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

Thank you Shadedrose. That was clearly not a section in the text that I thought necessary to revise on.

oh yes, did the asset held for sale fulfil the criteria? i mention it did not meet the criteria but i know they are mainly asking for provisions.

Hard exam- no easy marks in any of the questions

No idea what Q1a) was asking. 2 balance sheets, a p&l, socie and a load of other figures. How do you extract a cash flow?!
Instead spent the whole exam on Q1b) & c), Q2 and Q4. Well the wordy bits anyway.
Will obviously fail not answering 35% of the paper.
Must be missing something because I passed F7 easily enough after reading a book on the subject for a couple of days.

This was such a difficult paper, the language used by examiner was too difficult to understand. I knew hedging and i knew other standards too but i just failed to write or relate anything because i just could not determine what was being asked or even what is examiner trying to do..

i was so stressed that i even failed to write ethics at all

Tough paper indeed, was pleased to see the CSCF but some tricky adjustments in there that I know I overlooked. One in particular which I’m sure will attract a bunch of marks is the tax base aspect of the Sub Acqn… didn’t get it and didn’t want to waste time trying to figure it out. Qs 1b and 1c fairly reasonable, again quite subjective so hoping there were a few headliners in my answer to keep me in the pass zone.

Qs 2 I though was reasonable but for the sale and lease back I read this a bit to quickly and suggested that any profit should be deferred and released back in against the lease expense… don’t think this was really the right approach.

Qs 3 Understood the standards being examined but the wording was complex and as a native english speaker even I struggled to understand how to position the answer. Left it out.

Qs 4 Judgement and materiality, for some reason I felt there were elements in this question that loosely tied back to the technical article issued on IAS 39 but just for the background info. Might be because it was the last thing I read at 1 am this morning. Changes in accounting policy fairly ok but I left out the last part of the question and also the C part so I’ve effectively left myself needing 50 out of 87.5!!!

Looks like I’ll be back again in June for 3rd time lucky but maybe Q1 will get me over.

Good luck to everyone and hopefully the results are in your favour!

I normally don’t look on here- Scared might see some answers and fret.

It appears though today we are all of the same opinion. Q3&4 WFT.. Nice to know..

CFS is an easy one to get marks in though, you get 4 just for PBT/ Cash and Cash equiv’s B/F&C/F and 1 for taking them away from each other.. That’s 8% of your pass rate and you have not even turned the calculator on!!

Best of luck everyone!!

my reaction after reading was : “Are u f… kidding me?”
Spent so many time on preparations and now I think it was very unfair and included a few parts of the whole sylabus…
Failed. And unfortunately even if I have spent 3 more days on learning my feelings would have been the same:(

Were they going to raise additional exam fees? 🙁 It’s a pity that the repetition is in 6 months – I would forget a lot…:( 🙁

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

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

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