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

The exam was not so difficult. The tips is I have read all the related articles, and learnt by heart all the standards so just match the knowledge as a normal academic research and discuss. The calculation is really fine.

Q1: Completely messed up, I can't do a cash flow to save my life but I attempted it anyway and secured marks for items I was sure of the treatment. Q2: Was ok-ish but I'd passed up IAS 18 while studying so I had to rely on what I remembered from my June 2013 F7 preparation, part b ii had me stumped though. Q3: I had a hard time figuring out part a but I think it was a puttable instrument and an amendment to IAS 32 requires it to be treated as an equity instrument rather than a financial liability. Hoping I'm right on this one, I checked the BPP Study Text and that's what it says though it depends on certain conditions which are not stated. Q4: did not attempt it. I just hope to scrape 50 marks with the work I did but I agree with taisha, the exam wasn't terrible given proper prep, if I'd done some more cash flow questions, Q1 would've been almost a breeze but I didn't and now I'm scared for my results ;(

i think its now i have started doing ACCA. the exam was just beyond me. couldnt waste time to read question 3 bcos i didnt know what the question was all about. attempted question 2 n 4 but didnt finish question 4 bcos of time. i don't think i will make it this time. i fail an ACCA exam for the first time. that is why i am saying its now i have started doing ACCA

for question one did anyone put the fair values in the computation for inventory, payables and recievables? I got confused with it?

lol same here, I couldnt be bothered reading the question, it was too lengthy in ran out time. I just wrote what finance leases etc were couldnt link it back to the case.

I will false :(

Yes, I think, we had to add sub's fair values for working capital calculations because Angel's opening balances had to be restated for this purpose. Closing balances should have already contained sub's inventory, rec-bls and pay-ples. However I still can't figure it out what adjustment had to be done to renovation and GG?

The exam was fairly tricky and hard !!! Studies a lot but exam pressure, stress and hard English terms used knocked me down, think will sit in June again... Question 1 CF was tricky and long did not know where to start, knew the template for consolidated CF so did all the basics, got 1.5 for DT calculation, added back 4 borrowing expense to be capitalized in opr CF, and also included as PPE addition in investing activities, also deducted 1 from 11 interest paid. overall CF was hard and tricky. Q1 b was really confusing just described that cash equivalents are highly liquid assets like current account, treasury bills, which can be easily converted in to cash without significant loss. first loan was deffo term deposit. second one was more confusing as the company wanted to keep it flexible, however notice period was 21 days, so I think this is not highly liquid. not sure of course. Q2 was more or less ok ish, there was revenue recognition, so talked about ias18 how and when it should be recognized and that in case of service contracts it should be recognized in accordance with stage of the completion, and when service constitutes unknown number of operations it should be accrued evenly over the period. the question about lease was ok ish again talked about substance over form about the fact that company need to carefully consider what type of lease it is, in case of sales in finance lease back it will be no sales recorded as there is no pass of rewords and risks, and for opr lease it should derecognize asset and recognize sales. the excess of price over FV is additional loan. q3 I tried to read it but after 2 sentences went into panic attack, it was way tooo hard and confusing and I was too stressed so tried to do q4, tho did not realize it was q on current issues, well wrote everything about accounting policies and changes in estimates. the reasons for change in accounting policy could be change in ias, change in regulations, or tha fact that change will result in better and fairer presentation. The difficulties will be restatement of the prior period figures, think of IFRS 39 and 9, before there were 4 types of FA, now after they removed FA available for sale, there will be difficulties with recognition and measurement. in applying accounting policies management uses accounting estimates so the fair presentation depends on their subjective judgement. Hence if it is material can effect economic decisions of the users of FS. the numeric calculations in 4th were fairly easy. change in depr. method is change in accounting estimate so adjust only current year not restate opening. there was another accounting error, which should be treated as prior period adjustment, restating opening RE and adjusting current year p/l for the current year error. the double accrual was again overstatement of liabilities and understatement of financial results should be restated for opening re balance as prior period adjustment. well these are my subjective thought sure there are loads of mistakes

Link to the question paper for the Decemeber 2013 exam as follows... https://www.accaglobal.co.uk/content/dam/acca/global/PDF-students/acca/p2/exampapers/int/p2int-2013-dec-q.pdf

Just showed the paper to my manager at work and he said the wording is terrible. Especially question 2.

Was q4 really a current issue question, cuz if it is then I'm screwed as I did not see any thing on ias8 as a current issue. Did pretty much what you did which is comforting but don't think I'll pass.

Think the exam was ok but because of time pressure and the way things were worded, completely threw me. Read q3 and was like sod this so did q4. Although I am not sure whether it was a current issue. Thought it was just asking how to treat it according to ias 8. Does any one here know if it was a current issue. Not sure if I will pass!

