- This topic has 105 replies, 58 voices, and was last updated 7 years ago by
.
- Posts
SOME WHAT I REMEMBER
Q1) a) CSFP- Sub 80% (name Butter) impairment (net assets recoverable amount)
FVA adjustment of Unrecognized Intangible at Acq’n
second sub (name jam) was 100%, GW cal, then IFRS 5 HFS, which also impaired
Pensions and SBP
Joint ventures and Operationsb) IFRS 5 HFS and regulator approval and buyer commitment for second sub jam
c) recalculating NCI of all previous subs and economic vs substance form and ethicsQ2) ADVICES
Forex and associate, national bank rate or Government rate
lease rental cars and no depreciation, only dep’n when it given to customers
investment property and assets different measurements, business modelsQ3) IFRS 16 leases and complex calculations
IFRS 13 FV level 1 advice
IFRS 15 revenue and complex calculationsQ4) Discuss
Assets and liabilities and Uncertainty, with framework
Provisions recognition, and uncertainty
Materiality
IFRS 5 and investment propertyVenezuela. The question was based on that.
Depending on what industry you operate, you choose which exchange rate to use.
I think the 2 exchange rates question was a little bit subjective the official rate was 1:15 and gov rate was 1:75. Huge difference therefore using gov rate would be beneficial but not right. The standard says closing rate (so assumed the official rate) . Thus, the answer is no not to use the gov rate. Ethical issues also arise. At least this is how i understood from the scenario. Whether right or wrong, the results will tell next month.
I feel the same way! Was putting an average of 4 hrs a day ever since January and had worked all questions since 2008 some twice or 3 times… gutted… horrible paper.
Guys, the question with regards to the directors being unsure about how business models can effect measurement of assets. What where they referring to here? I went on to mention IFRS9 financial instruments and investments in debt. Is this complete nonsense? I just thought with the whole business model to just collect contractual cash flows etc
@cfelicepace said:
I feel the same way! Was putting an average of 4 hrs a day ever since January and had worked all questions since 2008 some twice or 3 times… gutted… horrible paper.Yep ive never worked so hard for an exam and I’m just gutted. Don’t think I can go on to the next without resitting this one as this just takes up so much time on top of work.
Very hard exam. Hopefully enough to pass but probably not. Made a dogs dinner of question 1. The theory was good for me but not the business model one. I wrote about fv measurements since it mentioned measurement. How much was that part ? Do you think ACCA will credit marks for fv measurements in that question.
I think that part was about 7/8 marks. To be honest I wrote about fair value measurements in two questions but I don’t think they were looking for that in that question. I may be wrong though. I saw someone wrote on here about using level 2 inputs for the building, I put that as a level 2 is an observable input of a similar asset (not identical which is what level 1 would be). Did anyone else decide this? Also, anyone know what the answer to the revenue from contracts question was or the question where they wanted to revalue NCI using share prices?
can any one please write what came in the section A and B. As I am planning to sit in June.
I wrote level 2 also as it isnt identcial with the car park and tallest building. It should be hbu and level 2 as it is not quoted observable mkt price in identical active market. similiar.
I wrote about fv measurement twice q2 c and q3. But in q3 it was about levels. ah god these exams are killers!!!
I think they were getting at amortised cost method for valuing financial assets, does it pass contractual cash flow or business model test. I said if they buy and sell financial assets they have to use fair value method. Then went onto investment property being valued at cost or fair value method. If the business deals in investment property it might want to use fair value etc.
- Topics: 0
- Replies: 17
- ☆
@mathay2603 said:
Hey,Could you explain to me why the gearing actually went up please?
Much appreciated.
The gearing went up because of the Lease liability they had to record in the sofp. Liability = Debt therefore since debt went up nd equity stayed the same gearing went up.
- Topics: 0
- Replies: 17
- ☆
I feel very stupid as i type this but i consolidated the 100% sub lol… just gotta laugh really
What the hell is a government rate and official rate?? ACCA examiners are just totally weird set of people.. the exam was tough.. most of the questions were more of discursive than using the standards to answer the question or give advise.. never seen anything like it in the past papers or kit
- Topics: 0
- Replies: 17
- ☆
@hollyqian said:
Q1 consolidate SOFP I didn’t balance, total asset was 6392m, equity and liability was 6329m, but not much different, I think my problem I should not add Jam goodwill 20m in calculation. Anyone get similar figure?Im pretty sure this is not a big deal! Im sure u you will get marks for all your workings etc.
My taught and revision course was taught by a current p2 marker. She emphasised that it was pointless adding accross nd trying to balance. We get zero marks for that.. its all about ur working and putting wat u worked out on the right line…
U did great dont worry about it not balancing
@mathay2603 said:
I think that part was about 7/8 marks. To be honest I wrote about fair value measurements in two questions but I don’t think they were looking for that in that question. I may be wrong though. I saw someone wrote on here about using level 2 inputs for the building, I put that as a level 2 is an observable input of a similar asset (not identical which is what level 1 would be). Did anyone else decide this? Also, anyone know what the answer to the revenue from contracts question was or the question where they wanted to revalue NCI using share prices?I had the same answer regarding Level 2 valuation as Level 1 wasn’t appropriate for that property
@usmanhassan94 said:
have never seen a section B like this ever before…!!!
2 exchange rate in a same country where in the world do wee have this ..?
section B was a disaster
i wasnt able to calculate gearing for
ifrs 16 i just wrote gearing would likely to increaseI don’t understand how the examiners reason out these things?? It’s incredibly hilarious when you think about it.. two exchange rates in the same country..
@mjibola said:
What the hell is a government rate and official rate?? ACCA examiners are just totally weird set of people.. the exam was tough.. most of the questions were more of discursive than using the standards to answer the question or give advise.. never seen anything like it in the past papers or kitThis is was one of the most confusing questions!
@rangeuk said:
I think they were getting at amortised cost method for valuing financial assets, does it pass contractual cash flow or business model test. I said if they buy and sell financial assets they have to use fair value method. Then went onto investment property being valued at cost or fair value method. If the business deals in investment property it might want to use fair value etc.I ended up with the same answer, how initially FA are recognised @ FV and then subsequently are measured either at amortised cost, FVTOCE or FVTPL depending on business model
@kudzi123 said:
I feel very stupid as i type this but i consolidated the 100% sub lol… just gotta laugh reallyWhat are you supposed to do here? I just consolidated as normal, it threw me off so I just carried on as normal
What was the answer for depreciation of leased vehicle that wasn’t used? Was it correct not to charge any depreciation?
How should we have accounted for consideration of 10% received later as part of the sale with all of these probabilities?
@nataly1986 said:
What was the answer for depreciation of leased vehicle that wasn’t used? Was it correct not to charge any depreciation?How should we have accounted for consideration of 10% received later as part of the sale with all of these probabilities?
I guessed that this was inventory as this was the ttade of the company and assumed this shouldnt be depreciated.
In regarda to revenue i have calculated expcted revenue and adjusted it at the year end. We were probably supposed to jusy yake the more probable outcome rather than expected value. But who knows…
- The topic ‘*** ACCA P2 March 2018 Exam was.. Instant Poll and comments ***’ is closed to new replies.