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Agree. The exam itself wasn’t hard to be honest, found it easier than F7. However all the ACCA exams are too time intensive. I don’t lack knowledge, only fail on time management as I didn’t get to reach the last 25mark question. Spent like 1.45hours doing question 1.
Q1 – 16 WHOLE MARKS ON CALCULATIONS ONLY IS SOMETHING ELSE…discussion would have been fair
Q2 – ETHICS WAS FAIR ENOUGH
Q3 – MIX OF INTANGIBLES/IMPAIRMENT/DISCONTINUED OPERATION…..GOOD MIX
Q4 – SMEs…garnished with INFORMATION ASYMMETRY (like are you kidding me?) and INTEGRATED REPORTING…fought for part of the 20 marks
Hoping to cross the line in 6 weeks.
Yes that was what I did. The cash was 3million which was the balancing figure.
I think the fair value trading investment with all the dividend included threw me off as I didn’t bother calculating the cash amount as was too time pressured.
I gave remote CBE. My question paper was a little different and easy!
Q1 – It was acquisition and disposal of subsidiary (Goodwill calculation/Land fair value within 12 months/consideration to be used for another subsidiary acquired)
This was pretty straight forward question. A bit confusing wordings of the question but okayish.
Q2 – Research and development cost/ Ethical issues regarding consolidation and change of year end of a subsidiary
Not sure about research and development cost but it was a good mix.
Q3 – Mixture of intangible assets(brands) and Ifrs-5
This was a pretty good question on ias38 and ifrs5
Q4 – IFRS for SME / Integrated reporting / Employee benefits
This was a good question if you had studied SMEs. Didnt require too much knowledge. I say it was a not too tricky not too easy.
Consolidated Cash flows -_- financing and operating activities .
Investment in Associates
Step Acqisition
Intangible Asset
Held for sale / discontinued operation
Impairment
Revenue
Ethics
Employee Benefits in dept -_-
SME’s + Intergrated reporting in depth -_-It was partially depressing .
Depressing paper… never thought such difficult questions would appear in the exam.
Anyone else think that CBE exams should have printouts of the scenarios and questions? I found that it was sooo time consuming and inefficient when you need to have many screens open to put one answer together…
That’s not right. The cash received from the sale of shares should take into account the share premium.
Your answers are pretty much same as mine except that didn’t reach the last question for the 25 mark! Also I made a silly mistake free reading up here about the cash flow question as I didn’t read the question properly and included the cash flows from operating activities. Wasted so much time there, otherwise I would have had a good crack at the SME and benefits as I studied well for those topics!
So gutted as all these ACCA exams are so time intensive which I think 3 hours is not a realistic time to complete the exams confidently.
That’s for all the computer based exams I think. Too much time spent fiddling with multiples exhibits windows. Not fair to allocate same exam time as paper based as working on the computer is more time consuming with all the windows and clicking to find the right one and refer to it moving it around so it doesn’t obscure the view of the spreadsheet to answer.
anyone who feels like dicussing the paper?im really confused right now if anyone wants please do tell me (if not allowed delete)
Absolutely! The issue with multiple windows open for me was exacerbated by the computer I was allocated at the test centre. The monitor was a tiny 14″ widescreen monitor that was really low to the desk. I’m 6’2″, my neck was aching from hunching over the desk to look at the bloody screen. I’ll be mentioning this when the ACCA ask for feedback on the test centre.
Printed sheets of all questions to refer to would have been very helpful.
Huh how come the exam questions are different for everyone?
Mine was CBE at a centre and it was
Q1 Goodwill, Step disposal – couldn’t figure out the carrying value of the NCI
Q2 Ethics
Q3 Intangibles
Q4 SMEI thought it was ok but never know!
More details:
Q1 Goodwill – Bargain goodwill I calculated at $30m I think – to be expensed to P&L, Step disposal – explained the steps but couldn’t figure out the carrying value of the NCI
Q2 Ethics – Familitary, self interest and intimidation threat, KPM, sell of shares and then the usual spew of get advice from ACCA etc.
Q3 Intangibles life – i said the first one was indefinite as they have a secure brand, the newer one i said might be linked to the actress who might die lol so its not indefinite
Properties I explained the criteria for held for sale but it didn’t really meet the requirements i feel as it wasn’t on the market.
The other 6 properties I explained about provisions and there has been no management plans and told to those affected etc.
Impairment on new store didn’t need to happen as in line with management expectations
Q4 SME – I explained that they didn’t have to include assets held for sale, interim reporting etc, then i explained certain things they can’t do e.g. revalue intangible assets and then things that are simplified for them e.g. borrowing costs to P&L etc.
I couldn’t think of why having no information would defer investors except that they don’t have enough info to make economic decisions
The share stuff – i said PV of salaries * 1% * 75% over 5 year vesting period equals like $0.0014m
The rest should be recognised in liabilities
And then if salaries rises by more than 3% then work out things retrospectively and recognise remaining amount in P&L in YR2 after deducting YR1
For the first question how would the gain of bargain purchase and goodwill consolidate in financial statements?i explained about provisions. Is that correct ?
Mine was was a disposal not even a step disposal . Mine was only left with 15% I was starting to panic
Land? Mine was properly and something about a report which came in after period end . Anyone else got something like that ?
Mine was property with a useful life of 20. I was asked to compute the gain on disposal .
Was was left as an associate and not a step disposal I got a bargain purchase of 32 though. Had to adjust for a 2 m liability which a provision was made for
gain on bargain purchase happens when the consideration paid is less than the net assets of the company – should be expensed to P&L not recognised as negative goodwill – I think…
I had the property question too I think that was the step disposal – the one i couldn’t work out the carrying value of NCI one
They had 15% of shares remaining if I remember I said to account for that as a financial instrument I think as it’s not enough stake to be an associate
I adjusted for the $2m provision as well I think – don’t remember what my number for gain on disposal was
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