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I started with questions 2 and 3, and then left only 1 h 15 min for Q1. In Q1 skipped fraud Q, answered the rest.
@nataly1986 said:
Has anyone mentioned advertising campaign for a brand as a RMM?I did mention the possibility of recognising the endorsement deal of the celebrity as an intangible and Described how it may meet IAS 38 and thus could be misstating expenses and assets
Did you also say something along those lines?
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I said risk was it was capitalised as ias 38 said expense internally generated brand
@nathan488 said:
I did mention the possibility of recognising the endorsement deal of the celebrity as an intangible and Described how it may meet IAS 38 and thus could be misstating expenses and assetsDid you also say something along those lines?
I also referred to IAS 38 and suggested to capitalise but now worry that it’s not correct accounting treatment.
@nataly1986 said:
I also referred to IAS 38 and suggested to capitalise but now worry that it’s not correct accounting treatment.There’s certainly an argument about celebrity endorsements being expenses or capitalised so if you wrote the wrong treatment you’d still get 0.5 marks for Identifying the risk and 1 mark if materially calculated
So minimum 0.5 marks, max potential 2-3 depending on accuracy
Overall definitely some credit I think 🙂
I barely managed to complete 100% by putting something against every requirement but the way I completed it is not satisfactory. I don’t even remember what I wrote. Too Nervous now.
Regarding the celebrity, I had it both as a business risk and an audit risk.
The business risk in case he is involved in a scandal and money is already paid upfront
Audit risk – for in which period the expense is recorded
I had no idea how the marks were set out (UK Variant) and wrote loads for business risks!
Is it capped at 8 marks or in the UK variant can they choose to give more marks if they are valid points
@hilton123 said:
I had no idea how the marks were set out (UK Variant) and wrote loads for business risks!Is it capped at 8 marks or in the UK variant can they choose to give more marks if they are valid points
I was told by my tutor that they are “more flexible” towards the mark caps as they are with the INTL variant.
So in your case there would be scope to perhaps score 12 marks on business risks
I can’t confirm this what so ever but I do believe there is more flexibility 🙂
@minousha said:
Qstn 1 (a) business risks (8)
(b) RoMM (18)
(c) principal audit procedures in respect of grant received from govt (6)
(d) matters to be considered whether to accept an audit engagement or limited assurance review (8)
(e) could a fraud be detected in previous years if audit or limited assurance review was done (6)Qstn 2 (a) use analytical review to assess going concern issues (10)
(b) audit evidence expected to find when reviewing cashflow forecast in respect to GC issues (9)
(c) possible reasons why management may refuse to make disclosures regarding uncertainties in going concern and impact on audit report (6)Qstn 3 (a) measures put in place regarding anti money laundering programme (4)
(b) indicators of money laundering from scenario (6)
(c) ethical and professional issues (15)The questions were not so difficult but were time consuming.
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Paper went up on accaglobal on Tuesday, so no need to list out the contents 🙂
Re the error in Q1 – the UK Stream paper said 20 Centres both in the background info and in the Management Accounts. The International Stream paper says 30 Centres in the background info but 20 in the management accounts.
I have reported this to the Examiner, and whilst it does not seem a massive issue, I am sure it will be taken into account in any comments students have made, or calculations that might have been done.
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I too noticed the difference. Looks like it’s now identical on the paper released? Bit confused…
Yeah, the Acca site is showing as 20 in both the scenario and mgt account … but it clearly was showing as 30 and 20 in the exam
When will ACCA publish the Dec 18 answers? Any idea? a week or 2 before result may b?
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