Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** F7 December 2015 Exam was.. Instant Poll and comments ***
- This topic has 206 replies, 79 voices, and was last updated 8 years ago by rena.
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- December 8, 2015 at 6:36 pm #289263
@hermain97 said:
For ratio qn what did u guys write for part b 4 markspast information
growth prospects
industry analysis
market share infoDecember 8, 2015 at 6:38 pm #289265@hermain97 said:
For ratio qn what did u guys write for part b 4 markslook at cash flows not profits. Profits can be manipulated
look at the depreciation technique, some companies may use straight line nd some reducing balance this could lead to a difference in plant and machine valuation
whether they revalue their land every year
I don’t remember the last one that I wrote.
December 8, 2015 at 6:42 pm #289268Hi All. Can anybody answer my question? : In part B, while counting the consolidated gppdwill. I took:
– Consideration with shares
– Contingent Consideration
-NCI
then less Net assets 22000 given in the question (without 10000 shares at acquisition)Did I do it right? I thought that these 10000 shares included in the net assets of 22000.
December 8, 2015 at 6:45 pm #289271@aagshin said:
Hi All. Can anybody answer my question? : In part B, while counting the consolidated gppdwill. I took:– Consideration with shares
– Contingent Consideration
-NCI
then less Net assets 22000 given in the question (without 10000 shares at acquisition)Did I do it right? I thought that these 10000 shares included in the net assets of 22000.
Idk about the share adjustment..for fv of subsidiary I took the given amt plus fair value adjustment which was i think 2.4m
December 8, 2015 at 6:51 pm #289274The given amount 22000 + 2400? I wrote the same. But my mates say that I had to deduct the 10000 share capital (the figure at acquisition) and 22000 (also 2400) from the consideration. and as a result, there will be a negative goodwill.
December 8, 2015 at 6:54 pm #289276your 9 answers are same as mine
December 8, 2015 at 6:54 pm #289278In my opinion part B was OK, excluding some strange things with option, def. consideration and possibly finance lease, becase the last one was newly showed in TB, I have never seen the same questions before in studies… The main problem was lack of time for “bla-bla-bla” Q2.
Part A was disgusting in some questions, the first two I chose randomly but some , for instance, ROCE, NRV, CONSOLIDATION was perfectBut does marker think about that?) Waiting for 18th Jan…
December 8, 2015 at 6:58 pm #289283You are right (I hope so at least!). Net assets by definition is = A – L = E
To then further deduct the share capital is double counting it.
December 8, 2015 at 7:12 pm #289288did anyone get a negative goodwill(bargain purchase) 5300, I cant remember
December 8, 2015 at 7:23 pm #289292You probably considered 10000 share capital. I mean you wrote Consideration less net assets, FV adj (2400) and 10000 share capital at acquisition. Am I right?
December 8, 2015 at 7:24 pm #289293Ithought that, the net assets 22000 includes that 10000 share capital in it.and did not considered share capital at alland get 6200 positiv goodwill
December 8, 2015 at 7:33 pm #289296I calculated as:
Net assets at acq. = Net assets + Profit for the year pre acq. + f.v. adj and may be something else can’t recall
December 8, 2015 at 7:34 pm #289297?? ?????? ?? ???? ????? )
December 8, 2015 at 7:35 pm #289298can someone help me know the link between the sept 2015 and dec 2015 questions
were there repeating of areas/topics
pls help the earliestDecember 8, 2015 at 7:37 pm #289299AnonymousInactive- Topics: 0
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The carrying value at the date of acquisition was given. Not at the previous year end. Adding profit would just be double counting.
December 8, 2015 at 7:37 pm #289300ACCA F7 is quite hard and this Dec sitting is something else, also the verb use is very important for example the 30 mark Question I think there are a lot of easy marks to pick up for example taxation, deferred tax, just coping inventory, trade receivable etc the putting the figures in your preforma the SPl& OCI and SFP, if you show your working for PPE,d note loan and finance lease all will be mark, mere listing issus of shares and loan note under financing activities cash flow will earn you marksunder 5 marks question this can get you through the 50 % mark. A study of ACCA marking guide of past questions will reveal all this. Same goes for question 1 and Question 2. Best of luck everybody. Cheers
December 8, 2015 at 8:00 pm #289308Igor: as discussed above, I don’t think there was any need to also deduct retained earnings as they would have formed part of the net assets (given).
I think I got positive goodwill of $6.2m
December 8, 2015 at 8:04 pm #289310In MCq govt grant to non depreciable land…Is that rgt
December 8, 2015 at 8:08 pm #289312@hermain97 said:
Yep thats right
Other one was i think that the company itself is a subsidiaryFirst was its wholly or partially subsidiary of another co and what was the second choice
December 8, 2015 at 8:15 pm #289315i have done this in exam….dont know how much they will be correct???????
can u guys help me out??????????1 b
2 cant remember
3 a
4 a
5 d
6 b
7 c
8 d
9 a
10 b
11 d
12 a
13 c
14 b
15 b
16 c
17 a
18 a
19 c
20 cDecember 8, 2015 at 8:18 pm #289316this exam was a night mare i made so many mistakes made so many cancellations and to top it all i didnt finish i run of time literally.
but overall it was ok just the finance lease was a mess for me i read it through like 4 times still didnt get it.
oh how i pray that i dont have to do this again.December 8, 2015 at 8:36 pm #289319AnonymousInactive- Topics: 0
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@pinkyjovin123 said:
In MCq govt grant to non depreciable land…Is that rgtI think the answer had to do with tax cos I think BPP says something about IAS20 not covering grants given by way of tax breaks. Not sure tho
December 8, 2015 at 8:36 pm #289320@save said:
Do you remember second option.First one was wholly or partially ….
What about govt grant???Is it non depreciable land
December 8, 2015 at 8:44 pm #289323AnonymousInactive- Topics: 0
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@pinkyjovin123 said:
Do you remember second option.First one was wholly or partially ….What about govt grant???Is it non depreciable land
I didn’t pick this option because you don’t normally depreciate land anyway. This could really be grant relating to an asset. Or simply classified as govt assistance
December 8, 2015 at 8:46 pm #289326I have to say, many adjustments came up in Q3 for which I had not come across them in that fashion before, or else, there was so much information that it all got rather confusion. I took a real gamble with the intragroup adjustment since I figured that the examiner would not have included the prior trading relationship between the parent and the subsidiary for no reason. In light of this, I calculated a weighted average per month for the year and recalculated how much of the ‘intergroup’ adjustment related to the period after acquisition. Hey, it felt right at the time! This is my third time at this exam and I found this really hard! Mcq’s??? Really??!!! Maybe I overthink things!
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