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@richieinspain said:
c’mon guys your keeping me in suspense ; ) – was Q1 consolidated statement of financial position only…. or did you have to do the income statement as well!!!cheers
financial position only
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paper was fair but am not sure will reach 50% made alot of mistakes and dint do much on cashflows otherwise generally good paper for those that prepared adequately . but if a 50% comes by i will gladly accept it whole heartedly
The paper was really good but time pressure is a worry, i finished the first question in 35 minutes but still had little time left at the end and rushed q4 and q5. I hope to pass as in june i got 45 and this was my only fail in ACCA so far. Im beating myself really as if studied bit more, it was a gem of a paper, maybe wont find one like this ever again.
Paper was damn easy compared to its previous diets which I have seen and especially june 2011. First question was a gift.. straightforward CSFP. The examiner seems to have deliberately set this paper to up his pass rates. But I could have done definitely better if had practiced enough. CSFP tied and I hope they don’t deduct marks for presentation. Also managed to finish the paper although not everything I wrote was correct, but I completed the paper. Hoping to get 50 … but my optimistic subconscious is expecting more than 60.
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Q1 just CSFP balance 143,000
@alrightson said:
Q1 just CSFP balance 143,000I got 140500.
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Actually 140,500 is right. $2,500 needed debiting from RE for the impairment of investment in associate
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Q2 dividend payment was 9.6 cents per share. Meaning 24,000 off of admin expenses and off of RE
@alrightson said:
Q2 dividend payment was 9.6 cents per share. Meaning 24,000 off of admin expenses and off of REYippee…1 more mark there..Although my SCI and SOFP didn’t tally. Cashflow didn’t tally as well. Came to close only diff of 550..what could have that been. I reversed the entire investment income and just took dividends paid to Cashflows.
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I thought the cash flow was a nightmare.. its never come up for that many marks before… no interpretation or ration marks at all!
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Q2 deferred tax anyone?
It was generally a good paper. Glad to see I got the dividends right considering I didn’t remember the formula for dividend yield…but I reasoned it out. Forgot to deduct the divs. from Ret. Earnings though 🙁
But I got Q1 to balance BEAUTIFULLY!!! and in under 45 minutes too 😀 Q2 was sheer confusion and Q3 was a real nightmare. Q 4 & 5 were not too bad…but didn’t remember convertibles at all 🙁
Still hoping for a good pass though 😀
Was it really easy then?
I couldn’t make it due to unforseen circumstances, am I going to regret missing it?
Bet they make June 2012 ridiculously hard
well we say easy cuz we managed to complete the paper and you really don’t have to balance each and everything..some of the calcs were straightforward and earn u marks. moreover csfp was cakewalk and that is the reason a lot of us are saying easy. Anyway, I am going to stop discussing this as it is making me nervous. LOL.
How did you account for the deffered consideration, in regards the amount and where it was on the balance sheet?
@rvrvrv said:
How did you account for the deffered consideration, in regards the amount and where it was on the balance sheet?Def consideration would form part of your liabilities with the ‘unwound’ discount and the unwound discount bit going to RE of the parent. So at the acq the total cost would be shares + 5m consideration which will become 5.4 after a year. Kaplan had a very good explanation on this and it just stuck in my mind. Glad about that!!
@alrightson said:
Q2 deferred tax anyone?Hello!
Deffered tax closing balance 4 500
And it seems 21 500 – income tax charge to Income statement
Am I right??)
Does anyone remember 15 000 excess of carrying amount on tax base was inclusive or exclusive revaluation? (Question 2)Cheers, Kate
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Managed to get through everything with 5 minutes to spare!
Cash flow balanced but a bit dissapointed that my consols and SOFP were slightly inbalanced, didn’t waste time pursuing due to time pressures of paper.
So glad that ratio analysis didn’t come up!
Couple of bits I’m unsure about:
1.) Asset constructed by business – what was the correct calculation/cost for this (including overheads)??
2.) Was the revaluation (IFRS9) fair value to be adjusted through profit and loss?
3.) Were the extra barrel costs a provision (based on the 150m)?
4.) Was the loan security a contingent liability for both single/consols?I think 15,000 tax base was excluding revaluation.
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[kindly requested:
1)q2- treatment of deferred liability with respect to rev.reserves.
2)q5-how did you treat the further finance cost of 500K imposed by directors.Excluded from procceeds of 10m in order to calculate equity option?Many thanks and good luck to everyone
]Poor me!!!
I know deffered tax treatment but did not pay attention to EXCLUSIVE revaluation (maybe because I practised the same question where it was included(((((( See how much it will cost me((((
I was unsure about overheads as well, but included it, as these were factory overheads.
As for IFRS 9 I remember that it allows 2 kinds of treatment for financial assets (through P&L or through Equity), so I made an assumption@blueocean said:
[kindly requested:
1)q2- treatment of deferred liability with respect to rev.reserves.
2)q5-how did you treat the further finance cost of 500K imposed by directors.Excluded from procceeds of 10m in order to calculate equity option?Many thanks and good luck to everyone
]1) Revaluation of 8 000 times 30% tax rate – 2 400 – deffered tax on revaluation debited to revaluation reserve in addition to 4 500 (15 000 * 3%)
2) Equity option = proceeds from loan (10 000) – present value of cash outflows (discount rate 8%)
cash outflows (500, 500, 10 500)
amortised cost after 1 year = present value of cash outflows + 8% – 500
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