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@maven232 said:
you guys, you know the goodwill calculation, did you need to subtract impaired loss on goodwill at the end because i remember the question was asking for “goodwill at acquisition” and not “goodwill at year end” and once you subtract impaired loss on goodwill at the end that brings you to “goodwill at year-end”.i did subtract but wrote down goodwill at acquisition n goodwill at year-end separately.
@gianina said:
I have added some additional figures per above.
I did not impair the GW since the question asked for the GW at aquisition…i hope.. *with the rush of finishing everything i probably forgot what my name was if you would have asked me during the exam :|*Yeah it was def goodwill at acquisition. I can’t remember much else but I remember the goodwill – it was the last point in the exam I felt confident!!
Yes, goodwill at acqn
Seperate extracts for Revenue, COS, Finance Cost and NCI share profit.
I presumed impairment loss to went admin costs – which wasnt one of the requested extractsI worked so hard for this exam, revised everything but the wording in q3 just wasn’t clear to me, I did do lease premium as a prepayment but then after putting the p and l together scrubbed it all out and put the whole lot to cost of sales so doubt the examiner will not be able to read all my crossing out, I didn’t change the retain earnings from the question, but got the shares the same as everyone else, even though it didn’t agree with my p and l as just didn’t have time to think, the time pressure was awful. I only saw investing costs for the cash flow also, question 2 completely agree what a joke to calculate all those ratios for 5 marks, and have time to write as much as you should for ten marks, I just waffled on about the selling of the division was due to high debt etc, I doubt very much I passed. Q2 was good for me, so basically all depends on Mcq which I thought were actually really good but you never know with them. I only have f9 left and of all the f exams this was the worst for time pressure and confusing wording in q3 and I worked the hardest for this exam. So depressing to do it again as I really couldn’t have worked ny harder. I’m also petrified now of never being able to pass it, don’t think it was a fair paper at all and to me not like the bpp revision kit -much more in it to answer it felt like.
hi did any one get a current tax for year in P&L receivable rather than payable?
and how did you treat the borrowing costs that needed to be capitalised under IFRS?
i adjusted the FV of net assets at acqn to include 3 months capitalised borrowing costs.
I reduced finance cost by the remainder of the years capitalised borrowing costs which carried into my finance cost extractDoh! I missed the capitalised net assets on acquisition part thanks for your reply
Substance over legal is faithful representation? I need to see questions again as can’t even remember mcq 1 now!!!!
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I did not include borrowing costs in the FV adjustments since the question said that it should be capitalised in March 2015 – such an ambiguous paper with so many ways to confuse the student.
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q3 was a disaster! i mean finance lease premium?.. and yea q2 5 marks for 8 ratios with adjustments! what the heck was he thinking
Tax was current estimate £3400
Over provision -120
Increase in deffer tax 300
Pl £2900
CL 3400
NCL deffer tax 1200*25%= 3000Finance lease premiums come up a lot in bpp distance learning. Haven’t seen a prepayment adjust for years (operating lease) if it all. Seems like examiner wanted to test assumed knowledge on that. Very different paper to those that have gone before. Not one construction contract either which surprised me. Lots of curve balls thrown in and I’ll be interest to see overall pass % for this sitting!!
@chris1975z said:
Substance over legal is faithful representation? I need to see questions again as can’t even remember mcq 1 now!!!!Sounds right.
Imad, the tax liability for the year was 3400, pretty sure this is right based on question practice so you have calculated tax paid in p&l incorrectly.
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A said legal over substance which is not faith rep
@chris1975z said:
Substance over legal is faithful representation? I need to see questions again as can’t even remember mcq 1 now!!!!@ Chris… though the ROSE as you said was tricky, but i think the answer to your question is $7m i.e. $8m selling price less the gain of $1m.
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Seriously I’m fed up of this paper… Q3 was a total disaster…hoping to scape 50%..
Wasn’t the statement the exact opposite: Legal over substance? That is why I didn’t choose A as an answer.
@chris1975z said:
Substance over legal is faithful representation? I need to see questions again as can’t even remember mcq 1 now!!!!Yep, it said legal over substance.
MCQ were fine but some of them are awful for just 2 marks… Lots of calculations… I practised so many past papers and literally all questions from the revision kit and still believe this paper was insane.@itgel said:
Wasn’t the statement the exact opposite: Legal over substance? That is why I didn’t choose A as an answer.- Topics: 0
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@jamesuk19 said:
For the adjusting events I selected B. You wouldn’t adjust for an insurance claim settled in the year after? I think so anyway.My logic for the insurance claim is that you don’t provide for an income unless you are virtually certain you will receive it?
God.. this new format. It’s like you have to read the examiner’s mind. We’re just given figures with little information and they want us to decide what to do with it. I thought the framework says as accountants we should make things more understandable? If in our audit working papers we wrote info down the same way the examiner does, who would understand any of it?
What about the cash flows for the impairment question in the MCQ? Was it cash flows for that period or the period after the year end?
F**k.
I feel very dissapointed and being treated unfair. This exam was not like other past papers, mcqs were very tricky and demanded a great deal of reading the task, which was time consuming. Q3 was very overwhelmingly complicated, and I also first time saw the lease premium concept.
Will be resitting for sure, have to study more of a complex questions. Would be great if open tuition could support in this case by devoting more workshops on q3 type questions.one of the most difficult papers i have come across u can study but getting into an exam and seeing what i saw yestadae was just a joke, paper was just extracts ,extracts goshhhhh
I am with you on this one… I got through the paper ok actually (multiple choice was hard) I got to question three and I poo’ed myself! I couldn’t work out the depreciation to start off with. The wording of the question was very strange, I tried to do the Profit or loss and then I attempted the changes in equity to try to gain some valuable marks but like the majority of the people on this forum, I think it shall be a re-take unfortunately.
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