June 10 Exams – Paper P2 was … Post your comments here

Considering that I only spent the last 3 days preparing it was ok. I at least have a chance compared to the p4 which i spent months preparing for and could only sit in the exam doodling and waiting for the 21/2 hours to run off..

Ughhh, it was a horrible paper. Epic Fail !!!!!

to smrtka2 : actually some think that Q2 was exactly about SME….
Unfortunately I did not figure this out when i was there.

Its a terrible paper. I was preparing muuuch toooo longer than usually, and still first 15 minutes gave me understanding that I possibly was preparing to another paper?? all the questions were not typical.

The ones that think it was ok – please tell me how did you prepare? were you solving similar questions at preparation? if yes – where did you get them?
Please, help! Cos I really dont know HOW then I should have been preparing! I thought I knew it all.. or most of all.. in fact – I spent almost 2 hours for the 1 question. But still for example – I could not resolve the thing about purchasing bonds… What I was doing at home – was all about Issuing bonds.. all the revision question, nothing about purchasing..

If anyone can tell – which exam kit was better than mine? – did you have any similar questions in your exam kits?

to qbsasik: Q 2had SME in??? Jesus, I didnt realise that..which part?

As one of the other students mentioned, cash flow and SME was the expected – but maybe the examiner was being clever and asked for something else. eg. Income statement. I was tight on time, but did make sure I move on after each section and attend each part.

Wasnt sure what the “management for earnings” in Q1 b) and c) was about?????

Good luck everyone with their results

Hi All
It was a total nightmare for me too !!
None of my strong areas came up and for some of the questions I wasnt even sure what they were asking.
Didnt seem to be like any of the past papers. I was hoping for the SME too…… where ws it in Q2 as I missed that as well.
Was Q1 a verticle group? I thought it was but someone else thought it was a normal group with 2 subsid’s……. please dont tell me I read it wrong????
I did Q2 & Q4

Management for earnings confused me as well, I have never heard that term, I think I just babbled bout window dressing smoothing profit being wrong, not T & F view, etc
Fingers crossed for you all

i got 60 percent 4 sub and 24 percent 4 associate

To all:
Guys, management for earnings – is a sort of creative accounting – another word.
Ha ha – but! I’ve found it only in Wikipedia ! In no study books it was mentioned.

Q2 – SME .. it might be the whole question about SME, just because this Cate was itself SME.

TO qazihammad : Please – tell HOW did you prepare? where did you study similar questions?

I thought it was worded badly re the disposal of the subsidiary – it said 50% was sold – did he mean 50% of our holding or 50% of the total equity? I dont understand the SME thing for q2??

I thought the audit paper was hard lest yearbut then i did well in that, but this one was HARD!!! half the stuff that came up was things I hadn’t even read and i’ve spen the good part of 3 months revising for this exam, oh well fingers crossed for 50% 🙁

to me it was totally disaster!!
can anyone tell me wat is been exam in Q3 part b? is it something related to investment property and ITA??

I dont see how question 2 is SME??

Question 1 b and c was creative acounting but what the hell happend in 2008?

I skipped Q3 as i didnt expect hedging. So I made q4….

But not such a good feeling, this is a tough paper!!

someone asked if Q1 was vertical group – that is what I did too 🙂 So we had to calculate effective interest of ownership of the ultimate parent.

Q3 b – I went on IAS 36 and also mentioned impairment. I do agree that the paper was badly written, nothing compared to previous exam papers.

Q1 – bond paragraph – I have ignored it as it looked too complicated, and potentially worth only 2-4 marks (hope so).

I didnt like the Q4 about leases, so had a go at Q 3 – ignored hedging, but talked about IAS 38 and derivatives.

Good luck everyone, lets just hope we all passed 🙂