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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……….:(
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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 … !!!)
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@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!
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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.- Topics: 0
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me too have a feeling of resitting..but oh wells its over what can we do
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– Questions like 3(c) should be banned because we are not supposed to know how all these transfers of players are dealt with. If I cannot understand the scenario how can I apply the standard?
– In some questions I think that there is a big gap between the book and the exams.
– PPE included as part of the consideration, I have recognised a gain of 8 and I have derecognised 56 from PPE because that item has been given away.
– This exam should be based in many short questions involving, each, one standard and in normal scenarios, it’s not fair that candidates fail because they know the standards but do not understand what the examiner is saying.- Topics: 0
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Mr holt likes football..i remember there is another football club question. if i remember correctly the name of the club is Seejoy! question relating to transfer of players and stuff like that…
anyway do we capitalise agent fee and registration fee? i think we should expense it instead?
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from a computer design company to football industry..what is he thinking..
It was ridiculous, because we couldn’t understand the questions. I’m very happy that our examiner likes football but as for me I’m dummy at football and didn’t understand the question 4 at all, there were other questions like about football (pension plan, strange numbers of goodwill impairment at the reporting date and etc.)
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was ok, bit of a random one
Thought it was a tough paper – but they always are!
Hopefully, I did enough to pass.Did anyone actually answer question 2?!
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Q1 was easy, but the Employee Benefits paragraph was a bit hard. Q2 I skipped, I didn’t want to risk losing a chunk of my marks. Q3 was not very easy but I think I did Ok. Q4 was not too bad, revenue is one of the basic standards and was in F7 as well. So over all I’d say my exam was average. Hoping for a pass!!
Lucky for me I read the Opentuition article on intangibles just before leaving for the exams, it helped me a great deal in attempting Q3.
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Obsolete stuff- Partial goodwill, corridor!
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It was a beast of a paper! Q1 defined benefit was a nightmare, hadn’t a clue. The roof situation I think should have been depreciated separately due to the useful lives being different? I was overall $550K out on the balance so fingers crossed. I agree with the randomness of Q3 – nightmare central. Q4 made up things about the ED on Revenue. Hoping I scraped a pass, but the future looks bleak. :(( I do not know what Mr Holt was trying to acheive with that one!
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really think p2 is a joke, u can study and study, and 10 marks will be then on one page in your book which you didnt study as its impossible to study the whole of the syllabus. can anyone remember what the impairment on the bond was in q1, was it around $7.3m
I have tried my best, I really studied for this exam, many late nights.
Q1
The adjustments in the consoldation were a bit tricky for me, but I calculated good will on Beta correctly i think (Purchase consideration + Fv of NCI(given) less Net asets given, so NCI and Parent had their portion in this good will. On the adjustment to equity, I used the portion of the NCI goodwill in addition to NCI percentage on Net Asset as date of extra 20% acquisition)Q2, I just used common sense, it was very tricky, too much confusing information to think of the additions and deduction under that exam tension and limited time. I hope I did my best here too. The parts (ii) and B, Im not sure but I wrote something.
Q3 – Totally consufsing but I used previous knowledgde of F7, so hopefully I score good marks
I hope to pass this diet, God help me. No more P2 again, enuf!!!
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Hard paper…
From the 3 chapters that i didn’t revise, EPS, restructuring and operating segment, question came from two of them….So Unlucky…Hoping for a pass..finger crossed;)- Topics: 0
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think we should use the original effective rate, well thats what i did, could be way wrong
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i feel so much better after reading everyones comments!! i was dreading this paper and i was right! At first when i looked at it, i was, wow that looks pretty easy even for me, wee little did i know at the time…. Confusion, confusion. the amount of adjustments i calculated but forgot to put on balance sheet! and i got confused calculating the simplest things! and on the other questiona, i chose 3 and 4 cause i could face another set of calculations- and i though intagibles, revenue is pretty easy! well i didnt find it easy- i wrote so much crap that i wanted to laugh at myself! what a horrible exam this one is!!!
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This is finally it with the ACCA for me. I have decided to quit. P5 exam last week was a total joke and now this P2 exam! The text books and preparation material for these exams are far, far too inadequate for what is now thrown at us in these exams. I have no confidence in passing any future ACCA exams as it is now become a bit of a lottery. You might be lucky to win with a question on a subject that you know enough about to answer, but the broad range of accountancy knowledge that we have all gained from our studies is simply not tested. I have more confidence in winning in a casino than passing another ACCA exam. The ACCA examiners seem to test just a small part of the syllabus, sometimes even an obscure element without contentrating on the broader aspects that we are all prepared for. I feel they do not test us for being future accountants. Surely that what the exams should be about?
Perhaps the ACCA is getting short of cash so they screw the students by making the exams ridiculously hard for the vast majority of students so we have to retake, and then retake again …which mean more cash for the hard-up ACCA coffers.
What has really got me about today’s P2 exam was that the examiner is a football fan and asked us a 9 mark question about football players transfer and agents fees and other issues relating to football. I HATE FOOTBALL and I do not even know what the question was taking about. What is a transfer fee? There was simply not enough information there for people like me to understand the question. 9 marks about transfer fees!!! That was 9 potential marks gone. Its a joke.
Q4 . Revenue – I do not remember reading about these conceptual issues of time value and risk in any study material of mine and I simply could not come up with anything like 25 marks of written response. This exam was yet another clear fail for me.
To make the ACCA exam more credible in the future I feel they need to offer the student a broader range of say 6 questions to answer over 3 hours out of say 9 options presented, not just like the present 3Qs from a vast syllabus.
Anyway, good luck to everyone – its what we all need these days with the ACCA.
Please where can we leave our comments on ACCA website, they need to listen to us.
The joy of students that adequately prepared is not to be dribbled arouund by “Almighty” ACCA in the exams, but to pass. ACCA shoulld be testing the value of its brand for impairment as people are quiting and this is not good!!!.
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