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Yikes! This was a mean one. My first attempt but surely not the last. I had no idea what I wrote for half of the questions. I felt confident about the ethics and parts of Q4. The rest was a complete write-off.
That joke about a “man who thought he’d lost all hope loses the last additional bit of hope he didn’t even know he still had” kind of summarises my feelings.
Gosh my time management is poor that I spent so much time on section A with barely sufficient time in section B. So much so I missed looking at one exhibit pertaining to a requirement and just answered the question generically. There were points I could’ve discussed but didn’t due to lack of time. Really hope to scrap a pass! It would take a miracle 🙁
Called my mum after the exam and started crying. I can be quite dramatic , lol. It would have been a different thing if I didn’t study. Will probably retake it September and add AAA or something.
The questions looked easy except from the hedging part. But the problem was time and too many marks allotted for what I call basic requirement, which meant the examiner wanted more.
Best of luck guys!
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This was very difficult! First attempt and final exam and I highly doubt I passed. Left out 3 requirements due to time which equated to 20 marks and only had 15 minutes at the end to try and jot something down for each. On first glance I initially felt confident with the questions, but after a while I realised I had no clue. The groups question was probably the easiest then downhill from there apart from a small cashflow question
2nd time attempting this one. (41% first time) Felt a lot better this time so hoping I’ve done enough to get 50%. Stick with it guys, can only get easier with consistent revision and hard work!
So it sounds like we all had a similar paper. I similarly cannot remember what I wrote but on reflection realised I missed out some substantial marks on Q1. Completely forgot about mentioning an Associate holding after loss of control and subsequent measurement… I was mainly worried about not answering all the questions so just flew through everything. 3 hours is not enough!
can anyone explain what they did on the question where there was 3 assets with reducing balance depreciation and mid year additions and disposals?
Did anyone get the revenue question in regards to sponsorship contracts? What did you write for it, I spoke about performance obligations and recognition of revenue but completely chatted rubbish. Will be keen to hear what others wrote?
Also the 10 marker on indefinite life, what is all that about I literally had nothing to write for that don’t know what you can say about indefinite lives for 10 marks
Booked the wrong version on my first attempt and failed due to time management…2nd attempt today and eish..praying for a miracle…I just want to move on to AAA.I took for granted Management commentary and skipped it this morning whilst revising and unfortunately it came with loads of marks
I separated the new additions and the previous ones as separate pieces. I depreciated the new ones for 6 months and the previous ones as (prev -disposal) and depreciated for full year. Probably wrong
for revenue i mentioned that it needed to be recognised over the life of the contract and that it can’t be a lease as control hadnt passed over as they had to authorise any advertising but probably wrong
i mentioned it can be indefinite life if no foreseeable period but needs to be tested for impairment – also i think they were using value in use as the recoverable amount but that may have been unreliable due to the future cashflow being hard to measure with it being indefinite but wondering if any of that is right or just waffle to be honest
Yeah I raised the same points as you, all I could logically think of.
The three assets question you mentioned I just calculated what the NBV would be at the end of the year taking into consideration the disposal of the assets and reducing balance
I came back to that question and just set out the requirements of IAS 16 and calculated the carrying amounts at the reporting date. No idea what they expected really. The questions are vague af.
It was tough but could have been a lot worse!
I had the group question on consideration and share payment then which was difficult then calculating the NCI and Goodwill which was ok. Deferred tax was in here too which was horrible
Then the ethics question on the guy who transferred funds to an overseas bank account to fund his own expenses which was straight forward (intimidation, lack of competence ethics dilemma) rambled on about Acca ethics and the need to comply etc
The question on infinite intangibles was tough, what did people write for that ?
The management commentary one was quite straight forward I thought – all about giving context to the user from management on performance etc on the issue is management bias and lack of governance from IFRS on commentary.
Last one I had was the lease one, as it was an operational lease the rrisks and rewards stayed with the original company and a had the lessee using a right to use asset with a lease liability
No questions on groups such as step acquisitions and disposals or foreign acq which I studied the most!!!For infinite tangibles I said had to be under 10 years per FRS 102 and best guess had to be applied..
I completely broke at the first question, forgot everything groups etc and just had a panic attack! Finally sorted myself out (lost about 10 minutes) and then just wrote anything i could think of ? did not enjoy at all, will prob be doing again in sept!Also stupidly selected the UK variant which had an additional chapter to learn – only do this if you need the UK content to be a practice partner, if not INT paper is easier!
i think the 10 years limit for intangibles life related to UKGAAP which wasn’t attributable to the SBR international version but tell me if i’m wrong haha!
I wasn’t entirely sure about this, but I did what I would do on a fixed asset register and did c/f plus additions minus depreciation and disposals to get the c/f figure, but no idea if that’s what I was supposed to do!
This was my 5th!! attempt at SBR today. I missed it by 1% last time. Its the first time I have come out of the exam feeling like I could pass. I knew the topics for almost every question. The open tuition video covering UK Gapp on youtube was stuck in my head. I also summarised the notes in the textbook. I used to skip the Gapp questions or guess because I didnt have enough knowledge to answer the questions. Thank you open tuition!!
For sponsorship revenue I also mentioned performance obligations and that revenue should be recognised over time rather than point in time, including the 12 month contracts, not sure if that is correct?
I also said not a lease due to no control being passed.
With regards to ias 38, and the indefinite life of the database, I said it should be recognised with a finite life as technological products will need upgrading /replacing over time and therefore would not be an indefinite life asset, but I could be wrong.
In one question, the parent company sold 40% of their shares leaving them with a 50% interest, did anyone recognise the residual interest as an associate or subsidiary?
for that one the way i looked at it was you had to work out how to account if maintained control (keep sub) (reduce goodwill and increase NCI??)
and then the same but if lost control so that’s when i mentioned about derecognising a sub and instead an investment in associate using equity method but again could be wrong
what did you do?
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