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

@cutemishal said:
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

yea so we sorta done similar stuff lets hope were right lol

@mfio1985 said:
yea so we sorta done similar stuff lets hope were right lol

LOL I hope that too ..I need to get through this time...this is the only paper standing in my way ...... I want to be qualified and get done with it....LOL

anyone remembers the break up on question 1 and 2 ??

Overall there were no surprises for me in the paper. The examiner pointed out in a recent article that this style of requirement (re Q1 & 2) would be common. Just needed to approach it (Q1) like many other audit risk questions.

Q2 going concern is a topical issue and I thought a dead cert to be examined so no surprise.

Q3 for me is too time comsuming, so i done Q5 on groups (I practiced alot on these Q's as groups is always fair game).

Q4 on due dillenge was my second option, I had a feeling this would come up as a form of non-audit assignment. There is also an article about this. This for me was the easiest question but alot of candidates appear to have been scared of by it, but there were (Or I hope) alot of easy marks for common sense.

OVERALL MY BIGGEST CONCERN WAS TIME PRESSURE. OVERAN ON Q1 AS I GOT MIXED UP WITH TIME MANAGEMENT BUT RECOVERED AT DONE A GOOD ATTEMPT TO ALL Q'S.

Fingers crossed!

What the hell examiner want from us! The paper was so lenghty. He expect us to read 2 and half page question, understand it, calculate the percentages and relation them and then write the answer down in less than 20 min (Referring to part a (i) of question 2). I thinks time was the only issue if there would be time to think the paper was not that hard

Enormous time pressure on question 1, tried hard to not overrun on time, but impossible, as I had to keep re-reading the question. Q2 was a little better, but then had no time left to read all three remaining questions and just decided to go with Q3 and Q4 without even looking at the scenario for Q5. Good luck....

Hi guys,

I agree with rmontilva - it was an ok paper, ran out of time for last option question 4, but I think I did well on 1 and 2....and 60% on no 3...I do hope as well, the examiner saw that I tried harder than last time xxx

The exam wasnt so bad. I predicted that a due diligence review was coming, but when it was time to answer the question, I blanked out. So I wrote absolute rubbish in my view. But the rest of the paper wasnt too bad. I leave it in God's hands. Aug 22nd, we'll c then.

@1akbar1 said:
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 :(

I got all of these in the scenario except IAS 18....cant remember seeing any clues of that. Well I pray that God blesses me with a pass for the things I did do well. This is my first attempt, I honestly wasn't intimidated with the paper, but I was mad with myself for not remember the due diligence concept. And I revised it just last night. Grrrrrr.....oh well. It was time pressured, but I managed to finish 99% of the paper surprisingly. Hoping for the result I deserve under the circumstances.

hello everyone...
i might be the only person who is attempting f8 n p7 at same time. today's exam was all about time management. i started q1 which took 90 precious minutes from me... rushed the remaining paper to attempt full in given time.
well in my opinon, paper was tough, but required a control over nerves.
hope to get pass INSHA ALLAH.

Hard one since 2007 because less information given and requirements were nightmere..very lenghty and not specific info given.waste time due to format issue..attempt 85%..hope examiner know this and give us some benefits through checking..i did q3 and q4 but 3 was partly attempted..

disaster ....Only paper left...I pray to ALLAH ALMIGHTY to help me( n all of us) to get pass...or all dreams will be shattered....I left p4 due to same issues n opted for P7 keeping in view easy past papers but again difficulty never left me .....

yeah....i came out with a smiling face, even though it wasn't easy at the beginning trying to locate requirements foe q1 and q2. took UK though and i was the only candidate at my centre........... no moral support from colleagues....lol

Ah well. I can't say the paper wasn't doable, it probably was but too long for the time given, not enough time to think and give "professional" answers. I like most people took too long on Q1 and so didn't have enough time to make a proper attempt at the other Qs. Actually didn't do my 4th Q. so not very hopeful. It actually hurts cause I feel like I know the stuff just couldn't transfer my knowledge to paper.

disastrous paper! time pressure ....just keep on writting till the last sec!May God help us all

I have never seen anything like this, unique extremely difficult, construction contracts, deferred tax or assets whatever, audit plannings related parties all kind of audit procedures very less room for scoring good marks on these one unless in my case I hope examiner just blindfoldly mark my paper, cause I spent 2 hrs and 15 min on first to monsters and time for the rest of the question was less. Really guys I have to say this "I didn't see that coming" !!!!!!!!!!!!

i want to ask that if i have just finished the Q1,3,5, without any point about Q2 due to the time limitation, the examer will fail me by my fault in nature
? coz it is the madatory question........

