- This topic has 100 replies, 52 voices, and was last updated 12 years ago by
.
- Posts
I think there were a lot of tiny references to adjustments that were hard to pick up, and no study material really cover that. Ie:
Q1 – classifyng the sub through OCI. That was sg new… Is it an wquity instrument? – If the parent says to deliver cash the sub will have to. Also it could have been paid for in cash. Therefore is it a debt instument? Those can be measured FVTPL or amortised cost. Definately not the latter this case. And that was my 15 minutes gone from the exam.
Q1 – Then the IC dividend
Q1 – Have you made a ST provision for the 3% on the 16m repayable the day after year end for the sale & repurchase? Was it a one day loan?
Q1 – Joint operation… not too common in the workbooks either.
Q3 a) – 1 page full of matters to consider – HORROR for 11 marks. Had to skip that bit completely, otherwise would have taken me an hour to struggle through.
Q2? The contingent liability was unlikely to result in any outflow, the amount could not be reliably measured – why even disclosing it?
All in all I found the exam quite tricky, although the basics were not too bad. To start with Graham was cunning to chuck in another Q1 on SOFP – as EVERYBODY were expecting P/L or C/F…
Typical.
Probably see you in Dec.- Topics: 0
- Replies: 11
- ☆
Q1 the sub is classified as FVTOCI in parent’s separate sofp, there is no problem as investment can be classifed at cost or other methods defined in IFRS 9.
The inter-group dividend should be eliminate, just dr retained earning cr other component of equity, as the dividend is from sub’s RE and to parent’s OCI.
The jonit operation is not a jiont venture, there is great difference between them.
For a jiont operation just recognise what belongs to you,what you owe and what others owe you in your group account.
For a jiont venture, as it is a entity, you have to use equity method to account for it.Thats all good, but thinking about these minute parts of the syllabus burns down the time you have for the exam as a whole.
BTW – was the 40% interest in the Joint op the contractual or the ownership interest? Can’t remember, but this equally makes a big difference.
- Topics: 0
- Replies: 21
- ☆
Greetings fellow students.
I found that ok. My strategy going into the exam was to really swot up on IAS’s and gain the most marks in this area and have the group question take me over the finishing line and I glad I did.
I was expecting a SOCI as the group question but was glad of a SOFP.
Like a few others here I was surprised at how relatively straight forward the exam was.
The consolidation was fairly straightforward with such issues as goodwill, piecemeal acq, profit on disposal of previous interest, PPE impairment, Joint operation, trade receivables factoring and some other stuff that I since cannot remember.
Overall I thought this question was in terms of previous technical issues was fairly straight forward.
The other two parts to question one were ok, I had read the technical article about FA a couple of times so was glad when the explaination and de-class of FA’s came up.
The ethical question was ok as well. Mentioned that accountants were in a position of trust with the gen public. Put some emphasis on that fact that Robby was a Plc so therefore accounts could affect economic decisions being made.
Said it is not upto to us to determine what a business can or cannot ”do” in it’s course of business but it is up to us to make sure that this information is presented in a true and fair view to the users.
The optional questions that I done were 2 and 4.
Question 4 was a gift for those who had looked at IAS 37, the standard itself is fairly straightforward so this was some easy marks.
Done the ‘mixed bag’ question as well.
IAS 19 was easy enough, said because of the revised standard you are now no longer allowed to realise act gains over the course of the vesting period and that these must be recognised immediately in OCI. Went through the various financial statments saying what should be put in what.
The provision was easy enough.
IFRS 2 question was ok, no real dramas there.
I think there was one other standard as well, but I can’t remember it.
The above is what I put and is by no means ”correct”.
Good luck come the 8/8.
Gosh….i really have messed up. I suspected when i finished the exams on time with all questions answered, i couldnt believe that P2 could be that easy….imagine my shock when i got my SOFP balanced at 309++!! Now reading all the comments here, looks like the questions were tricky and not easy at all!!!
I pray hard that i cross the 50% mark!!
- Topics: 0
- Replies: 21
- ☆
moiez89:
the PPE impairment is as such:- (amounts all in $m)
Value bought 10
LIfe of asset: 20 years
Dep’n charge 10/20=0.5 paCarrying value two years later is 10-(0.5+0.5) =9
Revalued to 11
therefore
dr asset 2
cr rev surplus 2new dep’n charge = 11/18=x
next year take 11-x=y
difference between y and the impaired amount is the impairment.
cr asset impairment value
dr rev surplus 2
dr retained earnings the difference.My apologie for the use of algebra, I have not got calculator to hand.
@Lee.
After the revaluation dep, the plant was at $10.4 and we had to bring it to recoverable amount of 7.8.
I was confused to whether to first find a adjusted C.A or simply bring the plant to recoverable amount.
What did people actually put as their answer for the Joint operation calculations?
Thanks
- Topics: 0
- Replies: 41
- ☆
Just for people informantion.
The Q.1 bit about the land(I think) being sold just before year end was what actually happened in real life with Anglo Irish bank, and Irish Life(I think)
Anyway, I probably didnt get a mark for that, but mentioned it in the exam.
