- This topic has 151 replies, 93 voices, and was last updated 11 years ago by
.
- Posts
- Topics: 0
- Replies: 2
- ☆
<cite>@anamariachi said:</cite>
I got the same figures. So it is either the same mistake, either the same good approach 🙂i also got same figures of $247m imprmnt and 80 goodwill 🙂
- Topics: 0
- Replies: 15
- ☆
You can find the exam question from below link:
https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/p2/exampapers/int/P2INT_2013_jun_q.pdf.pdfthank you
- Topics: 0
- Replies: 6
- ☆
Dear All,
Our success is guaranteed.
Gte the original study and revision kit at a reduced price from a registered distributor in Nigeria:
Verason Training and Talent Management.
We also register students for ACCA/CIMA exam at affordable price.To place your order, please call Ola-08174586031 0r Yomi-08035125275
- Topics: 0
- Replies: 4
- ☆
<cite> @fg2011 said:</cite>
Hello! friends, pls, help me!
1) Q1
-redundacy costs – I included in provision for plan 1 all expenses except for retraining; for year 2 I disounted the provision for 2 years (5% ategiven) and recorded as lontermprovision – is it OK? Will I begiven full marks for this part?2) Q3
Leasing of land
I classified land as operating lease
-indefinite life of land
-the owner has the right to adjust the amount of the rentals (5% to current value)
– no control is pased ;risks and rewards and so on
i listed 5 complete ideas and now I think that it was finance lease – will I be given marks if I classified land as operating lease in this question?
Could you please help me/
Thank you!!!In Q3 I actually thought the lease wasn’t a lease! Thought it was actually a hire purchase. Here’s why. Large upfront payment required of 70% of the value (i.e. a deposit), and that the company had stated its hope to hold onto the land for its capital gain. Wouldn’t make sense to lease the land if your objective is capital gain.
- Topics: 0
- Replies: 5
- ☆
<cite>@anamariachi said:</cite>
I got the same figures. So it is either the same mistake, either the same good approach 🙂I think the goodwill can not be offset against PPE, since depreciation should be offset against PPE, if u offset the g/w against PPE then what will u place a value for g/w itself on the
Mine was 80 too but the impairment was greater the g/w at aquisition i didnot offset the impairment against the g/w and i didnot offset the g/w against ppe, What i did is to place the g/w itself on the balance sheet that is correct according to the International Accounting Stardard
<cite> @fg2011 said:</cite>
Hello! friends, pls, help me!
1) Q1
-redundacy costs – I included in provision for plan 1 all expenses except for retraining; for year 2 I disounted the provision for 2 years (5% ategiven) and recorded as lontermprovision – is it OK? Will I begiven full marks for this part?2) Q3
Leasing of land
I classified land as operating lease
-indefinite life of land
-the owner has the right to adjust the amount of the rentals (5% to current value)
– no control is pased ;risks and rewards and so on
i listed 5 complete ideas and now I think that it was finance lease – will I be given marks if I classified land as operating lease in this question?
Could you please help me/
Thank you!!!For Plan 1, I only provided for the $9m redundancy costs and the $5m get-out fees of onerous contracts. I didn’t do anything with plan 2 except say that nothing can be provided for as it doesn’t commence for 2 years so there’s no present obligation.
For the lease, I argued for a finance lease. In hindsight, now that i’ve seen the question again, I think I should’ve presented the case for both, but concluded an operating lease.
- Topics: 0
- Replies: 3
- ☆
I think the paper was fair, all that was necessary was preparedness of the standards… not that I was prepared but the paper was fair. Don’t you think?
- Topics: 0
- Replies: 3
- ☆
guys, which website can I get the IFRS’s and IAS’s complete and stipulated in detail. The BPP material I have do not have these and I think that was a disadvantage for me
Online Tuitor J Nkhungulu spent 2 hours on Question.However the Tuitor did not get so much worried but quickly walked through Question 3 & 4 dividing 30 minutes to each question.I hope the Online Tuitor will make it as he did a meticulous job
- Topics: 0
- Replies: 2
- ☆
Hi there
Some body may confused about impairment
I will be charge impairment first against goodwill of park and then PPE. The double would be:
DR: RE Reserve 247( I am not confirm the number)
CR: G.W 80
CR: PPE balance
But all impairment have to charged against RE full 100% and Shared to NCI as NCI have been measured as proportionate
method!
