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It was normal
So who had single entity financial statements with requirements to make balance sheet, pl and cash flow from finance operations? What did you do with contract asset?
I had a trial balance . Had to do a P&L, SOCIE and cashflow. I didn’t like it. I spent more time practicing consolidation
What did u guys get for goodwill in the consolidation question( ratios )part?
Where they said that the parent would further pay $1 for each share acquired and there was a cost of capital of 10%??
I also had the P&L & Other Comprehensive Income (12 marks), SOCIE (5 marks) and cash flows from investing activities and financing activities (3 marks) question.
The second question was: Calculate Goodwill upon acquisition, (7 marks), calculate 4 ratios for 2014 and 2015 (4 marks) and lastly.. typical question on comparative performance of the group after acquisition (9 marks). This last one was fun (even though I may have scrambled goodwill a little bit but I’m sure it’s still fine)
I’m not gonna lie, don’t know how this is possible but I found the actual exam itself a bit easier than the two practice versions and easier than the specimen?
Anyone else think this?
I think sections A and B being less dreadful than what I’d seen and practiced in the exam kit lead me into a false sense of security? This is ACCA we’re talking about so I’m a bit suspicious. ?I had these as well. I could not adjust the first note regarding revenue adjustments but rest were somewhat okay. Loved the interpretation question. What’s the goodwill? I can’t recall but it was around 42k or 45k. Also, did you calculate NCI as nci shares*share price at acq?
Yah i got 42 something for goodwill …i think that question was easier than the accounts prep
This is what I had. You done well to remember,I’ve gone blank. I spent so much time practicing consolidation,I felt rusty on this. Also when I was cutting and pasting to make room ,my formulae was going to zero. Then I was getting really anxious.
I got the same question but I barely answered it as I ran out of time and I panicked…. hopefully I scored enough in other sections to get a pass mark
I discounted the $16m (80% of 20m shares) using the 10% discount rate which gave me around 14.5m deferred consideration…
For my first part of section C I had calculate goodwill for 5 marks, Compare Ratios 20X4 to 20X5 GP margin, OP Margin, Current Ratio & Receivable days for 4 marks & then interpretation for 11 marks. It was based on an acquisition of a property agent (I think)
Apart from probably not getting goodwill entirely correct, I enjoyed this question. I think the consideration paid was £64m & there was a deferred cash consideration also – not sure if anyone else had this question?
My other question C was P&L, changes in equity & Cash flow which I ran out of time so hardly done anything on.
Unfortunately I think another resit for me :\I had this. I did the ratio question second, so was short on time for that. Was trying to link to the scenario reading it with one eye typing watching the red timer ticking down . stressful . I wish I had done it first it was a nice question. I found the P&L tough
Seems like everyone is getting a completely different goodwill
I got 27.72m
Some got 54m others 703k..
Im sure its the net assets calculation that we probably messed up since the Consideration, deferred consideration and the NCI seems to be the same for all of us
The only question I vaguely remember was a cash generating unit, but there was no value to work it out from. Was it just me??
I remember this, I flagged it to go back but had no time. I was impairing by 2.5 but couldn’t get a matching answer.
I think it was based on the RA that were given above, I think. But one of the items had depreciation so I was going wrong with that I think
I am a bit stressing now. I got GW on acquisition, and then interpretation for first question. Second one I got a single entity P&(9marks) AND Financial position (8marks) and then a segment from the cash flow think it was financial part (didn’t answer as 3 marks and ran out of time). But everyone is saying the second part was SOCIE? Did anyone else get the (b) part to be SOFP?????
Exam was annoying tbh. A lot of trick questions and section B on investment properties I knew gain was to go to P&L but stupidly talked myself into thinking revaluations go to OCI for NCA. So annoying…annoying how they basically ask the same questions again so if you get it wrong you miss 4 marks instead of 2!
What about section B first impairment question? Recoverable amount is higher of fair value less disposal cost and value in use. I choose it as false considering “Recoverable amount is higher of fair value less cost of sales and value in use”. I am still confused whether it’s correct or not.
@spottydog Exactly, flipping I spent nearly 15 minutes on that question by coming back and forth but could not get my head around. Besides, the question was under two different Co name. CGU impairment for one company and top part was for another company. Besides, they did not specify which is the new CGU group value. Can’t remember what I choose but I think it might have been 5.5m.
You are not alone… But it was normal… I was confused about some of the standards. I think it was easier than I expected.
I really think the exam is suspiciously easier than I expected too… it is scary… addieboo123
it’s like we studied together. I had exactly the same experience.The recoverable amount is computed as the higher of value in use and fair value less costs of disposal.
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