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Strongly agreed with you!
I was burned midnight oil everyday(11am-3am), since 3months before exam(September) and I covered all the syallbus althought there was some tips available on websites.
But when I opening the question paper, it just seem like I am failed by P2. I even feel that do not want to finished answer the paper…
Past year is more easiest compare to dec sitting…I got a purchase bargain of 10 for hultby. That was pretty straight forward. The other dude was d problem.quit tricky. I got a goodwill of 51 Because I adjusted for the reduction in the liability. Wasn’t sure
@tallaghthoop said:
Whats dissapointing in this exam is that no matter how much work you do to prepare you spend more time trying to understand the question than trying to answer the question in a reasonable way…some of the questions are so vague you dont know where to start…the ias questions were extremely difficult.that’s how I feel completely! felt there was little chance to demonstrate my knowledge, now im wondering that I should have tried to explain the obvious a bit more – eg what a provision is .. but the questions seemed to beat you to it all the time stating this already qualifies for this treatment etc…
hi guys I got a negative goodwill too! I thought I made a mistake maybe that was the examiner’s plan to panic us…. I hope was correct… but I got confused on the buildings part and the valuation so I added the buildings again to net assets… I thought that might be the reason for negative goodwill….fingers crossed. Q3 was a disaster -andi attempted q2 and q4… hope good enough for a 50. Best of luck to all
Q1 was very cheap just two adjustment on Revenue recognition of a joint venture (If you read SA on revenue this is a bonus) and IFRS 5 very simple as well. The question states that the asset met the recognition criteria and to crown it all, it was within the twelve months limit. Measurements lower of CV and RA while RA is higher of Fv less cost to sell and value in use. I think RA was higher. And CV was lower. Just compare the difference between CV and the selling price. Again, the asset was said to be depreciated by $300k pa. Just porate I think the asset was sold 4months after meeting the held for sale recognition criteria. Adjustment (a) was on step acquisition from associate to control (gain on disposal was required), then goodwill. Adjustment to goodwill can only take place within the 12months limit and the contingent liability adjustment and Fair value of asset was within this limit so goodwill should be adjusted (again SA is sufficient on this). Hugh (subsidiary II) was very simple basic consolidation (F7). 1b. Share based payment (share appreciation) is vested immediately and should recognised and provided for. 1c. Ethics the entity needed finance and was considering doctoring it financial statements plus the new Financial Controller was eager to do that because he doesn’t want to lose his job (F8) Knowledge was applied here. Part B was quite simple but I concentrated more on 1 for my preparation. Q4 relates to a question on my revision kit KEY. Q1 relates to GRANGE. Q3 IFRS 3, IAS 36 (economic life(30) or the life of the asset when it is due for disposal (10years)) ten was chosen by the entity INSTEAD of 30years. Then the asset has different components with different useful life which are 7, 10, and 30 I think. But the entity chose 30 for all. Which not in correct according to IAS 36. All in all, the exam was ok at least, for those who were ready. I wasn’t well prepared but I won’t lie. It was easy.
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Yes, me too….I’m hoping that it’s correct
does anyone know how to read the replies on here? – cant seem to – also can anyone tell me what qu4 a) meant about the significance and importance or the factors of impairment – i found that one really annoying – I think I made it far more complcated then it was meant to be – also what did everyone put about the appropriateness of the discount rate?
@niknak said:
does anyone know how to read the replies on here? – cant seem to – also can anyone tell me what qu4 a) meant about the significance and importance or the factors of impairment – i found that one really annoying – I think I made it far more complcated then it was meant to be – also what did everyone put about the appropriateness of the discount rate?still cant see replies…
I got GW 50 and negative GW 10. I attempted q2 n q3. Treated guarantee on q2 as a fin asset, calculated gain on disposal of asset held for sale. Fingers crossed.
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Craig…there are no replies to individual comments. The number of replies refer’s to how many times an individual has replied to other people’s comments.
Goodwill Margy 110 & bargain purchase 10 for Hulty. Anyone attempt Q4 in relation to impairment – I related this to incurred loss & expected loss model
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Would anyone know when ACCA will publish the answers?
Quite frankly, you’d have to be out of your mind to go looking at the answers now…. agonising over what you wrote (or remember writing), trying to do mental tots of marks you might or might not have gotten…. stomach in a knot for the next two weeks.
I’ll wait for the result…. if i fail then I’ll have a look see where I went wrong, if I pass then I will keep on walking and never look back
Don’t do it to yourselves!
Did anyone else think Question 2 (b) was about provisions? I can see the financial instrument element now – but wrote loads on contingent liabilities 🙁
q2 (b) Yes, I thought on the day it was initially a financial liability then provisions because he mentioned IAS37, which threw me. On second reading I can see why it isn’t IAS 37 because it was a financial guarantee contract. If he didn’t mention IAS 37 and the possible and then probable call in of the guarantee….which threw me…hopefully some credit will be given for IAS 37.
q2 (a) – related parties with government control…used a bit of common sense on that and reckoned that since it was public knowledge, disclosure wasn’t required unless key management personal issue, so hoping for credit there.
(c) – the hedge question, wrote page and half, scrambling for marks.
(d) – 4 marks was a lot, I got the right answer but my explanation was basic.
Be lucky to get 10/12 marks.
Fingers crossed for 50.
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