Exam Guide Dec 2013 (P2 Corporate Reporting)
Question 1
(a) Consolidated Financial Statements (Do not Spot!)
- Vertical/Mixed group
- Foreign operation (Closing Rate method)
- Piecemeal acquisition
- Disposal
- Group cash flows
Accounting standards integrated in Consolidated Financial Statements (At least 3 from below):
- IAS 16 Property, Plant and Equipment
- IAS 36 Impairment of Assets
- IAS 38 Intangible Assets
- IAS 19 Employee Benefit
- IAS 21 The Effects of Changes in Foreign Exchange Rates
- IAS 28 Investments in Associates and Joint Ventures
- IAS 37 Provisions, Contingent Liabilities and Assets
- IFRS 9 Financial Instruments
(b) Theoretical element on group context
- IFRS 9 Financial Instruments
- IFRS 3 Business Combinations
- IFRS 13 Fair Value Measurement
- IFRS 11 Joint Venture Arrangement
- IFRS 10 Consolidated Financial Statements
- IAS 27 Separate Financial Statements
- Analysis on the group cash flows
- Difference between direct and indirect method
(c) Ethics
- Explain the difference between being ethical and mere compliance of the Accounting Standards
- The case mentioned contains element of “Creative accounting” to mislead financial user
- Student need to address the unethical behavior or accounting treatment proposed by the Director
- Recommend a proposed solution
Question 2
(1 or 2 Accounting standard(s) )
At least 6 of the followings:
- Restructuring: Transfer of Subsidiary to Sub-subsidiary or vice versa (Refer Q2 Dec 2011)
- IAS 10 Events after reporting date
- IAS 16 Property, Plant and Equipment
- IAS 17 Lease
- IAS 18 Revenue
- IAS 24 Related party disclosures
- IAS 38 Intangible Assets
- IAS 19 Employee Benefit
- IFRS 2 Share Based Payment
- IAS 37 Provisions, Contingent Liabilities and Assets
- IFRS 9 Financial Instruments
- IFRS 11 Joint Venture Arrangement
Question 3
(At lease 4 Accounting Standards)
- IFRS 10 Consolidated Financial Statements
- IFRS 12 Disclosure of Interest in other entities
- IFRS 13 Fair Value Measurement
- IAS 27 Separate Financial Statements
- IFRS 5 Assets Held for Sale
- IFRS 3 Business Combination
Question 4
- IFRS 9 – Draft Chapter 6 Hedge Accounting
- ED Revenue from contracts with customers
- ED Investment Entities
- ED Financial Instruments: Amortised Cost and Impairment (inc
- expected loss approach)
- ED Improvements to IFRSs
Monday, 25 November 2013
F7 Tips for Dec 2013 exam
Exam Guide for Dec 2013 (F7 Financial Reporting)
Question 1
Consolidated SOPL&OCI and SOFP
- Parent and Subsidiary
- Calculation of Full goodwill
- Pro-rated income for Sub
- Unrealised profits
- Apportionment for Other Comprehensive Income between Parent’s shareholders and NCI
- NCI Calculation
Consolidated SOPL
- Parent, Subsidiary
- Fair value adjustment and additional depreciation
- Calculation of Full goodwill
- Unrealised profits
- Inter company interest income/expense cancellation
- Apportionment of Other Comprehensive Income between Parent’s shareholders and NCI
- NCI calculation
Question 2
Preparation of SOFP, SOPL and SOCE
- Depreciation adjustment i.e. straight line and reducing balance
- Nominal interest vs effective interest; Calculation of Amortised cost for Loan payable
- Revenue and Cost of Sales adjustments i.e. Sale or return, Agent vs Principal income recognition (IAS 18 Revenue)
- Current Tax and Deferred Tax adjustment (IAS 12 Taxation)
- Dividend calculation
- Accounting standards (Two of the followings):
- IAS 8 Accounting policies, changes in estimates and errors (Fraud)
- IAS 17 Lease (Finance lease wrongly treated as operating lease)
- IAS 36 Impairment of Assets
- IAS 38 Intangible Asset
- IAS 32 Financial Instruments:Presentation (convertible loan note)
- IFRS 5 Disposal of Non-current asset and Discontinued operation
Question 3
Statement of Cash Flows
Combination of cash flows and Ratio analysis
Question 4
(a) Accounting concepts i.e. Faithful representation, Accrual, Relevance, etc. from the Conceptual Framework for Financial Reporting
