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Hello everyone, had an extremely poor experience! The exam failed to load although I was having no internet issues. Right after I was released for the exam by the greeter it crashed with a message on screen saying loading please wait. But even after waiting for more than an hour the problem did not resolve. Had to withdraw my attempt. Did anyone face similar issues???……..Gave an exam in Sept, everything went smooth. No luck this time. Also the proctor did not respond after asking for help multiple times.
Not too bad, a lot of consolidation questions throughout. SPLOCI and ratios for section C
ACCA asks about cryptocurrency, ICO, IDO, tokens and ect. I have no idea what is it. Why they alwys ask about cryptocurrency????
FATF released official letter in which cryptocurrence is used in the criminal activities such as financing terrorism organization, money laundrey, grugs traffic and ect.
In same time ACCA requires from students to apply ethical issuies in specific situations.
All of this makes me outranged!!!!!!!!!!!!.
Nothing out of the ordinary for my FR, a lot on government grants and revenue. section B on revenue was a bit tough for me, section c was individual profit or loss, and ratios and analysis
Really can’t tell if I have passed, but not disastrous
Anyone else got, Consolidation SPL and Goodwill aswell as Evertech for ratios? Overall really good exam
I got the Evertech version. I was surprised by B section topics. Overall the exam seemed “gentle” compared to the PM I sat the last time, which contained all the tough questions and twists one can imagine. That was brutal
I got consolidated statement question with goodwill to calculate and Evertech question. how should the grant to be paid back accounted for?
overall nice exam.Yep that was the same paper I had – I found it pretty reasonable. The bit regarding the Repayment of the gov grant was the bit that made me think.
I treated as a capital grant – offset the 10k in Deferred Incone and charge the rest to P&L as loss I think
Generally okay. Afternoon sitting had a fair bit on IFRS 15 and government grants. Little to no consolidations, except some goodwill at acq. Section C was an easy single entity and an analysis question.
Gutted no CSFP!
I treated the grant as a liability. It was a 30k grant that needed to be repaid in full. Cr liability 30, Dr retained earnings 10 for first year and Dr deferred income 20 to clear current and next year’s balance
I did afternoon sitting – found it really tough… Annoyed there were no consolidated SPLOCI/SOFP as I spent all of yesterday prepping for that!
Loan note adjustment in section C single entity completely threw me and I couldn’t think!
Some ratios, gPM.NPM, Inventory and Payables, I feel like I tried to wing It a lot.. Not overly happy with it..I wanna say I did OK, but it’s that sort of “unsure OK” that always leaves you with some doubt.
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AmyHades wrote:Me too! Was so prepared for the exam
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Calum.humphries wrote:I treated the grant as a liability. It was a 30k grant that needed to be repaid in full. Cr liability 30, Dr retained earnings 10 for first year and Dr deferred income 20 to clear current and next year’s balance
Calum.humphries I don’t know if your question was slightly different than mine or maybe I made an error. In my understanding the grant was a 3 years $30M grant and the entity failed to meet the conditions of the grant. The question required accounting treatment for reversing or repaying the grant after the end of second year (at the beginning of the 3rd and final year) meaning $20M grant income had already been credited to P/L which needed to be reversed by charging or debiting $20M to P/L and debiting the remaining deferred income of $10M crediting and recognising a liability of $30 (though I made an error of saying crediting bank by $30M assuming it will be paid immediately)
You can correct me where you think I am wrong
The first years grant would now be sat in retained earnings, I removed this 10m from retained. I possibly wrongly assumed that the current years income would not have been recognised when adjusting, so cleared the remaining 20m from the deferred income liability to current liability. Anyone else care to share what they did for this?
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I did the same as Robert.
If a grant becomes repayable, it should be treated as a change in estimate. Where the original grant related to income, the repayment should be applied first against any related unamortised deferred credit, and any excess should be dealt with as an expense. Where the original grant related to an asset, the repayment should be treated as increasing the carrying amount of the asset or reducing the deferred income balance. The cumulative depreciation which would have been charged had the grant not been received should be charged as an expense. [IAS 20.32]
I think this is the answer in part, I assumed two years had been released as we were at the end of the period.
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