- Topics: 0
- Replies: 6
- ☆
Exam was fair… i made some simple mistakes… like the excess revaluation i charge to OCI (other component of equity) instead of Retain earnings…
- Topics: 0
- Replies: 6
- ☆
P2 is never easy. It seemed straightforward but I have the feeling I probably got many adjustments wrong or missed them completely. As for the comment about wasting time by going to the toilet, I could imagine the exam would be just that much more difficult with wet underwear.
- Topics: 0
- Replies: 12
- ☆
hay..q1 n q2 its ok for me…but q4 my lecture never teach exposure draft ifrs37,so i just do q3…i hope my general explanation about particular ias in q2n 3 can gain some mark,and can cover my calcalation which is my weakness..hope can get 50..
- Topics: 0
- Replies: 3
- ☆
as having been exempted from f7, i personally found it difficult doing p2 the first time q1 was ok. q2 was bit tricky for the amount of marks they were asking for but q4 was all about ias37 and i didn’t have any clue bout the exposure draft at all. Pray God willing I will pass
- Topics: 0
- Replies: 5
- ☆
Hi!Somebody please email P2 revision kit and study text(if you have) to my email krmkhitaryan@mts.am
- Topics: 0
- Replies: 4
- ☆
P2 exam was not easy as some have commented. It was not fair either. Q1 had just too many tricks , to make You Sweat, unneccessarily. Q2 was tough. Q3 the same. Qn on D/Tax was not straight forward. Q4 was checking on draft paper on IAS 37 for which one have to start from yr 2005 and end in 2010/11. Was it an English Test or Re – arrange the Jumbled (calculations) words , I don’t know.
Prfessional exams must TEST application of knowledge rather than TRICKING students.- Topics: 0
- Replies: 4
- ☆
Could some one check if the Qn paper has been removed from Online.
I can’t see it now.
Weird things happen.Rameshks,
Off course this paper is about tricking students. They have to make sure, that even if you know most of the things that are examinable, they will put in lots of trifles to make you lose enough marks to fail.
After all they will have to make their money too, and since this is probably among your last exams you will not give up, and keep on coming a few times. Tuition providers will benefit as well, since you will probably buy updated books (full of errors BTW), and may sign up for lessons. When you prepare for the 2nd or 3rd time, you will know (and will have time) to focus on those small changes in the standards, and things that you would never encounter with personally in real life.
The byproduct of repetition is that you wont even have to think about the core syllabus, it will come to you in a snap. Take it as a prize.It is a very clever and cunning system, and have double standards on ethics. If they had a transparent approach they would send us in e-mail our marked paper too in August (no doubt that they have those and could do so), but instead they will treat us like calves and give us no opportunity to see why we passed or failed, or find those few missing marks.
Welcome to the world of global business. It is all about $$$ and you just have been given a prime example of finding that fine line to get away with these tricks.- Topics: 0
- Replies: 4
- ☆
The last time I noticed was in Dec 11, the F5 paper was removed from internet and there was a lot of controversy surroung that paper then in Dec 11 and now in June 12. Now this P2 paper has been removed. What’s happening?
what is interesting is that the pass rate on easy papers is lower than on harder papers.
I think the idea behind not showing us the marked papers is that a lot of students from all over the world would claim their missing marks, most of them probably would be unjustified. it would be impossible to employ that many people that they had the time to look at all these claims and make a decision whether to give the marks or not. this is not feasible at all and that’s why we can’t see our marked papers.
however, acca could include in its policy that they send us the marked papers in email but it is not possible to claim any additional marks – besides the ones missing because of administrative failures.
at least we would know WHY we have failed. as for now, we have no chance to learn from our previous mistakes…but of course this is a way how they can earn more money.
- Topics: 0
- Replies: 1
- ☆
was there any adjustment for held thru oci in number 1?
Rameshks,
I don’t think there is anything sinister about the papers disappearing from the website, it’s just badly written. They repeatedly disappear and come back again. Sometimes you can just hit refresh several times and the link will reappear.
I’ve been monitoring this because I’m keen to see the examiner’s answers to this and the P3 paper. Aren’t they usually available about now?Try this link for the INT version:
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p2/exampapers/int/P2INT_2012_jun_q.pdf
- Topics: 0
- Replies: 61
- ☆☆
The exam paper is still up there, i just checked, its only up for international stream though. a friend of mine rang and asked where it was as couldnt find it and acca told her that they only go up after the results are out. but it is on their site now. perhaps he meant that the answers dont go up until afterwards
In that case I don’t think the ACCA know what they’re talking about. The UK variant is available here, for example:
I sat two papers in December 2011 and the model answers were available within a week or so, although that could have changed for this sitting of course.
For the sake of completeness:
Hong Kong https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p2/exampapers/hkg/P2HKG_2012_jun_q.pdf
Ireland: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p2/exampapers/irl/P2IRL_2012_jun_q.pdf
Singapore: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p2/exampapers/sgp/P2SGP_2012_jun_q.pdf(It doesn’t look like the Malaysia stream exists any more).
- You must be logged in to reply to this topic.