AAA*** P7 June 2011 Exam was … Post your comments here and vote in Instant Poll ***

The paper seemed extremely lengthy!!!.....Q1 took almost one and and a hlaf hour....left atleast 15 marks....and of 85 marks what i wrote were all long stories!!!:(

I found it was very lenthy but managed to answer 100% with rubbish handwritting.

I believe q3 & q4 was gift from examiner. But she was evil on q1.

Goodluck to all

very unexpected paper i wasted around 90 minutes on my 1st question excluding that reading and planing time after this i straight away went to the q5 and spend 20 mints and then do Q2 AND ATLAST q4 ON DUE DILIGENCE THANK GOD I MANAGED TO ATTEMP ALL THE PARTS
q4 WAS THE EASIST QUESTION IN THE WHOLE PAPER..
Inshallah will manage to pass and bet of luck to all of u ...

what the hell was this? this is the first time i attempted this paper and i ve had NO probs with other xams whatsoever but what in world was this?? WHAT WAS THIS?? was is the ANTI CHRIST i ve been hearing about?

this was not a p7 paper it was basically a paper of P2...financial statement risk Q2 going concern assessment..Q 3 ethics...oahahah...what a joke...but i was very happy to see the papers as they were only less than 20 marks for procedures..

paper was extremely lengthy,too much concentration on Q1 & Q2 (due to the length) were allow me just half an hour too attempt section B which was scoring section that is why i lost 15 to 16 marks,may allah will succeed me and all of you.

I started with q1 and completed in 2 hrs. in remaining 1 hour i completed other 3 questions.
I attempted all 4 q's, but made alot mistakes. i attempted q3 and 5 in optional.

what was Lisa thinkn.lord have mess .Just need a 50.

what was Lisa thinkn.lord have mess .Just need a 50.

well i was expecting very hard paper, but i think the paper was very str8fwd!! if u had an idea from the past papers abt the answering technique, thn i dnt think there shud hav been any prblm in anwring!
the main issue was time managmnt! i spent 1.25 hourz in q1, so had to summarize answer in q2 and spent 45 minx there, and in the end spent half hour each on q3,5! I hope i will pass! paper went alot better thn i expected :)

my comments with regards to this paper are bit similar as the comment made by above by rmontilva , i was shoked reading that comment as is exactly what i was thinking,

time pressured was an issue (I spent too much time in Q1 and Q2) and had only 30 mins left for Q3 and Q5 which both partially attempted . and the main thing was that Q3 was not dificult but as soon as i started it half away thorugh I run out of time, hopefully i passed and do not have to go back in Dec to resit it, let see,

Best of luck to all of you who took the exam today!!

and btw, this is the most FINAL PROFESSIONAL paper of acca!! u cant expect it to be a piece of cake like f3, which u can do it with perfection!! it has to be difficult!!

The change of format was shocking! Took me 15 mins to figure out what was going on.
Q2 is a totally disaster. Did pratice the WHOLE kaplan exam kit and this type of question is just no there!
Q1 is too long. took 1.5hr to complete which leaves little time for the rest.
Managed to complete the whole paper, but did poorly in Q2.
The biggest disaster across my exam history!

I didnt expect such in p7, this is a professional paper where knowledge should be tested not making trouble to student by Testing your narrative skills . It was an experiment on us.
What was Question no.1 , is that called professional or LISA WEAVE'S REALISTIC? Both compulsory question has scattered data and long long story that only long wording perplexed the students. Student don't have all the time in the world in 3 hour exam to Understand examiner REALISTIC scenario. I am totally against such kind of paper pattern as its not knowledge or skill testing.
Both Question of Section A were RESPONSE to EMAIL, strangely SAD.
I don't expect good. And i will report this in my feed back to ACCA
SECTION A was a complete Disaster no doubt.

Disaster paper!!
Can anyone pls remind me the points format of q1,q2,... etc!!
Got really so confused!!

My dear friends don't worry....if u all get a pass than whose gonna fail :D 34%-37% PASS. AND MAJORITY ALWAYZ GET A FAIL :(

Time-pressure exam.. it would be better to organise such exams on computers. I type much faster than I write=)

how did one go about answering Q2(a) the one about review of cashflow forecasts.

I think in terms of difficulty the paper was reasonable and fair But it was very lengthy. ACCA final level papers are getting extremely time pressured and demanding as compared to past sittings. I guess thats how they want to maintain the reputation of the ACCA qualification.

see you guys in december : )

In my opinion it wasnt at all the only problem was that it was really time pressured and in some parts gave too many options to write about, Q2 was pretty easy as it stated that you should analyis the cash flow statement not just going concern of it, and use that info to conclude on if the company was a goin concern and, every question asked for adudit evidence that practicaly full mark for just throwing in some aduit procedures, and question one as long as you talked about held for sale NCA, Revenue recognition, construction contract cost recognition, segmentation and a couple other audit risks with audit evedince for each thats what i did anyone else do the same?

ACCOUNTING STANDARD IN P7 paper question 1 and 2...
IAS-11Construction Contracts
IFRS-8 OPERATING SEGMENT
IFRS-5 Non current asset Held for sale and disc operations
IAS-12 Income Taxes
IAS-18 REVENUE
IAS-38 Intangible Assets.

