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ACCA Paper SBR December 2020 Exam was.. Instant Poll and comments

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › ACCA Paper SBR December 2020 Exam was.. Instant Poll and comments

  • This topic has 129 replies, 50 voices, and was last updated 4 years ago by habetlerdavid.
Viewing 25 posts - 51 through 75 (of 130 total)
← 1 2 3 4 5 6 →
  • Author
    Posts
  • December 10, 2020 at 7:16 pm #599228
    robfinch2222
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    I thought the UK exam was brutally hard. V complex question scenarios, partic the pension question. The time pressure is something else too. This is a tough exam, no two ways about it.

    December 10, 2020 at 7:18 pm #599229
    muzammilgoundi
    Participant
    • Topics: 0
    • Replies: 12
    • ☆

    I am still confused with that FV of intangible asset and goodwill question, whether FV of intangible was already included in the FV of net assets at acquisition or it was discovered later by finance director. So just presented both the scenarios.

    December 10, 2020 at 7:24 pm #599231
    sajma
    Participant
    • Topics: 3
    • Replies: 5
    • ☆

    Yeah I did uk version, so different to previous exams, didn’t know anything about sustainability repointing, there always seems to be something new or something you just never think to revise, feel like this exam is my brick wall

    December 10, 2020 at 7:36 pm #599232
    saif2589
    Member
    • Topics: 0
    • Replies: 57
    • ☆☆

    When you had to calculate the goodwill and gain on bargain purchase. What value did you get for full goodwill and proportionate method ?

    December 10, 2020 at 7:42 pm #599234
    muzammilgoundi
    Participant
    • Topics: 0
    • Replies: 12
    • ☆

    I think I got $9M, considering FV of intangible was already included in the FV of net assets acquired and using partial goodwill.

    December 10, 2020 at 7:42 pm #599236
    cihankarabulut
    Member
    • Topics: 7
    • Replies: 12
    • ☆

    Very strange questions! Not at all like the past exams or the questions in the revision kit.
    First part should normally be 30 marks group question, but there was only a goodwill calculation for 5 marks.

    none of the questions were simple. almost every question had a complex part to consider.

    if examiners are trying to match the exam questions with real life situations then we should be able to have more time to think and answer the questions properly. I’ve studied all past exam papers for SBR and I can clearly say that exams are getting harder.

    December 10, 2020 at 7:54 pm #599223
    JohnLa1
    Member
    • Topics: 0
    • Replies: 45
    • ☆

    ikenna24 wrote:I added the $1m from the legal cost relating to the share for share purchase consideration… And advised that the $2m be expenses as it would have been incurred whether the acquisition finally went through or not… Someone tell me I was right? Please! ?

    I also deducted the pension cost, haven’t come across it in any practice question but seemed sensible to do so.

    December 10, 2020 at 7:55 pm #599221
    Encaladeus
    Member
    • Topics: 0
    • Replies: 35
    • ☆

    Javid wrote:Is the inventory treatment the same in Oil firms with a manufacturing firm? They included oil prices declining, does it somehow effect the cost of inventory in balance?

    I think there was an impairment. Because inventory is values lower of cost or nrv.

    December 10, 2020 at 7:55 pm #599208
    Encaladeus
    Member
    • Topics: 0
    • Replies: 35
    • ☆

    Business combination was at fist question in my paper.(asset acquisition inv property actually). 3rd question was joint operation. Maybe whole paper was different:)

    willgarmey wrote:I was caught completely off guard by the sustainable and integrated reporting questions. I had little retained knowledge from previous exams and seemed to somehow completely avoid these when revising.
    The exam threw up some strange questions and some which I felt totally unprepared for.<br>On the balance of things I can only hope that I interpreted the questions correctly and gave enough to pass.

    Business combination was at fist question in my paper.(asset acquisition inv property actually). 3rd question was joint operation. Maybe whole paper was different.

    December 10, 2020 at 7:55 pm #599207
    Encaladeus
    Member
    • Topics: 0
    • Replies: 35
    • ☆

    willgarmey wrote:I was caught completely off guard by the sustainable and integrated reporting questions. I had little retained knowledge from previous exams and seemed to somehow completely avoid these when revising.
    The exam threw up some strange questions and some which I felt totally unprepared for.<br>On the balance of things I can only hope that I interpreted the questions correctly and gave enough to pass.

    Business combination was at fist question in my paper.(asset acquisition inv property actually). 3rd question was joint operation. Maybe whole paper was different:)

    December 10, 2020 at 8:04 pm #599248
    muzammilgoundi
    Participant
    • Topics: 0
    • Replies: 12
    • ☆

    Agree with your comment “if examiners are trying to match the exam questions with real life situations then we should be able to have more time to think and answer the questions properly”.

    December 10, 2020 at 8:11 pm #599252
    saif2589
    Member
    • Topics: 0
    • Replies: 57
    • ☆☆

    What have you guys written for intangible asset and grant for emission? The points I wrote is according to ias 20 government grant is to transfer the resources to the firm in order to meet future compliance. The emission would be accounted with p and l and would need to consider the cost of the service as well. According to is 38 intangible assets and non monetary physical substance. Emission would be measured at revolution model which is cost less accumuled depreciation and impairment losses instead of cost model since emission is a non physical substance that does not contain cost. Is this correct as well ?

    December 10, 2020 at 8:11 pm #599253
    martisha
    Member
    • Topics: 0
    • Replies: 19
    • ☆

    I did not have time to concentrate and think about the answers, if I had more time I could go back and check/correct/add.
    I have put a lot of effort and time to study this paper, but it was still not enough.

