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Hi all , agree with u all, was an affordable paper, but we know exam pressure we commit silly mistakes, but i’m just praying for 50 mks. Hats off to Opentuition team got their tips right, Ex 38 BPP kit & IFRS 9(75mks in exam). Great work guys!Big thanks to all. God bless.
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paper went good Alhamdulillah
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Yeah! The paper was easy..
So I’m afraid that they might mark the papers strictly…
Normally if the paper is easy, the marks you get will be totally different from what you expect.
I’m just hoping for 50. Not more than that not less than that….heheh- Topics: 0
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how to deal with residual value?
was feeling ok coming out of the exam now I am worried if they mark it hard I am not so confident. Thank god the tips were accurate as I took a chance.
Q1 was really a perfect question to get but under time pressure I still managed to forget some of the straightforward bits. What was q1 c asking for I got all confused on this?
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Q1 was very easy but I guess that was to make up for section B.
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consolidation was very ez..current issue was on ifrs 9..overall an ez paper
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yeah…worried bout the same thing..they might mark it strictly…my writing was also quite bad due to time pressure..
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Q1 Part C:
I think that they wanted to purchase the subsidiary without recording goodwill, because:
– Perhaps so it didn’t didn’t look as if they had paid ‘over the odds’ for the subsidiary and had bought it without paying a premium. i.e they had been shrewd and not had to pay more than the value of the net assets.
– Possibly to avoid any impaired goodwill reducing profits in the future if they were expecting that goodwill would have to be written off.
– Only just thought of this: Goodwill is re-translated at the closing exchange rate. Maybe something to do with the way that that they are expecting exchange rates to move, or they want to avoid fluctuations.
Whichever, they were seeking to not present an accurate picture and were therefore behaving unethically.
section a was really good. but section b was pretty demanding and confusing with so many requirements. just hoping for a 50
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I did not attempted that particular Ribby question
hence no advantages to me.My whole q1 can be said as a failure
I hope I can get at least 20-25% from there
and get 25-30% from Section B
I have to agree that first question was manageable in terms of time and requirements, but still I could not balance and I did mistakes with the new 10% acquisition. In my mind was coming only gain and I calculated the gain which si totally wrong, but anyway…..
question 2 industry question was quite horrible, first time when I read it I was thinking of skiping then I saw the last question and I could not remember to many things about financial instruments and I thought the second question is a better option for me. The topics were quite mixed here: IAS 37, Research and development costs (I still cannot remember the standard number), IFRS 3 and IFRS 1
question 3 to me looked like Alexandra is a very stupid girl: first of all she messed up with the employee benefits, then she recongnized totally unacceptable the revenue and she discloses to related parties only what she thinks it should be not what the standard requires. and finnally that bond was on the top of everthing: anyway, I am not sure waht was tested there, maybe substance over form? anyway, the legal contract was to repay the loan and accrued interest, so i do not think that it should still be in long term liability. for me it sounded like the waiver is just for the interest part but the legal clause in contract should be first. I am not sure about it.
Overall, I hope I will get the passing grade…..it is a huge area to be tested in P2, and I have practiced some questions and watch videos here, but I feel that i still need some practice….I feel like these topics should be digested over time with a lot of practice, meaning actually being involved in the process….I found the Deloitte IAS plus tool with scenarios quite good for preparation of the exam too.
Let’s hope for better…- Topics: 0
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in question 1 part c i put about human capital management and how whilst employees/staff are assets to a business, they are not capitalised as they don’t meet the framework condition, i.e. a member of staff can leave at any point, it is not a resource that an entity can control.
i also put that brands can’t be capitalised by a company if internally generated but if acquired as part of an acquisition they can (?????????) but in this case as the company was arguing they already knew the customers it was not clear if this should be taken into consideration of the purchase price etc….
also for anyone that did question 3, did you put about provisions and contingent liabilities in part a, as Alexandra had an ‘obligation’ to pay the loan and interest in full…
I NEED 50, no more no less…
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was the foreign sub not 52% owned or have i made a school boy error.
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Question 1 was ok. Not the perfect answer but very similar to June 2008 question. Nice one Graham Holt. Section B was very very tricky. praying for a pass. Overall…..the paper was just ok.
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Foreign sub was 52% owned.
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gilidy was talking bout the 40% cost and expenses in $ and remainder in dinars
something like tat
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yes that is what i was talking about the cost and expenses.
And the loan in ques 3. that was default i made a silly mistake i think it is an extinguishment of the original financial liabilty the terma of the payments were modified………..
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well lets hope for 50!
30 marks (hopefully) for 1 and then 20 somewhere else!
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@tzxsean said:
gilidy was talking bout the 40% cost and expenses in $ and remainder in dinars
Oh that. I don’t think it had anything to do with the consolidated SFP. I used it to answer the first part of Q1. 40% in $ but 60% in local currency dinars so dinars functional currency as it is majority. Hope it works for me. HeheheBasically, this paper was “easy” if you had revised all the past papers and taken into account the tips your tutors gave you if you went to a college. martin from lsbf pretty much told us what was coming up. IFRS 9 and foreign sub….
it was hard if you didnt do much basically………
peace
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very predictable paper with the exceptions of Q2 n Q3 which were confusing.Hope i need enough to make it through..insha allah
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I agree. It was Ok, but wait for the examiner to make his final decision.
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