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

@midoalamoudi said: 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????

Colleague - it is highly possible. The cover of the answer booklet is removed and the script presented to the marker(s) upon which they assign you marks for effort to attempt the question(s). It is the tally by the office, scan to the system - using the bar code on answer booklet. It is also highly possible that if you number the question(s) properly - using separate page for each question, you'll escape the wrath of the officers doing the checks and balance. Remember the ACCA office has a very sophisticated software; but I'll advice you to think positive, and ensure this does not happen again - tick the question(s) attempted on the cover as soon as you move on to another. This way you would have completed the exam successfully. Regards,

Q 3 anyone know what answers they got. also q1 any one get 11 for the Pension liab

Ian's 17 was amended to incorporate land as an operating lease in some circumstances

@nish81 said: Ian's 17 was amended to incorporate land as an operating lease in some circumstances

Colleague - you're correct, I look at the questions as if I was in the exam hall and is please to say: it was fair paper - providing that one is prepared for the exam and is excellent at managing the time pressure. We are required to attempt ALL parts of the compulsory and two optional questions. In this exam - #2 was the hardest of ALL. I've rank the questions - base on my knowledge and competency from easiest - #4, 1, 3 and 2 being the hardest of ALL. Answering question one we're required to utilize organizational and time management skills - thus doing the workings for adjustment notes - 1 to 6 first. This provide ease in completing the SoFP and you would have recognized that each adjustment affects one or two items in the final answer. The best way to handle this question - in my opinion is to do the conversion aspect first, continue with note one - setting out clearly goodwill, RE's, OCE and PPE with the other workings follow. This question normally tricky and takes time; but when we master the double entry - while doing working, we MUST post the entries at the end of each working. Easier to pick-up -eg: Land FV adjustment - 56 Dr PPE & Cr RE's. Place it in the workings same time - continue as you RUSH through to get the PASS mark. The contingent liability does not affect the answer as it was correctly reported - possible report by way of notes and no provision necessary, because it in not certain - only possible. The examiner wants to know if we can differentiate when there is a liability as a result of past actions - economic out flow of resources to settle claim. Foreign exchange losses in the respective account - Tyslar, reduce the profit of the sub as the rate at SoFP date is higher than that of loan date. It will be good if we take it for home work to identify any error(s) made in the hall and ask for mercy to obtain the passing grade. We deserve it - do the question(s) again to cement knowledge for better marks if we are not favoured by the examiner. Please remember to share the answer with the forum and we'll express an opinion to promote career development. We're here for everyone, and thank you for sharing. Regards,

Not bad this time...

This should not be a problem.. I had also missed to update the first page for questions attempted for F6 exam during December'2014 sitting. However, I got marked for all the questions that I attempted ans passed.. Allthough its a good idea to update all the relevant sections of the cover page.

@Cardine said: Colleague - it is highly possible. The cover of the answer booklet is removed and the script presented to the marker(s) upon which they assign you marks for effort to attempt the question(s). It is the tally by the office, scan to the system - using the bar code on answer booklet. It is also highly possible that if you number the question(s) properly - using separate page for each question, you'll escape the wrath of the officers doing the checks and balance. Remember the ACCA office has a very sophisticated software; but I'll advice you to think positive, and ensure this does not happen again - tick the question(s) attempted on the cover as soon as you move on to another. This way you would have completed the exam successfully. Regards,

Q2 is different in dec2015 past paper u uploaded but in exam it was different

Q2 is from the September 2015 session......... Please read the front of the question paper carefully - it says Sep/Dec 2015 Also please read the article posted on the ACCA portal about the new policy adopted when publishing the Exam questions and there was also a note from the ACCA tutor posted earlier on.

Cant remember !

I also did not fill in the cover page for questions done, but i dont think that ACCA will not mark them

I am not convinced you are correct about the treatment of the "contingent liability"..... I feel the fair value of $1m liability has to be included both at the acquisition date and the reporting date - irrespective of the probability.

Guys, did everyone calculate the Goodwill for the first $ nominated subsidiary? There was no cost given. Only a carrying value...