Lengthy paper only attempted question1 and 2 + forgot briefing notes format :(

I read the whole kaplan book and cleared my concepts...paper went too bad :(

@mfio1985 said:
In my opinion it wasnt at all the only problem was that it was really time pressured and in some parts gave too many options to write about, Q2 was pretty easy as it stated that you should analyis the cash flow statement not just going concern of it, and use that info to conclude on if the company was a goin concern and, every question asked for adudit evidence that practicaly full mark for just throwing in some aduit procedures, and question one as long as you talked about held for sale NCA, Revenue recognition, construction contract cost recognition, segmentation and a couple other audit risks with audit evedince for each thats what i did anyone else do the same?

I wrote about construction contract and i wrote procedure only about estimated additional costs of 350000 it should be immediately recognise as per IAS 11 and because it was estimated it was inherently risky....plus the newly qualified architect making estimates makes it more risky because he may lack the neccessary expertise to carry out complex estimation....and couple more points..........for treasured division IFRS 5 held for sale and discontinued operations and a little bit of IFRS 8 segmentation. Hope I dealt with it correctly.

In q2 I thought it was the assessment of going concern with the review of SOFP and cash flow....so I used both in my analysis.

I found the paper to be okay but very lengthy and so much information to soak in. After looking at the questions, I did the options questions 3 & 4 first and then did questions 1 & 2. Had 15 mins to do the last part of qu 2 for 7 marks and could not think of anything to write so just rambled a bit, handwriting at times was not that good either.

@cutemishal said:
I wrote about construction contract and i wrote procedure only about estimated additional costs of 350000 it should be immediately recognise as per IAS 11 and because it was estimated it was inherently risky....plus the newly qualified architect making estimates makes it more risky because he may lack the neccessary expertise to carry out complex estimation....and couple more points..........for treasured division IFRS 5 held for sale and discontinued operations and a little bit of IFRS 8 segmentation. Hope I dealt with it correctly.

In q2 I thought it was the assessment of going concern with the review of SOFP and cash flow....so I used both in my analysis.

How did you set yours up ? i done it in breifing note format then looked at each matter such revenue recognition then gave the financial risk then the audit procedure to use

and in Q1aii, i just went through listed all the ethical and QC problems and safeguards

in Q2 i just went through each part of the cashflow forecast and explainded how it could be incorrect on the basis and then conclued at the end how it all ties back to going concern thn followed by audit procduers used to obtain evedence for the cash flow ???

i seperatly done part ii to question 1a in the breifing notes,

Hi everybody, I do agree with what Docentshaw said, it was a time management exam first and then some audit thrown into it.
To those who asked about Q 4- it was about taking over a swimming pools/ hot tubs installation company and part a asked about 3 advantages of due diligence for the taking over company(6 points) and b was what other information you would require from hot tubs co to prepare due diligence report(12 points).
In Q 2 I assumed that procedures for Cash flow forcasts are similar to Prospetctive Fin Inf(8 points). Well, could not finish Q1 as stareted from Part B.
And I agree with most of you that it was not fair to include another A4 page of narrative, completely different scenario and expect us to finish it all in the same time frame! Good luck!

it was tough but one could expect this kind of difficulty in professional level papers....the paper was time pressured no doubt about it...q1 and 2 took so long that I was left with 45 min to deal with section B ...I was thrown off by q3 part b I had difficulty in suggesting procedures for opening bals..probably messed up 8 marks..but did part a well......Between Q3 and Q5 I wanted to go for question 5 but with the time remaining i thought It was wise to select q3.....Lastly I ve got 25 min left for last Q4 which was a blessing I would say. overall it went well and am hoping to get 50 marks...rest is in the hands of examiners..lets hope for the best.

"A race against time." The questions asked was very lengthy..it covered far more areas than the previously set exam papers.Looks like Lisa have increased the standard of this paper.
I ran out of time to complete the paper with Q2 only partially answered.Questions were kinda confusing with the requirements asked not detailed enough.
On the whole i would say it was a tough paper.Time factor was a major trouble in the exam hall.
Lets all pray for a pass now,,we all did our best n live up to Lisa's challenge..God bless.

@mfio1985 said:
How did you set yours up ? i done it in breifing note format then looked at each matter such revenue recognition then gave the financial risk then the audit procedure to use

and in Q1aii, i just went through listed all the ethical and QC problems and safeguards

in Q2 i just went through each part of the cashflow forecast and explainded how it could be incorrect on the basis and then conclued at the end how it all ties back to going concern thn followed by audit procduers used to obtain evedence for the cash flow ???

i seperatly done part ii to question 1a in the breifing notes,

I started with the format then first heading was matters to be considered which were materiality of the estimated additional cost , Risk coz of estimation being subjective..other risk waas management bias cuz they wanted to sell the co, then accounting treatment...I messed up a bit and stated financial statement risk in other heading. ..then i suggested procedure specific to the estimated cost. same headings I used for the next issue....Then for part c I used headings (inadequate audit procedure , too much reliance on management representation and expert issue (the ethical issue was familiarity threat which resulted in the loss of professional skepticism then concluded.
For q2 i used cash flow and SOFP info and explain the matters using heading...declining market (Impairment--overstatment of tangible and non tangible asset ), defferred tax(no future profit but recovery is expected the basis should be assessed) , economic recession (customer default overstated receivables) repayments of debt ....OD doubled ..etc all this will eventually leads to going concern issue ..... and then ..In part b I wrote about the implications on audit report.

oh yes. review of cash flow statement.... throwing in some procedure such as obtaining the correspondence and review the status of the negotiation of loan with parent....checking recepits for payments as an evidence how well the credit control is working ....etc