*** F7 June 2013 Exam was… Post your comments ***

It’s overall hard sitting. Not enough time. I didn’t even read the 5th question!

1 simple consolidation – no associates
2 single entity income statement, changes in equity and statement of fin position
3 statement of cash flows and interpretation
4 discontinuing operations
5 investment properties

<cite> @vinai said:</cite>
what variant is that? international

Indeed it was.

What did u get as pre acq for the subsidiary uk variant ??

Good Will & R.E figures in Q1??? INT Variant

Not very happy to be honest but I think I should have done just enough.

1) Was weird as it had negative RE at acquisition and the CV was above FV.

2) Some of the adjustments were weird- hoping the financial instrument and provision for bonus were well rewarded. The depreciation calc was a weird one

3) Cashflow managed to reconcile this back- sneaky divident of 550 hidden away! Ratio- hope this was ok.

4) Discontinued Ops- Never seen this before

5) Investment property just BS’d it

I think cashflow may have saved my ass on this exam as that was 15 solid marks- but we shall see.

Defo the hardest paper in a while.

<cite> @adman50 said:</cite>
I had (6,000) as the balance of Retained Earnings was already (4,000) plus the (2000) for the acquisition and then the FV adjustment (3,000) so I had the net assets totaling 11,000 at acquisition…..

My bad i treated the Revaluation of Equity asset into it as Fair value adjustment (700 x 6/12), so my came to 11350, damn

<cite> @captmario said:</cite>
My bad i treated the Revaluation of Equity asset into it as Fair value adjustment (700 x 6/12), so my came to 11350, damn

Yeah, like me, i also calculated FV of NA is 11000, so goodwill is 9000

Was tricky one. TIme was short, but to be honest, I don’t know if I could have scored much more with an hour of extra anyway..

Hope I got 50.

i think that the exam is so surprised, all that i anticipated is not in the exam :)), but i still hope that i can pass 😀

I didn’t do anything with draft loss of 2000 as ithought that it is incl in the p&l for the year so after (4000) and 8000×6/12 i gt 0 as re at acq
and I got goodwill of 2500 after the fv etc adj

<cite> @jassi said:</cite>
hi ….. that was a very time constrained paper…..

Q1 – CSFP – P&S – reclassify assest held for sale (discont ops) – with a gain of 200 in p/l?
other comp inc. gain on land (2000+7000 builidings)??

that was Q2, Asset was reclassified mid year, so i calculated dep for half year and then reclassified with 700 gain

Q2 – p/l, socie, & sfp – with bonus issue,
revenue 540m? 550m – 10m maturing goods sale
COS – 416900 – adjust for 7m cos for maturing goods, + depn 2500 building and 9900 plant?
asset held for sale – 4200

see above, i had a bit more depreciation.

Q3 casflow – net decrease od 1250?

yes, although i failed to balance but it was decrease of 1250, 1300 carry fwd from last year, 50 in the end

Q4 – IFRS 5 – whats a discont op?
how would it be applied to scenario – redunacies, treatment of assets held for sale and lease

Q5 – IAS 40 – inv prop – what is it – how does it differ from normal

Normal is for use, ias 40 is held for either renting or appreciaton.

Q5b – how would you apply it to sceanrio

what did you guys get