(b) One or more of the following standards:
- IAS 10 Post Reporting Period Events
- IAS 38 Intangible Assets
- IAS 17 Lease
- Substance over From
Question 5
One or more of the following standards:
- IAS 36 Impairment of assets
- IAS 32 Financial instruments: Presentation
- IAS 37 Provisions, Contingent liabilities and assets
- IFRS 3 Business Combination
Question 1
Consolidated SOPL&OCI and SOFP
- Parent and Subsidiary
- Calculation of Full goodwill
- Pro-rated income for Sub
- Unrealised profits
- Apportionment for Other Comprehensive Income between Parent’s shareholders and NCI
- NCI Calculation
Consolidated SOPL
- Parent, Subsidiary
- Fair value adjustment and additional depreciation
- Calculation of Full goodwill
- Unrealised profits
- Inter company interest income/expense cancellation
- Apportionment of Other Comprehensive Income between Parent’s shareholders and NCI
- NCI calculation
Question 2
Preparation of SOFP, SOPL and SOCE
- Depreciation adjustment i.e. straight line and reducing balance
- Nominal interest vs effective interest; Calculation of Amortised cost for Loan payable
- Revenue and Cost of Sales adjustments i.e. Sale or return, Agent vs Principal income recognition (IAS 18 Revenue)
- Current Tax and Deferred Tax adjustment (IAS 12 Taxation)
- Dividend calculation
- Accounting standards (Two of the followings):
- IAS 8 Accounting policies, changes in estimates and errors (Fraud)
- IAS 17 Lease (Finance lease wrongly treated as operating lease)
- IAS 36 Impairment of Assets
- IAS 38 Intangible Asset
- IAS 32 Financial Instruments:Presentation (convertible loan note)
- IFRS 5 Disposal of Non-current asset and Discontinued operation
Question 3
Statement of Cash Flows
Combination of cash flows and Ratio analysis
Question 4
(a) Accounting concepts i.e. Faithful representation, Accrual, Relevance, etc. from the Conceptual Framework for Financial Reporting
(b) One or more of the following standards:
- IAS 10 Post Reporting Period Events
- IAS 38 Intangible Assets
- IAS 17 Lease
- Substance over From
Question 5
One or more of the following standards:
- IAS 36 Impairment of assets
- IAS 32 Financial instruments: Presentation
- IAS 37 Provisions, Contingent liabilities and assets
- IFRS 3 Business Combination
Thursday, 8 August 2013
When I was a college kid (Part 3)
When we meet failure, we have to
look from ourselves to find where we went wrong. But before we can think
rationally, the moment we receive our results we will be overwhelmed by
emotions. If it is a pass, we will be overjoyed and if it is a fail, frustration
and negativity shall loom. We have to get over that emotion first before we can
think straight and rationally.
It was result day yesterday and my mood is very difficult to explain. It is complicated. I was on my smartphone almost the entire day. When I hear passes, I share their joy and when I hear failure, I share their sadness.
ACCA is an exclusive club that only admits members not by invitation but by really earning it. That is why employers respect us.
If you are still on your way, don’t give up. It shall be your turn soon. If you are tired, it is okay to take a break. I took mine and I still complete the race, in fact, my break reinforces my determination.
Confiding in someone allows us to
pour out our feelings. Frustration, anger, sadness and all the negative
emotions have to manifest first before calmness can ever appear. Once we have
accepted the result then only can we correct our mistakes. We need a clear mind
to think unbiasly.
ACCA’s toughest test is not the
exam questions but the test of accepting failure sometimes and picking up yourself
again in the shortest possible time and telling yourself you are okay and then,
continue your journey again. This time choose a different path.
A quote from Albert Einstein:
‘Insanity is repeating the same mistakes and expecting different results’.
