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hmmmmm easy
Quite a fair paper. Time pressured though as usual.
Questions 3 and 4 were just a GIFT! thanks alot to examiner.
I hope at least this time i passed 😀
questions 3 and 4 .. Were dey easy or so it seemed? 🙂 cxz cmon it cudnt have been dat simple 🙂
Time pressure was way too much!!
i attempted all question except Q5,didn’t have time 🙁
i hope this time i passYou had three hours – the same as everyone else. How many times do people have to tell you that you MUST allocate your time and you MUST stick to that time. That 18 minutes which you stole from question 5 may have earned you just one or two marginal marks in a different question which was substantially complete. But at a cost of probably 5 “easy” marks in question 5.
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Q2 was so easy…
Q3 was ratio analysis and lots of written marks for the comparative analysis with the industry average
Q4 was construction contract with a written bit for a difference in change in policy and change in accounting estimate
Q5 was gov. Grant and environmental provision. Written bit in Q 5 I didn’t really understand, I just point out that the must adopt the new rule as it arise from past legal event- Topics: 1
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P7 was a fair paper in my opinion. I attempted all the questions that I needed to do. The trouble with these papers is the time pressure, one has to manage their time extremely well to secure a pass. I really enjoyed the exam, as most of the topics I studied came. Can’t wait for February’s results!!
The cost got me on question 1, I initially thought the payment of $1.75/share (cant remember exactly how much) to be paid to shareholders would be classed as a dividend but that then gave me a negative goodwill so I put that cost back in. What did everyone else do/the right answer?
I missed cash flow statements, I spent most of yesterday doing it as it was one of my weaker areas then it didn’t come up, typical!
Ah well, will find out just how good/bad it went in 2 months time…Cash payment of 1.76 per acquired share was a deferred consideration, which must have been discounted to npv by the cost of capital, I think 10percent.
9000shares x 1.76 / 1.1Has anyone noticed an associate in Q1? What did you do with the dividend from the associate?
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Contigent liability in Q1 ???
I ignore this information.
What is the correct treatment?- Topics: 0
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Share of profits from associate had to be included in other comprehensive income part in consolidate income statement, contingent liabilty taken off net assets at acqn and consol. date in nets assets list before doing goodwill.
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treated associate as normal associate – didn’t count dividend but worked out share of profit.
same as tonymc for deferred consideration no of shares x 1.76 then discounted back by 1 year and then did normal share consideration- Topics: 0
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I took the dividend for the associate out of the parent as it was part of the 2m earnings for associate. It would then filter through when you do the consolidation taking 40% of the associate earnings at the end.
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Like expected the time management was my weakest point.
Even that I was ready to get it right, there was few things which took a bit longer since was not sure at my skills:
Q1: Got a negative goodwill for NCI and positive for the Holding. How to do the impairment of goodwill: still proportional for both?
Q2: First adjustment about sale with 3 years maintenance contract – again I new I did it earlier, but could not figure it out this time.
Q3: Ratios for 9 marks + some analysis with the industry average for 11 marks; the analysis part just takes long.
Q4: Construction contract – did not attempted as it was a long reading and I had only 15 min left
Q5: Non Current Assets and Government Grant. 3 marks for SFP extract + 3 marks for SOCI extract – that was fast end relatively easy.
Further part was about the possibility to reduce the future environmental costs by installing filters. They were asking if this could reduce the provision for future clean up costs – was not sure and just skipped.In general – was not that hard, but I guess it was not my day …
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my balance sheet did not tally for queston two. I got net profit 24,000, anyone had the same?
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i agree it was relatively time pressured – have finished most past papers in 2 hours and it took me 2.5 hours. i ignored impairment of good will because you were working out goodwill at date of acquisition and it was impaired in post-acquisition period
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Good will in question 1 i got 14,400 anyone had the same?
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how do you remember this stuff? i blocked it out as soon as i got out of there but dont think my goodwill was that large
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