P2 today

bongoboy

Got on alright - hoping to scrape over the line.
Below is what i can remember from the paper:


Q1 - Bal Sheet again ! Not as bad as June paper thankfully!
A piecemeal Acquisition & another sub we sold a share of.
ALso 6 marks on an AFS - we own 100%, i calculated a profit on sale 1.05m ??? and mentioned that AFS show on B/S, movement to reserves???

Other parts were ok.

last part Q1 was about ethics (7 marks), i waffled... a mark or 2 hopefully

Q2 - Impairments question, i suppose expected considering whats going on in the real world ... Theory part for 8 marks (+2 extra discursive) pretty handy.
Then the rest was okay as well - Just had to mention bring NBV down to recoverable amount first part
&
second part, when the recoverable amount is above NBV, just mention do nothing as irrelevent that the NBV is understated & that FRS11 objective not to restate upwards.
Any thoughts??

Q3 - took a while to see what they were asking,
1 part they mentioned that they wanted to use the Equity Method of accounting for a company we own 33% of ( I should know this no doubt!!! )
I waffled about it being an associated and we should consolidate our share of this but prob miles off???

Another part, provision for Decommioning cost going up half way through the 40 years. I just added the 12.9m to the NBV of 120m (240m x 1/2) & charged 1/19 years depreciation for the final year & ignored the part where they mentioned that the orig of 20m had now dropped to 18.5 due to cost of finance reducing.
(I like to ignore things when I dont know what to do with them )

Any thoughts???

Q4 - big chunk of theory on FRS25 & 26 - thought about doing it but then reckoned I would only be waffling so did Q3 instead...


No pensions, no leases, no Share based payments
& no deferred tax. Of course no P&L again !

- the heavy stuff which i had studied.
Crazy stuff, this paper really is a lottery :rolleyes:


How did you all go?

Tbh I am not hopeful ;/

Yea, Very strange, there was no almost 'must be' standards: share based payments, deferred tax, retirement benefits, leases ( I didn’t even read Q3, so don’t know what standards where there). A lot about impairments, fair values, Fin Instruments, a few provisions. I was surprised that P&L didn’t come up, but obviously they guy liked B/S.

re Q1, part one...i got a loss on disposal ;/

X

noeleenred

I hated Q1, also though it would be a p&l, I think most people did, no wonder he gave us a BS.

I think that once you do bad in Q1, you're not going to pass. I defo failed based on q1 and q3.

Nanoc

yeah I got a loss on the first disposal too but then on the 2nd sub i got a G/W asset which i'm sure is off the wall!! TBH was a crap paper all about provisions and Impairments which there is a lot of going on but like a whole paper on it ?!??

makes you annoyed after bothering to lear D/T, SBP etc.