Cap 2 2017

shanmo

And we're done!

The J Stands for Jay

shanmo wrote: »

And we're done!

Till Autumn anyway.

Rocketdog1905

At least FR was fair... please everyone give out mad about Finance in the survey it's my only hope!!! 🙈

The J Stands for Jay

Rocketdog1905 wrote: »

At least FR was fair... please everyone give out mad about Finance in the survey it's my only hope!!! 🙈

What was wrong with finance? I actually have managed to forget the exam by now

Tgt16

Don't think I done too well with some of the adjustments for FR Q1, so it'll be touch and go! I'll def be contributing to the survey.

shanmo

I wouldn't say fr was OK. It was a very deceptive paper if you ask me. Tricky.

I intend to make opinion heard in the survey anyway. About the exams and structure of the whole thing!

fishy_fishy

I found FR tough...

But showing up without any of my consol notes will do that

The J Stands for Jay

fishy_fishy wrote: »

I found FR tough...

But showing up without any of my consol notes will do that

I was so paranoid about that. Check I had them a few times last night. Even dreamt I forgot them. I thought it was pretty handy having a disposal consolidation, meaning the adjustments weren't as difficult.

Glad to see the DB pension question come up.

pixie11123

I made a note of most of my answers if anyone is interested.
SFMA
1a value 36,225 - 40,190
1f) Thought this question was hard to understand but range of 840-900
2a) 127,400
3a) forwards - 2,640,523, futures - 2,617,900 & 2,617,600

Financial Reporting
1a profit 10,340 & balance sheet total 13,654
Notes to question 1 -
1) Revalued loan stock to 250 per IFRS9 but i think you can apply amortised cost too.
2) No adjustment
3) 13,635 option reserve
4)Can't revalue the intangible but should amortise over 10 years and I reversed the 14&15 expenses of 420,000 but not sure if reversal was the correct treatment
5) Never seen a carrying value question with trade receivables so I ignored it but not sure that was correct to do. Impaired it by 253,000 ish anyway. Don't know why they said net of distribution costs? Was this to throw you off?

Followed a 2014 paper that had a disposal of a sub question and solution which made this mostly straightforward
2a - Profit 2,279
2b - Balance sheet total 62,125

ACAguy

Question one was odd 6 adjustments. One being a simple tax one. Adj2 no adjustment required. Simple enough share based payments. Loan stock should be ok. Adj 5 was just too big and then the intangibles one. The way they have given marks for certain things in these exams have been ridiculous. Consolidation 23 marks when ias 19 and the disclosures in q1 made
Up more than that. And with q1 god only
Knows how they allocate 36marks like I'm guessing it's only 6 marks an adjustment

shanmo

pixie11123 wrote: »

I made a note of most of my answers if anyone is interested.
SFMA
1a value 36,225 - 40,190
1f) Thought this question was hard to understand but range of 840-900
2a) 127,400
3a) forwards - 2,640,523, futures - 2,617,900 & 2,617,600

Financial Reporting
1a profit 10,340 & balance sheet total 13,654
Notes to question 1 -
1) Revalued loan stock to 250 per IFRS9 but i think you can apply amortised cost too.
2) No adjustment
3) 13,635 option reserve
4)Can't revalue the intangible but should amortise over 10 years and I reversed the 14&15 expenses of 420,000 but not sure if reversal was the correct treatment
5) Never seen a carrying value question with trade receivables so I ignored it but not sure that was correct to do. Impaired it by 253,000 ish anyway. Don't know why they said net of distribution costs? Was this to throw you off?

Followed a 2014 paper that had a disposal of a sub question and solution which made this mostly straightforward
2a - Profit 2,279
2b - Balance sheet total 62,125

If I could remember what I answered I would either be feeling some what comfortable or even more depressed right now haha.

I was way off on both balance sheets anyway. I could not see why they wouldn't balance.. Ugh. So crap.
The adjustments in q1 and 2 were deliberately worded very oddly in my opinion..

pixie11123

There will be easy marks like knowing how to do a SPLOCI and SOFP correctly and putting the figures from the TB in the right place.
The rest of the marks must be mostly from adjustments 4 & 5

shanmo

pixie11123 wrote: »

I made a note of most of my answers if anyone is interested.
SFMA
1a value 36,225 - 40,190
1f) Thought this question was hard to understand but range of 840-900
2a) 127,400
3a) forwards - 2,640,523, futures - 2,617,900 & 2,617,600

Financial Reporting
1a profit 10,340 & balance sheet total 13,654
Notes to question 1 -
1) Revalued loan stock to 250 per IFRS9 but i think you can apply amortised cost too.
2) No adjustment
3) 13,635 option reserve
4)Can't revalue the intangible but should amortise over 10 years and I reversed the 14&15 expenses of 420,000 but not sure if reversal was the correct treatment
5) Never seen a carrying value question with trade receivables so I ignored it but not sure that was correct to do. Impaired it by 253,000 ish anyway. Don't know why they said net of distribution costs? Was this to throw you off?

Followed a 2014 paper that had a disposal of a sub question and solution which made this mostly straightforward
2a - Profit 2,279
2b - Balance sheet total 62,125

Seeing this just made me realise I did the journal for reversing the intangible asset but didn't take it out of the balance sheet.. That would explain one reason for lack of balance.

shanmo

ACAguy wrote: »

Question one was odd 6 adjustments. One being a simple tax one. Adj2 no adjustment required. Simple enough share based payments. Loan stock should be ok. Adj 5 was just too big and then the intangibles one. The way they have given marks for certain things in these exams have been ridiculous. Consolidation 23 marks when ias 19 and the disclosures in q1 made
Up more than that. And with q1 god only
Knows how they allocate 36marks like I'm guessing it's only 6 marks an adjustment

Ya I thought that too. It had/has me wondering were we meant to be picking up something more within them or within the trial balance.
Like I said in a previous post, it was a very deceptive paper.
I don't even know where I'll get marks. Plus while it is good that you can scrape a couple of mark for presentation under exam pressure it's hard to keep neat, especially if you make a mistake. It's not like you have time to write it all put again so it's very neat.

