[mumbaikar]

Agreed.

And as far as mentors are concerned, where they are proven to have written on behalf, they are warned or directly expelled as well as in ACCA?

[mumbaikar]

Thanks.

And in case it is proved that the student has not used paraphrasing correctly, to what extent is the mentor also culprit? Like do they only do this investigation with the student or also involve the mentor for any irregularities?

Also I have seen in other threads that there has been instances where draft reviewed reports are asked for. What if the whole review involved verbal communication maybe just a single review of the project? Example.

[mumbaikar]

So does it mean that using a thesaurus or even quillbot to assist in paraphrasing will not be allowed?

[mumbaikar]

Hi.

Thanks for the link. However will need more specific i.e. what type of questions are asked and who all is involved etc.. Kind of a practical experience share would be a bonus.

Thanks though

[mumbaikar]

Plus does this mean that the mentor is not reliable since the mentor didnt pick out any issues that the OBU markers might have identified.. like who would be the culprit here

[mumbaikar]

Thank you.

So for reports other than annual reports in explaining ratios and trends, what exact webpage can you recommend where i can get such data as my research is purely secondary..

[mumbaikar]

Guys i need help

[mumbaikar]

Guys, please help

[mumbaikar]

I have several questions
For topic 8 can i use hypermarkets for analysis such as carrefour

Can my mentor be my audit manager/senior who hasnt done neither ACCA nor registered as a mentor in OBU

Can someone explain what my spreadsheet should look like. E.g my graphs in the RR shud be included in the spreadsheet?

What to write in the SLS statement

[mumbaikar]

@craighughes88 said:
Surely it is relevant as a lesee a finance lease goes on the balance sheet as a right of use asset? and the asset decreases as we pay rents yet the operating lease is just expensed ?

Therefore i also raised ethical points surrounding them trying to increase assets by recognising intangible assets where it should just be expensed as a lease

But who knows could be completely wrong I am no P2 expert lol

Yes you could be right no offense. But i do remember my sir saying the new ifrs 16 for lesses there is no such finance or operating lease! Hope im right

[mumbaikar]

@craighughes88 said:
Anyone do Q2 ? The one with the company storing the gas.

They must have been leasing that building but trying to recognise gas storage as an intangible asset. But unsure about this one.

I wrote about leases however here ppl are writing abt financial and operational leases which i think is relevant for the lessor. Because we were paying rents it means we are the lessee hence type of lease remains irrelevant

[mumbaikar]

@jmmyjimmy said:
I think your approach was correct.

There shouldnt be any gain/loss on disposal because the parent still owns plymouth only the shareholders are changing. No change in control

[mumbaikar]

@nathan488 said:
Not sure if this posted or not but essentially IFRS 3 states that for any adjustment within 12 months of the acquisition date that affects goodwill due to facts at that date (ie: using provisional figures) is warrant for an adjustment to goodwill.

I ageee there’s no impairment to goodwill since we were told none in the Q.

But in my mind, since the liability was settled within 12 months of the acquisition date, that change should’ve adjusted goodwill

If we include in our net assets the comtingent liability then automatically the fv of na figure goes to goodwill..why do we deduct it again

[mumbaikar]

@jmmyjimmy said:
I calculated as follows:

Consideration = 2/3 (share-for-share ratio) * 4 (market value) * 200 (shares of subsidiary) * 10% (disposed shareholding) = 53,33.

Less: Increase in NCI = 10% * (Net assets at reporting date + goodwill at reporting date) = 40 (to my mind it was 40).

The double entry then is:

Dr Investment in associate: 53,33
Cr NCI 40
Cr RE 13,33

Does anyone agree? 🙁

Why retained earning not oce
Like i applied the same when we get cash as we dispose off

[mumbaikar]

@sajini said:
For question 1
the disposal of 10% by share for share exchange, how is it suppose to be dealt? Normally it is cash..

I did credit equity(new shares at fv) and credit nci. Both these amounts added to other componenta of equity
Correct ir wrong?

And for the net asset computation.
The contingent liability was nt shown so we include at the date of acquisition which was 5 million. The question said the contingent liability was settled at the reporting Dat for 10.5 mill or something.

My doubt is do we put 10.5 million in net asset computation at the reporting date?

For the 10% disposal
Dr. Investment
Cr oce
Cr nci

For the contingent the 10.5 will not be recognised in the yr end as it was after yr end and the 5 will be used to deduct net asset at acquisition and reportinh

[mumbaikar]

@seannyd said:
Hi all

How did we find it?

I thought the question 1 was kinda straight forward – I had two subs to consolidate (80% for alston and 70% reduced to 60% for Plymouth).I got a negative GW for Alston(28m)I believe. Impairment was tested a lot, I had the PPE as impaired by 14m. The only thing that stumped me was the NCI movement of the disposal and finance instrument. I showed the instrumerment at FV at 49m with the gain to OCI?

Q3 was okay – more essay than numbers.

I didn’t like the look of Q2 so picked Q4..interested to know other thoughts?

Sean

Yes u r correct impairemt was 14
The financial instr yes it had to be 49

However hw was ur adjusting entry for investment properties?

[mumbaikar]

Hi..off topic
I by mistake shaded a wrong desk number and then cancelled corrected it!
Its fine right.as in my results wont be mixed up with the one whose number i shaded right? Although i corrected it

[mumbaikar]

Anyone remebers the csr audit procedures?

[mumbaikar]

And for question 2 the answers i felt mine were pure reptition example the auditors lacked some competence and required training!
What abt others? acca examiner dislikes repetition i guess

[mumbaikar]

@vorkath said:
Not necessarily.. business risk concerns the company as a whole.. as for RMM anything that may cause the FS to be materially misstated is fine

So i wrote for each division its fine ya?

[mumbaikar]

When writing business risk and material misstatements for boxer, did we have to write for risks for each division??

[mumbaikar]

Hi sir.
Then if matters significant are in EoM, then what KAM for?

[mumbaikar]

@ematete2005 said:
Let me try to assist. Significant financing component exists when consideration will be received after one year from the fulfilment of the performance obligation. in this case, the seller would have given finance to the customer in addition to fulfilment of the contract. The future receipt should be discounted and split between revenue and finance interest income. There is no financing component if the consideration will be received within one year from fulfilment of the performance obligation. For an example, have a look at a question called Verge, I think its from June 2013. Hope the Tutor will clarify.
Thank you.

The concern is the double entries for each i.e for arrears payment and payment in advance. Sometimes there is interest income at times finance cost. That is why i wanted to know double entries would hv been better. Thanks

[mumbaikar]

Like in IFRS 15 they say if significant component is involved then it should be discounted. Now i wanted you by using hypothetical numbers as an example to illustrate
1) how to account for advance payment by customers
2) how to account for payments in arrears
If all above involves significant component

[mumbaikar]

Yup fine ill try that thanks

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