Pal Dont worry about this Silly exam. No matter how disaster the exam can be, the examiner and markers would not change their dog eating shit habit means to say PASS PEOPLE ANYHOW. Dont forget, examiner needs this job and doesnt want many failures, therefore markers are instructed to pass people given at the situation when candidates have attempted more than 1.5 questions. Answers need not to be relevant. Eg Mine is suppose to FAIL, but they give me PASS. That why I detested this Stupid exam whereby any retartard people also can pass. The pass marks is 30 F YI. At Feb 2014. you can happily cheer that you had passed. I gurantee Assure you that. No body can fail this dirty, cheapscape and rubbish exam. I had been advising you people NOT TO ANSWER Q1 OR SECTION B and yet Still can pass. Thats why this is a Dog Shit and silly exam. Nevertheless, if you gotten this kind of FAKE PASS, you are deceiving yourself when an exployer may question you HOW DID YOU PASS THIS SILLY EXAM when you are found to be incompetent.

This exan was awful. No idea what the examiner was trying to achieve........maybe that they do not want to be predicted? The general language used did not make sense in certain parts of the question and out of all the topics the focus was on a tiny area (excluding q1a). Q4 current issues.....well, it can be argued that accounting policies is/isn't a current issue but at the end of the day I didnt see an article on it and out of all the great topics available: hedge accounting, impairment, leases and revenue recognition they chose something completely obscure. Surely after looking at q2 & q3 the examiner should have realised that students needed a bit of a leg up, four pages of writing and application learnt for nothing! In addition, many people were not just sitting this exam alone, I myself were sitting three, how can you be prepared for a paper like this without the impossible task of memorising the whole syllabus, no passed paper or question set by colleges could have prepared students for this exan. Many students jobs require them to pass their exams they (like myself) have been royally screwed over.

It was a very tough and unfair paper (especially Q4). I think I may have got close to full marks for the cashflow but will struggle to pick up enough marks elsewhere to get the pass... the main problem was understanding the wording of the questions.. maybe the examiner needs to go on an english language course! ;) I'm expecting the pass rate to be in the 30s for this one. On the brightside, ACCA won't allow this to happen twice so in theory the June 14 paper should (hopefully) be a lot more fairer to students.

I am putting up a firm demand to ACCA to fail me the dog shit exam. I do not wish to be drown in under the polluted water making myself very sinful and encounter hatred and anguish. I felt very dirty to pass this stink exam

Guys complete the Exams feedback survey ASAP (last date 16th Dec) and tell them HOW BAD THIS PAPER WAS !! From what i heard, they do consider this in the overall marking process. PLEASE PLEASE PLEASE Tell them how tough this paper was and how little time was allocated to it. Good Luck

malcom2 could u please post the URL for the Feedback. thanx

Q1 was ?????-???»??KK????-???»??? , quest 2 nt bad bt 3 and 4 totally out of the line,was so surprise about quest 4,rily studied those current issues in d study pack and past quest @least IFRS for SMEs ,fin instrument,lyk totally unfair to see IAS 18, nd d examiner testing only fin instrument hedge for jxt 9marks,with no full cal. Quest 3 was a state of confusion.didn't undastand what d examiner want dere,doe I attempted it,nd wrote sometin I could ever think of. All I just know is that sometin great and beautiful is coming out of this.

thanx malcom2

can't fill d feedback form

questions were very hard ...................tricky........n.............not straight..........still tried my best.........hope get 50.......finger cross

what do you mean by 1.5 questions?

Very similar example. Can OT tutor prepare prospect how Cash flow from dec.13 session should look like?

I'm so disappointed specially with Q3 and Q4.

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I had been repeatedly request the exam review board to review my scirpt which should deserve a FAIL. I indeed very surprise such a strict marking scheme as ACCA is implementing as well as having mention many weaknesses in examiner reports and yet allows HORRIBLE ANSWERS TO PASS. I even heard Question 1 (35marks) or Section B omitted still able to pass. This is a terrrible state for a prestige professional Accounting exam body like ACCA practising an indifferent marking tolerance deplete and contradicts ACCA mission, Objectives and Value. To be frank, if I present my scripts to any campus lecturers such as Tom Clendon, Rhys Johnson, BPP, Kaplan, the results should be undisputed STRAIGHT FAIL. I do not know why the marker can pass me given that I had produced “FREDDY’S NIGHTMARE” answers. Even I myself dont even dare to look at my own production. I am wondering is the marker qualified? Does he knowls FRS? Or he is bribed to helping the examinger to maintain his rice bowl?

Seriously what joke is this?? So many posters here talking about pass without doing real work.......I have never heard that.....but it is being repeated for God knows what

i was dreading reading everyones comments on here.....my nightmare has more or less become reality, same issues as everyone. Q1, completed cash flow, however missed out a few calculations as i thought they were not necessary......some calculations were there, there was also 100% owned sub so didnt bother with any dividends to NCI? probably wrong! Now, everyone going on about deposit question?? i cant even remember where that was! i remember completing deferred tax section as well as ethics in Q1, but deposit?? no idea, most likely missed it as there was way too much information Q2, again completed whole section, used whatever relevant IAS came to mind but half the information i wrote was irrelevant probably but this was better than Q3......this section was absolute disaster but that was my fault as the 9 mark on business combination i did not revise this standard at all during my revision so ended discussing irrelevant stuff I do not expect a pass, would celebrate if i do. But optimistic, my first attempt at the paper. But everyone stay confident, hope everyone completed the whole paper like i did whether what you wrote is relevant or not, will give you a chance of passing, not sure whether the examiner will fail for example thousands of people, not got the time to read thoroughly through each and every answer. fingers crossed. good luck