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It was written that the goodwill reversal of $2m is included in current draft P/L so the reversal should be deducted from P/L
i thought the goodwill reversal is $5m. because it says the impairment of goodwill had reversed and goodwill was valued at $2 million above its original value.
original value of goodwill is $15m at acquisition.
so $2m above original is $17m.
the goodwill value at 30apr 2013 is $12mil since it is impaired by $3m(20% x $15m).
so since, the impaired GW is $12m, and the GW after being reversed is $17m, so $5mil is the reversal gain included in other income, which needs to be deducted
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@anas22
With all the information included in q1 I am not sure anymore what exactly I did there. I thought eliminating the reversal was in line with Ifrs 36. Than it was the pension, who I thought it was asked to include only OCI expense, so I included only the 2 actuarial loss. It looked strange to me at the time to include also the P&L expenses, as the return on assets was not given. Than it was the impairment on property around 4.56 (don’t remember exactly); some I included in OCI and a part in P&L. There was a lot of information. And after I finished first part, I realised I couldn’t think straight anymore. My opinon is that ACCA doesn’t taste your Ifrs knowledge or your ability to apply them. Is testing how fast you can write without thinking to much.- Topics: 0
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Wasn’t so bad. Embarrassed that I forgot some basic calculations like disposal of interests and fair value. But I did OK on question 4 I guess. It’s a question about a Graham Holt article in AB entitled “Defining moment.” I read the article and managed to do well on that question. Managed to complete the exam though because I knew a little something about everything.
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Woah ! ACCA is getting fast at this !
Let’s see when will they upload the Answers and marking scheme.Any lecturer, tutor, professor willing to provide us their sample answers ?
Have done this paper three times now and it has always been time pressured. Perhaps a great deal of past exam question practice will be of great help. Warren 92 the article is good but unfortunately had no time to read it.
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I think it was way more broader than that. It Said the directors thought “IFRSs (PLURAL) do not reflect the Financial value of a firm” You could have used any IFRS to show how over or undervaluation occurred or conversely to show that the directors were wrong and IFRS allowed to true value to be reflected.
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Its too high expectation paper by examiner
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