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Thanks for clarifying.
Ahwell, Im partially right & partially wrong. Hopefully that gets me past the 50 marks.
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By the way, for anyone feeling disheartened. I get the impression that the examiner is generous with the marks.
The reason I say this is, from reading his comments on past papers, he says things like “many students scored highly on this question, although they failed to come to the correct conclusion”
Which to me says, that he rewards marks for putting in a good effort & analysing the situation using your knowledge of IFRS, even if you end up incorrect.
Remember, you dont need 100, just 50.
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There are more than 30 examinable IFRS in P2 and he chose company reconstruction and operating segments??? God!!!
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Question: How many balls are there in an over?
Answer: 6(SIX)If this were a ACCA exam question the answer would be WRONG and the examiner’s comment in the suggested answers would be
“Most of the students answered the question. However, students have not understood the question correctly. Answer points to a lack of in-depth understanding and conceptual clarity on the subject. Correct answer is 1 ball which is delivered 6 times, if the umpire did not declare any no ball in all those deliveries. In case the umpire declares a No Ball as defined in the Byelaws 24 Rule 3 of the Laws of Cricket (Lords), then there will be an additional ball delivered for every no ball declared by the umpire. Similarly for wide under Byelaw 25 Rule 3 of the Laws of Cricket (Lords) an additional ball will be delivered for every wide ball declared by the umpire. Note that such additional balls will not be counted towards the number of balls…:D
I attempted Q2 Reconstructions because I had some knowledge on it because I went through the December 2004 question on reconstructions on Saturday morning which proved quite helpful. Q3 looked horrible! I mean football???? Has Graham Holt gone mad?
@muju said:
Question: How many balls are there in an over?
Answer: 6(SIX)If this were a ACCA exam question the answer would be WRONG and the examiner’s comment in the suggested answers would be
“Most of the students answered the question. However, students have not understood the question correctly. Answer points to a lack of in-depth understanding and conceptual clarity on the subject. Correct answer is 1 ball which is delivered 6 times, if the umpire did not declare any no ball in all those deliveries. In case the umpire declares a No Ball as defined in the Byelaws 24 Rule 3 of the Laws of Cricket (Lords), then there will be an additional ball delivered for every no ball declared by the umpire. Similarly for wide under Byelaw 25 Rule 3 of the Laws of Cricket (Lords) an additional ball will be delivered for every wide ball declared by the umpire. Note that such additional balls will not be counted towards the number of balls…:D
This is hilarious, I am laughing the first time since coming out of exam hall this afternoon
@manosmanos said:
There are more than 30 examinable IFRS in P2 and he chose company reconstruction and operating segments??? God!!!And provisions! Came up in Q2
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@muju said:
Question: How many balls are there in an over?
Answer: 6(SIX)If this were a ACCA exam question the answer would be WRONG and the examiner’s comment in the suggested answers would be
“Most of the students answered the question. However, students have not understood the question correctly. Answer points to a lack of in-depth understanding and conceptual clarity on the subject. Correct answer is 1 ball which is delivered 6 times, if the umpire did not declare any no ball in all those deliveries. In case the umpire declares a No Ball as defined in the Byelaws 24 Rule 3 of the Laws of Cricket (Lords), then there will be an additional ball delivered for every no ball declared by the umpire. Similarly for wide under Byelaw 25 Rule 3 of the Laws of Cricket (Lords) an additional ball will be delivered for every wide ball declared by the umpire. Note that such additional balls will not be counted towards the number of balls…:D
LOL, well said, touché !
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I have successfully passed 11 papers in ACCA by the grace of God; P2 is not an exception, I will survive…
This is finally it with the ACCA for me. I have decided to quit.
Wow! I’m impressed
The text books and preparation material for these exams are far, far too inadequate for what is now thrown at us in these exams.
Agree to some extent. Some materials are better than the other. OT’s materials are the best! Have you used them?
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?
How can they ensure that the students covered the whole syllabus? Only two options available:
– test small parts of the whole syllabus;
– select specific parts of the syllabus and examine in greater details.
The former is definitely for lower level of expertise. The latter is for an expert who can demonstrate deep knowledge of the whole syllabus.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.
Conspiracy theory in action 🙂
Do you expect “pass” only becouse you’ve paid the fees and scanned a couple of chapters?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.
