Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › *** P2 December 2013 Exam was.. Post your comments ***
- This topic has 126 replies, 86 voices, and was last updated 10 years ago by dell57.
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- December 12, 2013 at 9:20 am #152677
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.
December 12, 2013 at 11:35 am #152696I will false 🙁
December 12, 2013 at 11:42 am #152697Yes, 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?December 12, 2013 at 12:50 pm #152711The 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 mistakesDecember 12, 2013 at 2:40 pm #152719Link to the question paper for the Decemeber 2013 exam as follows…
December 12, 2013 at 4:22 pm #152731Just showed the paper to my manager at work and he said the wording is terrible. Especially question 2.
December 12, 2013 at 8:45 pm #152761Was 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.
December 12, 2013 at 8:48 pm #152762Think 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!
December 13, 2013 at 8:17 am #152793Pal
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.
December 13, 2013 at 9:01 am #152803This 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.December 13, 2013 at 9:28 am #152813It 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.
December 13, 2013 at 10:31 am #152832I 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
December 13, 2013 at 11:00 am #152847AnonymousInactive- Topics: 0
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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
December 13, 2013 at 12:35 pm #152906AnonymousInactive- Topics: 0
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malcom2 could u please post the URL for the Feedback. thanx
December 13, 2013 at 7:20 pm #152927Q1 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.
December 13, 2013 at 10:27 pm #152932i personally think it is wrong to set questions so hard to understand given the exam is already time pressure.
I try to understand what the requirements for timesq2 and 3 are but no way of understanding after reading reading it nearly 10 times.
not fairDecember 14, 2013 at 10:22 am #152951AnonymousInactive- Topics: 0
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thanx malcom2
December 14, 2013 at 11:31 am #152955can’t fill d feedback form
December 16, 2013 at 1:36 am #153034questions were very hard ……………….tricky……..n………….not straight……….still tried my best………hope get 50…….finger cross
December 16, 2013 at 7:20 am #153039what do you mean by 1.5 questions?
December 16, 2013 at 3:14 pm #153050AnonymousInactive- Topics: 0
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Q1 (b) you will find the answer (link below) on page 5 on example of term deposits. Surprisingly very similar examples.
December 17, 2013 at 9:31 am #153071AnonymousInactive- Topics: 0
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Very similar example.
Can OT tutor prepare prospect how Cash flow from dec.13 session should look like?December 17, 2013 at 7:14 pm #153118AnonymousInactive- Topics: 0
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I’m so disappointed specially with Q3 and Q4.
December 18, 2013 at 10:06 am #153149InstaPhamous is a promotion service that helps you get more users on Instagram to follow you and get instagram likes to your account. InstaPhamous helps to get active instagram followers to a users profile in large quantities at an affordable price. In turn, you get a larger following and gain the credibility of having a large audience.
December 26, 2013 at 9:09 am #153463I 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?
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