FRPaper F7 Dec 2010 exam was

@ uid0191 my balance sheet figure was around that 150000.

well.. fair exam like f9 and f8, but managed to mess it up like the other two! Havent had my computer much this time round so didnt use open tuition as much. Helped me pass all 3 in June. Gutted to say that i'll probably be taking all 3 again the summer with some focused thoughts about where i went wrong. Q1 and Q2 - dont really even know what i ended up doing.. Q3 ratios - kind of a cross over with F9 here and i studied quite hard for that one so think it went okay. Net profit was negative but once you take the one-off costs in to account, performance was not as bad as first analysed.
Q5 i spoke about assets held for sale. As they were held for sale they need to be derocgnised and deferred liability and income put in current assets and liabilities. Incomce statement then needs a seperate 'other income' line to represent the assets held for sale.
Anyway, anyone else failed a few in one sitting and then re-taken? Could do with some positive thoughts around this time to keep me going! Thanks all...

:(

spent too much time cocking up the tricky bits i didnt have time to get teh easy bits right..... re-sit in June definitely!

fair paper

@sunny84 said:
Doesn't matter. Thats just 1 mistake. May b 1-2 marks down. The examiner would check ur paper as per ur month apportionment. I just hope u didn't mingle up these months in different papers of the question differently. If that was a constant treatment it wouldn't cost u more than 2. So cheer up :)

@derrickagyiri @sunny84 is right, you would only get marked down once for that mistake, if the rest of the answer follows on correctly, you will probably get the bulk of the marks. :)

@handsome said:
here is the calculation
Defer tax from TB
Less: 25% on Deffer amount
Balance (positive)

---

this year tex (given)
Less balance figure from above
Add provision from TB
balance of tax for I/S

this year tex (given) (for tax payable in balance sheet)
25% on Deffer amount (defered tax in balance sheet)

THANKX ALOT.....

Fair exam but unfortunately I messed up with timing. I spent too much time trying to get Q1 100% which I didn't in the end.Classic mistake. I will be resitting this one but I'm not too sad about that because at least I knew the stuff, just couldn't work fast enough. Lots of practice between now and June methinks. I learnt today that it's not good enough knowing this stuff, you've got to be ready to just reel it off pronto, no time to think and theorise, this stuff has got to be second nature. 10 more hours and I would have got 100%, lol.

Good luck guys.

@derrickagyiri, hope what i am about to tell you makes you feel better......Are you ready?/// ready???
I sat the wrong stream, i have been studying for International while i was registered for UK, so imagine my shock when i was looking to calculate NCI goodwill and i could not find any info to do so.
i attempted the whole paper as if it was international, i aint got a clue about the differences between the 2 streams but i'm fuck up, i think

@onlysarwar said:
Q 5.......Wasnt it is IAS 37?? Valid Expectation in mind of those affected??

IAS 37 is in the adjustments of a plant in Q2...
Q5 is Discontinued operations/Held for assets/ Events after reporting period

Q4 depreciation was wrong. you cannot retrospectively charge depreciation if the method changes (IAS16 and IAS8)
Q5 IFRS 5 - Discontinued Ops, didn't write too much about it as i was running out of time.
Q1 messed up the time apportionment (did 3 months instead of 4 for some reason) but it was consistently throughout my workings and CSOCI so i should get the marks anyway...
Q2 everything was pretty straightforward, just not enough time! didn't finish my SOCIE bt got the dividend and share issue workings done.
Q3 was time constrained too, but got a good 12 ratios in and two pages of analysis with all 3 headings and a conclusion.

@aurianne04 said:
@derrickagyiri, hope what i am about to tell you makes you feel better......Are you ready?/// ready???
I sat the wrong stream, i have been studying for International while i was registered for UK, so imagine my shock when i was looking to calculate NCI goodwill and i could not find any info to do so.
i attempted the whole paper as if it was international, i aint got a clue about the differences between the 2 streams but i'm fuck up, i think

Oh you poor thing. Don't give up hope though, there are enough similarities that you may just pass. In 2009 I turned up to do paper F9 having spent all weekend preparing, Imagine my surprise when I found it was F8, I was due to sit that one too but I hadn't prepared the night before or even thought about it.....I passed, hope you do too.

