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- September 6, 2018 at 8:36 am #471786September 6, 2018 at 1:53 pm #471838
The questions I got had very little information compared to what I’m used to, making the approach a lot easier. I got goodwill at acquisition, cons p/l and another question on calculations of ratios and analysis. The Mcq’s and OT’s were actually not so bad. Questions on Deferred tax and financial instruments threw me off a little. I also got alot of double tick questions where I may drop marks. How was everybody else’s?
September 6, 2018 at 2:04 pm #471848Same section C as you. I found A lots wanted 2 answers and a lot of interpretation rather than numbers. Was possibly my weakest area. had nothing on deferred tax and had really learnt that. Also nothing on financial assets, foreign exchange and really surprisingly nothing on revenue recognition
September 6, 2018 at 2:26 pm #471861I am not sure. When I started doing the MCQs I was like “ok, I failed”. I was not expecting biological assets or overheads at all. Some MCQs were doable but I am not sure how I did. Most of the theoretical MCQs I got right, including some MCQs with calculations. Same with section B.
Q31, I had a balance sheet for 20X7 for the parent and a consolidated balance sheet for 20X8, asking to calculate NCI and retained earnings. Then calculate 3 ratios and comment on the performance based on the ratios and the acquisition.
Q32, I got a TB and it was asking SOPL, changes in equity and basic EPS.
I did well in Q32 (not sure about 1-2 points). Q31 was okay as well, I managed to make many points based on the information given. Ratios were okay, I am just not sure about the NCI and the retained earnings.
How did you find it?
September 6, 2018 at 3:13 pm #471877It was on Section B for me.
The Cv of an asset was 1.2m and the value in use or FV less cost of disopal was 1.4m. I forgot the numbers but Que was likeWhat is the impairment treatment for this scenario.
The option had
1.no impairment loss or gain
2. gain of 200,000 to P/L
3. Gain of 200,000 to OCISince it has asked impairment treatment and there is no anything like impairment gain I ticked on 1,but what should have been actually ?
September 6, 2018 at 3:23 pm #471879There were some more points , life of the asset 20 year and D) loss 20000 to pnl so with life of 20 years and fmv of 200k, add dep of 20k will be charged to pnl, hope I make sense to you
September 6, 2018 at 3:38 pm #471884As it’s computer based I guess all of us get different exam questions.
Mine was share issues, nci and convertible debt all over the place.
Part C ratios, goodwill and consolidated P&L.September 6, 2018 at 3:55 pm #471890@delamanisp said:
How did you find it?
I got the same questions. I found them okay, in terms of the content but what drives me crazy is the CBE programme not working correctly. I don’t understand why the ratios and NCI calculations were required to be claculated in a word processing document??? You could easily do this in a spreadhseet insted of having to key in all the numbers and doing everything manually. But even the spreadheet does not work like a normal Excel spreadsheet does.
September 6, 2018 at 4:07 pm #471894I said no impairment as recoverable amount was above carrying amount. The other one about reversal of impairment you reverse to depreciated historical cost I believe which was 3 million.
September 6, 2018 at 5:25 pm #471907Yes, I don’t understand that either. It was rather frustrating for me as well.
I practiced all my past paper questions in excel and I didn’t use paper during my revision. To be honest, I am 100% sure that the programme was working fine. However, I did assume during my revision that combo questions such as this (calculate + write) will be given in separate pages (excel for ratio, word for text), kinda threw me off as I had to transfer the notes from paper scratch pad to the word document.
September 6, 2018 at 5:50 pm #471913@delamanisp said:
I am not sure. When I started doing the MCQs I was like “ok, I failed”. I was not expecting biological assets or overheads at all. Some MCQs were doable but I am not sure how I did. Most of the theoretical MCQs I got right, including some MCQs with calculations. Same with section B.
Q31, I had a balance sheet for 20X7 for the parent and a consolidated balance sheet for 20X8, asking to calculate NCI and retained earnings. Then calculate 3 ratios and comment on the performance based on the ratios and the acquisition.Q32, I got a TB and it was asking SOPL, changes in equity and basic EPS.
I did well in Q32 (not sure about 1-2 points). Q31 was okay as well, I managed to make many points based on the information given. Ratios were okay, I am just not sure about the NCI and the retained earnings.
How did you find it?
Omg I got the same section C. Could you please tell me how you did 32 because I didn’t do it properly at all. Do u remember what you did for provision? I totally forgot to enter the convertible loan part which was note 3 I guess. I feel like I’m gonna fail because I really did bad in section C
September 6, 2018 at 6:32 pm #471922For Q32, I believe that I got most of the things asked correctly. The contract was pretty straightforward, same with the convertible loan. The only thing I am not sure about is the provision and the deferred tax.
