*** P2 June 2015 Exam was.. Instant Poll and comments ***

I got the same FV NCI as you = 19*3.6*20%= 13.68

@peshteman said:
GOOD LUCK TO EVERYONE THIS WAS NOT AN EASY PAPER. First time at doing p2 and it won’t be my last!!! A frustrating exam many parts were not hard just confusing, I’m sure many people lost confidence as I did and there are MANY parts that under different circumstances could be answered. The examiner wanted to catch us out and he succeeded it seems. there are many marks avaliable though, just writing out the pro for a balance sheet in q1, marks are avaliable just for trying every question in q2 and/or 3 so as long as you tried ever part you get a mark!

Q1 I only answered half. Oestensibly many parts were not hard. Establishing the value of the nci from a P/E ratio is neither hard nor unintuitive and was covered in f7. However, given that the past 14 exams did not cover it at p2 it was unexpected. I myself took about 5 minutes to figure out what I was doing. The examiner threw me off my game by presenting a lot of necessary information that was unexpected. I got confused by the disposal of the interest in niche, the partial,goodwill method was used I couldn’t remember if I needed to include goodwill when calculating the investment.

Was the lease a sales type lease? I stated the residual value shouldn’t have been included in the revenue and costs of good sold as this was not going to be realised, but I paniced and forgot how to account for a sales type lease so again, not a topic that is hard, but one that was certainly unexpected.

I messed up with the foreign property, I started treating it as a translation of a financial statement, trying to translate the impairment at the rate at the end of the period when everything should have used the historical rate. Was it a permenant difference? I got confused so much. What was the deal with the restricting of the pension arrangement? I saw the word restructuring and ignored it.

B on the UK stream was difficult, difference between frs102 and ifrs smes for when subsidiaries do not need consolidated accounts prepared. Wrote bout 2 lines.

C also challenging, I was hoping to critique ethical performance but there was no opportunity to do so.

Q2. No obvious principal market, Asia was most active but the entity had used Europe the most. All 3 markets had been used in the past. Assume Europe as most favourable market.

No idea on the discounted cash flows. Stated it was a level 3 input on the heirarchy, that ias41 requires argiculture to be measured at fv-cts and after harvest the assets are treated under ias2 but didn’t write much more. Said the nominal rents shouldn’t be included, don’t know if that’s true or not.

Cash settled share based payment, fairly straight forward.

Ifrs13 states use highest and best use, land couldn’t be valued on basis of use for construction as there is no planning permission (legally permissible is a criteria for highest and best use etc) so treat as farmland.

Q4 ias1 requires soci to feature profit and lloss and oci under seperate headings and PCI should be separated into that which will be and won’t be recycled.

Discussed cash flow hedges and Ppe revaluations and basics of recycling, nothing much. A line on the iasb dp.

About 5 minutes left… Objective of financial reporting, qualitative characteristics of useful information, the other headings of the conceptual framework. Didn’t actually say what the cf is so marks lost there. Didn’t really say why it wasn’t any good, just that it isn’t targeted at non investing stakeholders.

Gains on cash flow hedge should be recycled when inventory hits the income statement. Mentioned the change of basis approach but not sure if relevent. Ias2 lower of cost and nrv. Made some stuff up.

Last part was straight forward, excess depreiation from reserves to retained earnings, impairment loss first taken out of reval reaerve then retained earnings.

Its amazing how you can remember all the questions…I couldn’t even remember most parts of Q2 & 3 as at 1hour after exams…

Well said and I agree entirely. Never give up. I have already started revising again for my resit in September. It was very challenging (and tough) yesterday to digest all the information, questions and then put your answers…. Time is also an issue, especially when you need to pause and think, before jotting down your answers. Sometimes I think this is overlooked when you have to complete the questions within the 3 hours. Not to mention the pressure.
On my way home I realised how certain answers should have been given (and what I did wrong), so it is not as if I did not know, but I am sure at times in the exam hall you do not remember everything and your mind gets blurred. But I suppose this is part of the exam skills…..

Yes but that is out of 1283 votes! It would be interesting to know whether these 27 will all pass???

If ACCA want to do 4 sittings a year (and receive twice the exam entry fees) then they need to sort out the marking. 2 months for results is pathetic.No other body takes this long, it’s a joke. 4 weeks max please (although 3 would be better!). Employ more markers if needs be. You have the money!

don’t give up bro… be positive and just practice and study smarter not harder.

The examiner has been changed and this was the first paper by the new examiner hence the differences in the styles of the questions.

I felt that the first question was very hard, unfortunately it made me panic quite a bit so I made a complete mess of my answers. There were some unusual twist in the question which didn’t come up in past papers and in NONE of the question of the whole exam kit I used to prepare.
I didn’t really know how to get the NCI figures :S I sat trough the rest of the paper hardly bothering to write because I knew I would not be able to hit the pass mark.
For my next revision in December I will take a different approach and try to put in more time.

I come to think this must be the hardest paper!! 🙁

I agree with all of you, a disaster!
But Q2, 3 and 4 were doable. I realised that afterwards. I should have started with B section first to get easy marks.
I spent too long trying to think on Q1 and I did not even tried the adjustments for timing issues…
Unfortunetaly I can’t resit in September (exams not being available in my city). So hope for the best in December.
Best of luck to all of you!

Key to passing P2 is to realise you cannot cover every single adjustment. If you need to work out an adjustment and you can’t do it.. just write the theory behind it and how it is applied. You get some credit for that.

It is a monster paper and also don’t think it is just about numbers because the theoretical aspect will save you when the figures let you down.

Also never leave any questions blank, even if you don’t know..just write something relevant. There are is 1 mark just for attempting every question…could be difference between 49 and 50..

Never give up..ACCA is hard but you passed till now so you can pass P2 as well!!!

Good luck!!!

In line with all mentioned above, I too did find this sitting challenging – only finishing with about 30 seconds left to go.

The only positive I can give to those reading is: it’s nearly unanimous that people found the paper particularly challenging, however the pass rate is roughly 50%. So with all things being equal, at least half of us strugglers managed to pass. Furthermore, the lowest pass rate since December 09 was 47%, so hopefully some lenient marking will be instituted if the figure looks to be dropping dramatically in this sitting (I can only hope!!).

Best of luck 🙂

You are right ifrs3 revised States that even if not probable the contingent consideration is included.

In the Q1 a) I got stuck in preparing the Goodwill.
So I prepared it through the proportionate basis just to carry on.
As well, to get the FV consideration I just multiply the shares with the price of the share.
For the other items, I manage to prepare the gain of disposal of Sub; and the for the Lease I just deducted £50-£40. So I add up to the RE the gain and deduct the £10 of the lease.
Then I completed the SOFP. At least, I showed that I know the procedure to consolidate statements of financial position for the subs and sub disposal.
Then I did Q1 b) and Q1 c).
Then I did Q4 a)b) and c)
And finally I did Q3 very fairly.
I hope most students had not chosen Q4 and Q3. To keep the marks as they are.
And at the same time, I hope the marker will not be tired when he/she marks my exam and to be sensible to consider to pass me this exam.