Sometimes, students thought I
would be annoyed if they choose another lecturer and they avoided me. I know
most lecturers have small heart but not me. If I can’t help you to pass, I will
definitely encourage you to choose another lecturer. Every lecturer has his or
her own strength and perhaps that strength is the weakness that you are trying
to overcome. Student always tell me that my strength is in consolidation and
exam technique.
When you wanted to know more
about a particular topic, you won’t buy books written by only one author. If
fact your shelf would be filled with books from many different authors. So, why
limit yourself to only one particular lecturer. Different lecturers would give
you different insights. What matters most is that you PASS.
You need all the help you can get
and rest assured that I will give you my full support. Just that at times I am
constrained by the system. At one hand I wanted to offer help for free and at
the same time I also have paying students. Still I need to earn a living and I
hope that one day I could offer my lectures for free but then again this would
affect the livelihood of other lecturers and colleges. You just can’t please
everybody.
I gave it very deep thought and I
need to differentiate paying from non-paying students and that is why I have
created two groups in Facebook i.e. F7Dec2013 and P2Dec2013 groups. I will post
my slides and answer any questions posted where the public can view. However, I
may have to encrypt some video files uploaded to be viewed exclusively only by
paying students.
Some students told me that I have
focussed too much on calculation and I have accepted my mistake and that is why
I have changed my style to focus on explaining the accounting standards and
unfortunately this has taken up the time to do more past year questions.
However, I found that most students like it better when the standards are
explained. In fact, most of the explanation could be found in study texts. You
just can’t have the best of everything. There is always a trade-off.
This time round I have added
Powerpoint slides in my lecture and gave the slides hand-out to students before
the class to reduce note taking. I have centred my lecture on explaining the
reasoning behind the accounting standards rather than focusing purely on doing
questions in class. Where possible I would squeeze in a question or two. I was
hoping to do more videos on past year questions but it is really taking a long
time and effort. Sometimes, I wonder if students have time to view all the
videos.
Result dayIt was result day yesterday and my mood is very difficult to explain. It is complicated. I was on my smartphone almost the entire day. When I hear passes, I share their joy and when I hear failure, I share their sadness.
I remembered back to the time I
failed my exam. During my time, I have to retake all 3 papers including the
ones I already pass. It was very disappointing when you can’t get to keep the
paper that you pass. That is why most students gave up ACCA in the end. I have
a friend who sat for 3 sittings and pass a different paper each sitting but
ended up with not a single pass. He was born at the wrong generation; he would already
be an ACCA if he sat for the papers now.
Failing exam hurts very much that
nothing can heal that feeling. The worst part is when your friends ask you for
your result. Sometimes, you just wish they won’t ask as you don’t even want to
talk about it, not least being reminded about it. That is why I won’t ask my
students and if there is good news, they will definitely tell me.
Every lecturer will feel guilty
when their students didn’t do well. We just wish that there is something we can
do to help. Every bad news is like a needle piercing through my heart, even
when the student passes at the subsequent sitting the scar is always there. I
always hope that the pass could come at the first attempt.
When I receive the bad news on my
result, I felt that I just wanted to be alone and go away to another universe if
possible, far away from any living soul. Let me live there forever, not having
to face any single person any longer. It took me a while to recover and realise
that leaving this world would do me no good. Some more it is impossible. Then,
the most I could do is to lock myself up in my room and never ever to come out.
I realised that we all have felt
that kind of feeling before, at some point in our life. I just couldn’t hold
myself together because ACCA means a lot to me, it is my life, my pride and it
is what I live for. It is a passport for poor people like me to have a better
life. I bet my life for this, I quit my job, I used up my savings and I am
devastated. Tears won’t do me any good because it can’t change my result. I was
so close and yet so far. It was the final 3 papers.
The days passed and my mood didn’t
get any better. It was difficult to get over that very strong emotion that I am
a loser, I am good at nothing. I wanted to erase all this from my memory and it
was very torturing. I woke up each day facing the same emotion day after day.
The emotion gets worse each day.
Finally, I looked into the mirror.
I was in such an agony situation. What have become of me?
