Wednesday, 7 June 2017

Review ACCA P2 Corporate Reporting June 2017

Assalamualaikum & Selamat Malam 

Just done with my P2 paper for second attempt today. Soalan susah. But the question is, pernah ke soalan ACCA senang? *sigh* Without any further ado, let's have a brief review on P2 paper this June'17.

Question 1 - Consolidated Statement of Financial Position (Diamond Group)

This is as per our expectation. Thus, nampak soalan dah senyum. But then, what kind of adjustment being tested? Well, I'm just going to share those parts which sounds complicated to me.
  • Piecemeal acquisition of Club - FV of initial acquisition and NCI interest being measured based on market price. However, there is difference between figure if investment in SOFP and figure calculated -- ((500+(1.60*40%*700)) 948 vs 928?
  • Associate to Trade Investment -- Investment in Heart. 25% to 15% -- Dispose 10%.
  • Financial Instrument -- Bond. (This one Ary totally out. Have no idea what kind of adjustment should be done).
  • Defined Pension Scheme - settlement / curtailment. 
  • PPE -- alteration/restructure cost and restoration cost.
Actually, those are normal adjustment. The question sounds simple. If we really practice and understand standards, should have no problem in making adjustment.

Part (b): This one pun ary totally out. The question state that Diamond would like to improve its liquidity by sell receivables to debt factor *which is ary tak tau apa kebenda binatang tu.* So, two alternatives  being given. As a professional, we need to evaluate and provide our analysis to Diamond.

Part (c): Ethical issue related to debt covenant? Again, I'm losing marks.

Question 2 -  Transactions related to Hollie. This question is much much more better than question 3 and 4. So at least, I know what I'm doing and answering. Ary rasa cukup lah ary just bagi topic for the sub questions.
  • Share based payment -- what Hollie currently doing and what they are suppose to do.
  • Foreign exchange -- Purchase/Depreciation/Gain on revaluation/Lease
  • PPE -- Purchase/Depreciation/Impairment/Contingent Asset/Changes of Accounting Policies and Estimates

For question 3 and 4, rasanya tak perlu lah ary kongsi. Sebab memang dah out sangat. Confuse topic apa. Actually, kalau tau topic apa, tak tau nak buat adjustment. LOL. I guess I just need to study more. It's ok, ary. Study for life. Not just to pass exam.

Btw, all the best for others who are still awaiting for their paper!

No comments:

hasil tulisan