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

All the same )))

What will be the passing rate this sitting? hmm

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

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!!

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.

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!!

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

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

is renovation a capital or expense in nature?

@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.

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.

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