    December 10, 2020 at 8:23 pm #599255
    alexdn
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    IAS 38 prohibits revaluation model for intangible assets, unless specific evidence that there is an active market to support revaluation.

    December 10, 2020 at 8:47 pm #599258
    saif2589
    Member
    • Topics: 0
    • Replies: 57
    • ☆☆

    That’s only if it’s SMEs. If the company is large or medium the revaluation and cost both the models can be applied to intangible asset

    December 10, 2020 at 8:55 pm #599259
    alexdn
    Member
    • Topics: 0
    • Replies: 3
    • ☆

    Please refer to below for more clarification, which does not state any reference to SMEs. Furthermore, there is a separate standard IFRS for SMEs which states that revaluation model is not permitted.

    “Revaluation model. Intangible assets may be carried at a revalued amount (based on fair value) less any subsequent amortisation and impairment losses only if fair value can be determined by reference to an active market. [IAS 38.75] Such active markets are expected to be uncommon for intangible assets. [IAS 38.78] Examples where they might exist:
    production quotas fishing licences taxi licences
    Under the revaluation model, revaluation increases are recognised in other comprehensive income and accumulated in the “revaluation surplus” within equity except to the extent that they reverse a revaluation decrease previously recognised in profit and loss. If the revalued intangible has a finite life and is, therefore, being amortised (see below) the revalued amount is amortised. [IAS 38.85]“
    Reference: https://www.iasplus.com/en/standards/ias/ias38

    December 10, 2020 at 8:59 pm #599260
    khilen
    Member
    • Topics: 5
    • Replies: 38
    • ☆

    Hello all,

    Just wanted to write what i remember from my answers – Did anyone else write the same:

    Q1) Business combination – it asked why is the acquired land and building not a business combination.

    I said because only land and buildings was acquired and no input (i.e. employees were not acquired) which is part of the input, process and output in business concentration test.

    Q3) Joint Operations – It said accordance to FRS102 how should the operation be treated. I said it would be a joint operation and each parties share should be accounted for in their individual accounts?? So i said their income, costs , assets liabilities all need to be recognised as per their holding.

    – lower of stock vs NRV – i said the inventories should be held at the lower which i think was NRV? And then there was an impairment of $100k after the YE so as per IAS 10 adjusting subsequent events, stock value had to be reduced.

    I can’t remember any of the other stuff.

    Ethics question 2) i just said that the accountant should regularly undertake CPD training as only then she would know about the updated laws.

    Not sure if anyone else got the same things?

    December 10, 2020 at 9:02 pm #599262
    saif2589
    Member
    • Topics: 0
    • Replies: 57
    • ☆☆

    Ok and Just tell me one thing according to ifrs can the fv measurable both intangible asset and nci ? That would be proportionate and full goodwill ? Cause intangible asset contains fv of identifiable asset hence proportionate method of goodwill would be used. Where’s nci is measured at full goodwill fv at consideration less fv of nci. According to ifrs 10 consolidated financial statement. is this correct ? Both intangible asset and nci are measured at fv but it’s divided into fv full goodwill and proportionate method Does this make sense ?

    December 10, 2020 at 9:15 pm #599263
    bouchra1
    Member
    • Topics: 1
    • Replies: 14
    • ☆

    benefit scheme in business combination with all those adjust, ECL the most difficult one they could get, GOV grant on intangible and for free so you didn’t receive any money but it does have FV on top more intangible form business combination. It is my second attempt the last one missed by a few marks only and it was mainly because didn’t have time to attempt Q4. But this time I have no idea ……. so 6 weeks to find out!

    December 10, 2020 at 9:18 pm #599266
    bouchra1
    Member
    • Topics: 1
    • Replies: 14
    • ☆

    khilen wrote:Hello all,


    @khilen
    I wrote almost the same thing

    December 10, 2020 at 9:50 pm #599268
    cihankarabulut
    Member
    • Topics: 7
    • Replies: 12
    • ☆

    suf23 wrote:what was the correct thing to do with the legal costs in Q 1 part B?

    Acquisition costs
    Costs of issuing debt or equity instruments are accounted for under IAS 32 Financial Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement/IFRS 9 Financial Instruments. All other costs associated with an acquisition must be expensed, including reimbursements to the acquiree for bearing some of the acquisition costs. Examples of costs to be expensed include finder’s fees; advisory, legal, accounting, valuation and other professional or consulting fees; and general administrative costs, including the costs of maintaining an internal acquisitions department. [IFRS 3.53]

    December 10, 2020 at 10:45 pm #599283
    chardynigelon
    Participant
    • Topics: 0
    • Replies: 7
    • ☆

    The standard allows you to deduct the grant from the asset value or to set up the grant as deferred income that would reduce emission related expenses.

    I used the second approach.

    December 10, 2020 at 10:58 pm #599288
    saif2589
    Member
    • Topics: 0
    • Replies: 57
    • ☆☆

    So what I’ve written for grant and intangible asset makes sense ?

    December 10, 2020 at 11:05 pm #599284
    chardynigelon
    Participant
    • Topics: 0
    • Replies: 7
    • ☆

    alexdn wrote:IAS 38 prohibits revaluation model for intangible assets, unless specific evidence that there is an active market to support revaluation.

    Revaluation model can be used for intangibles unless no active market exists.

    December 10, 2020 at 11:43 pm #599302
    khilen
    Member
    • Topics: 5
    • Replies: 38
    • ☆

    What did everyone write regd what Solar Company should include in their sustainability report regd platinium and why is it helpful – can’t remember the exact question.

    Was it me or did this exam feel like an SBL exam?!

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  • The topic ‘ACCA Paper SBR December 2020 Exam was.. Instant Poll and comments’ is closed to new replies.

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