June 2021 ACCA SBR exam was – Instant Poll and comments

Missed 12 marks questions since was not able to understand the requirement and time management was poor

Worst thing is when u r not sure of result, it’s even difficult to start for next paper.. I’m really confused right now ?

Omg. Guys. What was it in q1. This bloody deferred tax and share base payment in Mosaic killed me off. And then make the net asset adjustment. Just made up the figures.

Very weird question 2. About cryptocurrency. Not a typical question on ethics and other issues.

And why why nearly in every question there were Leases! Are they joking to have so many lease questions?

Did not have enough of time just to check at the end. Time pressured.

The last question was about differences in IFRS between entertainment and manufacturing. Just gave you 3 sentences in the task and make up the whole story about the difference. Just switched my imagination… this small and big project and capitalisation of researches. I just decided not to capitalise the costs on small project as there were very vague future economic benefits.

Share based payment purchase consideration would be the fair value of the original scheme right? 10m

Very time pressured, there is not enough time to think of the question and to understand the requirements.

Same situation dude!

I couldn’t even understand the requirements of that sale and lease back!!! Even revision kit doesn’t have such questions!!!

Yes got that 16 as well, there was cash, deferred cash and share base payment.

And yes, it was indeed strange the question with the sale and lease back but the first option i came to a conclusion that it wasnt a sale and the next question 2 m gain.

I calculated it as a sale given that the risk and rewards was transferred. But I could be wrong. Time pressured exam indeed

i-acca wrote:Do you remember the question with the revenue? There were 2 performance obligations international and domestic: i said recognize separately and dont recognize that 10 m as revenue?

Also recognised seperately using cost allocation to the 10M

i-acca wrote:Do you remember the question with the revenue? There were 2 performance obligations international and domestic: i said recognize separately and dont recognize that 10 m as revenue?

Yes remember. I recognised the performance obligation over the period of time of 5 years. So recognised as deferred liability for each year. 10 millions decided by 5 years The international and domestic broadcast started only in the 4 year. So I did the allocation of 2m from deferred liaiiblty between two of them on proportion basis.

vivacca wrote:It was sale and lease back. the question has asked you to explain why IFRS 15 performance and obligation was satisfied ( so hint was actually given i thought) …then next question, goes on asked you to give the relevant IFRS 16’s accounting treatment.

I totally messed up with it now. As I understand. Well I cannot change anything now.

the question you have mentioned about ‘ differences in IFRS between entertainment and manufacturing’ if i remembers right , it was actually asking you to explain the integrated reporting. because it has mentioned about create value for primary users ( investor and shareholders)

integrated reporting is all about value creation, the digital sector and the manufacturing sector has very diff. business characteristic.. i just explained different focus and performance measures should be considered. and integrated reporting specifically states the different capitals, such as human capital, financing capital, social relationship capital, manufacturing capital, intellectual capital etc…

Deferred tax one triggered me too, i didn’t revise any question has deferred tax on acquisition, so, I just used my imagination.

Yes I think it was like 8/12 x 6= 4m

Very time pressured exam didn’t have time to even think through an answer or even try understanding the requirements

Got CSPL
Goodwill cal
Joint venture
Discontinued Op

Q2 Ethics had IFR15 and IFRS 9 Hedge accounting (hard)

Q3 and 4 had a mix of accounting standards and took time to identify what each one related to