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anyone see that it was a bid year disposal of sub? was that correct.. so full consol for 6 months then equity acc?
@carsmac said:
anyone see that it was a bid year disposal of sub? was that correct.. so full consol for 6 months then equity acc?Yeah I deff picked up on that. Didn’t know where to put the entries though. The TCI thing was confusing. I’d have normally calculated investment In associate but that’s for the SOFP. So I just explained it in the note
This paper was way too hard. 100% re-take but if September that hard I will quite acca altogether
I absoultely hated the 1st and the last question! What were they trying to test us for SO many marks on the 4th question? LOL! I wrote stupid things. Might just fail. ?
Thats definitely a retake for me I guess. There were some marks on 01st question but the way it was designed first i got it messed up to certain point and I am not sure how much did I score there. 2/3 were straight forward and done as much as I can. As for 04th one, was it even english? I just couldnt understand the question at all. All in all, they made SBR so much harder with this new way to deal with it.
Horrible horrible horrible. Nothing like specimen or past SBR papers. Definite a resit for me. Will be my first ever resit after passing the last 10 exams first time.
@kbourne said:
Just a question for all. Seeing a few people saying they went ahead and did the impairment review…but the requirement only said that the directors want to know how to determine the fair value so they can do the impairment test? I thought the numbers for VIU were a trick as we weren’t asked to find the recoverable amount only the FV right? I quoted highest and best use but said it couldnt be applied due to lack of planning permission?Holy cow.. U might be right
Question 3..
What did u guys write when the directors simply changed the comparative figures as they discovered an error relating to last year.
I said ias 8 doesn’t allow such hence it will impact the retained earnings of the current year.
Anyone else with me on this?
i have failed P2 so many times and i am certainly going to fail it this time. but i will never give up! i will come back in september more prepared by doing exams questions. loads of them! ? never quit! we can do this!
Did anyone take the UK paper and get what they were asking about in regards to the different ways fair value is measured for FRS102 and IFRS? My Kaplan book doesn’t give any clue as to the differences?
This new way of SBR is completely disaster as it encourages rote learning and discussion type questions, which are subjective and doesn’t help student improve relevant skills. After several session, I don’t think recent changes is good for ACCA as a whole.
Yes agrees with u…rote learning the IFRS is not the key, its all about the application of IFRS…This format is worst
@acca20199 said:
Q1
– Dividend impact on parent and consolidated financial statements
– Disposal of investment held at cost in parents accounts
– Disposal of investment impact on consolidated financial statements with a FV adjustment required on original acquisition (5 and a half years depreciation) + an impairment
– Deferred tax on URP and tax asset recognition i.e. non-reoccurring items and previous taxable profits
– Lease whose value changes over the lease term???
Q2
– Share based payment, non- disclosure of RPT and operating segments (absolute profit to be used to determine if a reportable segment)
Q3
– Change in accounting policies and estimates + how to account for new IFFSs and how transitional rules can lead to inconsistencies
– Impairment calculation including a bit of FV highest and best use
Q4
– FX gains and losses (OCI and P+L) explanation type question and how measurement is not taken into account on subsidiary consolidation in relation to FX. FX loan transaction + FX URPThat’s what I can remember ????
What was Q3(a) part 1 about?
Can’t understand why this exam was made so difficult, specimen exams and past papers seem like a walk in the park in comparison! Questions 2 and 3 were not too bad but very disappointed with Acca, oh well we go again!!!
It was terrible! It felt very unpractical. The word “Strategic” in the name has nothing to do with the requirements in this new paper. I would make an inquiry among a population of CFOs and see if the answers to this paper have any value to them….
@ealinush said:
It was terrible! It felt very unpractical. The word “Strategic” in the name has nothing to do with the requirements in this new paper. I would make an inquiry among a population of CFOs and see if the answers to this paper have any value to them….my thoughts exactly! This exam is way too academic now. I don’t need to criticise standards, I need to know how to apply them! It has no value in the real work environment!
I did the UK paper, I thought it was awful!
I said about Proportionate in UK FRS102 and Share or Proportionate in IFRS, but fully accept I could be wrong!
There was nothing I found to really write about it was the hardest paper I have done.
It is my last one to complete ACCA, sure I will have to retake in September but the general consensus seems to be it was a Disaster!!!
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I think Q3a was the impairment calculation
Current issues, Ed, ifrs 15, conceptual framework.. Were nowhere way to be found.
Not even ifrs 9 in its full strength.
@aniam said:
my thoughts exactly! This exam is way too academic now. I don’t need to criticise standards, I need to know how to apply them! It has no value in the real work environment!I disagree ladies! Although i could have done more and wasn’t my best but exam is very practical.
Whats the point in applying the standard if u’re not aware of the whole basis. Q3 was spot on regards to that.
20 marks for question 2 was just a pure gift from the examiner.
I hated the previous P2 format and F7 was so utterly boring making huge statements and just cracking the numbers hence i waited for Sbr to take over.
We are not in an operational level to be drafting financial statements but in a position to have a hawk eye view and guide the junior accountants to deal with matters. Hence the word strategic
Foreseeing the retake in September… I’m wondering how to prepare for the exam. Seems that the BPP kit nor the past exams are enough.. Do you know some helpful web pages (like iasplus) or any ideas how to pass sbr?
“Whats the point in applying the standard if u’re not aware of the whole basis.”
I would say that by successfully applying a standard then you do understand the basis. I don’t see the point in academically critiquing the standards when you have to apply them anyway! Unless we’re all going to be standard-setters or involved somehow in the standard setting process then many of these questions have no relevance, even at director level in a company.
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