Then, the defining moment came, I
feel that emotion deep in my heart, I feel the pain, so unbearable, how much it
hurts me, how much suffering I have endured and I tell myself, yes I told
myself, “ENOUGH IS ENOUGH! This is the LAST TIME I am going to have this
feeling. I ACCEPT the result but this is not the end. I still BELIEVE I am BETTER
and VERY MUCH BETTER than what they mark me as. I am going to show them,
I AM ACCA material.”
I pulled myself together. I have
a choice and I choose to fight rather than give up. This is only a temporary setback
and I will come back again. And I will come back stronger. I ask myself what I
did wrong. I looked back to my books and I can’t see my mistakes. I searched
everywhere but I couldn’t find it. I didn’t sit for exam the next sitting.
I continue my lecturing and put
aside my ACCA dream. I went on to fulfil my students’ dreams. I was lecturing
LCCI Business Statistics. It was almost a year I kept this within my heart.
Every once in a while, it (ACCA dream) felt like wanting to explode out of my
heart. But I have to contain it until a suitable time comes.
The feeling is like you have an
unfinished business waiting for you. Every day the feeling grows and you just
can’t hide it. Just can’t get rid of it. It is like ACCA keep on calling you. Do
you know before my time, ACCA was actually known as CACA. Many people made a
joke of it saying it stands for ‘Come Again, Come Again’. Perhaps, that is why
it was renamed ACCA later.
Anyway, looking back it was kind
of fated that I took a break from ACCA. Sometimes, we need to come out of the ‘problem’
in order to see things clearly. It was like suddenly the burden was lifted.
When you are far apart from what
you used to pursue, you see yourself clearer, you see what matters most to you,
only then, you know what you wanted most of all. When two lovers are far apart,
absence makes the heart grow fonder. Then only you know ACCA and you are made
for each other. ACCA completes you.
Tell this to your friends who
have just pass ACCA. They will tell you that all those sufferings, torture,
tears, frustrations are all worth it because they just can’t explain to you the
feeling that they are having now once they pass. It is like when something hurts
the deepest, that something also brings the greatest joy you have ever
experienced. I jumped up in the air when I receive my final results later. Well,
I will save that for my next story.
If you have pass ACCA, Well done,
my comrades!ACCA is an exclusive club that only admits members not by invitation but by really earning it. That is why employers respect us.
If you are still on your way, don’t give up. It shall be your turn soon. If you are tired, it is okay to take a break. I took mine and I still complete the race, in fact, my break reinforces my determination.
Wednesday, 7 August 2013
When I was a college kid (Part 2)
My direct family members are
extremely supportive of my ACCA pursuit but I find that it is not always true
with some of my friends and relatives, they would be delighted if friends or
relatives’ son turned out to be a failure. Perhaps, the burden of having
successful friends or relatives takes away the limelight of their own
achievements. Sad but true.
Envy is the work of the devil
When I was small, I too felt envy when I see other kids throwing a birthday party and invited me but I never get a chance to throw a birthday party for myself and invite them.
During those days, I dug out all the loose change that I used to keep and buy Gardenia bread. One loaf can last for 3 meals per day. Having fully excavated all those loose change, finally, I have to starve for three days surviving only with boiled water. When I saw my housemates cooking instant noodles, I could hear my stomach rumbling but I am just too shy to ask.
Let ACCA strengthen family ties
Envy is the work of the devil
I have friends and relatives who
are quick to show resentment on their luckier and more successful friends or
relatives and usually this happened unconsciously. I don’t blame them and
neither should you. Perhaps envy has become some sort of a habit to them.
Forgive them for they exist to
test our determination. Their hurtful words, gossips and discouragement will
fade and evaporate once they know you stand even stronger and are unmoved.When I was small, I too felt envy when I see other kids throwing a birthday party and invited me but I never get a chance to throw a birthday party for myself and invite them.
My family was poor and my Dad
never flew on a plane before until after he retired at 55 years old. The first
time he flew was with me to KL in 1991 to visit my brother who was still
studying in UPM, Serdang. We stayed at YMCA, Brickfields and we would take the
taxi to Petaling Street. At the time, the pedlars were all Cantonese speaking
Chinese guys. Bargaining is the norm in Petaling Street then as it still is now.
