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is there anywhere to get an answered paper before the acca print theirs? just to see the correct answers
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IFRS for SMEs–The examiner wrote the artical for the Q4–i judt read for once and coulnd’t remember all, and get some wrong answers. so frustrated. Hope for 50 marks…
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I also wrote that monair should be treated as associate; there was something about tentative decisions in Kaplan Book where you should decide on the substance not the form; the majority did not act to achieve a common goal.
What annoyed me was Q 4 and its second part! The article from ACCA said that comperison between UK GAAPS and IFRS will be examinble from June 2011.
Similarily, June diet had Q4 on leases and a very useful article on IAS 17 revised was published in July! Never mind, this paper was easier than June sitting. Good luck to everybody and happy Christmas!- Topics: 0
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Oh well, that could have gone better. Thought I knew what I was doing, but for what ever reason, hit a complete blank. So annoyed with myself its untrue. Cashflow q should have been so straightforward but messed it up right from the beginning and just couldn’t sort it out. On the back foot from there on. Just going to have to learn from this one and do it again.
wasnt sure at all about manair..i just thought it was an ordinary../trade investment..but that they had to disclose on related party transactions and i wrote on related parties…..
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I also thought cash flow notes were tricky. Given the time I had I completely ignored two notes and continued from there. Hope it was enough done.
hmm… over rall the paper is OK… for me…
I dint prepare well in Statement of Cash Flows , just study the format in casf flow only. Cz i dint expect CF wil come out.
i answer Q2 Share Based Payment but the question is quite tricky. I jz try my best to answer the a/cthg treatment as i know for SBP.
Answer for Q4, this is the only question i felt confident. But not sure what they ask in Q4(a) the approach for IASB to implement IFRS for SMEs.
Hopei wil pass lah ~
I agree that the paper is adequate. Share based payment is not my topic so I’ve chosen SMEs. Hope for 50 at least. I think that the pass rate for this paper will be above average.
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The Kaplan final assessment paper prepared me for the Cash Flow question. The IFRS2 question was a bit tricky. The other option i attempted was the SME question which i hope was done ok. i too am hoping for 50
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🙂
Thanks, Mike, for tips 🙂 am glad it was a CFS. 🙂
Anyhow, i did it quite messy and without full success..- Topics: 0
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Lack of significant influence indicated that it should be treated as a trade investment… it cant be an associate… :S
Cashflow was though tricky… Overall acceptable exam…- Topics: 0
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Manair: I said associate. Significant influence indicated by 2 board members and some resolutions needing a unanimous board vote. Also there was a consulting team on secondment from G. advising the management of Manair. Obviously 19.9% was a deliberately borderline associate/investment holding.
It was a ‘discuss’ type question, so if you wrote something and backed it up with rationale, examples and standards, it should earn marks.
So, what about the non redeemable bonds treated as equity….?
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Q3 – b) I wrote it was an assiociate. They believed that there was no signifinat influence but it was possible to demonstrate significant influence based on facts from the question. In my opinion IAS 24 was not relevant here as they asked how it should be accounted for and not how disclosed.
c) Preference Shares – Normally they are debt as per IAS 32 but it this question there was participation in regular dividends as well so i used the the old trick. It was a compund instrument. Liabllity = present value of future preference dividend payments and equity is the balancing figure.
No idea if its OK but sounds samart 🙂- Topics: 0
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cashflow as expected and did somewhat good rast was good hope to get over insha ALLAH……
In part b of Q1 did it ask about the INdirect method or direct method? The cashflow was done using indirect method ( i hope) and then i have went onto to talk about indirect method in part b.
Have i misread and it was asking about direct method? As someone said earlier Kaplan book states that direct method wouldnt be examined. Maybe they meant in the form of making up cashflow stat- Topics: 0
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I too recall its said discuss “Indirect Method”….?? thats the route i went down anyway.
Just spoke about manipulation of adjusted cashflows for bonuses, finance, loans etc….
i had to double check with online kaplan text and this is what sit says:-
The direct method shows operating cash receipts and payments. This includes cash receipts from customers, cash payments to suppliers and cash payments to and on behalf of employees. The Examiner has indicated that the direct method will not be examined and is not considered further within this text.
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I was of the impression it was Indirect Method, anyone else help with this??
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Hi there. Yes the cash flow was calculated using the indirect method and the later theory part was to discuss both the direct and indirect methods with regard to how useful they are to users
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Q3: a trade investment IAS 39. Why? because not any influence on the company and its operating & financial policies. Just 2 board members – it is not so significant.
Q4: the trick of a questions was that IFRS for SME were introduced in July 2009 but not date when they become effective (UK wants them on 1 Jan 2012). Additionally the definition what is SME: depends on national regulators/governance. I hope this is what they wanted to hear from us.
misspiggy, did the question in part b actually say direct method and discuss? i cant remember!!
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Yes…I think the phrasing was….discuss the directors view that the indirect method is more informative for users than the direct method…..something like that…..I wish they let us keep the papers! It is very hard to remember or assess how you actually did.
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There is practically nothing to say about direct method though as it is only 3 numbers so if you said the benefits of indirect I would guess you got the vast majority of the marks
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