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Was really highly technical paper toughness level was extremely high in section b
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It was very hard. I’m expecting that the pass rates would be lower than usual. Such a pity.
First 2 questions were fair but what was question 3 about? Had I done the 3rd properly a pass would have been guarnteed
q1 the adjustment for JCP threw me a little.
i did q2 and q4. Not sure i got it all for impairment though.
@chanpiseth said:
Why NEGATIVE GOODWILL??? Why ??? T_Ti got that too! it was a bargain purchase i think. Thats why it was negative.
Yeah! most of my friends got the negative figure as well… But I don’t know if we did it right or not 🙁
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Yup I got a bargain purchase (negative goodwill) of $10m or so can’t remember for Hulty and so I added this up to group retained earnings.
How many parts were there to Q2 i cant remember. also was part b) a contingent liability or not
@andrewfox80 said:
How many parts were there to Q2 i cant remember. also was part b) a contingent liability or notAt the end I said no but disclose it as it wasn’t guaranteed that they could pay the final payment.
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Q1 Sofp with 2 subsidiaries; 1 acquired at the begining of the period Hulty 80% and Margy acquired some years ago as an associate 30% then at the begining of the period bought 40% (70%). No foreign sub or transactions and there was adjustments to the identiafiable net assets of Margy previously included contingent liability of $6m now $5m provision. After valuation was received months later there was decrease in the fv of ppe by $40m. There was only 2 notes on accounting treatments with regard to Joey (parent) one is joint venture and the other is property held for sale.
q1 b) share options ifrs 2
q2 had hedges and I knew I had no choice but to do q3 and q4 lol
q3 was long and somehow wierd involved IFRS 3&10. I remember discussing about going concern issues may lead to using breakup approach.
and the 2 second scenarios had bit a pieaces of ppe ias16. IFRS 5 too when some assests were sold at 10 years when uselife was 30 years. Discussed some basics on ifrs 5 and how gains recognised to reserves earlier (oce) when it was ppe should not be recycled to p+l when it is sold as current asset. The profit to p+l would be the difference between carrying value of the asset held at sale and the proceeds. And the wrong assumptions used in estimating the residual value which could lead to creative accounting when assets were sold at 10 years leading to a higher gain higher profits.
q4 was full on impairment
this was what I could remember, hoping to get >50% fingers crossed
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Yeah I dont think it was an easy paper either. It was actually highly technical in some areas. I’d say it was a fair doable paper but very time contraint as with all p papers. There were straightforward questions too especially ethics where the ethical dilemma was related to integrity. Q1b was IFRS 2 and only explanation was needed. Impairments to me was striaghtforward especially the q4 a but the scenerios given would always be tricky. Question 3 was hard I agree but can get easy marks with the knowledge of certain standards.
I actually think q2 was the hardest. Its focused with hedges whereas in q3 there was room to explain knowledge on IFRS 3&10, PPE IAS 16, IFRS 5, fair value IFRS 13, disclosure issues and going concern issues and its effects; made some applications here and there but was more to discussing as they were less figures. Perhaps they were more that I couldnt pick up. Like my lecturer said its easier to go astray with q3 sorts of long scenario questions. You never know.
Stupid exam too much hard . I get negative GW in H but there is GW M I recognized by 50 . Any body with me
I found this paper very hard, but then I was very ill prepared. What threw me in question 1 was that they gave the fair value of the NCI for only the 30% acquired. How did people deal with that?
@neilsolaris said:
I found this paper very hard, but then I was very ill prepared. What threw me in question 1 was that they gave the fair value of the NCI for only the 30% acquired. How did people deal with that?That was okay as the Parent owned 70%.
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