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

Yes indeed too many small and silly mistakes, but in aggregate it might be material lol
Part B was also hard. Too much blah blah is hard for p2 . I did q 3 and 4 as I found question 2 scary.
I don’t expect a pass therefore I am not anxious about the results. I didn’t practice a lot due to other commitments and limited time.

Please can someone tell that did Tybull sub qualified as an Operating Segment or not?

I got deferred tax liability as carying amount was higher than the tax base. I also got DT liability on revaluation gain

I got fx loss. Also on net assets it was quite high

guys does anyone remember the amounts in q1 regarding revaluation?
tax base, fv and ca for both years??

Ehhhh I feel as though it was an okay paper but I just panicked. I literally did Ashanti past paper question yesterday which was very similar for Q1a but I forgot to do the Exchange Rate gains/losses as I got it into my head that that was a balance sheet item. I also completely forgot how to do Pensions so I just charged the service costs to PnL and got a re measurement loss. The rest of Q1a went okay I guess.

Q1b was some IFRS SME vs UK question which I didn’t know, probably wrote a few sentences for it and Q1c I feel as though I got a hand full of marks.

I chose to do Q2 and Q4 as Q3 looked okay for about 15 marks of it but there was an 8 marker again on IFRS SME vs UK which I didn’t know at all.

From what I remember Q2 and Q4 included IFRS 9 (a lot) where a question had you identify 2 different types of preference shares. I said the first one was a liability and the 2nd was equity with reasons of course. There was some kind of Cash settled Share Based Payment calculation and they were showing it incorrectly as equity. And something about a Joint Venture where one company had a lot more control but I said it’s still a Joint Venture because it doesn’t matter about the control split.Oh and something about a company having 49% stake in another company and accounting for it as an associate but it had first choice of share options, had 4 out of the 6 board seats and the other shareholdings were spread so they should have been accounting for it as a subsidiary.

I’m really not sure what to expect. Maybe 25 for Q1 and anywhere from 15 to 30 on Q2 and Q4 combined. So anywhere between 40 and 55 I guess.

At least if I have to resit in March I can book the International paper and not have to worry about the difference between UK FRS and IFRS but it sounds like you guys got some difficult Operating Segments question instead.

@jsmp said:
Hi guys, I felt Q1 was ok but have realised I left out some key bits (probably to be expected from a consolidation question – just get the easy marks).

I then did question 3 which was ok. I was not sure about some things so just make some assumptions which seemed logical.

But question 2 was a disaster! I really did not know what to write. I ended up writing stuff about performance obligations which I am pretty sure is wrong but I had to write something!

Overall I believe I have got a high 30s/low 40s mark. I gave it my best attempt so will take some time away from exams then start planning revision for the inevitable resit soon.

What did you guys write for question 2?

Q2 part b was easy rest was tough, I got JV In first part wrong. Last one was to recognize credit loss and liability.

Q3 was

@voldemortsapprentice said:
Ive seen a few people saying the consolidation was easier than previous years. It definitely wasn’t

For example, did you retranslate the PURP in inventory at the closing exchange rate? Did you add back the inventory to net assets at year end?

Exactly, pipe down

Q1a usually has a few very hard marks like the ones you mentioned. I think another one that will have caught a lot of people out is the Deferred Tax for the revalued portion should have gone to OCI against the reserve.

Still kicking myself for not doing the exchange rate loss or gain, so stupid!

Hopefully if I have to resit in March it will be a Statement of Financial Position. I feel a lot more comfortable with them and you get a lot of marks just for easy things like the Goodwill and NCI workings.

@voldemortsapprentice said:
No ones ever going to get 100% and shouldn’t try to. I got the basics right and that’s what matters.

All due respect, deferred tax to OCI is a simple consol technique 🙂

Mind you, it would be 3 marks at the max so who cares!!!

The change in DT for the year goes to the Tax for the year figure right? I imagine splitting out the revalued amount to OCI would have been worth 1 mark.

@alisonnln said:
People mentioning not calculating goodwill, you did need to as there was an impairment. Did anyone use partial goodwill for company L? As it mentioned measuring based on NCI of net assets.

As it was a steo up acquisition, for the start of the reporting year. It said it started at 40%. That they then acquired a further 20% . Did anyone calculate this extra 20% as 20% of the remaining 60 and got 12 , there for company L owned 40%+12% which gave 52%?

It was no control to control so I calculated the Goodwill in this way:

FV of consideration for 20%
Add FV of Existing 40% at current (When the 20% was bought)
Add NCI
Less Fair Value of the Net Assets

Tricky paper, expecting to fail. Better start preparing soon. 🙁

Yes, and both revenue and profit % exceeded 10% . How did you treat legal fees in Q.1? I adjusted it to p/l . Not sure that was right;)