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Reading all these comments is making me nauseus with worry and anxiety but what I want to say to everyone is do not give up and stay positive (I’m talking to myself as well).
The F7 examiner is not a fair man — these exams are meant to discourage and degrade us students mentally. When in our workin lives will we ever be faced with a consolidation – I have worked 15 years in many companies and it’s never happened,,,and also if it does there will be a new IFRS again!!
I am just so apprecaitive to Open Tuition for the service they provide otherwise i would not even have had the confidence to site this exam – I also attended lectures at LSAm and paid lots — but they were disaster and a waste of money! I have one word for this exam and it starts with an F!
This paper was not very difficult but needed too much time. 3 hours were not enough. I missed question 4 becz of time.
This is my first attempt. I dont know if the marker will be lenient enough. Inshallah.Dear Friends,
Tell me how u people dealt with Q5??.
I capitalised from May to Feb.did not minus july and august as stoppage was temporary.Started from May so interest recd not minused??
Am i correct??
Firoz
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🙁 🙁 ( ///\\
Getting prepared for December’10 (F7 again)
Still wish, I am wrong
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Hello, The parent sold the inventory to the sub, as such the PURP is to be adjusted from the Parent retained earnings.
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@mrash said:
In Q1. Share premium of newly issued shares were 19,800. Should it be added to the already existing premium of 19,800No Marsh. When I got the same premium as what they had already I became suspicious and then went to check the question again. They said that the share exchange was already accounted for. Calculating the premium part of the consideration was a total waste of time.
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very tough paper but hope to sail through cos don’t want site again.
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@firozlalawala said:
Dear Friends,Any idea when we will get our results??
How is Paper P2??Is it very tough??I am self -studying?? Do i need to take up coaching classes for this??
Firoz
Results will b out by 23rd august…
The F7 is more of a 4hr paper than 3Hrs. There is so much involved although general it was okay. The problem was more of time management than anything else. l failed to attempt question 4 and 5.
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I really don’t understand those who say that time prevented them from answering or even attempting a question on this paper. Sure it is hugely time pressured but I believe that you need to be pragmatic to pass this paper, do each question in the allotted time and once that time is up move on to the next. I may fail this paper, but it will not be due to time..
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well well well now let me tell yew wot i did in the exam..
when i saw the question 1 2 3 4 n 5 at first sight i was very happy coz i was well prepared for ol questions …
but when i start doing the exam i was very much conscious on each single adjustment .. i completed my consolidation question in 30 mins but when i saw a minor difference in the sofp i was mch worried coz ther wasn’t even a single question that i’ve not practiced and balanced .. bt this time ther was a a bit difference & that was due to time pressure, now when i read again the whole question of consolidation on the accaglobal i came to know it was due to the un realised profit that i didn’t account for in the Consolidated retained earnings however rest of the stuff like in calculation of goodwill , consideration all was done very well .. this is abt consolidation… and i spent total 50 mins means i spent more 20 mins in checking my answer throught calculations and reading it again ….
Next was the final account question.. it was an easy question for me but was mch time consuming i spent my 1 hr on this question construction contract , asset held for sale , loan notes etc were done all very well ..
then i start my cashflow question … cash flow was a bit straight forward and easy i did it mch well… intrepretation was done gud … in ratios i calculated interested cover and debt equity .. and i completed it in 50 mins…
now there were only 20 mins left ..
and wot i did i wrote the theory of question 4 substance over form
i m very sad that i didn’t attempted the rest of it due to time … and then i attempted question 5 and wrote theory quickly coz the remaining time wasn’t sufficient for me to calculate and comment…
now u ppl temme will i pass the paper…
i m very upset and bt quite confident on my consolidation & final accounts
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That was a very good exam for examiner to fail candidate like me, huh i have attempted all questions and leaving blank half part for each attempt. I pray God this second attempt for 50% pass is the luckiest of mine.
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time was limited too much adjustments
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Really need professional knowledge, confidence and practice to pass the exam…
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When i think about 15th June i get scared ,,,,,:P
Because it was f7 Paper that Day
It was the worst paper i have ever attempted ,,,, I lost my control over time . i couldn’t manage the time allocation , at the beginning it seem to me easy but when started it got difficult ,,,, ” well , i think examiner has sat a lengthy paper plus toughest , Also i was not well prepared for the exam but the paper was hard .
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