I remember that the overall amount from the lawsuit was 1.2m or something? 1.406? something like that and they made a provision for 800k. I don’t recall the provision note 100% but I believe it was saying that it was probable that they will settle. So I just added the additional amount and brought it PV and took the finance costs to the P&L along with the finance costs from the convertible loan. My logic was that since chances are that they will have to settle for the entire amount, why did they make a provision for 800k?
Just to note something here, don’t get stressed if you didn’t do the same thing as you might have done it right and I might have done it wrong.
Just a quick question, is it me or there was a hidden share premium there as well (in the share issue note)?
September 6, 2018 at 6:36 pm #471925For Q31 where there was a calculation for the NCI, Consol Reserves and then Ratio discussion. There was a note stating that Land had been sold to the Parent for $4m where the Subsidiary had a carrying amount of $2.5m.
This massively threw me and i didn’t know what to do with the $1.5m gain so i entered it as a deduction in the Consol Reserves.
Did this stick out to anybody else? Should it have gone in to the net assets and then been split between NCI & Parent calcs?
September 6, 2018 at 6:57 pm #471932Didn’t get that one but you do a working with and without the asset sale. Profit comes from retained earnings of seller, extra depreciation gets added to buyers profit and the difference comes off ppe as pup
September 6, 2018 at 8:49 pm #471956@delamanisp said:
For Q32, I believe that I got most of the things asked correctly. The contract was pretty straightforward, same with the convertible loan. The only thing I am not sure about is the provision and the deferred tax.I remember that the overall amount from the lawsuit was 1.2m or something? 1.406? something like that and they made a provision for 800k. I don’t recall the provision note 100% but I believe it was saying that it was probable that they will settle. So I just added the additional amount and brought it PV and took the finance costs to the P&L along with the finance costs from the convertible loan. My logic was that since chances are that they will have to settle for the entire amount, why did they make a provision for 800k?
Just to note something here, don’t get stressed if you didn’t do the same thing as you might have done it right and I might have done it wrong.
Just a quick question, is it me or there was a hidden share premium there as well (in the share issue note)?
I got thé same q31 and q32
From your answer i can see a mistake i did.
Overall it was not Easy but ok. Hope to get a passSeptember 6, 2018 at 8:59 pm #471959What was anyone’s answer the the o/heads question, mine was 22,200.
Also the question that had 4mlion impairment then 4million upwards reval, I put 0 thinking they would reverse the impairment?
Anyone get the question where you had to choose 2 associates?
Also what kind of comments did anyone give for the ratios question in section c? I had to calc 9 ratios for a company and compare and then analyse …
September 6, 2018 at 9:11 pm #471962I had the sect c questions with goodwill and p&l. Then the ratios. what was your goodwill figure? My mind went blank on this question I’m just hoping I get some marks for the sopl layout and follow through of figures! I got the ratio question too which is a fave of mine!!
September 7, 2018 at 5:53 am #472004CONGRATULATIONS!I am taking in F7 and know very little about this paper.Could you advise, what is best way to prepare:read text and solve kit, or listen to OT lectures and solve Kit, or any other ways?what provider did you use?
September 7, 2018 at 5:55 am #472005Could you please advise pros and cons of Paper and CBE?
September 7, 2018 at 10:26 am #472045I got the same questions. Please can we be study buddies
September 7, 2018 at 10:43 am #472048@barbadoshk said:
I had the sect c questions with goodwill and p&l. Then the ratios. what was your goodwill figure? My mind went blank on this question I’m just hoping I get some marks for the sopl layout and follow through of figures! I got the ratio question too which is a fave of mine!!I got the same as you. Put 22,200 for overheaes. Can’t remember goodwill figure but was share exchange and deferred consideration that brought to present value (then unwound in finance costs). The net assets the contingent liability, revaluation, share capital and retained earnings plus the 3 months from that year
September 8, 2018 at 7:11 am #472268cant remember my answer well but it was 32,xxx for the goodwill.
There was a question in the MCQ about goodwill impairment that confused me. Thought it should be debit to group P&L and credit goodwill.
September 8, 2018 at 7:14 am #472269@jennie1984 said:
I got the same as you. Put 22,200 for overheaes. Can’t remember goodwill figure but was share exchange and deferred consideration that brought to present value (then unwound in finance costs). The net assets the contingent liability, revaluation, share capital and retained earnings plus the 3 months from that yearWhat’s the overhead of 22,200 for?? cant remember. And was the cash consideration deferred??????? cant remember.
September 8, 2018 at 8:29 am #472281I have also tick on one 😛 no impairment loss.
September 8, 2018 at 8:37 am #472283Ya I also hate that spreadsheet in exam, in firm we use + sign in start and enter our data and link cells… but there is = sign necessary to enter first other wise it will not work. it waste my a lots of time. because I am use to with + sign .
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