*** ACCA Paper AAA September 2018 Exam was.. Instant Poll and comments ***

Incredibly long! I didn’t think 15 minutes reading time gave any decent absorption of the information. I was still on question 1 after 2 hours and left part of it. Exam technique was pretty rubbish for the next two questions as was under so much pressure. Knew most of the information, just couldn’t give a decent stab at writing what I believe the examiner was looking for. Pretty miserable after that…

I agree with the other 2 comments. Time was just such a problem that my exam technique went out of the window and it was a scramble for survival. I don’t think the questions were that much harder than what I has seen in previous papers it was just time. There was so much to do just for Q1 alone…..

Was under the impression that doing three questions was going to be and improvement to the old exams of four questions. Unfortunately they were just as lengthy and involved a lot of reading and calculations. Fingers crossed for a pass.

can anyone confirm me the Q1a Audit marks?And also if it was on ROMM.

IT WAS A VERY LENGTHY PAPER HOPE EXAMINER GIVES SOME COMPENSATIONS

Question 1 took too much time. Question 2 and 3 was ok but I could not think well to analyse due to time pressure. All these time pressure did not allow me to apply all what i revised well.

Question 1 was way too long!! Re. Risks I still included goodwill as there was still a risk of impairment due to the company being loss making, plus it wasn’t an addition of 100M but 130M jn the FS. ROMMs I mentioned were: Intangible assets, goodwill, PPE, NCL, Group consolidation – new sub, equity, retained earnings, revenue, payroll, operating expenses, other income and foreign exchange. I forgot to mention management bias ?. Question 2 was the worst for me as I didn’t have time to read it properly.

Q2

1. Lease: Qualified Opinion as it is material misstatement but not pervasive

2. Provision: also Qualified Opinion as it is highly material to SOPL but not pervasive. We can nor offet provision and contingent assets confirmed by insurance company, IAS37.

3. Impairment: not material, so opinion is not modified.

So comforting to read that most of us felt the same way! Yes also spent over two hours on question one alone despite mentally promising myself at the start I would move on regardless after working out the time allocation. I literally had ten or fifteen minutes to answer the last questions, not even sure I wrote full sentences! I will try to remain hopeful! For the right to lease asset did anyone write that it had to be capitalized since it exceeded 5000 plus more than 12 months. For the revaluation where we had selling costs I wrote that this would not qualify the opinion as the difference between the carrying value and fv minus CTS was not material but to request a management representation. Soooo much to take in!!!

Q1
I also mentioned about
– Detection risk as it is new client,
– opening balance could be misstated,
– R&D cost could be mixed up,
– Tax rate is lower so could understate liability and expenses.
– OPM increased but revenue decreased so understate expenses.
– exachange difference on subsi should go to OCI.

Was it a new client though? I believe it didn’t say it’s a new client.

THE EXAM WAS SO FRIKIN LONG OMG .
Took me 2hours just to finish q1 even though I thought I would start with the other 2 ques after an hour and half , but alas.

Knew how to answer q2 and q3 but couldn’t answer or write them down properly because I was panicking due to lack of time, hope I’ve managed to get enough points across to get the 50.

I had only 15 minutes to answer q3 , did requirement c first of quality control issues, then rushed to part a and didn’t get time to do part b at all 🙁

I feel like we should start a petition to get through acca to let the students slide through for not completing the paper on time due to it being extremely long .