and I’m now wondering if i missed part of this off – what was the question?

Did anyone use related parties disclosure on Q1?

Mentioned related parties in the intercompany ethics part c of q1. I stated that related party transactions had to be disclosed in the single entity accounts and therefore even though the revenues are inflated it could be derived from the notes the amount of trading woth tbr parent but this still wouldnt highlight the mark up. Integrity of the parent in question as it was obvious sales were being manipulated to attract the highest possible price for the sub.

The rest of the paper didnt go so well!!

Thanks for the reply. 🙂

I didn’t know how to calculate the FX gain or lose in Q1. I translated Tybull’s SOPL using average rate and then the impairment and depreciation and pup also using AVG rate- I’m sure it’s not correct. How should it be done?