*** F7 December 2013 Exam was.. Post your comments ***

i feel very sad.
q1, i made a mistake on splitting profit for S.
so, many figures are wrong… sales, cos, retained earning, nci etc…

anyone else feel that the exam was VERY time pressured?

highly time pressured…almost impossible to attempt all 5 qst…should i have 5 hours I’ll do all 5 🙂

I did a lot of past papers and feel that this paper was a lot harder and very time pressured. Didn’t feel it was a good balance of the syllabus

what did yall do for the note in ques 2 regarding the insurance and admin exp?

compared to previous sittings,very unfair

what words were misleading?

Maria – I read Q1 and noted that the directors thought goodwill was going to be regarded as a bargain purchase, but when I calculated goodwill I got a positive result.

i started with Qn5 which i found kinda straight foward,(i dont mean i got it right but i guess i did)
then started with Qn 1, 2 and 3. didnt do Qn 4 cos i had no time left and only did part a of qn 3. so 1,2,and 5 were done in full.

i straggled with the insurance part of it which i dont remember whether it was in qn2, or 1 so made a guess at last and moved on, but spent a good time on qn 1.

Qn 1, i took my negative good will to the sofp

my memory is kinda blank can remember what came in 1 and 2 i remember reducing the AE by 400. I dont know… but am expecting 60’sh…

oohh dear one more to go, God help us….

i loved the construction account part, its like i knew it was coming…..

in general time wasnt enough

DOES anyone else realise a difference in this sitting’s paper compared to other sittings and past papers we’ve done cos it looks like a different approach to me

It was time pressured, managed to attempt all questions some how but sure I have made lots of mistakes…have just now realised that the acquisition was only 6 months and forgot to proportion in the consolidated income statement (was sitting UK variant). Questions probably were not most horrible question but time was not sufficient for sure and the desks were so tiny that was so uncomfortable feeling squeezed spacewise and time pressured -just horrible experience. I hope it is was worth just 50p will make me happy so I would not have to go through this again..

What was Q5 about? I completely forgot there were 5 questions… haven’t even turned the page around to read it… I thought Q4 was the last one. And then at the end when I ticked the questioned attempted on the front of the answer booklet I found it very strange they had 5 boxes to tick… It would be funny if it wouldn’t be so sad… I feel very stupid as I suspect those could have been 10 easy marks. So I guess it’s fail for me.

Q1 Group Consolidated SFP and SPL was sort of ok, but I wasn’t sure if I should recognise the contingent consideration or not… I didn’t for 2 reasons: it didn’t seem the event would be probable or even possible, there was no rate to discount the figure to present value so I took that as a hint. Probably my rationale was wrong though…

Q2 made me lose so much time. I got lost with all the figures and I believe I made a right mess of it…
I then only had about 30 minutes for the rest of the questions..

Q3
a) I started listing the fundamental qualitative characteristics (faithfully representation and relevance) then I said something like “the enhancing characteristics are enhancing the fundamental ones” doh! stupid again.
Then I went on talking about what I thought were 5 enhancing qualitative characteristics (relevance, comparability, timeliness, accuracy, substance over form) and said to which fundamental principle they relate to.
Not sure how much I’ll score for that. The question if I recall was “what’s the difference” between the 2 types and I failed to draw a proper conclusion.
b) For the factoring of receivables I said they should keep the receivables in the balance sheet and record the money received from the factor as a loan, because they were still bearing the risks and rewards (they had to buy back the receivables from the factor if not paid after 4 months, and 1 month passed and no one paid)
Part ii) I think was with a building being sold and then with a chance to be bought back. Can’t remember… but I think I ended up answering it wrong… I said it’s not a form of off balance-sheet accounting because the building would be sold after the lease and even if the company is given the right to repurchase it before it goes on the market it will be at fair value…Although in retrospect I believe this case was again a loan, and the asset should have remained on the SFP

Q4. Cashflow – it would have been easy if only I would have prepared more … and since I haven’t even attempted Q5 I will most probably fail.
It is really frustrating because you know that you’re going to get in F7: consolidation, preparation of accounts, cashflow etc… and still I fail to prepare.

Q5?
Looking forward to find out what came up on Q5. Please don’t tell me it was EPS, because that’s one thing I could have aced… (if only I had time)

Anyways, sorry for the long post… this is just me relaxing before my F8 exam tomorrow and basically looking for reasons not to revise for that one…

Good luck to everyone!

What did everyone think about the cash flow question 3, my calc worked out but not entirely sure everything was in correctly.