SBR*** P2 June 2012 Exam was … Comments and Instant Poll ***

not bad

?

Q.1 Simple group with 2 subs
Q.2. (4X5marks) mixed - looked appealing, but the Pensions scared me off
Q.3. Mix
Q.4 provisions

I really hope that it was correct to approach Q4 by discussing contingent liabilities, cause thats what I did.

Overall, I found the exam very fair.

I was very tempted to do Q.2, but I had planned to do Q.4 and had practiced it, so stuck to my guns.

If I approached it properly(contingent liabilities & their problems), then I passed. Otherwise its a close call.

Considering what I knew is Dec'11 exam, and got 45 %, And what I know now, I should pass.

Was Q1 a Balance sheet or income statement??

Any step acquisition or disposal of sub?

@stasi said:
Was Q1 a Balance sheet or income statement??

Why are you so eager to know?

@smidsy said:
Q.1 Simple group with 2 subs
Q.2. (4X5marks) mixed - looked appealing, but the Pensions scared me off
Q.3. Mix
Q.4 provisions

I really hope that it was correct to approach Q4 by discussing contingent liabilities, cause thats what I did.

Overall, I found the exam very fair.

I was very tempted to do Q.2, but I had planned to do Q.4 and had practiced it, so stuck to my guns.

If I approached it properly(contingent liabilities & their problems), then I passed. Otherwise its a close call.

Considering what I knew is Dec'11 exam, and got 45 %, And what I know now, I should pass.

Here in uk the exam is still running. I just came to toilet. Where did u give ur exams man

Go get your paper done first man

@razraz said:
Here in uk the exam is still running. I just came to toilet. Where did u give ur exams man

@razraz

Seriously? From the toilet?

Much better this time. CSOFP for Q1 , Thank God not CSOCF,

I did Q1,Q2, Q3. Not much information for IAS37 so I didn't choose.

Wish me good luck and to all of u! Thanks OT, really helped me a lot!

q1 (a) CSFP including a 80% sub, a step(5%+55%), a jiont operation, a PPE revalue then impair and substance over form (b) ifrs 9 derecognition (c) ethic 'window dressing'
q2 (a) ias 17, (b) ias19, (c) ifrs 2, (d) ias 37 and ias 10
q3 (a) ifrs 13, ias 40, ifrs 3 and ias 12, (b) ifrs 9 and ias 39, (c) ifrs 9 and ifrs 10
q4 not attempted but all about ias 37 and its ED
these are standars i used, can't guarantee right

I think it's attainable. I have not prepared well (just 4 days before the exam) so did not do it well. Hope next time the exam is fair like this.

Q1 is consolidated finiancial position (35marks)and the ethic when they sale a land before the year end with option to buy back. Q2 is about the various IAS (buy and lesase back, defined benefit plan, others I can't remember now). Q3 is about the treatments if consolidate (financial instruments). Q4 is about the ED on provisions.

FYI as much as I can remember:
Q1 CSOFP, sub & piece meal 15%+55% adjustments: joint operations/ PPE/ Trade receivable....... / ethical
Q2 4 sub questions almost forgot
Q3 3 sub question GW/ asset acquisition/ ".......

I thought it was hard but fair.

I was surprised at Question 1, it felt a little too straightforward. Hope I didn't make silly mistakes.

I did Q2 and 3. I found 3 very difficult for some reason. I hope I answered the question correctly.

I think 2 was ok. I did it first so cant remember much about it

I can't tell if I passed or failed, but I just feel calm about the whole thing, so I think I gave a good account of myself

Q1 is sofp was ok, first sub acquired 3years ago, paid dividends 2M to parents last year.
sec sub was step acqusition.
notes 3 is about Joint control
notes 4 is about receivable4m to factors 3.6. risk reward still remain.
notes 5 about PPE with imp loss
6, about sales and lease back, its loan!!!

Q2 Mix contains pension , provision, ...
Q3, really messy, goodwill impired relate to change of deferred tax,
hold a sub 70%( a share and B share). NCI and interest hold by parents account based on B share , interest paid for B share cumulated if its no profit.
.
also about fair value measurement about investment proporty.
Q4 is 25 marks about provision. shocked!!!!!!!!!!!!!!!!!!

Q1 is sofp was ok, first sub acquired 3years ago, paid dividends 2M to parents last year.
sec sub was step acqusition.
notes 3 is about Joint control
notes 4 is about receivable4m to factors 3.6. risk reward still remain.
notes 5 about PPE with imp loss
6, about sales and lease back, its loan!!!

Q2 Mix contains pension , provision, ...
Q3, really messy, goodwill impired relate to change of deferred tax,
hold a sub 70%( a share and B share). NCI and interest hold by parents account based on B share , interest paid for B share cumulated if its no profit.
.
also about fair value measurement about investment proporty.
Q4 is 25 marks about provision. shocked!!!!!!!!!!!!!!!!!!

question 3 was really hard, but i hope i can get some marks.

The person who was browing and commenting on this site on a toilet break while taking his/her exams is telling porkies. Here in the UK, I'm told, you are escorted in and out of toilets and your pockets are checked to see if you're carrying anything. In any case who in their right mind would do such a thing! Going to the loo is bad enough, but then wasting time like this is ridiculous.