Hi mate, I had similar thoughts during the exam but decided to focus on the matter from IAS 37 perspective, I reckoned the contract was Onerous contract (given that losses could not be avoided) and recommended that a provision for the loss portion of the contract ($200,000 - $350,000) should be immediately recognised if losses additional costs could not be passed to the client. I thought that the expenses and revenues from construction contract (excluding the onerous portion) should continue recognising in line with IAS 11 and mentioned that is an area of high inherent risk (although the marker my not get all this due to my awful handwritting ...... I wish we could type instead of hand-write for so long)

its simple....

If u need to produce quality answer you should be given extra time for this...

if u have to attempt all the questions in 3 hours, then quality answers cannot be produced.....

ACCA please do consider this when marking !!!

IT SEEMS ACCA WANTS TO GENERATE REVENUE FROM THEIR STUDENTS BY NOT GIVING THEM THE OPPORTUNITY TO PASS

Too lengthy paper i think no body can pass this paper

Hi all,

In my opinion the paper was quite good. I have attempted about 95% paper, started in a reverse mode like 5 - 3 -2 -1, it helped me in the end when I was only only left with 50 mins for Q1. This question was the lengthiest one, but it was a manageable, as i started reading the question from the email given(box) and the requirements got clear immediately. I followed the time limit criteria (1.50 mins each marks) and moved on, no matter what.

There weren't any tough questions in the entire paper, like standards on employee benefits/ share based payments/ IAS 39, etc. OR any alien topics on current issues. The group part was already known to be coming through the latest articles.

I may not match the wave length of many guys here but the only idea is to share with everyone that this is a pressured exam and it most probably will be like that; what the best we can do is to make some changes in our pattern of writing the paper.

God knows whether i could make it this time or not, but i did it quite well.

thanks.

It was ok...pretty lengthy may be i guess examiner was checking the patience of students.

Does anyone remember what the last question was in Q2 part c for 7 marks, I thought it was on giving an audit opinion but just thinking now it couldn't have been because it was an assurance report?

this was a sh*t paper.
then again, i am partly to blame. i covered all accounting standards EXCEPT construction - since i read somewhere P7 would follow P2 syllabus, and construction is out of P2 syllabus currently. needless to say, had forgotten how to deal with it.
and like an idiot i started out with Qs 1 and got stuck. that set the tempo for the rest of the exam and although i did answer about 85, the examiner would have difficulties figuring if i wrote the end parts in english or hebrew. :(

see you all next time! :)

Not happy - Requirements for question 1 and 2 difficult to locate, Question 1 and 2 tooo long - very time pressured

Could not finish the paper

@almacunningham said:
Does anyone remember what the last question was in Q2 part c for 7 marks, I thought it was on giving an audit opinion but just thinking now it couldn't have been because it was an assurance report?

It was a review of the going concern during the review stage of an audit. Possible answer - ISA 570 states if in doubt but issues not significant management need to disclose in notes to the FS, while auditors are required to modify audit report by including an EOM para. If its not disclosed by management the auditors need to modify report i.e. 'except for' for breach of IAS1(premise being they've gathered evidence that issue is not significant). thats what i wrote but nobody knows!!

@cutemishal said:
materiality , risk , expert was employed by entity he was newly qualified so might not have the required level of experience to carry out complex estimations...his objectivity and competence should be assessed , management bias , estimation inherently risky due to the subjectivity involves and accounting treatment in IAS 11

was it about discussin the 2 issues- part a (i)? IAS 11 & IFRS 5..i cant even remember the questions :S

I am going to give p5 in next attempt; not going to risk my qualifying attempt with audit again. What a bulldozer!! I would really like to see Lisa trying to tackle all the questions in the allotted 3 hours!

You know it seriously makes you question the Acca's credentials.

1st off we put a huge part of our lives into this and our life and family all suffer as a result of the volume of study. (not to mention stress)

They then through something like this at you. It is far from a real life situation, so unrealistic to think that your ability, should be based on this 3hr exam. (plus surly its not acceptable for Auditors to rush work..... what about Quality Control :) )

But then i suppose they are a profitable org and all the resit fees will ensure they can continue trading ....Lol :)

Jokes aside ACCA should accept that the majority of us do not work in Audit (and after this never will) and this exam was not presented in a fair way.

I cant see one benefit it putting students through such a crazy exam.

This would have been my last session but i missed 12 marks and i pretty much feel sick about what i did write as i spent so long trying to read and get what they wanted??

I hope the Examiner gets pulled up and made to rethink her marking.