*** F7 December 2015 Exam was.. Instant Poll and comments ***

@parthu113 said:
ACCA has published September 2015 yesterday, what about December 2015 does any one has any idea about it.

Fromm yesterdays publication the second Q is decembers. Ratios

Agreed. It was £3,000 CREDIT to P&L.

I checked 3/4 times but was worth it for easy marks!

Does anyone have the link to the f7 question paper ACCA released?

the only problem with finance lease was i was not clear if 24000 included additional 6000 or not :S any ways i assumed it is and solved it so fingers crossed

it was hard

This was my 3rd time sitting F7 and i can honestly say I think out of the 3 papers this one was the most OK one. I think I was a lot more prepared this time. I had about 5 days study leave and I threw myself into the exam questions and spent plenty of time on the MCQ’s and timed myself as well. if anyone sat this in Croke Park, the lights going out part way through was quite funny….:-)
I didn’t manage to finish the financial statements for eithuer Q1 or Q3 in Part B and with only 35 mins to spare to start AND finish Q3 i’m surprised I got anything done on Q3. I normally panic when I only have that much time left but this time I did what I could on Q2 and then just wrote out all the financial statements for Q3 and did whatever workings I was able to and slot whatever figures in that i could. I found Q2 tricky….I work in f inance and this kind of questions should be so easy but something about having that added time pressure just makes my mind go blank!
I feel like I did pass this time, at least a pass so cross fingers!! Good luck to everyone with the results.

It was an okay paper although the Examiner took a different approach with finance lease. Question 2 was very challenging.

@fahimfahad said:
the only problem with finance lease was i was not clear if 24000 included additional 6000 or not :S any ways i assumed it is and solved it so fingers crossed

I made the same assumption because the trial balance was prepared as at 30 Sept (new finance lease was 1 Oct 14) and I could not reconcile the cost of the fiance lease ($24,000) with the accumulated depreciation ($9000). Hopefully even if its a wrong approach we should get some credit.

regarding finance lease it was told that apart from lease obligation nothing has been recorded about new finance lease so i have added the 6000 minus current depreciation to non current assets in the balance sheet.

any one did the same

Hi bro,

I am looking for study buddy, my email is ivan3033@yahoo.com

@s4k1b said:
Study Buddy required for F7 March 2016 Paper.

PM me.

“Wow, I must have missed that. All I remember seeing was that no depreciation had been recorded and that the old and new lease should not be treated separately in calculating the finance cost”.

yes what you said regarding lease calculation is correct we should not calculate the leases separately, what about the depreciation calculation, in question it was said that apart from lease obligation nothing has been recorded so i assumed that the new lease cost is not included in the old lease carrying value so i added to the cost of old lease after calculating the current year depreciation.

Yes agreed. It was difficult with the finance lease but did say nothing recorded so you had to add the new lease to the existing obligations.

My SFP didn’t agree by 500k but hey ho. Managed to write them all out and even do lease obligations <1 year and >1 year so happy days. Second sitting with failing the first one by 1% with 49% in June!

Fingers crossed this time for both my F7 & F8 ??

@kolkleen said:
I can’t even remember that question but i don’t expect the first option to increase goodwill since Goodwill is the excess of the consideration transferred plus fair value of NCI over the fair value of net assets acquired. Goodwill should reduce. Anyways like I said I cant remember the question.

If a subsidiary has not recognised an internally generated brand, this will decrease GW as the acquirer has to identify (FV) and recognise the assets. Everything which cannot be identified is GW.

Example:
– Cons. transferred: 100
– FV of Net assets (60)
– Brand which has not been recognised (10)

–> The amount of 10 will decrease the GW (40 versus 30).