[littlemiss1]

I sat the exam on 10th October – its actually my LAST ACCA exam, but apparently I will not be an affiliate until January 2018… 🙁 because I sat the exam in the December 2017 sitting…

Any how, I passed with 67% with only 1 week revision

[littlemiss1]

Passed – first attempt 63%

Was surprised cosidrering I struggled on my last question … Literally only wrote 3 paragraphs

Almost an affiliate – I need to do the CBE of F1 as I didn’t get my exemption

Will sit that in 3 weeks

Very pleased

[littlemiss1]

Okay – so I found question 1 a lot simpler than over papers , question 2 was reasonable

Question 3 … Well , I’m hoping for a pass ..

It’s my Last paper so would be nice to get 50 and say goodbye to all this pressure …

As for disposal of associate , it’s my understanding it’s similar to disposal of a subsidiary…

Consideration received
PLUS: FV of % maintained

Less : carrying amount of the associate at the time of disposal

The profit or loss goes to retained earnings.

**The 6 months profits at 25% should be added to the carrying value – as this would give you the overall carrying value at disposal ( I think )

I’m keen to see if I pass .

I studied every question in BPP AND Kaplan and still struggled .. Seriously hoping for the best :-/

Good luck all x

[littlemiss1]

Actually – I think I’ve got it now x

No need to answer – all is understood x

[littlemiss1]

I think you have missed the point.

Yes they are leasing the office under an operating lease – however a constructive obligation has arisen

this is a condition of the lease, in that the entity must put the building back to its usual state (covered by IAS 37)

This is result of the entities past action and the fact that the entity has accepted the responsibility of this costs.

Such obligation which has arisen at a start of a contract is recognised at the beginning of the corresponding contract, usually at present value and an unwinding takes place over the term of the lease.

[littlemiss1]

Ok – so I hate to confuse anyone at this point with only 20 days until the exam , but I’ve seen both methods used.

For exam: Rose Q1 06/2011 , consolidated SOFP, at the end of the year went from 70% to 80% Control, the NCI at year end was adjusted, not the FV of Net assets + Goodwill

Traveller – Q1 12/2011 SOFP
Again with this was adjusted from 60% to 80% at the tear end. The NCI was adjusted down

HOWEVER – Ashanti 06/2010 SOCI
In this question they disposed of the first subsidiary by 10%, going from 70% to 60 % at the year end, they used the net assets + Goodwill to calculate the adjustment Parents equity. Although, this would not have affected the SOCI as the adjustment took place at the year end and only effects the parent’s equity (SOFP).

The same instance happened with another exam – a recent one, but I cannot remember the name now. I’ve done so many I’m losing the will to live…

But, if you could shed some let on the best way to calculate the part disposal or acquisition of NCI, that would be great…

[littlemiss1]

Cashflow or SOCI…with step acquisition…

or IFRS5 Assets held for sale (discontinued asset / group)

[littlemiss1]

it may be easier to eliminate from March’s exam….

I don’t think it will be foreign subsidiary again a this examined in March 2017…

Im thinking:

Cashflow or SOCI with step acquisition, Pension costs (as this wasn’t in March 2017)

IFRS15 revenue recognition is constantly examined so you cant go wrong rope learning this standard…

as is:

IFRS9, Impairment 38 and Fair value 13 measurement.

may throw in some questions about business combinations….IFRS3, as this fits in well with fair value IFRS13…

There is also increased awareness regarding social responsibility, Integrated reporting, companies that are not performing well, taking a more holistic view point of reporting and a value creation….

But hey – I could be wrong…

I would be surprised if Leases, Foreign subsidiary or part disposal is examined again…

[littlemiss1]

Is this your fist time sitting the exam…

Ive heard the following came up in March 2017 – the exam is unlikely to be too similar

March 2017
• Q1
a consolidated SOFP (2 subs incl. foreign, disposal of investment from 60 to 54%)
b investment property valuation policy (from HC to FV and effect on foreign translation)
c IAS 21 + use of AVG exchange rates

Q2
a investment property
b Intangible assets
c impairment of CGU

Q3
a operating lease
b debt instrument valuation (FV)
c revenue recognition + provisions

[littlemiss1]

Did you manage to book your exam at Stevenage

[littlemiss1]

Looking at the forum, and the examiners notes , the following was tested in Q1

SOFP with a foreign subsidiary
Exchange rates used in accordance to IAS21

Leases
Financial instrument and impairment was also tested

Have a look on the examiners comments … He’s gives a broad details of the questions tested and how they were answered

[Author]

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