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

I never thought of such type of paper, i was in a state of shock seeing consolidation only 15 marks and TB 30 points, and whats is totally unfair in the time that MCQ consummed…!!!!
Why why why ACCA is screwing his students!!!

On 1 April 2014, Cyclip commenced the construction of a new production facility, financing this by a bank loan. Cyclip has followed the local GAAP in the country where it operates which prohibits the capitalisation of interest. Bycomb has calculated that, in accordance with IAS 23 Borrowing Costs, interest of $100,000 (which accrued evenly throughout the year) would have been capitalised at 31 March 2015. The production facility is still under construction as at 31 March 2015.

Does anyone know what to do with that? IAS OR GAAP??

I was also confused by cap.interest, I think I did this incorrectly 3/12 were included in net assets at acq and total in rep.date difference included in post-acq

For the mcqs I had so many answers as A. Was it just me?

When will the suggested answers be posted for f7 and f8?????????

I’m pretty sure I have failed this one. The same as some of you, I didn’t expect a long question on SOFP and they seem to have put in the most complicated notes to throw you off. I didn’t even get as far as writing up the statements so fingers crossed there are marks for disorganised workings.

Thank god for the new September sitting!!

Good luck everyone

where can i get the multiple choice questions and suggested answers fore June 2015 F7 Exam.if anyone has those please help

I am really struggling to understand why everyone is so caught up on the multiple choice questions…. What is done is done and cannot be changed. Enjoy your time off from studying until the results are published… surely?

Agree with Chris (baby) than Chris (suit), appreciate folks like to vent their frustrations on her re the exam, but the real value added is when the answers are released and you can assess whether you’ve passed or not.

Did exact same process with F9, which gave me some assurance that I’d passed.

Come on ACCA, we want some consistency and the release of the answers.

Having said that I’m sure we could figure out the answers by referring to textbooks/internet, can’t say I’m that keen to sort myself though…

PS – I think all this confusion over the depreciation charge has been blown out of proportion having reviewed the question. I think most of the information on the TNCA was for Cash Flow requirements part of the question.

I still maintain that dep’n for the year was simply 85/5 = 17. They were just telling us no equipment older than 4 years of age to ensure no confusion over residual values etc. In actual fact, this seemed one of the more simple TNCA sections of any ACCA paper for some time with them adding the curve ball of Cash Flows into the equation.

Just my thoughts though and I’m still happy i put 17k in for depn!

@chris1975z said:
PS – I think all this confusion over the depreciation charge has been blown out of proportion having reviewed the question. I think most of the information on the TNCA was for Cash Flow requirements part of the question.

I still maintain that dep’n for the year was simply 85/5 = 17. They were just telling us no equipment older than 4 years of age to ensure no confusion over residual values etc. In actual fact, this seemed one of the more simple TNCA sections of any ACCA paper for some time with them adding the curve ball of Cash Flows into the equation.

Just my thoughts though and I’m still happy i put 17k in for depn!

I think that’s pretty much it Chris. I think the confusion was it included a lot of information, all I did was break the assets down into 3, items 1 2 and Remaining, think I made a slight miscalculation but still hope to get most marks. Going through Q1, 2 and 3 depending how well my written is which is difficult to mark don’t think I dropped many more than 10-15 so I think I’m fairly certain I’ve passed, better than the debacle F9 exam.

Can’t see assets worth more than 2 marks as there was lots of other things do do, the beauty of a published accounts question. In hindsight, I actually thought this was a pretty fair paper, it’s really disappointing about the MCQ’s as I’m hopeful I’ve got 15/20 on these as I thought they nicer than previous paper. I may email my tutor and see what they say too.

Good luck for F6 and F9 (just done F9, the MCQ’s were ridiculously tough) are you doing the September sitting?

Hi James
Thanks for your comments – I’m sitting the F6 and F9 in December. Learning material for the online distance learning courses for Sept sitting aren’t available until beginning of July and that’s just way to quick turnaround (2 months) for a paper for me! I’d rather have 5 month lead in to F6 and F9.

I think the comments above in respect of environmental provision above are more complicated that I worked out! The question states it’s already at it’s present value (i.e. the $4M is already discounted at 1st April 2014 but no finance charge yet). Therefore, £4m x 8% is $320,000 – and as James rightly states, journal between finance charge and provision for unwinding of this discount.

That’s how I went about it. In the past they’ve usually wanted a student to ascertain the prevent value discounted for future cash flows – on this occasion it was given to us. Just my thoughts.