I consider the question as one of the “diamond”! Even if you hate football, you could make assumptions on what all that fees mean. Then you could apply pure theory knowledge to the situation. This question is a diamond because it puts all of us to equal situation. I do not think that many (if anybody) have ever seen footbal team FS. Therefore you could not just state that the treatment is right or wrong based on the FS you’ve seen in your professional life, whithout applying pure theory to the case.
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.
Why to select this option then? 🙂
https://www2.accaglobal.com/pubs/students/publications/student_accountant/archive/SA_July2010_p2_revenue.pdf
– model answer for the questionTo 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.
Completely disagree. If ACCA will make its exams easier than nobody will recognise the qualification as credible one. I do not want the qualification is granted to “all who paid the fees”.
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It appears ACCA examines some concepts that are not relevant at all.
For example, 10 % corridor is not allowed by revised IAS 19 anymore. I know it is in syllabus, but ACCA knows it will not be used anymore. It would make sense to examine areas that can be used by us in future. That would be actually very practical approach.
Other thing, regarding credit risk in revenue recognition. Original Exposure Draft dealt with credit risk, however the ED was revised recently and credit risk is not taken into account. The same principle as above, we are examined for aspects that will not apply in the future so can not use the knowledge gained in practise since it not relevant.
Today´s paper looked easy at first sight, but I must admit it was difficult. After putting cca 150-200 net hours into revision for 2nd attempt, I am really sceptical about the way we are examined. Important areas are overlooked when preparing exam questions, and minor areas receive 10 mark questions.
The most annoying thing is that I was studying really hard, I understand 80 % of the topics, can use knowledge in everyday work, but probably failed the exam 2nd time. I am asking, am I stupid, or the exam questions are prepared in way that the paper is undoable.
Alfyzoz – comment earlier re “fees” related to the ticket sales (in latter part of the question). This, I believe, was additional arrangement. To be honest, we could all drive ourselves nuts going back over in our minds. What’s done is done now! I pulled up at a traffic light earlier and thought, crikey …I actually recognised a contingent liability for the roof repair!! It’s the exam stress and we are all still shell-shocked, lol 🙂 2 days time or so, please God, we can forget all about it. Hoping we all get passes at least.
The exam was such a disaster for me… When i saw Q1 i smiled until i see Q1 b and the when i turned to section be, i realise this is a disaster!!! i was in tears, i panic when i realise i couldnt do the paper after i invested so much time studying. i failed the exam for the second time!! i felt real awful. What the hell was that! i really dont know how to prepare for this exam because obviously my current strategy isnt working.
it appears i have to know every single thing in the syllabus in GREAT detail, its craxy!! This is the WORST ACCA paper i have ever done!- Topics: 0
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Examiner should study the syllebus sincerely and should not target lower pass rate. He should target covering sufficient aspects of core financial reporting areas. This session it was baselessly designed question structure.
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By the way,
Regarding Q3. does anyone know if it is acceptable to use WACC for discounting ?
I didnt know, but went along the lines that it was accetable if no other means available, but critised their method, and several ways they did it, and said they were picking and choosing, and manipulating that method to their advantage(like using the low secure rate to get an average, which had nothing to do with them)
Anyone ?
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Just feel this exam system doesn’t make sense. It is not practical. Why not allow us “open-book” exam.
In our real life, at our work, all what we need is only to have overall concepts (not remember the standards tightly) , and then check through the standards. Finally, do what we should do….
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The question 3 part c is not a big fuzz…. al you need to know is the recognition criteria… a football player is human who is not controllable… for a intangible to be recognuzed it has to be controllable just like a normal asset, and his future benefits are not known like that of another asset.. since the registration is for a player then we should think in that perspective.. but i’m not 100% sure this is just what i wrote…
Question 3 was really hard. Did anyone else just not see the issues? And the WACC???
It was like nothing I’d ever seen before and I’ve done all the questions in the BPP Study text!
For Question 3 re the football players I said that the players are assets and all fees should be capitalised with them under IAS 16 (See question Seejoy in BPP study text). Is this way off? Think I may have done a strong question 1 and 4 so hoping for 50!
Q3 was awkward, for the agents fees to capitalised that would indicate that they are involved in the aquisition of an asset. Football players are not assets, they are employees of the club.
Like wise agents are employees of the football who act on their behalf.
BUT it was not clear wether the club was purchasing the “RIGHTS” of that player eg David Beckham image is a “BRAND” but the player is an employee.
