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question 4 : how to calculate fair value?
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Oh my goodness, so much writing!
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Q1. Statment of financial position( Complex Group) with IFRS 5 and Ethics..
i was relying on main stream standards of p2….cant believe no Question on finanical instruemnt or sharebased employe benefit…..:( 🙁
Theres always next time..cheersHow could they make sofp again? I wasn’t morally prepared to this idea. 🙂
What a stupid question regarding green certificates? Which standard was implied here?
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for the green certificates i write about grant 😀 lol desperate answer 🙂
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i also wrote Govt grant for green certificate….hope its right 🙁
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I didn’t do the impairement test properly which meant I didn’t impair neither bower nor heeny and I forgot to measure the line of business held for sale at the lower of C.A and F.V less CTS, included it in the SOFP in current assets and current liabilities at carrying amount 🙁 I hope these 2 mistakes won’t cost me a lot of marks.
P2 Dec12 = train wreck 🙁
Think I may have done well on q1 and q4 part a not sure about part b. Picked q2 and basically just clutched at straws al the way through. Likened green certificates to derivatives, and didn’t includes cash equivalents not in presentation al currency in the cash flow??
Decided subsidiary was now an associate based on test of control but explanation felt rushedOver all I didn like it, though it tested too many nitty gritty areas of the syllabus for a lot of marks and wasn’t as specific with requirements as past papers.
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@skull said:
i also wrote Govt grant for green certificate….hope its right 🙁any idea if it was ias 18 coz that was his main source of income? Sort of him selling the certificates and electricity?
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Amazingly Easy paper. Managed well … Lengthy but was fairly manageable. Balance sheet Tally first time in my life. … Almost was a distinction if fair value calculation in Q 4 could have asked for something else… :)…. Cheersss….
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I though cash flow gonna come.. But the other round… Too bad
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@hamzahmoazzam said:
Amazingly Easy paper. Managed well … Lengthy but was fairly manageable. Balance sheet Tally first time in my life. … Almost was a distinction if fair value calculation in Q 4 could have asked for something else… :)…. Cheersss….Well done
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@lsoltobaeva said:
How could they make sofp again? I wasn’t morally prepared to this idea. 🙂What a stupid question regarding green certificates? Which standard was implied here?
Hi there, I also didn’t expect SOFP was out again, had been working very hard on Consol. cash flow but ended up…. T_T
Next sitting, I’m coming~
mixed views here..funny but totally blanked out in question 1…not from not knowing it..but from confusion…..just hope my workings gain me some marks!
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hamzahmoazzam said 9 minutes ago:
Amazingly Easy paper. Managed well … Lengthy but was fairly manageable. Balance sheet Tally first time in my life. … Almost was a distinction if fair value calculation in Q 4 could have asked for something else… …. Cheersss….Quote | #
What did it tally at if you remember please?
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Not as bad a paper as I though even though I was hoping for cash flows!
Q1) Was ok but I miss read the question and treated the two subs as as subs of parent rather ran 1 sub and one sub sub. Any thoughts on how many marks I will lose for than and follow up marks?
Q2) A few odd bits- I treated the green cetificates as assets and gov grants ie Dr asset Cr Gov grant (deferred income).
Finance lease for the vehicles
Sub should be equity accounted as JV as didnt actually have control
Tax adjustments- not sureQ3
Didnt think this was too bad at all.All in all not too bad- just gutted I didnt read the question and get the sub sub!
question one was about SOFP with standard goodwill and 4 adjustments with B being about IFRS 5 mainly why held for sale needs to meet crtieria tht sale is highly probable and sale in present condition? C dont remember
2 was good green certificates I wrote about IAS 18 and contingent asset then there was about a foreign currency question relating to loss and how it should be treated in financial statement.
3 was about the samething in question 2 but different IAS there was one about lease where the company outsourced the waste disposal who bought trucks and it would be treated as lease as they would work for the company their whole life and if the outsourced company ceased trading it would go to blackcutt (yes i remember the name :P)
Over all only one question with calculations Q1 and the rest all theory. I’m 50/50 on it as i might not score high plus my BS didnt balance 🙁
I did not do well at all.
Question one looked so easy and short but there was serious detail in there.
Question 2 was tough and then I wrote only a little for a third question. Knew it wasnt my day from the off.That was such a Theory paper. Everything said ”Discuss”
Will be focusing almost completely on theory next time.
I had the same trouble as everybody with the Impairments and such. A real missed opportunity I think though
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In question 1 for the inpairment. I got that only one sub was impaired – Heeny and inpaired intangible assets by 14. Anyone else get this?
Also treated the green certs as gov grant that are recognised as reducing the cost of the electricity as they are sold? thoughts?
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didnt think it was too bad at all
1) small parts were confusing…
the associate didnt state whether profits accrued evenly so i just left it at 48m….reclassified the dividend to retained earnings…i got a 50m impairment on the sub-subsidiary…
messed up the write down of assets held for sale as the liability confused….
2 and 3) we pretty similar just different ias/ifrs just wrote what i could for each one…the tax adjustment on the last part of 2 was a bit confusing…
there were lots of easy marks to be had though…think i may have done enough for a pass…
disappointing chunks of syllabus not tested at all….share based payment, employee benefits, financial instruments!!!, deferred tax, related parties, op segments,…very strange…
roll on feb hey
Disaster! Q4 Trades in Australasian sector – what was expected here?
Also, the FV of a the decommissioning provision. Used gov bonds to discount but other %s ??
Wish I didn’t follow any exam tips from anyone! I would have done Q1 better if I didn’t!
Consolidated cash flow was xpected ..tricky n lengthy paper ….
atleast i wasnt xpected CSOFP this time from Holt..
i wasnt sure about the impairment in Q 1 but for B it was about 160 and for H it was about 9and for Q 2 for green certs i applied IAS18 , i thought the certificate was for trade purpose and the main source of income as well .
i am hoping for the 50 marks …….
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Paper was easy nd managable in given time….
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