SBR*** P2 December 2015 Exam was.. Instant Poll and comments ***

I think 3a was a joint operations too. But it should be investment accounting and not equity accounting.

The paper was fair over all. Its just that it was time pressured Q1 I think I messed up with inter-company loan and may be other adjustments, but just decided to move on. Any way provided one demonstrates the principle, accuracy is not an issue. Q4, was fair & I pray I dealt with the numerical parts plus their accounting treatments well as per IFRS 15. Q2, I just attempted atleast every part of the question though not adequately like I wanted to coz I was caught up by time. Keeping my fingers crossed for the best.

to me it was an operating lease because some important criteria for a finance type wasn't on the side of the lessee, eg the gvt had rights to the proceeds of the sale, the lessee had no option of buying the land after the lease term, though the lease period was 30 years and 89% of pv of initial payt

What about the treatment on contingent liability on fairvalue of asset in qtn 1??

@anjujoseph said: What about the treatment on contingent liability on fairvalue of asset in qtn 1??

i think its a trap. it is 'possible', so it should only be disclosed. i think.

All identifiable liabilities should be valued at fair value, which was $1m in the case of the contingent liability. So you take it off the net assets at acqn and reporting dates.

nope because it was land and according to ias 17 land can be only classify as finance lease if title is passed to leasee,

i got 621 on assets and 625 on l equity/liabilities

i just got -1.5 after adjusting ex loss,

Guys, can you help me here regarding the version of the P2 exam that I am going to take for next time? Shall I study on UK or Int version, I am resident of the UK? I am confused for what versoin I am supposed to take. Could you please answer who knows the better reason for the paper versions? Thank you

That is exactly what I did as well... Fair Value Adjustment for Contingent Liability $1m (minus) which is included both at acquisition and reporting dates. The question said it was disclosed at $5m (disclosed i.e. - not accounted...) but the fair value was $1m which I think had to be included, by including it with the FV of Net Asset (hence the minus).

Yikes I got 611 on assets and 621 on equity/liabilities

I have been attempting the UK version - am resident in the UK as well. The UK version is very similar to the INTERNATIONAL, except for the new FRSs 101-102-103 which came in force on 01Jan15. There are not much differences, and questions in the UK variant normally relates to explain/identify differences between IFRSs for SME and FRS 102. Hope this helps. I think there is also explanations given on the ACCA portal about this.

Thank you very much

The paper was lengthy.. there was problem of time management.

I got 630 on consolidation.

Did anybody get ridiculous decimals everywhere due to the exchanging the foreign sub at the y/e rate for most, and did anybody else split the retained earnings on the foreign sub to end up with $4m on the current year earnings?! Also, what balance did you all get on the foreign sub due to translation? I ended up with $9m which seemed too high?!

I got $9m as well on translation, but can't remember if that was for goodwill or net assets. I think the other one was $1.5m or was it $4m?? So many numbers it's difficult to remember where i put them....

hi i have got negative post acq reserve after translation sofp. what about your..?

wrong p2 int question has been added to acca web site q2 (c) operating lease.

I got 200m plus plus... Positive...I don't think it should be a negative

Guys, did you select UK or INT version?

d

paper is published on ACCA website already ?

Here is the link to the ACCA website - for UK version of the paper: https://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/past-exam-papers/uk.html Although, looks like Question 2 is from the INT paper.

i spoke to acca team regarding p2 q2 int .they said its mixed of sep & dec15.

Looks like they may take this approach with future sittings - they have labelled other Dec 2015 question papers on their website with 'September/December' wording. Will be interesting to see how they release the March 2016 papers - mix of the March 2016 questions with the missing Dec and Sep 2015 questions? Also, will be good to know if they will release the papers in full to the providers, BPP, Kaplan, etc. for their exam kits?

The ACCA announced their new policy ages ago. It is stated on their website, and it has been repeated on this website lots of times !!! The next release of exams will be after the June 2016 exams, and will be a selection from the March 2016 and June 2016 exams.

Questions 1, 3 and 4 (who attempted these) are all on the ACCA website.

Hi.... guys i really need to know something about the first page of the answers booklet.... i didn't tick the questions after i have finished the p2 exam. And today when i was in the hall to attend p1 exam i heard the invigilator saying that if i didn't fill in the first page of the answer booklet completely my script will not be marked. Is that really the case????