But NCI of Park will be reduced my 30% investment as vertical group.<cite> @karmuks said:</cite>
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.
Hi Vladimir,
So the Goodwill was 80, right? Where does the 80/0.6=133 come from?
- Topics: 0
- Replies: 22
- ☆
didn’t turn up. how was it
- Topics: 0
- Replies: 1
- ☆
<cite>@anamariachi said:</cite>
I got the same figures. So it is either the same mistake, either the same good approach 🙂Wat the hell, i got the same figure too..how can all three of us be wrong? That Graham whatever Volt he is, he is wrong.
u guys have just casted some lights of hope!- Topics: 0
- Replies: 10
- ☆
The figures are almost correct. There was one additional thing to be done (gross up gw) but this should not be worth more than 1 mark.
- Topics: 0
- Replies: 1
- ☆
Well I completely messed up. I got 80 for the goodwill but didnt attribute any of the impairment to PPE. I messed up the loan and just added the $1.5m interest received back to the Retained Earnings. I messed up the goodwill of caller. I think i missed so many calculations. The whole question only took me an hour. I didnt answer part B and did minimal for part C. My only saving grace is that i was able to do Q2 and Q3 in full which i didnt think i would be able to.
I thought the land lease was an operating lease because ownership stays with the lessor because there is no guarantee that the lessee will purchase. Also, it isnt for the full useful life of the land. I said how it was a complicated decision though. Thinking maybe i got that wrong though.
I prepared for a cashflow or a foreign currency consolidation. I will therefore be prepared for them in December.
All in all, i shouldnt be too disappointed. I had a biking accident in October and now suffer from memory loss so I didnt expect to be able to even sit the exam. I should be pleased i even remembered what goodwill is. I’ll be in a much better position in December now I know i can do it.
- Topics: 0
- Replies: 6
- ☆
Mine too was 80 but the impairment was greater than the g/w at acquisition and I had to offset the impairment against the g/w and I did not offset the remander against ppe
Honestly speaking,It can not be a bad idea for the examiner to review the time we sit for this paper 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.
I was pressed for time in the examination. I do not know if it was me who managed time badly or too much was required. The dates in the consolidation was tricky but i recognised that the goodwill on consolidation that was required.
<cite>@anamariachi said:</cite>
I got the same figures. So it is either the same mistake, either the same good approach 🙂did u gross up the goodwill?
The 2011 vs 2012 acquisition put me out of balance but anyway tried my level best and glad I attempted it as my last question. Keeping my fingers crossed. Thanks to Opentuition though for the lectures and materials.
Well it was a tough paper – what do you expect? Just glad I was taught by Tom Clendon
- Topics: 0
- Replies: 2
- ☆
Can anyone tell me about the direct investment of Parents company 14%. There should be an adjustment of parents equity calculation. Because Travelers investment increases in 2012 and 2013 and how we will adjust!!!
Everyone just saying impairment credited to G.W and PEE but should debited to whole amount in group retained earning isn’t it?
I think I am quit ok.What about the Reconstruction provision of second plan? Do you provide provision for second plan as well? But I am sure double entry will be DR P/L expense or RE
CR Provision as LT Liability
If anyone something different from me please let me know<cite>@anamariachi said:</cite>
I got the same figures. So it is either the same mistake, either the same good approach 🙂You had to gross up the proportionate goodwill before calculating any impairment loss…then consider only the group share of impaired goodwill amount…the rest to write-down PPE…even if in the end it falls down to the same amounts…the principle may be considered wrong…
- Topics: 0
- Replies: 1
- ☆
I completely missed the step acquisiton. Anyone have any idea how many marks this will cost me.
<cite>@christinemackenzie said:</cite>
I completely missed the step acquisiton. Anyone have any idea how many marks this will cost me.that is not a step acqusitions. but a D shape complex consolidation
- Topics: 0
- Replies: 2
- ☆
<cite>@anamariachi said:</cite>
I got the same figures. So it is either the same mistake, either the same good approach 🙂i got the same i remember thinking these were some odd figures …….so as said before either we all made the same mistake or we will crumble
- You must be logged in to reply to this topic.