Only difference is that if they agreed to your price but you didn’t buy, then they
will scold you $#!?<%(Cantonese version). Now, it is @≠©-0(Bangladesh version).
Now back to my college days…
Taking ACCA papers is just like riding
a motorbike at night without any headlight or streetlights on. You just don’t
know when there is a turning around the corner or there is a bump in front and
you need to slow down. Sometimes, you banged into something and you still don’t
know what hit you. But you just climbed up your bike and continue to ride
again. Count yourself lucky if you managed to avoid all the pit falls and pass
ACCA on each first attempt.
I only understood all this after
I started lecturing. Most of the times, we are putting students at risk when we
spot topics. But still, we continue doing so, as no one can study everything in
a couple of months and sit for the exam. That is why the stress level is very
high. Too short a time and too much of the syllabus. Each Professional level
paper is actually taken from a single subject at the Masters level which
normally takes about 9 months to complete. And here we are, squeezing that
paper into 4½months to be exact.
Not forgetting some students take
ACCA part time while working. Time and energy are such rare scarcity for them.
Like I mentioned earlier, full timer’s distraction is usually love relationship
but part timer’s distraction is usually work related or even that annoying superior
that has been breathing down your neck.
Most students didn’t know that I
was also in that kind of dilemma at one time. Before I attended TARC, I have
been working for almost 4 years, trying to save enough to continue my studies.
I tried attending evening classes after work and failed as I was dozing off
most of the time. In the end, I decided to quit my job in Singapore and enrol
to TARC. It was an easy decision because my wife also intends to further her
studies in KL back then.
As far as I know, my students who
quit their job to take up full time study all made it through ACCA. Of course,
make sure there is sufficient savings before you quit your job and don’t take
longer than 2 years or else your resume won’t be impressive. If you are really
contemplating to quit your job and study full time, my advice would be to do
that in the Professional papers (P1 to P7) rather than the Foundation papers.
As for me, I started from F1 all
over again (during my time it was called Paper 1). I lost the fire when I reach
the Professional level, I could have just given up then and I really almost
wanted to give up. My reason was because my fund runs out in the final year. Your
motivation would be negative when your wallet is empty.During those days, I dug out all the loose change that I used to keep and buy Gardenia bread. One loaf can last for 3 meals per day. Having fully excavated all those loose change, finally, I have to starve for three days surviving only with boiled water. When I saw my housemates cooking instant noodles, I could hear my stomach rumbling but I am just too shy to ask.
My ego took a huge blow when my
wife suddenly checked my wallet and found it to be empty. Then, she slipped in
a hundred ringgit note there. She was upset that I didn’t tell her my financial problem.
It was the most embarrassing moment in my life accepting money from my wife and
all that pride that you have been holding on to all this while came crushing
down. That same moment was also the defining moment in my life that the next
time, I will be the one giving to her. So far, I have kept that promise which I made
to myself.
In 2007, she resigned from the
only one company that she has worked for since graduation, after working there for
more than 7 years. Now, she is a full time housewife though she yearns once in
a while to work again. I have not told her the promise I made unless of course
if she reads my blog, which I think she will.
Well, the hundred ringgit means a
lot to me and I can never forget that. I have gone down so low in my life that
I have to accept money from my girlfriend. Any girl would have just dumped me
and moved on but she stayed. At the same time, there are other guys in the
university and I shall leave that for another story.
I was touched and still am for
what she did then, stayed on for a poor guy like me.
Before long, the hundred ringgit was
used up. Fortunately, my father and brother chip in to cushion me through the
rest of the year. Looking back, I understood why I have to go through that. I
failed to plan properly and did not incorporate additional expenses such as
exam fees, transport costs, furniture, books, etc.
If you are considering quitting
your job and study full time, please plan it properly and also have a back-up
plan in case it didn’t work out. Worse come to worse, go back to work again.Let ACCA strengthen family ties
I also find that family members
play very important role not just financially but also spiritually. My source
of motivation during my college days are my family members. They are like powerful
life forces that keep you charged when you face life challenges. When you are
at your lowest, they will be there unconditionally for you. When you need help,
who else would be offering help willingly besides your family members.
