SBRJune 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..

It was OK, not too bad but at the same time, not an easy paper! I am hoping I got 50%. Income statement finally came up :) Bit dissapointed that SME didnt come up in Q 4. P3 tomorrow.....

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

Well I was hoping for SME's but that didn't come up, then I prepared for Cashflows but that as well didn't come up, so......................
Lets wait and see...Hope I pass the exam at the least!!!

And now: P33333333 tomorrow....am so tired! Need to sleep!

Anyway good luck y'all!

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?

omg!!it is totally is a nightmare...not an easy job!!only hope for getting 50~

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

the paper was good i think p2 is more easy than f7 hope i passed this paper now

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

The paper was v v easy....the fact that i even bothered preparing for it ....was a waste of time ....:D

i got 60 percent 4 sub and 24 percent 4 associate

Hi all
This paper was totally unfamiliar compared to past papers...
None of current issues mentioned!!!
Issues of 2008 being asked in Q1.
What is Management for earnings???
Never heard of that!!!
Was Q2 about Hedging?

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?

Income Statement Came up, which i had learnt as well as Disposal and loss of control.

Current Issues where where they?
Had learnt SME, Conceptual Framework and Convergence. Had they of come up i would have been happy

Did question 3, didnt know much about hedging but gave it ago then second part i answered IAS 36 and IFRS 3. i dont know if this was right or not! but its over now

P3 tomorrow then world cup time!!!!

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??

yeah in also do the same 4 part b and i also talk about ifrs 8 operating segment

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% :(

aargh - total nightmare. this exam is my nemesis, i could actually cry!

i had no idea what was being asked and probably wrote a lot of nonsense.

was expecting SMEs but didn't tie that into question 2 at all because i was expecting it as the current issues question.

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??

feckoffcup:
I thought the whole paper was badly worded !!! lol
why can they be nice for once ? :)
For the sale & lease back in Q4, was it?
and did you all include 8 or 5 m for the provison Q1?

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!!

@faithe said:
feckoffcup:
I thought the whole paper was badly worded !!! lol
why can they be nice for once ? :)
For the sale & lease back in Q4, was it?
and did you all include 8 or 5 m for the provison Q1?

5m as the other 3m was not certain? wouldn't take that as being correct tho - that's just what I did!

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 :)

@feckoffcup said:
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??

It was clear that B company sold 50% of its holdings in C Company. Leaving the 'C' to be Associate for the second half of the period.

@fmc123 said:
5m as the other 3m was not certain? wouldn't take that as being correct tho - that's just what I did!

About the provision for receivable in Q1, I accounted the full 8, There were no adequate information to determine the correctness of 3.

hadn't prepared properly and it showed. ROLL ON DEC 2010 haha

It was a disaster
Group was vertical, B was still subsidiary after selling 10%.
C was subsidiary upto 1 Nov 2009 then associate upto 30 April 2010.
Read two lines of bond adjustment and left it because for me it was useless to waste time on that
Cant write much about Management Earning as I never heard of that but the word "smooth" gave me hint that its creative accounting so just drop few headings and put some garbage in it.

Se you next time Mr Graham Holt

the worst feeling i ever had in exam hall ....
i felt helpless ...
i could remember the whole standard but didnt get a word about the exam ...

I did p2 paper last sitting. However, I was surprised when i heard that there was earnings management question in p2 sitting this time as i remembered that there was one technical article for P7 about earnings management written by lisa weaver edition April 2009 (as I was studying for P7 exam this time). Anyhow lets cross our fingers and hope for the best!

I still shiver every now and then when I heard about P2 exam. Best of luck to all of you!

I thought it was a hard paper. Bit dissapointed that SOCI came up as it is not that common. Although Kaplan AND BPP had it in there mock!!! And I didnt get round to attempting, damn!!

Q2 was definitely NOT about SME. It was not a current issue type question it was strictly an accounting issue.

Done okay on 2 and 4 but due to unfamilliarity with SOCI was a little clueless. Doubt I will pass but its all a good experience .

P3 tomorrow.