FR*** December 2022 ACCA FR exam – Instant Poll and comments ***

most the questions about consolidated financial statement , Events after the reporting date and earning per share , one of B questions was Events after the reporting date and almost 5 question in A also adjusting and non adjusting event , even the interpretation question i had to adjust pervious year before calculating ratios . I've got almost 6 questions regarding how to calculate the investment when we calculate the goodwill or just investment even in question C . a lot of important area was not covered in the Exam , like tangible non current asset , revenue , lease , financial instrument this is 3 rd time i take this Exam it was strange collection of questions

Could not finish exam due to technical issues lost most of work. Started on Section C which was bizarre with the Interpretation of FS - 2 possible subs for Parent to invest in but one wanted a wired "Cost Model" calculation that was bizarre (calculating ratios for both subs). Did anyone else have this question? Have rebooked for contingency week next week but ACCA really need to improve this online platform as there are too many issues leading to students like me getting very frustrated!

Had that one, did not like much of that exam..

Who picked lime as the best sub? I know they had worse profit but looked more stable, anyone else think so or have I got that wrong? Haha

There were quite a lot of consolidated group related questions

Did you understand the first bit about "Cost Model" on one of the subs and incorporating the answer from part a into the ratios for Lime I think?

@mwills7 I got that one as well. I credited the assets back to their original cost Debited depreciation into operating expenses - difference between what acc. dep. would've been if there was no revaluation to the acc. dep. at the SFP date after revaluation. Only on the building though as land doesn't depreciate. Debited the revaluation surplus the difference to clear it off, ultimately affecting equity. Adjusted equity, OPEX & the assets accordingly. Not sure if I did the right thing or not to be honest as it threw me off a little bit but hopefully someone can cross-reference my logic

Think it was just asking with the cost model to depreciate it as the revaluation model wouldn’t have done that this would have affected the nca, depreciation in operating expenses and equity with the revaluation surplus although I feel like I did it wrong

I did the same as you on this question @udoihonor. Depreciated the building as if it was at cost over the period & added the difference between the depreciation at cost and at revaluation to opex. I deducted the property reval from equity and also the diff in deprecation as it said they had opted to adjust for that in RE. No idea if I got the double entry right. ? I also got consolidated p&l with 3 subs and a disposal part way through the period on the other q - which was tricky!

Section.c got lime and lemon question. I would say todays paper was hard. Lots of questions about consolidation. . Adjusting events and non adjusting event . Section c . Consolidated p&l with disposal of subsidiary. got stuck with the discontinued part .

Haha I too picked Lime

Hey guys! I'm a bit confused so I just wanted to ask if you guys got the consolidated financial position question? It said part a on my screen and was for 20 marks. I completed and clicked on next and there was no question and the review screen said that the question is complete. So, I just want to confirm from those of you that got that question that it was the only part in the question.

Did anyone get the pine and skein co question in ratios? And profit & loss single statement for the other section c question?

@Mycomeback . I've got the same, it's confused me, i thought i missed something .. ^^

@sooha thank God I'm not alone. We're fine then haha.

@sooha how did you do the adjustments for inventory in sec c

Well I have realised how much Ive forgotten about the way I answered after reading all of this. It was the section C of a CSPL for a parent with two subsidiaries, one of which disposed of half way through the year, that really annoys me. There are no examples I can find of this online. I treated the CSPL for just the subsidiary Sourdough and used the discontinued operations line for Dijon. I removed the full year intergroup trading from Revenue and Cost of Sales, then added back the PUP for the amount remaining in inventory in Cost of Sales. I think I lucked out in some ways because I really covered consolidated accounts near the exam but Im still worried Ive come out feeling okay and I could have gotten too many wrong.

Anyone got Snake & Python(CSOFP) + Aircraft manufacturer ratios question? I got 7 MCQs on consolidation in addition to the CR (34 marks in total) . For this exam they didn't even try to test all portions of the syllabus which was very weird. This most likely will give a very skewed result as those who studied the tested topics well would score much more than others. Anyways, good luck to everyone! Fingers crossed for 16th Jan

+1 I got the same paper, and i felt very weird because of the combination of questions Do your remember the consolidated sec a questions ? Most of it was goodwill calculation right...i don't remember if we had to take NCI anywhere was there any questions like that or was it just the consideration calculation with cash, shares and deferred consideration...

@sreevarshini , i don't think what i did is correct , i took the closing inventory they gave as the figure for year closing inventory and i calculated the current asset accordingly , the different between closing and opining then deducted it from the profit , i haven't focust on adjusting event and , i got a lot of questions about it in the exam did you got the same ?how did you do it ?

I too took the difference but i am unable to recollect if i added or subtracted it:/ What about the questions in sec a about goodwill investment, there was this one which had 70000, shares at acquisition it was $2 but at 2018 it was 3 something do you remember which option you clicked? Like whether 1,2,3,4?

For the ratios sec a questions they asked smthng abt rights issue, like which ratio increases if rights issue proceeds is received Roce, net asset turnover, quick ratio and GP Does anyone of you know which one is it?

@sreevarshini , for Good will investment i used at the acquisition share ,because goodwill i believe we should calculated what ever we get at acquisition the the difference with reporting date go to the calculation of profit of something , what about you ?

there was question about which ratio will change By right issue - i've selected asset turn over .... i guess... i remember i've choice asset turn over but i am not sure what the question was lol ^^

oh not sure about the answer but i chose ROCE :/ yeah the cost of investment one you should use of associate i believe should have the apportioned profit if i am right

yeah exactly but do you remember the option you clicked, like was it the last one by any chance ?

Finally sat paper today and it was bizarre to say the least. Sect A was random but section B had questions on Agriculture, inventory etc that are so small in grand scheme of things to include these is mad. Section C was ok but quite hard - Goodwill question difficult, ratios was ok and then single entity P&L which was very wordy - Acca you cannot expect students to read through so much information when this exam is so time pressured. Really obscure parts of syllabus tested in relation to theory is very poor. Hoping for a pass but reading forum many people found either exam difficult. Usually FR is a fair paper but this sitting ACCA seems to have it even harder - need consistency in terms of fairness for these papers.

quick ratio. cash (CA) will increase