I find that nowadays, technology
has distant us from our family members instead of bringing us closer like when
telephone was first invented. This is really such a paradox! Many suicides
could have being prevented if only someone is there for the troubled. Don’t
suffer in silence, confide in someone you can trust.
Remember that your family members
want what is best for you. When I was in college, most of my classmates are not
close with their family members. Usually, I only heard one side of the story
that their parents only doted on their younger siblings and not them. Maybe it
could be true but perhaps parents may think that elder siblings are more
independent and matured and doesn’t need their help and attention. So you don’t
see much of their concern because you never needed it before.
But now, as you embark on this
journey it is different and you would be tested to your most fragile state.
ACCA demands a lot from us. It seems there is no mercy shown. If a student
didn’t make the mark, markers won’t hesitate to fail the student. I find that
the earlier you accept this fact the better you become at passing the papers.
You need your family members to
be your pillar of strength, you just have to ask and they will listen. You just
have to tell them you need someone to listen to your feelings, not judge you
and not to give you any suggestion or opinion. And they will listen.
Upon graduation, it will be
meaningless if you have to go on stage to receive your scroll and there is no
one, no family members to witness your glorious moment. Share your joy and
tears with them. Then only this ACCA journey becomes more meaningful.
When I was a college kid (Part 1)
There I was being a college kid again
and those memories; sweet, sour and bitter all came flashing back to me as if
it only happened yesterday. So as I looked back, I wasn’t outstanding in my
studies, neither was I very active in extra-curricular activities in college. I
was just the ordinary guy who attends lectures, tutorials and occasionally skip
a dozen or so of such lectures.
Like most other full time students in TARC, I stay in a ‘student populated’ rented house and there is one thing good about that, we do not own a TV set. That at least got rid of one major distraction because during our time TV is the only form of entertainment besides movies. Come to think of it, the last time I watched TV was during the badminton match between Datuk Lee Chong Wei and Lin Dan. That was like ages ago.
So, perhaps you too might share
the same experience and notoriety as me. Hey! Can’t blame us, we are young only
once. I bet you that your parents won’t even tell you the mischief they did
during their college days. I just want to be honest with my students and let
them know that whatever that is going on in their mind and heart is normal and
everyone has gone through the same experience. We all have lived through that
and we are doing fine now.
Back then even before enrolling
for college, I already knew my girlfriend who is now my wife. To this date, we
have known each other for 18 years from the first day we met in Singapore. She
studied in UKM, Bangi while I enrolled to TAR College, Setapak. You might ask
how come I didn’t apply to UKM. Anyway, I got rejected by UKM because I only
sat for 4 papers in STPM. Those days, the university will calculate our credit
points for admission and most people sat for 5 papers while I sat for only 4
papers. But, like what Steve Jobs said about connecting the dots… now I
understood better why I enrolled to TARC instead. Otherwise, I wouldn’t have
met those wonderful TARC (now TARUC) students that I lectured last semester.
Skipping lectures doesn’t seem
like what any lecturer would tell their students to do, not least admit that they
have done just that. However, there is a point I would like to raise here that
having full attendance doesn’t mean the student deserves a pass.
So what makes a pass or a fail?
To be downright honest, lecturers
only contribute 30 to 40% of the passes by spotting on the right topics or
devising a better method to understand and tackle the questions while the
remaining 60 to 70% has to come from the student’s own effort.
Conjuring is the art of distractionLike most other full time students in TARC, I stay in a ‘student populated’ rented house and there is one thing good about that, we do not own a TV set. That at least got rid of one major distraction because during our time TV is the only form of entertainment besides movies. Come to think of it, the last time I watched TV was during the badminton match between Datuk Lee Chong Wei and Lin Dan. That was like ages ago.
Now, I find students barely
watched TV which has long been replaced by Facebook or other internet
addiction, perhaps games or PPS or whatever. Times changed but our attitude or
rather addiction doesn’t. Nowadays, students are easily distracted by so many
stuffs.