When it said it had charged the 50m investment in sub to OCI, did you have to make an adjustment?

Easiest paper in the history of P2.
I had to read the paper 2 times to actually take in how easy it was. I was expecting a much harder exam and I knew I had to rely on Q1 to help me pass.

Balanced the SOFP without much trouble, the only technical adjustment was the Impairment of PPE and the transfer to reserves. This, though, was already done once in June 2010 (SOCI question), so the adjustment wasn't so hard for me.
The written parts for IFRS 9 was a bit hard. I knew the rules but i just felt there wasn't much to write for 9 marks.
The 6 marks for Sale and repurchase transaction were a GIFT!

Didn't do Q2.

Q3 was fun. 11 marks for Impairment and Deferred Tax asset rules. And the application to the scenario. Not hard at all if you read it twice.
Part b) was hard, I didn't really know what the issue was. Since it was just 7 marks, I decided I would discuss the classification of debt instruments and if the entity cud classify it as FVTPL (in this case, it could)
Part c) was EASY 5 marks. The shares had the characteristics of Preference shares and had to be accounted for as a liability. Just described how and why, the obligations and stuff. Also recommended Amortised cost as the method to be used for any unpaid but declared dividends.

Chose Q4. I so KNEWW this was coming. I was expecting a discursive of IAS 17 ED or the IAS 37 ED.
The first 9 marks were easy, just basic textbook knowledge with regards to provision creation and measurement.
Second part was also good. The proposals were small in number and i gave a few examples of how these proposals would look like under the revised standard (rename standard, expected values, conditional/unconditional obligation and such)

Part c, again not so sure about. Just calculated the expected values and created a liability, hope to get 3 if not more marks for calculations and discussion of treatment under current guidance and proposed amendment!

Qs.1 simple group with two subsidaries with second, holding was acquired within year i.e piecemeal acquisition. included adjustments for fairvalue of land and PPE. investment in joint operation and factoring was also tested with concept of sale and buy back also given. revaluation also included. it was fairly straight forward.

i balanced it at 300 m which i believe wud not be correct. i would like u ppl to please share ur balances...:D

Qs. 2 was a mixed one. Lease, SARS, IAS 37 and IAS 19 tested.
Qs. 3 was regarding fair values which i didnt attempt.
Qs.4 was on the ED about IAS 37 with previous principles and proposed contents asked. b part was a treatment regarding old and proposed criteria.

overall an easier attempt i must say. May God help us all.

It was hard, but reasonable:
Q1: SOFP 2 subs, 1 acquired from investment to control, bit in there about Joint operations, Financial instrument impairment, PPE Revaluation Reversal 35, Derecognition of financial instruments 9, Creative accounting Ethics 6

Q2: Mix, Leases- Sale and Leaseback 7, Defined benefit Pensions8, Share based payments SARS 6 and Contingent liabilities 4

Q3 was running out of time, didn't get a chance to read through,hence not attempting

Q4 Current treatment of Provision and New ED for provisions 18 marks for this then a further 7 for applying the knowledge written down to a scenario.

I know there was parts i messed up on or just didn't know, but go through all the questions, hopefully done enough for a pass. Just glad it's all over

did any get a negative fv adjustment on the second sub? I had bk value of
osc plus 15m ret e at acq =25
fvna of 26m and another 3m fv adj on land to add on as it was within 12 months. but to 29m

but obviously when i went to take 25-29 i was getting a negative fv adj even though they said excess, i was trying to see what id done wrong but i dont know, i had to stick in a figure in to make a positive figure but lost buckets of time on it, and q2!! i had one full 25 mark question and written on q one to do with 15 mins to go :(

BALANCE of SOFP pleaaaaaaaseeeeeee????....:D

Q1 - what was the divident part about- what did you have to do?

Also the joint operation- how did you account for this?

@gwen2000ie said:
did any get a negative fv adjustment on the second sub? I had bk value of
osc plus 15m ret e at acq =25
fvna of 26m and another 3m fv adj on land to add on as it was within 12 months. but to 29m

but obviously when i went to take 25-29 i was getting a negative fv adj even though they said excess, i was trying to see what id done wrong but i dont know, i had to stick in a figure in to make a positive figure but lost buckets of time on it, and q2!! i had one full 25 mark question and written on q one to do with 15 mins to go :(

You were not supposed to add the provisional valuation of $3m. It should have been taken to R.E (the depreciation of 6 months from 5 years) and the final value of 2.7m shuda been added to the SOFP. Also, did you add the fair value of equity interest already purchased in 09?

@gwen2000ie

You had to add the fair value of the previously held equity interest, which was $5m. That would have given you a positive goodwill of $1m.

Balanced it at 310,820,000

close enough.. i did at 300..:D,.... and was the goodwill 6 or 9?

I think it was a fair paper

But the weighting of most marks for many of us will probably come from section A

Q2 was ok - it had mixed pensions and Share based payments

Q3 was the mix
Q4 was about IAS 37

heres to the next 2 months of living hell!!!!!!!

Enjoy the summer

Heres to the next 2 months being absolute hell!!!!!!!