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Hi everyone
Could someone please give a hint about the topics of the 2nd part Q1 were?
I was really silly answering the booklet in the order Q3, Q1 consolidating 35 marks, Q4.
I just assumed completed Q1 and forgot all about 2nd part of Q1, rushing answering the rest of the paper.Advise for me and everyone – cross out the Q in the answer booklet that you are not going to answer and then while completing. this way it is easy to see the missing parts
thank you
Hi Viliyana,
There was 1.b for 8 marks and 1.c for 7 marks.
I actually started the exam with 1.c and then 1.bAs far as I remember,
Part c) was ethics; where the company needs capital injection and directors lie to the bank about the financial situation. They plan to manipulate the accounts. Also the position of the chief accountant who just started the job and has got financial commitments himself.
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It was related to IFRS2. Joey group wanted to issue shares to the group employees. The question was asking what affect it would have on group and both subsidaries.
Sorry,
part c) was SBP; Joey issues options to employees of both subsidiaries. The options vest immediately and subsidiaries are not under any obligation. Accounting treatment on financial statements of Joey, subsidiaries and group. (more or less 🙂 )
I was expecting an easier B section. Could not get my head around Q3, therefore went for Q2 and Q4. Totally surprised with joint arrangement in Q1.a…
Overall, I had a real tension for not losing the fight but in the end, expecting a pass. Fingers crossed…I was meant to have P2 today. I was not well enough to have the exam. Out of curiosity, could someone tell me what came in Q1?
Thanks
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i think it was quite a tough paper
Regarding Question 1. (a)
It is right to value the property held for sale at lower of carrying value and fair value less cost to sell.
But is it correct to value the asset at the fair value less cost to sell because the entity uses the revaluation model? I got that idea since it is said in the question that the property had a (revalued amount) of $14 m.Ah. Have missed the easy marks on q1 part b. Got too excited after completing the consolidated SOFP. Q3 was about IAS36 impairment of assets. Completed q4 residual value, depreciation, volatile market etc. feeling already better that all the pressure from today is over.
Regarding my advice, cross out/ tick off the completed parts of questions in the Question booklet.
Fingers crossed
Thank you
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