SBR*** P2 December 2013 Exam was.. Post your comments ***

completely RANDOM exam. glad to see i wan't the only one who thought so!

Possible the worse exam I have ever taken...I want a refund :):( I felt very prepared going in, felt truly inadequate coming out :( very disappointed.

truely need a refund...did kno anytin in Q4 so picked 2n3....more like i didnt kno Q3n4. hopin for a narrow escape. cant imagine myslf writin dis again

I do not understand what the examiner is trying to do, it is really unfair, we worked so hard for six months but we could not answer some questions because the examiner want to show us how can he confuse us.

i cannot believe this, so much hard work gone down d drain, guess i didnt work hard enough, resitttt

I too worked so hard for this, my concepts were so clear and looking at the paper, re reading it multiple times i just could not understand what examiner was trying to ask in multiple questions, i could identify standards but what he was asking was in such strong english or should i say jargon? that it was impossible for me to understand it at all. and there are many people out there that cannot understand that english.

This is my second attempt. I failed by 4 marks last time. I prepared better than last time. But this paper was very disturbing and believe that I did worse than previous time. What I dont understand, the examiner did not give any hint/direction in articles. This paper is very broad and indeed every nook and corners can be examinable. Secondly, what a waste of time for spending 10 weeks in tuitions to practice consolidation in past papers and most of revision centered on that . Cashflow could come out anytime but never thought question 1 for 35 marks that this was still the kind of testable mathematical in this current time. Frankly at tuitions we did only one week on cashflow. So 35 marks lost? Question 3 was disaster. Even if I have practical knowledge on company administration, this was one like no orientation what the examiner wants to achieve. Frankly, very upset and disturbed, especially when you are well prepared. very unfair paper and outside scope

How many marks do you get out of 35 if you make 3 to 4 mistakes....and obviously those mistakes have impact on other figures calculated

I was so panic while read the question, I have revision 3 times using Revision Kit and I was confident. But when read the question, I was shock, I dont know what I need to do. I and my friend, all cant answer this question

Why not to ask SoFP consolidation? I were so prepared for these. )))

All the same )))

Stop complaining people..... i agree the exam was tough but this is what to be expected from a professional paper -_-

What will be the passing rate this sitting? hmm

On reflection last ight I just feel really disappointed. Initially I was pissed off but if it's on the sylabus then it's fair game. Got the cashflow to balance to 108 at the end but I'm 100% certain it was just a coincidence as some of the adjustments were crazy. Hopefully blagged enough in the rest to scrape through but once Xmas is done it's back on the P2 study trust me!

Do you really think so? What the reason for the exam? I thought they want to get really professionals which can produce right real reporting, but not people who are confused by texting. What usually happen in real life if you have such situations? You will discuss with real people, read standards which are not forbiden to read. But here you are on your on with doubtful text and discussing not clear subject matter with yourself... Is it a key for Accountant professional. Think no...Again: Stupid, unclear and unfair

Really it was very hard & toguh paprer .In sales & leaseback quisition , I chat also about FVM , Fair Value Measurments & the three Input Levels as the examiner mentinoed the similar prices , so anyone agree with me ?

Very tricky paper - lots of the core syllabus not covered and struggled to understand what was being asked on some questions. I was not overly concerned to see a Cash Flow statement but did not expect to see a SOCIE contained within the question. The workings for things like dividens to NCI and from/to Shareholders seemed to be calculated already!?! And the workings you would normally use (PPE for example) were already partially done, so I did not seem to require as many working as I would for a practice question - or was it just me? Q2 seemed okay to me but Q3 and Q4 were horrible!!! Frustrating to spend so much time studying large syllabus areas that were not touched on. 3rd time I have taken this and the first two I was un-prepared but the papers in hindsight were fine - this time I felt very prepared but was thrown by that paper. Came out gutted!!

all core calculations were already given for cash flows..... only needed 3-4 tricky adjustments. Dividend to nci was already given in SOCE.

For the Q1 i would say that it was expected this time and the core calculations were mostly given in the question so i think one should not have the problem doing the cash flow. For the Q2and3 tough question one really need a lot of time to even understand what the examiner really want to ask so me also struggled in these questions but some how managed to do all three though not 100% but i hope just enough to pass at 50.

