*** P2 June 2013 Exam was.. Post your comments ***

I got the same goodwill but got confused with nci working and retained earnings ..:( I dont want to attempt again

I did not expect proportional goodwill to be honest. And confused about impairment allocation to NCI, probably should not allocate.

<cite> @Ansi said:</cite>
🙂 Well it was okay.
Way easier then F7 at least.

I had such a big smile when i saw that SFP was examined again :))) Who expected it ? 🙂

it looks like next time nobody will already expect anything else but sfp 🙂

Time pressure was an issue only if u waste too much time in q1 . Otherwise i would not call it time pressured. At least not like i expected.

My time allocation wasn’t good as always, so i might fail …but it’s purely my fault 🙂

All in all, fair exam , thanks to examiner and thanks OT 🙂

Ansi you will pass, you deserve it. I was expecting statement of financial position,because thought examiner thinks that we all expect cash flows or income statement ,and there is no need even to test it anymore :))

What about lease? How you classified it operating or finance? After reading article I decided that was an operating one.

I thought the exam was pretty tough although (and I’m not looking for the sympathy vote lol!) I was very unprepared due to personal circumstances. I’d brushed up on financial instruments and investment properties so hopefully can pick up a few marks there. A pass for me will be fantastic – I attempted everything that was asked in each question, but if not I will treat this as a practice run ready for December.
Best of luck to all of us 🙂

<cite>@vladimir87 said:</cite>
However, even if you did not do so, you got the same result. Since part of grossed up goodwill is not recognized anywhere, impairment to PPE is 167. This approach is only relevant to decide whether there is any impairment, afterwards the result is the same. Sorry if I frighten you 🙂

Oh.. Now I know I did not put 35 of FV adjustment when do the impairment review.

I did not manage time wel, spent too much time on Q1. And I have to agree that the 3-year loan is a tricky one… I seriously dont think I will pass..

When will ACCA post the marking scheme?

@karmuks,

thanks :)) but every student deserved it and only few will pass 😀 joking 🙂 50% will pass 🙂

I can’t tell you much about Lease.

When i was reading the question , i started feeling that the examiner wants us to think that it’s a financial lease while in fact it’s the operating one. It is one of those cases when it is not easy to decide and easy to manipulate , hence the troubles with underlying IAS.
But i only had some time for part B of the question and didn’t even have time to read part a well 🙂

So can’t tell you more 🙂

we’ll see.

Don’t think of it much now. Congratulations , p2 is over ….till december 😉

Did anyone else think the lease in Q3 was actually a Hire Purchase?
Did anyone else think in Q2 it was ok that they combined operating segment (i) and (ii) ?

It can not be a bad idea for the examiner to review the time we sit for this paper or to split the paper into 2. the idea behind too much work in a very little time is not right. I strongly think that even the 15 mins reading time should be part of the actual exam.

Exam was easy in fact … but I was not good enough.
I really hope just to have my 50 marks.

Question 1. The conso question was very straightforward – only SFP for D shape group with piecemeal acquisition element (part a). In part a was also included IAS 16 (revaluation of building), IAS 19 (defined benefit pension plan), IFRS 9 (financial assets – loan receivables), IAS 37 (restructuring provision).
For part b (accounting NCI at fair value) and c (ethics) I had very few time and just wrote 2 or 3 things there 🙁

Questions 2 and 3 were about IFRS 8 (discuss whether 2 segments are reportable or not), IFRS 5 (discuss whether a subsidiary meet the definition of held for sale in 2 consecutive years), IAS 18 (revenue recognition of services with present value element), IAS 17 (lease of land with many additional information, this one I did it in a wrong way), IAS 16 and IAS 20 in one question (building for museum), IFRS 9 and IAS 40 (discuss the different levels of inputs when determine the fair value of investments property), IAS 37 (damage, litigation – discuss whether it is provision or contingent liability).

Questions 4- bla bla bla – I skipped it.

Again same thing with ACCA, little time for very demanding tasks. I am aware that this is professional level, but examiners should to test our knowledge, and not our ability to write fast.
I am of opinion that these exams should be at last 4 hour tested, in order to give time to candidates to think and express that.
However
q1 too much details and cut off dates. i am wondering what should be done with increases in value of Caller up to 310 from 280 after inclusion into the Group. For the first revaluation up to 280 from 260 I debited other components of equity and made transfer to group’s retaind earnings, but for second I did not know what to do and where this surplus should be transfer or eliminated.
Also tricky issue with loan with confusing figure of 48.5. I discounted 50 milion in three years time rate 6% – get 42and accounted interest for one year (6%) with deduction of already accounted interest of 1.5 (50*3%). However I did not know where to transfer difference of loan’s carrying value and my computation beside of lowering of financial asset.
Office space revaluation was also tricky as during my review of past exam papers I have noticed that revalution loss needs to be deducted for the amount of portion of annually depreciation. Probably in rush – I spent 2 hours for this question – deducted amount which relates to retained earnings instead to added it.
Regarding impairment of goodwill I am wondering whethet only parent portion of 60% should be set agains goodwill and ppe, while rest is not group relevant. I deducted only 80 from Goodwill and rest 100 against ppe.

Other questions were easy for me, but I did not have too much time so was enforced to briefly disscuss them.
If there will be enough time other questions would not be problem for me.
q2 – IFRS 8 operating segments, IAS 18 deferred revenue, IAS 37 provision together with IAS 10 events after reporting date and finally IAS 20 goverment assistance together with IAS 16 ppe
q3 – IFRS 17 lease (issue with finance lease of land – despite of indefinite life), IFRS 5 with disposal of subsidiary, IFRS 40 investment property, rest of this question can’t remember.

Best regards.

The goodwill was not 80 i’m sure of it. I dont know the exact figure because I forgot to deduct something but it was no where near 80. Everything went well but due to the time pressure I made a basic mistake of entering the wrong figures of asset and liabilities during consolidation of subsidiary in the balance sheet 🙁 Does anyone know how many marks you lose for that? other than that it was okay.

Did anyone get 398 for goodwill on caller?