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

@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.

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

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!

The exam is hard enough guys , please don’t ruin your summer by discussing the details of the questions.. Just let us know whether you find it easy or difficult

For me it was difficult. Magt of earnings for 15 marks, thats unfair!
That is unlike Greham to set questions like that, are we seeing a new trend.is this anything to do with current situation?

True say! let us not ruin our summer, most of all we have tried our best and we need to hope for the best.

Best wishes everyone!

hi everybody
I have registered here just for this exam! Just to find out if ( being a women ) I am exaggerating or this exam was unconventional!Earnings management? I did write around of creative accounting,but it is not the term used by ACCA approved publishers! I came across agressive managing in the books when the order is accounted as sale but that is it! And yes, sometimes I did not know what they were asking me for! Considering the time factor it was not helpful. And q no 4 ? It was so strange! I have read in one of ACCA technical articles about possible amandmends to Leases that Operating lease may be accounted as an asset and a liability as the scenario would indicate but again nothing in the book…

Well from the look of it, I’m not the only one complaining! It was my first experience with ACCA Level Exams, and honestly one of the worst. I’ve always done pretty well in exams, especially after studying at the reputed Middlesex Uni in UK, thought I would be strong enough to tackle ACCA, but guess I’m wrong!
It was a good experience and if I have to repeat it again, I’ll be more prepared!
Anyway, those who have P3 tom like me, go ahead and concentrate for it. Hope for the best!!!
And then we’ll be freeeeeee….start planning activities for this summer…ACCA is just a certification, if you fail, then do it again (well not as easy as it sounds though)…lol
All the best people!!!

Mr. Holt is evil. I’ve never had such bad time management in an exam. I spend 2 hours on the first question, so I only had 1/2 hr each for the second 2.
I’ve never seen not one question where a subsidiary disposed of another sub to an associate. I attempted 2 and 4 because I’m scared to death of hedging. All I remember about 2 is that Cate lady kept trying to scheme for her accounts to look good. And the second part of the qus. 4 asked something about how to account for the operating lease as an asset?? That confused me. How can you account for an operating lease as an asset?

That exam was tough! tough! tough!. I think that I made a mistake in Q1 with the 50% disposal. I read it as disposing 40% not actually 50%. Like most others I don’t know nothing about hedging!!!!
I made up some fairytale about the earnings management crap.
At the last minute I attempted Q4 with leasing – I am not so hot on sale and lease back stuff. Oh well.

well i didnt even know what i was doing in the exam got so confused guess when you realise what you were expecting aint what the examiner askas, but guess thats the whole point of the exam, but the truth the paper was horrible to me

This must have been the most awful exam ever. At what point was it reviewed and considered to be fair or that is not yet done? OMG!!!!

@pizzaaaa said:
Guys what abt associate ifrs 5 ?? in question 2 part b or c 🙁

The last adjustment clearly mentioned that we didn’t have to make adjustments for IFRS 5 -Assets held for sale and discontinued operations for the disposals in the question. So didn’t have to do anything about it. It was just an additional information provided, you didn’t have to refer to it anywhere in the calculations of Q1.

okay…in crickeing terms it was a dushra, I mean it came form an angle not expected and really hit me for six. Never recognised Q2 was about SME’s…I think that was leaning towards sleezy onthe parth of the examiner.
To choose basic IFRS and go that much in detail, like management of earnings….come on Graham Holt…….and conpletley leave out conceptually challenging IFRS like EPS and what about Foreign Transactions! I really don’t think that knowing what management for earnings would have made a better accountant out of me as opposed to knowing about EPS and Share based payments.