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For the question how will goodwill and gain on purchase consolidate in financial statement? I wrote according to ias38 intangible will be measured at cost and revaluation model and if the revaluation increases the asset it will be recorded in oci with revalution surplus within oce and if revaluation decreases the asset it needs to be recorded within p&l this is how goodwill will be recorded. Hope this is correct ?
what was the difficulty level of paper?
and what about cash flows question? was it difficult or not?
The brand questions were IAS 38 Intangible assets. An intangible with an indefinite life is not amortised buy tested for impairment at the end of each period with gains/loss going to profit and loss
Its certainly a strange way to test people under such time constraints. I suppose the are thinking the knowledge should be so crystal clear it should just flow out without the need to much consideration.
However in reality its not a realistic scenario for accountants to work in. You would not hand over a rushed piece of work to anyone unless you had time to review, think about it and check it.
it was a horrible paper, didn’t expect hard questions on cash flows it was just too much information and also 16 marks or so for only calculation. Didn’t expect IFRS for SMEs as well.
Give five, the same for me
it was computer based??
I had that one in question, revalued with 12month measurement period, it should have been adjusted to accounts and depreciated over remaining useful life. I also mentioned that “lack of information for the remaining life, I would use 20years as previously and adjusted back to accounts)
I think me and you had same paper, I did not see cash flow question at all. No revenue neither.
I prefer paper too, I kept mis typing and correcting my wording. Sometimes I lost in the middle and difficult to trace back to change my wording.
NCI is given in the question, use the retained earnings to adjust NCI for disposal calculation.
I had same with 15%left, changed from consolidated accounting to IFRS 9. From control obtained to control lost, remove goodwill and NCI from accounts and treat 15% by applying IFRS 9.
Bargain purchase will go to profit and loss.
Held for sale, I think most of the the conditions are met, I did originally define it as held for sale, however there is no information about the sales price which is reasonable to fair value in the market, without the sales price, how to locate a buyer?
profit not expense in P&L.
OMG such a lot of information to go through ..level of hardness ok but time pressure made me just basically run through Except EBP question.
I had the same paper. There where 2 SBR papers. My friend said that she had a cashflow in Q1 but i did not have that