*** P2 June 2016 Exam was.. Instant Poll and comments ***

@niknak said:
Ah really rubbish – 6th time or something – lost count!

Thought I was doing the Kaplan study kit question pretty okay. Thought I the knowledge okay maybe about 75%. But the paper always leaves me stumped..

Struggle to know what the question wants and it’s hard to commit to writing about anything if you think the topic might be something else.Felt like I maybe should have explained the obvious a bit more.

Does anyone know what remember what all the question 2 sections were?

a) Reorganisation
b)??
c)??

b) Deferred tax asset on AHFS disposal.
c) Joint venture accounting before and after purchase of entire vehicle

@b1989 said:
Just incase anyone is interested,

Q3b footballer contracts and disposals
https://www.danielgeey.com/football-amortisation-chelseas-50m-luiz-profit/

Q3c, FFP and Related party transactions in relation to PSG and Man City
https://www.danielgeey.com/financial-fair-play-and-psg/

Pretty interesting to be fair. Still a ruthless exam!

Wow! Did you see those before or after the exam?

Cash flow caught me off guard, why oh why did they have to bring it..

what a savage paper. Have been perfectly comfortable with ACCA papers until now. In 3 hours you have no time to think, and boy did I have to think!

Exam was not so terrible….except for question 2. However i hoped for cashflow as well coz it is the easiest of all the consolidation but…somehow lost focus with this huge paragraphs. So unfortunately with having to read and reread those long paragraphs i was unable to do much in this section…..

ACCA are understandably making the questions harder given things change but making the questions LONGER for the same period of time is just cruel. Yes you take time to disect the question and plan yoyr answers….but by the this is done the time has ran out and no time for writing……… So the average person either freeze seeing the length of the question, read slow, write slow, or just falls straight into writing trying to beat the clock all of which is detrimental to a pass or a fail.

I attempted question 3 first coz i could have done 2 out of the 3 though with the pressure of time the professionsl points is out the window plus alot of the information disappears from your mind.

Question 2 I read twice and though i got the gist of the topics covered I am yet to understand the scenario. I tried question 4 coz i remembered something about leasing and ifrs 16 but completely blanked out when i came to write about the new proposal which means there was no way i could have done part B lol or continue with Part Ai.

All in all paper was passable but the horrendous paragraphs, amount of information to gather and grasp as well as put down on paper after gathering and completing ones thought….impact grately on ones ability during exam which is in no way a true reflection on ones ability.

Alot of people are exam experts but in real life thats a different kettle of fish…

This was my first attempt and I went in their with a mind set of just gaining the exam experience. Though I was still hoping to get the boderline 50 I am also wont be surprised that there will be a September sitting for me.

ACCA seems to be just concerned with making money……..and the markers well.. .

Fingers crossed and best of luck to all.

Absolute Disaster! The wording of the exam is not clear, so frustrating! This will be the first time I will have failed an ACCA exam. I have completed the online exam feedback questionnaire which ACCA emailed to me and complained about it. It happened to my colleague last year doing top level CIMA and all the students complained as lots of peolpe failed.
All the papers were remarked and a number of people who had failed then passed.
Fingers crossed for us all!

Q1: I just did whatever adjustments I could, I know I missed a load, I got the proforma done, I was out by 100 in end.

Part B: I explained indirect and direct method and waffled about the benefits integrated reporting would bring to users of FS.

Part C: I waffled about the directors window dressing the bank overdraft to avoid there loan covenants penalties, and mentioned there ethical Responsibilities.

Q2: part A: had no idea what they were asking, I said that if the parent opened another company then the parent would become a sub to the new parent, had no idea was making it up.

Part B: can’t rem but don’t think I wrote anything.

Part C: I talked about diff between joint arrangement and joint venture, and said it was a joint venture because there was a special purpose vehicle.

Q4: part A: waffled about IAS 17 risks and rewards and off balance sheet financing.

Part B: Mentioned IFRS 16, single lessee accounting model, control over risks and rewards.

Part C: type a and type b leases, not sure if I mixed them up or explained them very well but tried to explain them as best I could, had no real idea of the accounting treatments so just guessed them.

Overall I did a lot of waffling, I filled out the recent survey and complained about vague questions, tricky examiner language, and no real connect to past exam papers. If they are changing the direction of the course then fine but I don’t see why we should be the guinea pigs.

Hard to know now, since so many people giving out about the cashflow maybe he will test another? you couldn’t rule it out, going by order the SOCI is now due, very hard to predict it, now he has done cashflow maybe he reverts back to his favoured SOFP ?

ACCA has released the sample answers for June 2016 diet. Go check at https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p2/past-exam-papers/international-stream.html

The Answers are even more of a disaster!!!! September here I come… please bring a CF again in Q1 🙂

Hi all

Must admit I did panic when I saw the exam questions in the exam and couldn’t pull together many “sensible” points.
It will definitely be a retake for me. Concentrating on P1 in September to get a change of subject then will retry P2 next year.
Sending everyone on this forum lots of good luck!!

Please post how you did in your results when you get them. It will be lovely to share your successes and commiserate if its not a pass.

Hahahaha it nearly smashed me!!!!!!!!!!!