FRJune 2021 ACCA FR exam was - Instant Poll and comments

I selected the revised goodwill answer as 3.2m, what was yours?

have adjusted loan notes int @ 12% nominal rate in both revised profit and current liability... dont know where went wrong, not able to tally final statement of financial postion.

It 3.48 or 3.4 I don’t remember

Section A B was involved with very stupid theoretical questions ,wich i never saw in revisions.There was question about revised goodwill ,i coudn't find correct anwser ,even i thought there was smth wrong with this question. Firm acquired 90% of subsidiary, b/f goodwill is 6m$ .Then it was found that,firm has brand FV of 4m$ and contingent liability of 1,2m$.NCI calculated with proportionate method.Calculate revised goodwill? I chose 3,48 if i am not mistaken Could anyone can sovle this question?

3,48

Hi I select 3.48 as well net asset at acq is(4-1.2)is 2.8 and because we are using nci at proportionate method so we have to multiple it by net asset at reporting date because at rep date there is no adjustment so it should be same so we take percentage share of acq date.(6000+(2800*0.1)-2800)=3480 I think I am not wrong If I am wrong please correct me

I saw question in Kaplan in which contingent liability was deducted from goodwill calculation (i mean increases net assets) that's why i confused about calculation.There was another question in the exam which i added contingent liability to net assets.

What I remember that contingent liability is detuted not added anyway

Emilyw1 I had the same question with you in Section C. Why it was wrong to take 80% to calculated consolidated P&L?

you're right! we didn't need to time apportion, the subsidiary was acquired well over a year ago.

emilyw1 wrote:I found the section c hard statement of profit or loss I got completely muddled and made a huge mistake. Taking 80% of the figures I was thinking back to the statement of financial position. Completely muddled the big 20 mark not sure I could pass with missing such a lot in this large question. Annoyed

I did the same why it was wrong to take 80% for P&L?

yeah we get different exams. i got a consolidated P/L and a ratio interpretation in section c.

hashirjah wrote:you’re right! we didn’t need to time apportion, the subsidiary was acquired well over a year ago.

so if I calculated everything with 80% it's zero marks?

No not zero marks for the whole question. the technical article for consolidation on the acca website does say you get zero marks for the apportionment, but you will get marks for other adjustments made even though your P/L figures are incorrect.

Any one remember intangible asset mcq

Thank you for clarifying hashirjah!

Can anyone tell me what the exam questions were like topic wise briefly? Would appreciate a lot ??

Even i got the sopl question. It was extremely frustrating for me as i forgot to leave space for tax expense before starting the working. I had to copy paste everything and the functions got jumbled. Took too much time to rearrange. My advice: Leave gap between each workings and between the statements an workings

If you are going to write FR in next sitting i think u should cover consolidated statement fully. I mean each nook and corner of that chapter in the BBP textbook. Every exam 6+ mcq from conso alone. You can score 16+ mark from that chapter, as it can come in section A and C.

Was it the one where the second question was to restate the total assets for consolidation? Weren't the tax expenses already given and the deferred tax was supposed to be ignored where applicable?

Are you sure there was an error? Your comment can impact student confidence and increasing worries.

Yes. I had similar technical difficulties with the small display and the tools which were not functioning properly comparing with those used in the exam simulations.Due to them, an important part of the exam time was lost and I didn' t had enough time to solve the questions for which I had knowledge. It was very frustrating, but these conditions were not under my control.

Hi. Did you get $18,600 as directors remuneration? And did you accrue in SOFP?

Your profit figure?

In Section C, I got one adjustment of SOPL , SOCIE & sOFP complete set + the second question was a consoliddation (on word :-( ) with ratio analysis

yes. we deduct liabilities, thus reduce the attributable profits.

yes. same as prov for directors bonus. What was your figure for directors rem?