*** ACCA Paper FR March 2019 Exam was.. Instant Poll and comments ***

I think you were correct in having them at 100% I think the adjustment for percentages is only done at the end for retained earnings? However it did need to be pro-rated by 9/12 coz they’d only had the subsidiary for 9 months.

@france125 said:
Thank you for responding, I didn’t read the question well because of lack of time, I’m feeling disappointed about it. I hate these exams because to much pressure makes it difficult to even concentrate when there are so much information to search for. I am wondering will I still be awarded marks although the figures were not prorated?

I am 1000% sure you don’t pro rate from 100% to 80%, Chris one of the tutors was says in one of his lecture that you don’t do that, if you do that you may just go home as you will fail…so be confident about that…but if you are referring strictly at the pro rate fr midd year acquisition then is okay, we had to consolidate only the 9 months…
You get marks even if your numbers are wrong as far as I know, if your workings are fine…Best of Luck

For section A I have mostly business combination and consolidated account adjustments for group, some of conceptual FW and some on the impairment of assets.

For section B I have (OMG!!?), government grant, agricultural and revaluation.

I got the SoPL and Lemon and Lime also. But for Strawberry I have a profit after tax deduction.

For Consolidated PL, we need to show Profit contributable to NCI and parent separately.

So the after profit for sub was time-apportioned 9/12 months and I did like 2 adjustments:

1. Extra depreciation – Plant
2. Inventory FV increase (accounted for on acq.)

Then scale down to NCI proportion. => NCI’s share of profit after acq.

For the group SoPL, I have a few adjustments
1. Extra Dep’n – Plant
2. Inventory – FV increase was already accounted
3. Unwinding of deferred consideration – Finance costs
4. UP (sale is from parent to sub – if I remember correctly).

Then substract the NCI’s profit from final group profit, we have profit contributing to Parent.

Finally for Lemon and Lime. I did go with Lemon, looking at the final figures, however, considering that Lemon’s profit might be overestimated with historic accounting and problem with liquidity (very low level of cash reserves) but high level of net assets turnover for a high-end company, and since the project is only 6 months in for Lime, my advice was to obtain more information in both companies. Lime for the full report of 1 year after project start and Lemon on the fair value assessment of asset, then we could judge which company should we go for. I couldn’t calculate current asset ratio tho, because I was a bit short of time and wanted to revise on my exam before submission. But the exam wasn’t so bad. I just hope I earned enough to pass *praying*

@hayleyrelph said:
I got the Samba and Pirlo question – a bit tricky but hope I managed to write something meaningful in the 12 mark part. The other C question was more manageable – the P&L and OCI, but struggled to squeeze 15 marks’ worth out of it.

Is is just me or was there no cash flow whatsoever? Would have preferred a long reconciliation question on that!

Was it def OCI? Unfortunately I only did profit and loss. Yeah I would have liked some cash flow qs too…and tax.

@sankenga said:
Does it mean that we wrote different quetions? This is very strange to me.How on earth can ACCA prepare different quetions for the same exam? i can see from the comments people are taking about citrus and limon company which I never saw in the CBE. But is it fair that students can be writing different quetions at the same time.Am getting worried about the way ACCA is handling these exams,.

Hi,

I can assure you that the ACCA is handling these exams perfectly well. If you are sitting the computer based exam, then you should not expect to see the same questions as appear in other people’s exam.

Thanks

@alinawallner said:
I am 1000% sure you don’t pro rate from 100% to 80%, Chris one of the tutors was says in one of his lecture that you don’t do that, if you do that you may just go home as you will fail…so be confident about that…but if you are referring strictly at the pro rate fr midd year acquisition then is okay, we had to consolidate only the 9 months…
You get marks even if your numbers are wrong as far as I know, if your workings are fine…Best of Luck

You’re correct! I do say that in the video so good to hear that you’ve listened and learned. If we have control then we consolidate the revenue and costs in full from the date we obtained control, so if it is a mid-year acquisition then we pro rate the results. Top work!

Chris may I take the time to say you are a Top Tutor. Thanks for the videos.

Exam wasn’t too bad. However, my time management was really poor. Did not practice enough structured response questions and ran out of time. Advice from open tuition tutor really useful particularly about focusing on the easier bits and then working your way through harder bits. I think the key to passing in exam technique and practice. Was bit disappointed with the screen and using the word processor was a bit of a challenges, was hard to see screen at times. Wondered if anyone else had issues with the word processing element?

it was a challenge, but I liked that we got a full question on ratios. I was able to attempt all of the questions , but it was challenging…hopefully I was able to gain some marks. While I was hoping to get a group accounting , I think i messed up this question a bit.
Really every aspect of the syllabus was tested in some form.

@france125 said:
Chris may I take the time to say you are a Top Tutor. Thanks for the videos.

Hi,

Thanks for the very kind comments, it has put a smile on my face. I hope the sun is shining over in Jamaica.

Thanks

Chris