BUT the club does not have exclusive control over the brand, the player can obviously not do an advert or have there image tarnished purely for the sake of money.
It was a very difficult question to model and I think the examiners will get a variety of answers.
Maybe its one of those ones that a good argument will gain you good marks regardless of right or wrong.
LOAN was difficult it was 29m and then impared to 3x8m=24m then the current rate was 8% so this was your discount rate and then you had either 6.3% or 6.7% ( i think) I used the 6.3% as this is the cashflows that would be rec’d from the bond and then discounted at 8%.
Which gave me something like 25.36 PV of bond and you had to write down from 29 which was the carrying value in the accounts
The roof should’ve been capitalised, as it is a repair although I argued that it was maintenance and shouldn’t so I dropped something there. Question 4 was do-able if you knew the rules and Question 2 I didn’t do.
We will have to see how the marks go, I think I will either have a marginal fail or marginal pass. Fingers crossed.
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I thought it was a strange paper – expected hard and got hard!
Q1 I thought the consolidation itself was ok (as in no foreign currency issues, no Associate, convenient dates etc). Would have much preferred a Cash Flow question but heigh-ho….
Didnt know what to do with the loan. Segmental reporting hopefully I got enough points in to pick up a few marks. With any luck hope I scored at least 30 on this question.Q2 – went for this as 13 marks for the restated SFPs seemed quite generous. Tricky adjustments, but stuck to first principles and kept all 3 SFPs in balance throughout. Wasn’t sure where to allocate the restructuring costs, but calculated the discounted NPVs of the redundancy costs so hopefully will pick up marks for those. Discussion parts of question harder.
Hope for 10-15 marks on this question.Started Q3 – 5 minutes wasted, crossed it out – killer!
Q4 – Every point about Revenue Recognition I could manage. Again did the discounting using the rates given. Hope for 10-15 again if I’m lucky.
If I score 50 on this paper I have completed my ACCA and can officially retire from exams forever.
Thank you to Open Tuition for helping me with P2 (and saving me from giving BPP any more of my money!).
I will be spreading the word 🙂- Topics: 0
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I agree with the feedback that this P2 paper was difficult. I can’t imagine why would an examiner test you to complete a 4 hour paper in 3 hours. It’s a real world. I have been in a managerial position for the last 7 years, yes you have urgent tasks to deliver on time but not like this paper where you have to be shape, quick and accurate in all areas -IAS, IFRS and completing SOFP “neatly. What a test how much more challenging can ACCa exams get! Fully prepare is just part of it, so many times you score between 40 – 49 marks, with no flexibility to consider one potential. Good luck to the young and faithful.
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?
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muju said 19 hours, 6 minutes ago:
Question: How many balls are there in an over?
Answer: 6(SIX)If this were a ACCA exam question the answer would be WRONG and the examiner’s comment in the suggested answers would be
“Most of the students answered the question. However, students have not understood the question correctly. Answer points to a lack of in-depth understanding and conceptual clarity on the subject. Correct answer is 1 ball which is delivered 6 times, if the umpire did not declare any no ball in all those deliveries. In case the umpire declares a No Ball as defined in the Byelaws 24 Rule 3 of the Laws of Cricket (Lords), then there will be an additional ball delivered for every no ball declared by the umpire. Similarly for wide under Byelaw 25 Rule 3 of the Laws of Cricket (Lords) an additional ball will be delivered for every wide ball declared by the umpire. Note that such additional balls will not be counted towards the number of balls…:D
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Muju I just read your comment, it’s so funny but you are deep. You have made a good summary of what a great many of past and present ACCA students think in terms of their chances of being correct. i love your analysis.
lindencourt said 22 hours, 35 minutes ago:
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
Buddy all I can say is don’t give up you’ve come this far. Keep trying and you will succeed. It always looks bad when you’ve just done an exam and don’t let that cloud your judgement. I remember a few years ago in 2009 the P2 exam was really tough and even most college teachers still agree that, that sitting was the hardest ever in P2 and not one person i knew thought they’d passed.
however when results came out every single one of my friends had passed and the pass rate for that particular sitting was 58% (the highest ever for a P2 sitting).
Personally I think its better to have a hard sitting as they mark it more generously rather then having an easy one as they mark those with a fine tooth comb and more people fail
I sincerely wish everyone all the best and that everyone passes.
Keep the faith people and as the saying goes it ain’t over till the fat lady sings !
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