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it was a pretty hard paper, i didnt know how to account for the disposal of Jam and also the revenue question in q3 put me off
Yes indeed strange and difficult. I think ACCA has been taken to another level and the past papers are not so helpful anymore. They look easy compared to the present e.g June 2012 paper compared to March 2018. No matter how much practice and effort, still the pass is not certain. But Let hope for the best and the lucky 50 in mid April
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The exam was challenging but you have to concentrate on the easy marks. There is no way you are going to get easy marks for everything.The current issues were very relevant if you had read the current articles. Fingers crossed.
Felt the Part A of the paper to be less complex (SFP only) when compared to some previous papers but I was totally Under prepared due to the horrible bigv4 work culture.
Part B had lots of questions based on technical articles ( IAS 21, Leases, Revenue and even Fair Value). Materiality question was a surprise but it was manageable .
Anyway, I know my result and i’ve started studying sincerely for June already 😀
Question 2 & 3 were challenging as I didnt have time to answer the last question for 3(c) or (d) (couldnt remember whether c or d).
Fingers crossed, hoping for the best.
“The greatest successes come from having the freedom to fail” – Mark Zuckerberg
agree exam was tough ….
i did the same for asset held for sell ifrs 5 i put the recoverable amount which is the sale price less cost to sell it was lower then cv …..
over all exam was quite tough and time pressure hope we all people get pass .
Does anyone know if acca release the exam question paper on the website before the results come out?
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@bconnor19 said:
Does anyone know if acca release the exam question paper on the website before the results come out?question paper before results, and answers after results.
1a, a crazy exam, I thought we were lucky, as cash flow and income statements came up on previous exams meaning SOFP had to come up in March… But investments held for sale??? WTF??? I had no idea what I was doing…. so I continued to just calculate good will, and increase in Net Assets and put it towards RE. I then revalued/impaired the it as a CGU. I literally copied the G/W impairment review layout and used the fair value at Y/E as the recoverable cost, putting the loss against RE.
Joint operations – as the 50m was already included in the PPE of the parent, I just depreciated it. I then calculated the portion of profit from operation and shoved it in RE
Pensions – different layout, no Y/E deficit given… instead the re measurement gain was given. I don’t know why I didn’t add anything to liabilities. I was under the impression that the provisional liability was already included at Y/E :S
What ever happened, I managed to complete the consolidation within one hour.Q3c – With the Finance lease + gearing. Net Debt baffled me. So I (right of use asset – liability gained). Got home to realise net debt = liabilities – cash and cash equivalents. So the gearing side I messed up.
But I managed to calculate the Right to use asset, finance lease, depreciated the Right to use asset and increased the Finance lease by finance cost and reduced it with the cash payment… hopefully I got some marks here.Let’s hope we all pass guys!
I seem to remember having an impairment for goodwill in note 1. I took figures from my year end equity table added the FV adjustment on intangibles less depreciation (4 years ago worth of depn). Added GW then compared it to Recoverable amount which gave me an impairment on GW of 8 I think. And since it was proportionate it all goes to RE.
Yes, same figure on bread goodwill was $8m, impairment go to RE. but I also calculated butter was $20m,
It was so damn difficult. Not consistent with past years. Well I think getting 50 is a big achievement. Anyways keeping my hope min for this paper.?
Yup, i grossed up g/Will for the imparment review. And then reduced the actual impairment back down to 80 percent.
In the rush… I think I added the wrong g/Will figure on the sofp lol… had the correct number calculated though.
Guys!!
Anyone remember whether the investments in Butter and Jam was at cost in the Bread’s financial statement?
I cant remember checking it 🙁From recall, I remember checking it and it being at cost :). Hopefully someone else can confirm too
Ok So it was my first sitting in the professional exams for me i though the paper was fair except the sneaky bits in q1 which were the held for sale subsidairy where you had to apply ifrs 5 q1 i had an impairment
assets are not depreciated for q3
3. Was it incorrect to take an average of the expected operating profit for the revenue question rather than the most porbable outcome?
cant remember that q maybe was q2 i didnt do it4. What did you say about the exchange rate question? Should he use the bank or the goverbment rate? And is he allowed to use the average exchange rate for p/l.
based on ifrs 21 that would have been the govenrment rate
5. Dis ur geaeing also only go up by 0.08% due to change of new lease policy??
didnt do q2Kaplan states in a question in Chapter 4-Revenue:
“Since there are only two outcomes, $0 or $3 million, then a most likely amount would better predict the entitled consideration”
@ematete2005 said:
I checked both were at cost.cheers!
Unfortunately almost all students confirmed it was tricky and hard!
I will be sitting in june any tips/ advices u can give me ? 🙂
@zkaay ensure that you know all the standards off by heart and master the consolidation questions, it was a tough paper , read the technical articles for current issue questions as the lastest articles usually has something to do with Q4,
I feel terrible! Can any one advise I could survive?
For no. 1, I didn’t balance and other went well except for held for sale, forgot to add the closing pension in liabilities, unwinding of discount in joint operations.
For no. 2a, I don’t know of foreign currency exchange.
For no.2b, I wrongly wrote of IAS 8 for change of depreciation policy as restrospective error. Others are okay i think.
For no.2c, I wote of financial asset and held for sale with business model changes.
For no.3a, I don’t know how to treat revenue so I just write 5step models
For no.3b, I wrote fair value and apply case
For no.3c, I just calculate PV of lease payment and added to the value of liability and calculate gearing ratio and did not give any comment.Any ideas?
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