Of course there was Goodwill to be calculated..... THE COST OF THE INVESTMENT IS SHOWN IN THE SoFP !!!!! - Investment in Salt $110 as shown in the SoFP But then the cost of the investment of the foreign subsidiary was given in the question as Dinhars 368 which should be converted at rate of exchange 8 (01Nov14) = $46, which was also shown and reconcile to the amount shown in the SoFP.

@elenadodita2000 said: Guys, did everyone calculate the Goodwill for the first $ nominated subsidiary? There was no cost given. Only a carrying value...

Did you read the the financial statements and its notes before this information - cost of the investment is $110m and therefore, Goodwill is calculated to be $15M - no impairment nil. It will be good to rework the questions and identifies the error you made under the pressure of exams. Please share the information with the team. Regards,

@joevassallo said: I am not convinced you are correct about the treatment of the "contingent liability"..... I feel the fair value of $1m liability has to be included both at the acquisition date and the reporting date - irrespective of the probability.

I agree with you. I read where it said all the net assets, liabilities and contingent liabilities should be taken into consideration at acquisition even if it is only included in note of the subsidiary.

I used the cost of investment per the Parent SOFP.

land is always an operating lease

I just went through the examiner's article again and it state in paragraph 11 that a lease will not be classified has finance lease simply because of it position in a chain of lease agreement but the exception to the rule according to the paragraph is that the lease agreement will be classified has a finance lease if it involve a specialised asset and substantial remaining economic life of the asset. Example of specialise assets are land, farm, resort e.t.c. pls verify.

time management was a problem and then tooo much adjustments for number one

@chrisdawson451 said: This was my attempt at question 1a earlier. It balances slightly different to what I did in the exam. I am also unsure whether some of it is right? what do you think? https://www.scribd.com/doc/293018737/P2-Q1

Christopher Dawson - I MUST share with you and say: everything EXCEPT the contingent amount are correctly accounted for. Look at the wording of the adjustment - possible and not probable. It still not settled at reporting date and there was no information to move it from possible to where it should be recognize - PROBABLE!!! The contingent liability should be only reported by notes to the financial statements - not required for this exam. It was correctly stated at acquisition and reporting date. Read the standard - provision and contingency - IAS 37, also IAS 10 post BS events. We should pay attention to key word(s) - this is was through off most of the candidates. Good work, and with this - you hit the 33/35 putting you into the driver seat - passing with a mark of 58% or more. Most of us will correctly present the answers to the question the examiner are looking for outside of the pressure; but flustered in the HALL. We must support each other to handle this - exam pressure in the HALL - D Day!!! It is a disease we MUST fight together!!!!!!! grade. Please see you message private box. Regards,

I would like to refer you to pg 366 section 3.4.4 the contingent liability according to the bpp manual should be included. Therefore 16 is the correct answer.

Pg 344 section 3.4.4 bpp manual states the liability must be included

The pension I think is incorrect

@kilmovee said: I would like to refer you to pg 366 section 3.4.4 the contingent liability according to the bpp manual should be included. Therefore 16 is the correct answer.

I do not have that information and what I read - important, standards and students accountant. ACCA site have the information, which is stress for us to read. The treatment of contingent liability ONLY value 1 mark - big different between pass and fail; so we ether pass or fail. We'll wait for the grades - February 1, 2016. Regards,

I already replied saying that the contingent liability should be included at fair value of €1 I worked Goodwill at €16m too... so your assertions and stating that Goodwill is $15 I believe are all wrong. And if I may ask- how do you know it is worth just 1 mark? Also the exam results will be published 16Jan16 (NOT 01Feb) I wish that correct information is posted here, otherwise it confuses everybody.

I agree, you can't make 100% certain statements on this forum but it is a great platform to gauge how other students felt about the questions and attempted the exam.

Question 1 was a little bit too long. I attempt Q2&3. Didn't read the article for Q4. I really messed up the lease question...smh. Hope I can still scrape through.

What answers you get for q3

I didn't fill out the front page for questions done too...smh. Hope that's not a problem.

i also went with finance lease