During my college days, my only
distraction would be the weekends that I would ride my bike to meet my
girlfriend in Bangi. It might be very ‘sensitive’ to call your girlfriend a
‘distraction’ but face it, anything that takes time away from your studies
distracts you. It gets worse after you got back from the date and you just
can’t stop thinking; not so much about your books but her. So what did I do? Sometimes
I wish that our mind has a remote control that we can switch channel with just a
press of the button.
My roommate was very envious
initially as he was single. It wasn’t until he had found himself a girlfriend
that he realised he was blessed to be single. His was a sad story. He stopped
ACCA after he broke off with his girlfriend. The post-break up was really like
hell not just for him but for all our housemates. He was like trying to pick up
a fight with everyone and it was like the world owes him something. In the end,
everyone avoided him and finally, he moved out.
Every now and then, I regretted for
not being an understanding friend when he was having problems. He picked up
smoking, cursing and later became anti-social. At that time, I couldn’t
understand his behaviour and I don’t think he also understand why he behaved
that way. To him, his girlfriend is everything for him, his life, his future,
his everything. And imagine losing all that when the girl wanted to break off
with him, it must have hurt a lot!
I can see that he loves her very
much but every time when they go out happily, they always ended up quarrelling
back home. All of us get very worried that either one of them might do something
stupid.
For me, every couple would
quarrel every now and then, and the best thing to do when both parties are very
agitated is to just keep quiet. We say the worst things when we are angry and
usually words that we didn’t really meant, words that hurt people, words that
we would regret saying later. Once those words come out, we can’t take them
back.
Whatever it is, step away from
the argument and tell the other party that you need some time to calm down.
Hey! If anyone tells you that he/she needs time to calm down, you would give
him/her space even though you are angry too, right. In fact, that would be the
best thing to do in any heated argument. Give each other space and time to
think it through.
My roommate was not fortunate as college
life didn’t end well for him. I know that many guys don’t recover after
break-up and worst, they stopped their studies after the break-up especially if
the girl is also taking the same course. Take my advice, if you really want to
have a girlfriend, find one from other courses otherwise someone’s ego is going
to take a beating when that someone gets stuck in some papers while the other has
already completed ACCA.
Family matters
Up to now, there is only one
exception that I know of. There is this one couple where his girlfriend
graduates first and he insisted on taking a photograph with me during his
girlfriend’s graduation and he promised me that the next graduation will be
his. True enough, he graduated the next sitting and this time his girlfriend
took the picture for us. Later on, he recommended his brother to the class too.
Wow! It is really a family ACCA event for them.
To any ACCA student, the goal is
to complete all the ACCA papers. It sounds easy but along the way, we faced many
challenges: physically, mentally and for some even financially. People closest
to us be it our girlfriend/boyfriend, wife/husband, parents and for some even
their kids need to understand that ACCA matters a lot to us.
It is a challenge that we have
committed ourselves when we choose to study ACCA. Nobody forced us. To some of
our friends and relatives; they probably are pouring cold water on us, one pail
after another. Some are very direct they tell it straight to your face while
others may say it behind your back.
When I told my colleague that I
am going for ACCA, she told me straight in my face that I can’t pass ACCA. She
is an engineer and her friend, a smarter engineer than her took ACCA and couldn’t
pass. I told her confidently, “I will complete ACCA.” She apologised to me the
next day. She meant no harm, just that she is concerned I couldn’t complete my
studies. I said, “It is okay, I know.”
From then on, I have to live up
to my words. My family and my wife are very supportive to me and I count myself
very lucky indeed. Throughout my studies, they didn’t give me any problems. Their
emotional support is already enough. I always tell myself that I do not want to
disappoint them. I will make them proud once I earned my ACCA. That day will
come.
