SBR*** P2 December 2011 Exam was: Post your comments and vote in Instant Poll ***

Q1: a)simple group with piecemeal (from 60 to 80)
Adjustment for fair value increase
Adj for ppe
Adj for financial asset (loan)
Adj for pension plan
Q2: reconstruction
Q4: revernue recognition

hi Zarielz, you are the first to post :)

so how did it go for you?

I voted hard. Its a hard exam on any day. But I was expecting a disaster.

I wrote something for everything, which is why it was hard not disaster, as I expected to be completly blank.

Some of the stuff I wrote was complete waffle. Hopefully the marker finds my waffle charming & entertaining(or maybe desperate & pathetic?), and gives me pity marks.

In order I did them...
Q4, I was able to do some mighty impressive waffling on that. Lucky, as I was expecting something I would be blank on.

Q3. Again, waffle, and just wrote what came to mind, with some prompts from the scenario.

Q1.
(b)&(c), again, waffle, and just putting down whatever I could. I could use some P1 stuff for this.

The simple group was fortunate for me(its my least hated one), and the adjustments were not too difficult to have a guess at(not get right, but just have a guess). There was also a sub increase of 20%, I got all confused & messed up Goodwill, NCI, and my mind went blank on working group retained earnings for the subs. Which was unfortunate. I also left the last adjustment out.

For the most part I threw down numbers, hoping for a few marks here and there.

Ahwell, I never expected full marks on the calc ques. Id say I passed that specific Q, but only just(maybe 17/18 marks)

was Q1 a Balance Sheet?

@rolusola said:
was Q1 a Balance Sheet?

Yes, SOFP

better than expected. self-studied, only 1.5 month on P1&P2. hoping for 2 passes.

Opentuition helped a lot! will spread the word!

Q1, the defined pension is very confusing; also the goodwill impariment should be proportionate?...Q3, I.A. and impariment, Q4, revenue recoginition are ok.

Disaster Paper !!

P2 make me happy at first glance but then stab my heart thousands of time !!
P2 really knows how to 'entertain' us for 3hrs !!
And extremely expensive entertainment fees!!

adjustment for the 50 million factory and 5million roof...considered as complex asset?

Anybody please tell me whats the treatment of LAND with carrying value of 56m and fair value of 64 million is Cost of investment in Q1 Consolidated SOFP? How we treat that?

what was your balances for total assets and total liabilities ???
and what was to be done with defined benefit asset and financial asset of 29 million ??

I've added 8 million(64-56) to Property plant & Equipment and 8 million in retained earnings as a fair value adjustment

But that land remains in the assets of parent company
But sales was credited in profit and loss account?

adjustment for factory and roof were simple...it was just to be depriciated separately and the depriciation was around 2.2 somthing

yeah I even deducted 64 million from the retained earnings

The total marks I attempt is less than 50, there is no need to be waiting for the result.

DR COI 64m
CR PPE 56m
CR Retain Earnings 8m

What i did was added 64m to COI removed ppe 56m but i added 56m to Retained earnings! damn it!

well i dont know..q1..i was expecting something real hard.. lots of data and questions.... information being thrown... not to say this was easy i struggled my way out .. part b.. i dont remember what i wrote..part c..a lot of input was from p1 stakeholders and stuff csr.
q2. entity reconstruction..... somehow the figures just wouldnt fit in... but i did play a bit of jigsaw in that one..theory part...am not so sure...
q3.. impairment.... the info put me off so i opted it out
q4..revenue recognition.... i just hope i wrote enough to earn the enough marks..... all in all the paper just lives me blank!!! hoping for the best!.

it was hard
i neva thought i would do question 4
any way it can figure out yet would CSR is doing in P2???
but still hopefull that i will pass

can anyone tell me how you did the defined benefit plan???.....also impairment???...Hoo did you calculate the impairment on asset???

Was Ok, not too hard. Consolidation question was a treat. But Q2 was a bit too tricky, a lot of figures here n there. Q3 did it in last half hour or so.
Hoping to pass easily InshaAllah

@affera said:
it was hard
i neva thought i would do question 4
any way it can figure out yet would CSR is doing in P2???
but still hopefull that i will pass

Ethics and CSR is always an essential portion of Q1

Got 4260 as total assets I q1. Surely incorrect. The pension payment of 45 was not made until after year end. How do we account for that? Reduce asset by 45? Actuarial loss reduced from 22 to 20.. Hmmm...
Q2 was on restructuring with 13 marks for 3 entities SFPs. Just moved some assets and liabilities around hoping to get 3-5 marks for that? Was not sure who is to pay the restructuring costs, so just left them. Could not write any comments either :(
Q4 wrote some general remarks applying common sence. What are the chances of passing?

anyone deal the right to 25% of revenue under IFRS9?

I thought this paper was a little odd! The key part of Q1 was the increased holding in the Subsid by 20%. Luckily I remembered how to account for that in the most part although I forgot the adjustment to equity calc. Kaplan study text had 1 page on this which is entirely disporportionate to the number of marks that related to it in the exam. I also thought the Acturial calculation was horrible on the defined pension - I thought I had revised this quite well but just couldn't tackle it properly - a shame.

I was also a little unlucky in that the only chapter in the book I didn't really spend any time on was Segment reporting which had 15 marks in Q1 although I think other marks could be picked up on the second discursive point as it related to CSR vs Shareholder expectations.

For the 3 part 2 questions I was at least hoping for 1/3 that I could really nail and didn't really get any! Intangibles was ok, but the scenarios they used are not in any of the practice questions I had looked at so was quite tricky to work out.

Revenue Recognition was the same - answered all 25marks but really I was guessing some of the rules like whether expected creditor default should be included in the PV of expected revenue on credit sales.

13 papers passed - this is my last one (and first attempt at it). Gotta feeling I'll be resitting..........:(

Urrrghhhhhhhhhh. Almost cried at one point (when I looked at the pensions and remembered the "fun" I was about to have with q3!

But crying gets you no point dammit!

Can't imagine anyone looked even contemplated q2. That's really mean Acca. Mean mean mean!

(if u reading this then I u ... !!!)

@funshine99 said:
Dear Mr. Graham Holt what the hell was that ?

Completely agree!!! Worst ACCA sitting in my life! Expected much more straightforward question 2, 3. With different parts for different standards, but so detailed impairment and intangibles made me crying!!! To test you know, so detailed rules from the standard, not just understanding of principles but really detailed rule in para. 35 of IAS 38 its bullshit!

thought it was a nice paper, firm but fair

Awful exam, I expected other issues, more significant in current period.
There are a lot of amendments and new standards like IFRS 13, IFRS 9 amendments to IAS 19, Conceptual framework but they were not even mentioned through the questions. A lot of creative questions without any core and significant points as for me. Disaster employee benefit plan within Q1, Q2 even did not read.

me too have a feeling of resitting..but oh wells its over what can we do