FRACCA Paper FR September 2020 Exam was.. Instant Poll and comments

it was 50 50... i pray i pass

Not bad. Some questions from section A were tougher.

Realy don’t know what to say... in section C i’ve got ratios and consolidated sfp. I didn’t like section b at all. I was not very well prepared on eps and contracts with customers...

it was ok. some questions from section a were tough

it was ok

Hi John, I had the same question in section C. I know I did net asset ratio wrong.. complete brain freeze on that one. so annoyed

Did any one get the SFP pioneer for the 20 marks ?

Was there a negative goodwill ?

I got Pioneer. I don’t think it was negative. Consideration was 30 plus 6 NCI. Net assets were 27.3 I think. Share cap 20, RE 8.3, plus adjustments -1.5 and +0.5. It didn’t balance but sure it was enough to pass.

I find the usability of the system for section C really annoying. I couldn’t insert a line in the spreadsheet so copied and pasted. Then the formulas were all wrong and I had to go back and correct them. Excel would adjust for this. The word processing was similar. I tried to edit and it would type over the words. I had to cut and paste sections instead. But fairly straightforward otherwise, a few I wasn’t sure about as usual.

I think cosideration was 18m, there was info that 12m was already paid in Cash. I also calculated negative goodwil and all my way back I was wondering if was it correct..

I think cosideration was 18m, there was info that 12m was already paid in Cash. I also calculated negative goodwil and all my way back I was wondering if was it correct..

Yeah i got that, seemed straight forward at first but the adjustments caught me out and it didn't balance, i didn't know how to treat the Financial assets.

I got £18m for the consideration and £6m for NCI then had negative goodwill. i added the cash consideration even though it was accounted for in the parents books. i just thought it needed to be included as in my all my practice questions i never came across negative goodwill and just thought it cant be right!

Most of my questions were around PPE, Impairments, Ratios, Investor ratios, revenue and intangibles. Nothing on leases, financial assets, liabilities, convertibles or tax ( i spent a lot of time on those subjects aswell!)

Consideration was 12 cash plus 18 share value. Cash was already accounted for but still is in the calculation for goodwill. The shares are then added to share capital and share premium.

If you buy something with $12 cash first and then $18 vouchers the cost of the item is still £30, not just the value of the vouchers.

I’ve got same results for goodwill consideration 30, nci 6 and 27.3 for net assets. It didn’t balance

I thought the same! spent a lot of time on those other topics but I didn't get much on impairments either. Strange exam.

Goodwill consideration was $12m cash + $18m via share exchange. I’m sure Goodwill total was $8.7m.

Oh noo, I completely missunderstood the question then... Now everything make sense... But negative goodwill was also probable so I though it is ACCA's trick to make us confused or something...

Not too bad, nothing on leases, tax or contract assets! Section C was consolidated P&L and a ratio and analysis for a drinks company! Hopefully done enough to pass!

Why didnt you apportion the depreciation for 9 months? I got your figures except 375 instead of 500 for depn.

I remember a question ask about consideration. I provide information about share issue in future with current price at $2 and likely future price at $3. What price should we use for the consideration?

The definition of the goodwill is the difference between the cost of the acquiring which is the consideration paid by the acquirer to acquire the assets of the acquiree less the fair value of the acquiree's identifiable net assets. Why haven’t you included the 12m cash paid in goodwill calculations? That’s why you got negative goodwill. I myself made a stupid mistake in the MCQ about contingent liability and provision. I thought there was something wrong with the question so I kept pressing on the choices but the color wasn’t changing then I got a message that I can’t try anymore :s so 2 marks from this question is already deductible lol .

The 500 refers to fv of inventory @ acquisition. I apportioned the depeciation for 9 months in the RE calculation

There were a few things not covered, deferred tax, cash flow and sale and lease back, the latter two I was panicking about as I'd done loads of practice questions and they didn't appear enough to master them. Don't worry too much about a wrong figure in the consolidation. You can still get most of the marks. I was surprised how much can be wrong and still score highly when reading this - https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/exam-technique.html

The exam looks more like a good one. I got SPL and ratios in section C, and i attempted ratios first. By the time i was done with ratios, i realised i had spent too much time. But i think it was a fair test of knowledge.

Hey, did you get a loss in the statement of PL?

Hey, did you get a loss in the statement of PL or what?