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opentuition_team wrote:How was your ACCA Paper FR March 2021 Exam exam?
Thank you Open tuition, your revision lectures really helped me to lay out the information in section C, fingers crossed for a pass!
There were alot of questions from the smaller areas of the syllabus like revaluation and impairment
1)When an Investment property that is held at cost model is switched to FV model where does the gain go? To the PnL or OCI?
2) When the Recoverable amount is “higher” than the carrying amount will there be a gain on the asset? I know when the Recoverable amount is less than the carrying amount there is an impairment loss but is there a gain when it’s other way around.
3)When a previously impaired asset the revalued amount is let say 16Mil and due to good market conditions let’s say the recoverable amount has increased to 20Mil but the carrying amount if there was no impairment initially would be 19Mil. What amount will the reversal of impairment loss be? Options were
3Mil (19-16), 4Mil (20-16) or 0 (No reversal)Didn’t come across any revenue or leases questions at all which was abit surprising given that they are quite important
Section B was
Non current assets (impairment, IAS 38)
Financial instruments
Earnings per shareSection C was
Calculate goodwill and CSPLDough Co and Cook Co Financial interpretations Q with adjustments to be made and calculate restated ratios
There was quite a variety of questions.
Section C was a single entity statement of financial position, SOCIE & adjusted profit and an analysis of a new group using sections of statements & goodwill on acquisition & choosing most suitable ratios to calculate with limitations of this.
My exam cut off suddenly so threw me a bit and my nerves so not feeling too confident.
Section B was intangible assets, revenue & earnings per share.
Section A was varied but several questions on consolidated statement calculations, impairment, if an entity is to be classed as a sub, framework theory, development/research costs.
Fingers crossed can scrape a pass on good section A and B answers…
I heard there was a bargain purchase , but be aware that there were many types of exams . Just try to not think about it in the next few weeks. Best of luck
I think if liability is overstated net asset will reduce overstatingvthe goodwill.
Any one got the single entity incm statement? What was the profit ?
Depreciation related to leas was 5000 and related finance cost was 1400 ?
How was the contract asset supposed to be accounted for ?Yes I got that question , exam was going fairly smooth up until that question . I got 1400 for the FC but last night I realised I should of split the lease on the sofp in NCL and CL sections . Think that lease was really confusing wording , shame because in all the mocks my nca calc were spot on . Wish I had a consolidated FS question ! Wish everyone luck for the results!!
For me section b qstn was from impairment, earning per share, financial instruments which I find easy to gain marks in section b
But I got one reversal impairment qstn in Sec b which I am not able to answer it did anyone know what is the answer??
Section c I got SOPL conso qstn which was similar to past exam Qstn
And other qstn was ratios which I find challenging for calculation purposeSection A was ok for me like 50-50
Hope to pass FRHow was ur paper guys?
Hello, I had the same question as well as interpretation and single entity financial statements
Hello @Krishank I had the same question as well as interpretation and single entity financial statements
i got single entity which was challenging.. and also the comments ratio.. i didn’t get enough time to complete the paper..struggled..i wish i had a consolidation question in section C
I am very grateful to Professor Chris, your lectures were invaluable.
We are waiting for the result.
ISA, success.
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