*** March 2022 ACCA FR exam – Instant Poll and comments ***

Ahh wish it was a consolidated SOFP instead of P&L, mind went blank on that 20 marker. Found the multiple choice hard as well, can’t even guess how much I got. Did people say W Co was better or B Co was better for the ratio question?

Section A and B were quite tricky. I got a bit lost on the questions regarding deferred tax in section B. Calculations of goodwill, profit attributable to NCI, bonus issue of shares, calculation of weighted average number of shares, those were quite straightforward (I can’t remember the results I go, though), but I got lost on the text questions, especially with multiple choices.
Section C I got adjustments to P/L, quite easy, preparation of financial statement for single entity, and calculation of EPS. For sure I failed on the calculation of the convertible loan note. The 2nd question with the interpretation…I expected a bit more information. Only 3 ratios, revised profit without subsidary, interpretation and there was something else…. I got a lower profit without subsidary, therefore the result was that the parent is not performing well, not the group of the acquired entity. I hope I did not mess it up.
I don’t know about the score, I oscilate 50-50 between pass or fail.
Does anyone remember particular details & responses of questions?
Good luck to everyone!

Section A and B were difficult. A lot of the answers in section A required 2 part answers which made it hard. Section B I got leases (outboard motors), impairments and can’t remember the other one but all were difficult. Sec C I got combinations of a P/L and a ratio question for a winter sports company. I hope Sec C saved me but exam wasn’t way more difficult than any of the practice exams on ACCA on the practice platform

Is anybody got Section C being the first question a consolidated group P&L. Does anybody remember how many questions and the marks on each question? I am overthinking it now thinking that I missed a question on that. I think it was only a and b. Is that right? Can anybody confirm? I am feeling sick to my stomach! Section A and B was a disaster I am pretty sure I failed 🙁

Mihaela I also got the net profit ratio without acquisition to be just slightly lower. I was questioning whether it was correct .

I got the consolidated profit and loss 16 marks wowza hope there is follow through marks on that! Does anyone know if there is follow through marks on those questions! with a question after it about how you would treat the brand of the subsidiary. I put recognize as intangible asset in parent sofp but not in entity sofp. My other section c was the ratios liquidity and comparison to market average. Section C was actually better for me than expected compared to some of the mocks I have done. Section A yeah lots of 2 part answers – recognizing if it was a sub or not and loads of consolidated type questions!

Also had the Motor leases, inpairment and a little on foreign currency If I remember rightly. Can’t read at all how it went feel like it’s a complete toss up as to whether I failed or not!

Specific questions I remember for anyone who remembers ?

First question I know was what price you would recognize consolidated shares at i put 1360 don’t ask how I remember that! There was some asking about which company would have higher ratios depending on fifo or weighted average and cost model vs revaluation, and also in section b I remember it asking how you would treat possibly the preference shares? Took a wild stab at fvoci. And I also remember it asking what value would be recognized possibly for the jet skis or something? I put 1350 million and it was a toss up between that or zero.

Good luck everyone, only 6 weeks ?

I think this one is going to my first fail in 9 attempts. I was praying for consolidated SOFP and SOPL came up instead. Hopefully I blagged a few marks on that, and scraped 50 altogether.

My second question was ratios which was actually decent enough. Still not confident at all, really tough exam for me 🙁

what did yous do to the environmental damage adjustment in consolidated SPL? that one caught me out.

I put the present value of environmental damages in operating expenses (think I was wrong to do that!) and I unwound the discount and put it in finance costs

I thought I was not prepared well after the exam, but looking at the comments, certainly Section A and B were actually difficult to complete within time.

Section A was really tricky for me, different style of the questions a lot of consolidation couldn’t figure out first question and revenue questions in section A which were different to the one I had practise , in section C I had Darth & Luke consolidated P&L and Ratio Winter company.
Does anyone remember question 1 from this exam ?

Hyuga wrote:How was your March 2022 ACCA FR exam?

What was the effective interest rate of convertible loans in Section C? Was it 7 or 8%, I cannot remember?
Anyway, I don’t whether it is a mistake, but instead of using the 3 year discount factor, which I wasn’t familiar with, to be honest, I myself drew up discount rate table year by year for 3 years. However, mind you, the final figures did strike a balance in SFP. Assuming that I made a mistake by adopting this way, how will it affect the marking? Adjusted retrained earnings contains one element “finance cost”, which, as a result, will be affected, plus, in SFP, year end loan liability, equity component will be wrong. . So does that mean I am gonna lose all the marks allocated to them just because I approached a little bit differently although concepts and calculation were just right?