[parthbhanushali]

haha! got it! Thankyou!

[parthbhanushali]

Hi Sir,

Please confirm that there will be no impact on ANY PARAGRAPH of the group Audit Report in this case.

[parthbhanushali]

So in this case, can I consider items that are more than 50% of PBT (For SOPL items) and more than 50% of Total Assets (For SOFP) to be substantial?

If an item is above materiality % and below 50%, will writing the following would be correct?

If this misstatement is not corrected, the auditor’s report should include a qualified ‘except for’ opinion paragraph at the start of report.
This paragraph should be followed immediately by a basis for qualified opinion paragraph which should explain the reasons for the qualified auditor’s opinion and which should quantify the impact of the matters identified on the financial statements.

If in auditor’s professional judgement, $0.3m, 14% of PBT represents a Substantial portion of SOPL, then the misstatement would be considered as material and pervasive, in which case an adverse opinion would be given on FS. With a statement that FS do not give a true and fair view in “Opinion para” and a “Basis for Qualified Opinion para” explaining the relevant misstatement and its effects.

[parthbhanushali]

Okay! I will not use the short forms for current/prior year.

For others, eg, FV , PV(present value) , TCWG, SOFP, SOPL, SOCF, SOCIE, do I need to mention their full forms in the end or at start of the briefing note?

[parthbhanushali]

Thankyou sir!!

Thankyou for all of your replies!

[parthbhanushali]

Please help me understand this following para (para 32) of IAS 21:-

Exchange difference arising on a monetary item that forms part of a reporting entity’s net investment in a foreign operation (see paragraph 15) shall be recognised in profit or loss in the separate financial statements of the reporting entity or the individual financial statements of the foreign operation, as appropriate. In the financial statements that include the foreign operation and the reporting entity (eg consolidated financial statements when the foreign operation is a subsidiary), such exchange differences shall be recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment in accordance with paragraph 48.

[parthbhanushali]

Thankyou for your response sir.

Could you please confirm if the following statements have been officially made by ACCA:-

1. One question will always predominantly come from syllabus area E , in section B

2. The other Section B question can be drawn from any other syllabus section, including A, B, C, D and F.”

Promise – this is the last question for this topic. 😀

[parthbhanushali]

Hi sir,

Thankyou for the insight.

Also, currently my syllabus area E and F, both are pending. If I had to choose one syllabus area, which one would you recommend.

Based on what I had read in Kaplan, There will be one for sure question from syllabus area E. I wanted to understand if the examiner himself has given this insight or this could be comment of kaplan.

P.S – AAA is my last paper. In all my professional papers I was only able to attempt maximum of 75 marks due to my speed issues. Even though, I have cleared all the papers in first attempt.

[parthbhanushali]

P.S – I also request any student who has prepared this list to share it here. It would be very helpful for revision.
Thanks in advance 🙂

[parthbhanushali]

Okay. I understand your point.

So, generally can a point of “Informing the client about misstatement and required changes” be considered as “Audit Procedure”?

I am not asking for any one particular question.

“Informing” is a verb and auditors often do this activity, hence i am assuming it can be a point for audit procedure.

[parthbhanushali]

So if we consider the rules of IFRS 15 and 16 today, Please let me know if the following treatment will be correct or not:-

Hence the Journal entry will be:-
Cash Dr. 37m
financial Liability Cr. 37m

Asset should be recognized at 27m (unless the co. is planning to revalue the entire class of that asset. Single asset cannot be revalued.)

[parthbhanushali]

Did you get a rank?

[parthbhanushali]

Please guide me how to rectify this problem if I face this in remote exam.

Currently I have not faced this problem in practice platform. This has only happened in live exam.
Pressing the “Insert” or “Delete” did not trigger the overwriting feature in MsWord or practice platform.

I am using Windows 10 currently.

[parthbhanushali]

Dear Sir,

I had faced the following problem in my previous remote exam-

For example if I have typed a paragraph and now I want to change/add a word/line in between the para.
As soon as I started typing the additional word, it would not add that word but would replace the next (already typed and correct) letter.

Why would the cursor replace instead of just typing. It seemed like a bug. Please let me know if there is a way to avoid this because it was too time consuming and resulted in me panicking in exam.

[parthbhanushali]

What should have been my approach if following verbs were used in this question :-

1) Analyse the rationale
2) Assess the rationale
3) Critise the rationale
4) interpret the rationale
5) state the rationale
6) summarise the rationale

[parthbhanushali]

Passed with 59 without any coaching class.
It would not have been possible without John sir’s support. Great job opentution!

[parthbhanushali]

sir please reply. I have my exam in next 3 hours.

sorry for the last moment queries. But please help asap

[parthbhanushali]

If you say that,”Co. is not paying any tax on sale proceeds” why does the question say that sale value of $4m is AFTER TAX?

please help me here sir!

[parthbhanushali]

Thankyou Sir!!

Knowing that if I get stuck somewhere you will be there to save ,is a big relief sir!

[parthbhanushali]

As per my understanding, we interpolate.

Interest rate parity is used to cal exchange rates say after 1 year. They are not to be used for cal of Forward market rate.

For interpolation refer asnwer to Question- LAMMER PLC.

[Author]

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