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

I really let myself down!
Whilst reasonably confident with most of what I did for Q1, I spent far too long over it, the rest was a gallop and I didn’t finish.
I think I may have got in a pickle in the impairment calculation. I grossed up the goodwill but I forgot the fair value adjustment and only impaired the PPE by the 60% proportion…
I did Q2 in a rush (with limited success I expect). I certainly don’t expect to get the professional marks!
I came onto Q3 with very little time left and the leases seemed baffling to get my head around quickly so I did part (c) which was only worth 6 marks…
I will be very lucky to pass with 19 marks left out and Q2 so rushed. Very disappointed in myself as I have all first time passes up to now.

<cite>@jflan2 said:</cite>
For question 1: I did not read the question properly and thought it was a Vertical Group. will i get severely penalised i.e. 0 Mark for goodwill calculation and for part (b) used workings of part (a).

Thanks

It seems to be, if you have a look at the marking scheme for past papers, that despite there being quite a lot to do to get to the goodwill figure, it’s hardly worth any marks anyway for the time and effort it takes to do it.

You won’t be penalised twice for it though, so if your calculation in part b is correct using your incorrect answer from part a, then you should get the marks for it.

<cite>@jazzold said:</cite>
what did people do for the pension in Q1? there was a lot of information given but i just worked out present value of obligations using actuarial value of obligations ad discount factor and deducted it from fair value of plan assets to give about 4m plan deficit :S

I think you had to calculate:
*interest on defined benefit obligation (DBO) and fair value of plan asset (FVPA) = 5% * opening balance
*remeasurements (actuarial gains and losses) on DBO and FVPA = balancing figure between closing balance, opening balance and other changes mentioned (current service cost, contribution to the plan asset and payments to employee)
Then take the accounting entries:
dr P&L (current service cost + net interest cost)
dr OCI (remeasurements)
cr defined benefit liability

but half of that stuff doesnt feature on the SFP?

makes sense i suppose

Just rememberd question 1 on ethics. Absolute gift of a question. 6 marks on saying something like “this director believes that accountants do not need to study ethics. Also discuss if the misappropriation of profits is an ethical issue?”

What a gift.

I put down PIPCO ethical guidelines and said not statig correct profits is against

1. Directors fiduciary responsibility
2. His ethical guidelines spelt out by his relative body (PIPCO.)

Hopefully I got full marks on that.

yh SOFP again, he will never do cash flow especially when everyone is saying cash flow this time. but again i didn’t do well. forgot how to deal with that impairment thing, and few other adj,

i got goodwill of park 80 too, but didn’t know how to get the impairment (although i did the similar Q twice from exam kit, still kicking myself , but don’t want to check it again now coz I can’t ask for my paper back and change it , 😛 )

Although I didn’t do well myself, i think the paper was fair , anyone who prepare well would pass easily. (but not when you start finding the note one week before exam , lol )

will have to wait and see the result , but might have to resit .. (the thought of it make me want to run away from ACCA )

For those of you who finish the exam , let’s just be happy that it’s over and celebrate 🙂

And people who still have P1 tomorrow , good luck.

For me question one seemed very easy, usual stuff, goodwill impairment step acquisitions, deemed disposal of previous interest. Actually all parts were familiar. Only thing what I did not like is that it took a time to sort out what and when was acquired , all information seemed to be thrown in to different corners of question. Second thing employee benefits, I knew how to calculate it but the again different wording used wasted my time to sort out which is which. Examiner should make easier wording as there are lot of students who does not have English as first language. If not that wording I would finish that question 15 min earlier what I could spend better on other harder questions.

The loan issue in Q1a, it had to be treated at amortised cost Ok? so 50+50*6%-50*3%= 51.5 ok?
Currently we have 48.5, thus the diff = 51.5-48.5 = 3 shall be treated Dt RE/ Cr Loan payable =3
The thning is that based on the question this loan was a receivable because we granted the loan to a charity, if so then it would be: 50-50*6%+50*3% = 48.5 but the scenario explicitely said that the loan is presented net of the cash paid (if loan receivable, the cash would have been received) and the loan would be 51.5.
So, I just assumed that it is payable and did it and then in the CSOFP presented it under payables.
Did anyone else noted that or I was just too under time preassure?

i got an asset in the defined benefit obligation ???? i dunno of 4 or something ….. in revaluation of office building i js revalued the building till 84 … which was the cv had there been no impairement …. i dunnu i did it right or not

Well, think I did ok with SFP.

Shame I knew none of the IAS!!!

Want some suggestions…

I had done Q4 which was IFRS 12 – Disclosures but had applied P1 knowledge in Q4 a i & ii both (9 and 6 marks) .. was it right to do so??
Will I be giving marks for this??

<cite>@melindamarchal said:</cite>
Does anyone know what we should have done for the loan and the restructuring costs in q1??.

Also, when is the marking scheme out?

For the restructuring I provided plan 1 only and with 14,000 because I excluded the training costs which are not directly related to the restructuring.