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

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.

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” !!!!!!!!!!!!

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)

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

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.

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?

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

@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

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.

Q1 was huge and take away time from other question and Q2 was also time consuming.

overall it was as expected and i was prepared.

I find that the paper was doable, but they were much too lengthy especially questions 1 and 2. Even after 2 hours had elapsed I was still on question 1. As a result I messed up the entire rest of the paper because I got flustered after realising what little time I had left for question 2 and the two options.

There was not enough time to think and then write because time had me pressured.

On top of that there were intermitent power cuts in the exam hall and for about 2 and a half hours there was no air condition and the room ventilaton was poor.

So all in all it was a horrible exam.

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

yes 🙂