All of these exams have been on a whole different level if you ask me..

I don't wanna keep analysing but man it's hard when you've put time into something and to be left so disheartened.

shanmo

pixie11123 wrote: »

There will be easy marks like knowing how to do a SPLOCI and SOFP correctly and putting the figures from the TB in the right place.
The rest of the marks must be mostly from adjustments 4 & 5

And that's where I will majorly lose marks. I'm terrible at putting the figures back in.

Tgt16

pixie11123 wrote: »

There will be easy marks like knowing how to do a SPLOCI and SOFP correctly and putting the figures from the TB in the right place.
The rest of the marks must be mostly from adjustments 4 & 5

I ended up capitalising the product. What was the reason not to - to put my mind at ease?

Also would there be less marks available for the tax adjustment?

pixie11123

shanmo wrote: »

Ya I thought that too. It had/has me wondering were we meant to be picking up something more within them or within the trial balance.
Like I said in a previous post, it was a very deceptive paper.
I don't even know where I'll get marks. Plus while it is good that you can scrape a couple of mark for presentation under exam pressure it's hard to keep neat, especially if you make a mistake. It's not like you have time to write it all put again so it's very neat.

All of these exams have been on a whole different level if you ask me..

I don't wanna keep analysing but man it's hard when you've put time into something and to be left so disheartened.

There's nothing at all to pick up in the TB, I have it here and its fairly straightforward. Perhaps the Retained Earnings being a debit might have thrown some people off but apart from that...
It's impossible to keep it neat under the time pressure in FR. My writing got progressively worse as the time flew by. I wonder how strict they are with presentation marks as they have to understand that people are going to make mistakes and cross stuff out to correct it as well as having to write quickly.

pixie11123

Tgt16 wrote: »

I ended up capitalising the product. What was the reason not to - to put my mind at ease?

Also would there be less marks available for the tax adjustment?

I capitalised the 650 from the current year but not the prior years. I read an example in the text book that said you can't defer development costs and capitalise them before trials have been passed but I'm not 100% sure at all as initially I left them all as capital.

I'd imagine there would be less marks for the simple tax adjustment but who knows.

Tgt16

pixie11123 wrote: »

I capitalised the 650 from the current year but not the prior years. I read an example in the text book that said you can't defer development costs and capitalise them before trials have been passed but I'm not 100% sure at all as initially I left them all as capital.

I'd imagine there would be less marks for the simple tax adjustment but who knows.

I ended up revaluing the product but I'm guessing that's wrong. I don't really like intangibles as a study topic, didn't think so many adjustments would come up on this. If I pass this exam it will literally be by the skin of my teeth.

The J Stands for Jay

ACAguy wrote: »

Question one was odd 6 adjustments. One being a simple tax one. Adj2 no adjustment required. Simple enough share based payments. Loan stock should be ok. Adj 5 was just too big and then the intangibles one. The way they have given marks for certain things in these exams have been ridiculous. Consolidation 23 marks when ias 19 and the disclosures in q1 made
Up more than that. And with q1 god only
Knows how they allocate 36marks like I'm guessing it's only 6 marks an adjustment

The adjustments were all handy enough. 12 marks for copying out of the books seemed a bit much alright.

pixie11123

Tgt16 wrote: »

I ended up revaluing the product but I'm guessing that's wrong. I don't really like intangibles as a study topic, didn't think so many adjustments would come up on this. If I pass this exam it will literally be by the skin of my teeth.

Can't revalue intangibles unless there is an active market for them as far as I understand.

The J Stands for Jay

Tgt16 wrote: »

I ended up capitalising the product. What was the reason not to - to put my mind at ease?

Also would there be less marks available for the tax adjustment?

This year's expenditure could be capitalized, but previous years couldn't.

123moose

'Perhaps the Retained Earnings being a debit might have thrown some people off'

Dam, I did not spot that at the time at all. Probably why it wouldn't balance!

ACAguy

Ye I just hate talking about exams after them it's just the fact that 6 adjustments. One of them being no adjustment one of them being a tax one and 36 marks. Ifrs 2 was ok. Like is there any marks for the figures in the accounts that don't change

shanmo

123moose wrote: »

'Perhaps the Retained Earnings being a debit might have thrown some people off'

Dam, I did not spot that at the time at all. Probably why it wouldn't balance!

I didn't notice either. Damn.

The J Stands for Jay

Is anyone else having trouble with the survey? I can't get past the last page...

shanmo

McGaggs wrote: »

Is anyone else having trouble with the survey? I can't get past the last page...

I just completed it with no problems.

Please everyone complete it.

The J Stands for Jay

shanmo wrote: »

I just completed it with no problems.

Please everyone complete it.

It doesn't like my answer to what I intending doing after qualifying, no matter which option I choose.

evad_lhorg

Any idea how much it is to repeat the exams? Asking for a friend.....

fishy_fishy

Good luck everyone.

Due to the impending sense of doom I looked up this:

evad_lhorg wrote: »

Any idea how much it is to repeat the exams? Asking for a friend.....

on the CA website. If you go into the store and search for "Exam" it comes up as €200, which I'm assuming is per subject.

Wish I'd studied more