I found Q1 ok, didn't even bother trying to balance my cash flow statement as I knew I'd made mistakes and it would just highlight them. part b about cash and equivalents and how to treat the bank deposits was ok I think. Substance over intention etc and that it will depend on the balance at the next year end, but I'm not sure how the examiner was getting 9 points from it, so I must have missed something. part c was ok, nice gift as everyone should be able to get 4 or 5 if not a full 6 for ethical relevance and profit motivation. Q2 was fair, I would have preferred 4 sections carrying less marks each, but that's my preferance, I think the examiner was really pushing for the advanced analysis and knowledge with the high mark allocation per part across the whole paper. Q3 I only managed to attempt part a. Partly becasue I ran out of time, but also because I knew I didn't really know much about what Q3 was asking, so decided to use my time on Q1 and Q2 in the hope of picking up the marks there. Q4 I didn't get at all, like I didn't really understand what was being asked in relation to what I'd studied. Glad to know that others found Q3 and Q4 confusing. Fingers crossed everyone, and for those celebrating, have a lovely Christmas without any revision!

Did not do Q4, although it was similar to the Ashanti past paer question as was part b of Q1 re Jochan or Warrburt. The Cash flow was ok sure I got the pension bit wrong - always do! Thought Q2 was the better of the three to answer - revenue recognition, IFRS5 Held For Sale and substance over form of the sale and leaseback. Q3 - Hate hedging and never covered interest swaps, but could identify that Cash Flow Hedges gain/losses are measured through OCI. May have waffled about the recognition of IFRS 5 bit too much! The acquisition of foreign sub - functional currency - forgot to mention what determines functional currency, but said along the lines of how the transaction FX should be accounted for. But forgot to mention that the majority shareholder COO was a related party. I think I went for Bental as being the parent as control was further evidenced by their majority seating on the board, which meant that they could control the operations of the business. Was not what I expected from the past papers, not much in the way of financial instruments or share based payments. Have pass assurance so if not successful roll on June!! Have a great holiday all!!

tough paper...i'm not sure of passing. I attempted Q3 because I was not confident to attempt Q4,though Q3 was tougher

Q1 cashflow I did it but not over confident with it because when I looked at how many pages there were for part A I was shocked. I think there were a few changes that needed to be made so you were not expected to get the same cashflow balance as the Angel did for 2013. B) didnt know what to type but both were loans one was with a fixed rate the other one flexible due to the penalties and I wrote about where the transaction would be written in the cash flow. C) love ethics I score pretty well in it Q2) a) confused me a bit so I dont remember wht I wrote for it any suggestions about it? b) was easy about IFRS 5 and how to treat the transactions given. c) was easier sale and lease back. I wrote about leases and we needed more information to decide whether it is a finance or operating lease. Plus if the amount is higher than the current balance it would classified as a loan given etc etc. Q3) a) I wrote that b-shares were preference shares that had a bit of equity and debt in it. I also wrote that using them as NCI was wrong since they hold no voting rights as stated. b) Didnt know much basically wrote about IAS 39 c)at first this confused me a lot A LOT the language used in it under time pressure was deadly because at first I thought Lental acquired Bental but Later I realised it was Bental that acquired Lental since they control the business combination so I hope I score well in this. Overall the paper was not easy and I think it never is

All I can say is the exam was horrific. After reading so much I could only right so little. God help me!

I must agree with you on that q3. Before I knew what I had gotten myself into, the time was gone. I just had to leave everything to go see if I could still scratch any more marks out of q1

Q1 I think it was okay. Although I find it difficult too for PPE and Gov Grant. @brayen Acquisition of sub was tricky. Had come across similar questions to most of the adjustments but just a question of remembering the adjustment and miscalculation. Still, not confidence with the whole Q1. Q2 Not sure what I wrote. Q3 What the? Q4 As with all of the candidates, I too did not expect IAS 8. But thank god I have studied for the topic although its a small area. Still, not sure with what I wrote. Attempt most of the questions. Although I am not convinced with my answers, but am hoping to pass! Hoping examiner will be lenient this time! :(

is renovation a capital or expense in nature?

You think the examiner will be lenient? But then how far will he? Yet the fear of not being able to get the 50% is haunting me

@Rottenapple renovation will be classified based on whether the costs increase the earning capacity of the asset , which will be capital expenditure ,or they relate to regular maintenance work in which case revenue expense.

hello all, in cash flow we figure out the receivable, payable & inventory by (Opening - closing + Acquisition) Now in the acquisition we put the whole figures acquired from sub BUT in Q1 (a) where the details of fair values of Sub's assets was given it read : "The fair values in the table below have been reflected in the year-end balances of the Angel Group." (last line of point ii ) Does this mean we had to just use Opening - closing to get the working capital related figures ???