*** ACCA P2 March 2018 Exam was.. Instant Poll and comments ***

On revenue, Kaplan says you can use either the expected values or the most likely amount.
In our case i think the expected values (F9) would work.

ie %*Profit + %*Profit.

Q1, i found there was no impairment of goodwill on the first subsidiary, but there was one on the held for sale subsidiary.

Q2, business model, just discussed intent ie whether speculative or held to maturity then classification as measured at fair value or amortised cost.

Q2 Lease, just realised it was an operating lease and lessor accounting rules apply.

This paper was a nightmare for me!!!

@mapae said:
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?

Do not worry about the csofp not balancing, there are no marks there. Marks are awarded on the workings. Even if you made a mistake in a working, you cant be penalised for the same mistake twice are they carry forward the error. so as long as you showed workings, you’ll get marks for it.
In regards to the ias 21 question it was a very different question, one that has not been tested before so as long as you wrote your points, you’ll get a few marks.(i feel examiners might be lenient with their marking on this question)
I see you feel you’ve made alot of mistakes but do not worry, we all have! You’ll always get a mark here and there and hopefully we might all pass.
So relax and wait for the results in april.
Good luck!

@davebell50 said:
to be honest the exam wasn’t that bad, there was no cashflow statement, no financial instruments which are always difficult.

It’s not always about the numbers but the application on generally sticking them in the right place.

I failed December because i didnt do enough revision which was my fault and if i fail this one then i’d have no one to blame but myself.

Now on to P3 to try and pass that before the exams change in September and my P1 one gets cancelled and i have to do the Strategic Business Leader exam instead.

Good luck everyone</blockquote
P3 is a good paper but you just gotta take interest in the paperand you’re good to go.
If you could attempt p2, p3 is a piece of cake.
Best of luck for your p3 exam