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Wat topics were examinable this time? pls share,thx
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I did not do the step acquisation in q1.Would I be penalised with heavy marks.
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Q1. Conso SOFP again: restructuring plan, fin assets, pension defined benefit obligation; b. FV of NCI; c. Ethics
Q2. IAS8- operating segment, IAS19 Revenue: deferred payment, IAS16 -PPE, IAS 10- Events after BS date
Q3. IAs 40-Investment property, IAS17- Leases, IAS 37- Provision
Q4. Bin the clutter: disclosure IFRS 7, IFRS 12- Topics: 0
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I did not manage time well, if I have more time I could do better for a pass, unfortunately :(( i left Ethics and IFRS 8 blank which already lost nearly 15 points. Finger crossed!
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Suite of 5 came out?? Ias10 11 12 27 28..
are we use the NA value of 2012 to cal the goodwill, nci right?
the increase in fv of 310 to 280 is cr to cpl??- Topics: 0
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Question one appeared very simple until you attempt to calculate nci nd good will of caller.
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No cash flow for Q1 which was a surprise.
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Well
Bin the clutter,(Kaplan mock),IAS 16,17,18,19 SOFP ooooh,This Graham Holt, anyway I cleared this paper already
<cite>@thuyvu said:</cite>
Q1. Conso SOFP again: restructuring plan, fin assets, pension defined benefit obligation; b. FV of NCI; c. Ethics
Q2. IAS8- operating segment, IAS19 Revenue: deferred payment, IAS16 -PPE, IAS 10- Events after BS date
Q3. IAs 40-Investment property, IAS17- Leases, IAS 37- Provision
Q4. Bin the clutter: disclosure IFRS 7, IFRS 12Q3. part (c) of the question on IFRS 5 – Held for sale, isn’t it? not IAS 37
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I timed badly. Knew my last question wasn’t goo to be great anyway, but I only had 15minutes in the end!!! Oops… Probably scraped 6 marks if I’m lucky.
I had the UK variant, and only noticed a 6 mark ethics question (1c) at the last minute as it was hiding on the next page – a blank double page all on it’s own with only this 1 paragraph at the top, doh! Probably only got one mark, that’s another 5 marks thrown away then…. 🙁
On the plus side, loved the current issues question and the SFP, so I think I l’bs done enough to pass…
Fingers crossed!’
Graham Holt!!!!!!!! He brought the SOFP!!!!!!! We read cashflows,SOCI…man, you got us today. That Qn 1was very very tricky.I spent a lot of time trying to analyse the dates he gave us Jun 2011 Vs June 2012 for calculation of goodwill. Bin the clutter – atleast thanks on this one! I need a pass plz do me a favour!! Lets wait for 8th August…fingers crossed.
<cite>@thuyvu said:</cite>
Q1. Conso SOFP again: restructuring plan, fin assets, pension defined benefit obligation; b. FV of NCI; c. Ethics
Q2. IAS8- operating segment, IAS19 Revenue: deferred payment, IAS16 -PPE, IAS 10- Events after BS date
Q3. IAs 40-Investment property, IAS17- Leases, IAS 37- Provision
Q4. Bin the clutter: disclosure IFRS 7, IFRS 12My dear IAS 19 is Employee Benefits
Revenue is IAS 18, hope you didnt make that mistake in the exam.
The IASes disappeared once I was that Cash Flow was missing in question one.
What about the impairment? I first impaired the goodwill and the residual distributed to PPE?
Question 1 was fairly difficult, didnt really attempt the consolidated SOFP, just tried to make sure workings were good. Even then, I messed a lot up. Hadnt revised IFRS and GAAP differences, which was another 9 marks. Ethics element was ok. Reckon I got under 20 marks out the 50.
Question 2 didnt seem too bad. Described principles of IAS 8,19 and 10 pretty well to pick up a few marks, and then did best to apply to scenarios. Reckon about 15 at least out of 25.
Last question, bin the clutter was ok. I described IAS 10 in the final part of Question 4 about going concern issues and referred to conceptual framework. Not sure if this is correct though. Reckon once again I got about 15 out of 25.
All in all, I reckon I got 49 or 51. Will be very happy come August or not happy!!
Overall, I did expect the paper to be worse than this though. Went in with little confidence and to even do as well as I did,was fairly happy!
What about the impairment? I first impaired the goodwill and the residual distributed to PPE?
I did the same, not sure I got figures correct, but I applied that principal
Q1 i did most of the calculation put it through retain earnings but did not put the figures while adding up in the sof p
how many mark will i loose!
i think i messed upon the percentage of the nci proportion when i was calculating the good will. apart from this two issues i did all question but did not no what to say in part b but i did the calculation
Q2 was ok probably loose up 10 marks there for not showing the way the lease should be calculated and also the part c did not explain well
Q3i was bin clutter but made a mistake as i wrote most of the answers for ii in part 3i and was running out of time so could not cancel it ! left it and try to split them so will loose more marks. did not get time to do the part b and c another 10 marks already! story of my daaaaaay! thot the exam was quit good but ould have done better! hope to pass still anyways<cite> @jason91 said:</cite>
what Ethics came up? seeing that there are many aspectsIt was part c of question 1 for 6 marks. The director had commented that accountants have a set of morals by following GAAP and therefore have no need to study ethics. The same director also intended to falsify profits of an entity that was in takeover talks with another entity and said it doesn’t matter the other entity doesn’t know because the takeover was of no benefit to them (or something along those lines).
The question required discussing the director’s view.
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I thought the same as others.
Was heavily prepared for Cash Flow statement or Income statement.
The goodwill element was especially difficult. The parent owned 14% then brought a subsidiary who owned 70 or 80%. I could not for the life of me figure out how to calculate the goodwill. I just inserted the wrong figures (I think I just used the ones that the sub did on the basis that we were buying the goodwill anyway but know this is wrong
Even the loan in the question I found fairly tricky and know I was wrong but I guess the balance was in the fact that the pension part was easy as was the NCA depreciation.
For the record I also subtracted the impairment from the goodwill first to clear it then the rest from the PPE but that has also been playing on my mind as wrong.
<cite> @benfabregas said:</cite>
What about the impairment? I first impaired the goodwill and the residual distributed to PPE?I did the same, not sure I got figures correct, but I applied that principal
Me too. My goodwill calculation for Park was $80m, and the impairment $247m (don’t know if that’s correct), so wrote off the $80m goodwill, and charged the balance against PPE.
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<cite> @Fidget said:</cite>
Me too. My goodwill calculation for Park was $80m, and the impairment $247m (don’t know if that’s correct), so wrote off the $80m goodwill, and charged the balance against PPE.I got the same figures. So it is either the same mistake, either the same good approach 🙂
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