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@aquafire said:
hi, did anyone get the balancing figure for SOFP as 946.05… thats the amount mine balanced with..
I got 944.8 and it balanced with group reserve and all. Still can’t believe it cos I hardly ever balance my questions. Paper was far better than what I experienced in P4!
I wasnt so comfortable with section B.. and time was a problem for me.
But thanks OT for the tip on foreign subsidiary! really helped alot!YAAAAAAAAAAAAAAAAAAAAAY
OPENTUITION GUESSES ROCKKKKKKKK!!!!!!!!!!!!!!!!!!!!!!!RIBBY IT ISS
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Question 1 was a SofFP with two subs, one in a foreign currency, for the other the parent increased their share of ownership on the last day of the year.
I did the UK version and there was a bit about the recognition of subsidiaries under the Companies Act compared with under international standards. The overseas sub in the scenario was unable to transfer funds to the parent. Also a question on UK v Int on development costs, and two other things I’ve forgotten.
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Q1: Forex Consolidation. Exact Replica of the Question Ribby. The only difference was a small piecemeal acquisition from 70% to 80% at year end.
Q2: IFRS 1: First Time Adotion Of IFRS.
Q3: IAS 37, Framework, IAS 19, IAS 24, IAS 18. All things were easy for those who had studied these standards well.
Q4: IFRS 9 classifications, measurements & application. With the conflict on Impairment test approach.
The paper was a piece of cake for those who had given proper time to their studies. unfortunately for me I couldnt study after giving P4 & P5. Else I couldve easily scored real good. I have to accept one thing Graham Holt is an amazing gambler. Everyone expected this sitting to be extremely difficult. Instead it was as if the examiner tested us on P2 basics. A great paper.
Just Wish i Had Studied Well !!!
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Section B
Q2 I didn’t do. It had four parts and was a ‘discuss the treatment of the above’
Q3 Also had four parts and was a ‘discuss the treatment of the above’. Bits on:
– company trying to treat a defined benefit pension as defined contribution
– a long-term bond that was defaulted on and so payable immediately but the bond holders had given a waiver
– employee bonus payable in three years based on 2% pa with an annual payrise % and a discount %.
– something else???Q4 Was split into a few sub questions. All about Financial Assets.
– A big one on just explaining the changes under IFRS 9
– Two smaller ones on future losses.- Topics: 0
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@aquafire, I didn’t bother adding up the balance sheet as I doubt it would have been correct or got me any more marks. I’ve always been advised not to worry about it as the time is needed for the rest of the paper.
The exam was ok, section one very similar as ribby, thanks to examiner for that as well as many thanks to open tuition always very closed prediction.although it has lots of bits and pieaces but is managable if you have been well prepared for exam. although i took all that time to finish it and then runed out of time for the other 2 . Section 2 lots of things but still I would say was ok
Good luck to you all who took the exam
can any1 tell me..wat was asked in part a (ii)..were they asking about rules or wat is fuctional currency or both..and wat about marks ??? split??
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Q1 seemed quite straight forward…. just hope i got enough marks on it because i struggled on the rest of the paper!!!
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please were we told to calclulate group exchange difference in question 1
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I actually didn’t think 1c was all that easy (and I can’t see the relation with Ribby for that part).
They wanted to buy a sub but I was just struggling to see what was wrong with that? Okay they said they’ll not pay more than what they thought it was worth. That’s how most acquisitions are done?! What did you guys write?
Kinda worried now that everyone is saying it was an easy paper. this happened last year with the advanced audit paper and they marked it very harshly !!!
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@yasirrana said:
can any1 tell me..wat was asked in part a (ii)..were they asking about rules or wat is fuctional currency or both..and wat about marks ??? split??The answer was already in the question text, you had to copy and paste the last paragraph: income and expenses in dinars, management independent from parent, raising its own finance, prices determined in dinars, etc.
for 1c—I think the parent was underestimating the net assets by not recognizing the intangible asset i.e. customer acquisition, and through this he would overestimate the purchased goodwill…nd the financial statements won’t be faithfully represented….
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opentuition prediction about p2 were completely matched!
Thanks Opentuition for 50marks forex balance sheet- Topics: 1
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if my a) and c) are completely irrelevant, how much is the maximum marks that I will be rewarded?
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whats the balance on balance sheet?
did anyone balance?- Topics: 0
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it doesn’t really matter if you balance or not? Even then you can get 90% marks in a question. The real things are adjustments and your workings.
This wouldn’t have been an easy paper if what everyone was talking about didn’t come up. But everyone seems to take it easy. The only problem is that markers may notice that and strict the marking process, as though it seems they have to keep the pass range less than 55%.
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what was the first time adoption on ifrs quest about? seems a strange topic given they a few yrs old now!!??
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This paper was tough.
Q1 i. & ii. was gud enough to score at lease 25%-30%. But i did not understand the requirement of iii. !!!
Q2 and Q3 tested in various topics on IAS I hope my answers were relevant and i can score at lease 25%
Total 50%-55% …………….. PASS!!- Topics: 0
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fair but we always make mistakes
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Alhamdulillah paper went very well:)
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