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

I was thrown off balance! Was expecting a section of cashflow or c-sofp and the likes... But defined benefit scheme?! Expected credit loss?!

Question one was tough, I was specifically hoping defined benefit didn’t come up for many marks and there it was straight away for 9!

I don't know what they were trying to do? None of Ethics questions were like questions in previous exams? Complicated ecl? Emission allowance with government grant and with revaluation? inventory question with fx and impairment? Who can finish these exam properly?

It was a nightmare. Directly starting with pension increased stress and anxiety. ECL was so hard didn't make sense :( and..at the end foreign currency commitment to sell was not easy either

Floored twice after the opening bell with a particularly complicated defined benefit question and other complicated section A questions. Section B wasn't much better, although at least there wasn't a complicated and time consuming interpretation question. Managed to stay on my legs till the end having answered all questions but totally battered. Much much harder than I'd expected. Got the impression I wasn't alone as a lot of people looked shell shocked at the end of the exam. A long 6 weeks ahead.

What... is there two different set of questions ?

I did international and first question was defined benefit...

What was the first question instead if not the defined benefit?

My second attempt and I’m shocked ... u couldn’t have prepared for this paper. It is nothing like other previous exams - sept exam was at least similar to previous papers but I didn’t get through by couple marks and that was my fault for not preparing it well. I’ve managed to complete all 4 questions so I hope I will get 50 pass!! Can anyone remember first group question? Pension 9 marks Goodwill 5 marks What were the remaining questions?

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 ?

Can you remember what your question one was? Mine had pensions and share based payments, surprised to hear that some of them differ so much...

chi.dao wrote:I was taking the international version, didnt have Pensions at all. The exam was too long tho.

legal cost & ummmm i think derecognition of financial assets

Very strange questions! Not at all like the past exams I had practiced! Defined benefit pension, lots of forex, government grant and intangible asset, what was that all about! Not too feeling too confident but we'll see come January!

Yes I got this question, u had to compare

That’s right! Horrible paper!!

I got the pension Q too. Tough. First P paper and first time I left not feeling sure I’d passed. The time restriction is tough.

Looks to me like a new format test. Will be difficult to revise and resit it. Small bits and pieces of quite unusual stuff everywhere. After you memorised so many proforma's....... Revision kit and past papers will not be of much help. Maybe textbook then?

The INT paper was complete AIDS. Groups question set the tone for the entire paper. Why does this examiner love foreign currency so much? Feels like I got ripped off. All that work in the weeks leading up to this to get a POS paper like that. I don't think I'll ever pass SBR at this rate.

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

The revision kit questions were easy compared to this one. The cashflow and forex ppe in q1 stressed me out and I gave up at that point. I did not write about the step acquisition as was overwhelmed by cashflow. Ethics was weird, no conceptual framework. I know all the current issues about taxes, pensions, policies but got sustainability reporting and integrated report - differences between them. I dont remember seeing this in the textbook. The exam felt they wanted us to fail, as mostly the same stuff was tested in all questions. Horrible and unfair.

Reading all your comments makes me feel better that I'm not the only one. The exam was awful. I was confident that I'd learned what I needed but clearly not and just left feeling disappointed in myself! the ECL was difficult mainly because I didnt really understand it. I at least wrote something for each question but i'll be honest, half of the time I was guessing/rambling or short sentences... everything you shouldn't do. I think if we had more time to think we would be able to apply logic when we are unsure and at least give a half decent attempt but unfortunately its a case of know it immediately or you dont and move on. What do people think of the FRS Qs?

chi.dao wrote: @cl10 i got PPE, cashflows, exchange rates, step acquisition for question 1

How? Which version did you write?

JohnLa1 wrote:

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

whoops. i included $1 m in the consideration ,

I agree, I memorised all the current issues ready for any easy 4 marks... ish and I never got one question on it. Unless at some point I was supposed to tie a current issue in with another question and I've missed it.

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 ?

I stated that both NCI and Intangible assets can be measured at FV and that entity has a choice to measure NCI either at FV or proportionate. Question said that the other subsidiaries NCI's were measured at proportionate method, so for the new sub the entity should follow the same. Not sure if this is correct.

What if written does that make sense ?

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

I was doing international as well, it did not have defined benefit. 1 question was on PPE, Cash flow, Goodwill calculation

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?