Q1 - Very time pressured. Did not balance but felt okay about it. Around the 60k mark. Accrued profit and apportioned rather than use my I/s figures for retained earnings.

Q2 - Great question. Managed to do all adjustments except the Provision for the fixed asset. Just depreciated as normal (12.5%) and just carried on.

Q3 - Total disaster. Started running short on time. Got down 6 ratios (approx) including the ROCE breakdown into Asset Turnover and Margins and started exploring the profitability by analysing gross margin and stripping out the effect of the property revaluation into COS. Found that profitability still went way down YOY and suggested that the Company was in fact loosing relevance. Gearing was approximately even.

Would you think the market would give me any marks for my planned points of discussion (i.e. the bits I didn't get to lay out in my formal analysis).


I put for Q4

Circumstances:

Clearer Presentation
Required by IAS
Framework issues - Reliability

examples:

Useful economic life - Depreciation - Estimate
Reducing balance - Depreciation - Policy

Assistant:

1) Depreciation is prospective.
2) She did two errors:
a) Mixed up the Starting and Ending inventory
b) Mixed up the FIFO and AVCO Inventories.
3) All restatements must be retrospective and the net effect was 0.6m higher loss.

Q5 -

Probably complete fail. Recognised it was NCA held for sale and discontinued ops. Missed the subs events but wrote some stuff down and moved on. Probably a one marker at best.

Thats my 2 cents. Hope for a pass but for now, lets enjoy the holidays. Happy Holidays everyone.

oops. Just remembered Q1 was not 12 months for the sub... never mind eh...

paper was fair but time pressured i would say. did a lot silly mistakes. i dont understand i thought it was 4th month only only so did time apportioned for q1.

@Yazdavies: thank you as you just cheer me up

I think you will still get credit for your fuck up, as your method was correct just the calc was wrong

I did F7 UK - Again like F5 questions contained a lot of information before you can attempt answer!

Q1 - did fairly but could not complete totals for BS and P&L
Q2 - I think I did adjustments ok but again I ran out of time to add totals in B/S and P&L
Q3 - did not write enough and dont think I had time to include all ratios though I did the basics.
Q4 - Accouting policies/estimates -did fairly ok but pressurised for time.
Q5 - very dissapointed with my input.

Hope for 50???? Any views someone?

I think since it was such an easy paper markers will go very hard on us, pass rate was year was 28% this year I reckon 40% to 50%

I did 4 month apportionment. was it right or wrong. hope to get 50. did lots of mistakes. it was OK, but do not whether i will pass or not

@manjula93 said:
I did 4 month apportionment. was it right or wrong. hope to get 50. did lots of mistakes. it was OK, but do not whether i will pass or not

4 month was correct

I believe that Easy paper = strict checking

@stuartkelly said:
I think since it was such an easy paper markers will go very hard on us, pass rate was year was 28% this year I reckon 40% to 50%

Ah who knows my assumption was that it was a charge to I/S, acca being subjective as usual

Q1 Did ok was straightforward,
Q2 Again not too bad but very untidy workings
Q3 Hmm bullshitted quite a bit but gave reasonable answers, the hardest question
Q4 Didnt expand enough just gave theory
Q5 Quite poor ran out of time, completley bullshited
Reckon I passed hough failed last year got 47% but marker will be very strict this time around

@uid0191 According to A Student's Guide to International Financial Reporting Standards by Claire Finch page 64 IAS 16 - "A change in the method of depreciation is only allowed on the grounds of truth and fairnessand does not constitute a change of accounting policy." If we apply the standard IAS 8 to this extract then only will a change in accounting policy have retrospective effect, which a change in method is not.

additional 15mins would ve done the trick....fair paper

I did't adequately prepare and no showed for the exam.

Q3 I corrected for one time charges in cogs and admin then looked at interest coverage. Also looked at margins compared to previous years before and after the charges. Mentioned rights issue and reduction in expensive floating rate loan balance. As well as lack of gearing prior to the start of the current crises as a reason for firms avoiding liquidity crisis both short and long term.

Q1 Goodwill I got 9,300. anyone else? BS was around 150 or 154
Q2 Retained earnings does anyone remember what their yearend figure was?

Was Q5 Provisions and Disposal?