AAA*** P7 June 2012 Exam was … Comments and Instant Poll ***

Diego, check the Q on the website, Canary was wholly owned by Crow the parent, it not P2 so I don't think Lisa would put complex group structure.

.Oh again time pressured due to too much time taken on Q1.But tried all questions
,leaving out partof the questions being not answering in full hoping to come back to do them but that was impossible.As I said attempted all questions is there a chance for me to pass?

The question no1. clearly states acquisition of all of the canary by crow ,then it is 100%

hey guys.. why did u guys discussing about the past paper? dont u feel stress abt it?? especially when u now that u did wrong.. cut the crap please...........

This paper really is very practical and make lots of sense to me. I answered all the questions and hope to get close to 60 mark. Professional paper is challenging and you need to think fast and write fast to score. Of course, you also need to have grasped the technical knowledge and understand the principles of main concepts of audit and relate to real work situation. The exam provide a solid grounding for real and tough work situation which is also time demanding from bosses. Bosses also demand results from you with tight deadlines. If you can like in the exam, give a report within an hour, I am sure your career will fly. The sky is the limit. I am currently a senior finance manager reporting directly to the Managing Director and I know what it takes to be up there.

what you guys talk about the contingent consideration? Is it part of the goodwill?

@leonardl said:
what you guys talk about the contingent consideration? Is it part of the goodwill?

I talked about IAS 37 and whether it was probable possible or remote. Was probbably as growth trends were strong, reutation good, bigger share of the market, so you needed to include a contingent liability.

Hi guys i answered my exam in blue instead of black, what are the concequences..

@leonardl said:
what you guys talk about the contingent consideration? Is it part of the goodwill?

Yes. See ifrs 3 or p2 text

@mishcarew said:
Hi guys i answered my exam in blue instead of black, what are the concequences..

You are in ...you know where. Your test will not be scanned and repaired. Before exam it was mentioned by exam staff.

Contingent consideration is goverened by IFRS3 and is not the same as contingent liablity which is goverened by IAS37. The was past exam qn where whenever there is a cont consideration you have to recognise it at fair value but it has to be discounted and identifying discount rate is high audit risk area, I answered along those lines.

Forgot to add, contingent consideration also goes through possible/probbale test, recongnised only if probable but you need to chech terms of purchase and mng assumptions etc.

Hi guys can anyone tell if in answering the assurance engagement question if what was required are the requirements for an assurance engagement, such as the need to be three parties involved, the criteria.

seems everyone did quite well... but I am confused...was P7 hard in previous sittings or was it as easy as this one? why pass rates have been so low?? I dont understand...

p7 was hard for me it took me two hours to complete qs 1 :(

It seemed easy enough in all conscience...almost too much so.

sarraa222 said p7 was hard for me it took me two hours to complete qs 1 :(

Sara222 said 2 days, 15 hours ago:
p7 was hard for me it took me two hours to complete qs 1

me too and as a result I had only done part of q 2.3 and 4
hoping to get the magic 51 I hate 50