It came true for me and it will
happen for you too.Monday, 20 May 2013
Exam Guide for ACCA F7 Financial Reporting June 2013 Exam
Exam Guide for June 2013 (F7 Financial Reporting)
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Question 1
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Consolidated SOPL&OCI and SOFP
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Parent and Subsidiary
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Calculation of Full goodwill
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Pro-rated income for Sub
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Unrealised profits
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Apportionment for Other Comprehensive Income between
Parent’s shareholders and NCI
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NCI Calculation
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Consolidated SOFP
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Parent, Subsidiary and Associate
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Fair value adjustment and additional depreciation
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Calculation of Full goodwill
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Unrealised profits
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Inter company balance cancellation
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Cash in transits
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Apportionment of Other equity reserve between Parent’s
shareholders and NCI
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NCI calculation
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Question 2
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Preparation of SOFP, SOCI and SOCE
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Depreciation adjustment i.e. straight line and reducing
balance
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Nominal interest vs effective interest; Calculation of
Amortised cost for Loan payable
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Revenue and Cost of Sales adjustments i.e. Sale or
return, Agent vs Principal income recognition
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Current Tax and Deferred Tax adjustment
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Dividend calculation
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Accounting standards (Two of the followings):
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IAS 11 Construction Contracts
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IAS 17 Lease
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IAS 38 Intangible Asset
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IAS 36 Impairment of Assets
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IFRS 9 Financial Instruments (convertible loan note)
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Question 3
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Statement of Cash Flows
Combination of cash flows and Ratio analysis
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Question 4
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(a)
Accounting concepts i.e. Faithful representation,
Accrual, Relevance, etc. from the Conceptual Framework for Financial
Reporting
(b)
One or more of the following standards:
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IAS 38 Intangible Assets
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IAS 17 Lease
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Substance over From
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Question 5
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One or more of the following standards:
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IFRS 5 Disposal of Non current Assets and Discontinued
operations
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IAS 10 Post Reporting Period Events
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IAS 33 Earnings per share
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Exam Guide for ACCA P2 P2 Corporate Reporting June 2013 Exam
Exam Guide June 2013 (P2 Corporate Reporting)
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Topics
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Question
1
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(a) Consolidated
Financial Statements (Do not Spot!)
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Vertical/Mixed group
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Foreign operation (Closing Rate method)
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Piecemeal acquisition
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Disposal
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Group cash flows
Accounting
standards integrated in Consolidated Financial Statements (At least 3 from
below):
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IAS 16 Property, Plant and Equipment
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IAS 38 Intangible Assets
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IAS 19 Employee Benefit
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IAS 21 The Effects of Changes in Foreign Exchange Rates
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IAS 28 Investments in Associates and Joint Ventures
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IAS 37 Provisions, Contingent Liabilities
and Assets
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IFRS 9 Financial Instruments
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IFRS 10 Consolidated Financial Statements
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IFRS 11 Joint Arrangements
(b) Theoretical
element on group context
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IFRS 9 Financial Instruments
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IFRS 3 Business Combinations
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IFRS 11 Joint Venture Arrangement
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IFRS 10 Consolidated Financial Statements
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IAS 27 Separate Financial Statements
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Analysis on the group cash flows
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Difference between direct and indirect
method
(c) Ethics
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Explain the difference between being
ethical and mere compliance of the Accounting Standards
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The case mentioned contains element of
“Creative accounting” to mislead financial user
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Student need to address the unethical
behavior or accounting treatment proposed by the Director
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Recommend a proposed solution
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Question
2
(1
or 2 Accounting standard(s) )
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At
least 6 of the followings:
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Restructuring: Transfer of Subsidiary to
Sub-subsidiary or vice versa (Refer Q2 Dec 2011)
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IAS 16 Property, Plant and Equipment
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IAS 17 Lease
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IAS 18 Revenue
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IAS 38 Intangible Assets
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IAS 36 Impairment of Assets
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IAS 19 Employee Benefit
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IFRS 2 Share Based Payment
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IAS 37 Provisions, Contingent Liabilities
and Assets
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IFRS 9 Financial Instruments
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IFRS 11 Joint Venture Arrangement
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IFRS 10 Consolidated Financial Statements
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IAS 27 Separate Financial Statements
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IFRS 5 Assets Held for Sale
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IFRS 3 Business Combination
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IAS 12 Taxation
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Question
3
(At
lease 4 Accounting Standards)
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Question
4
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IFRS 9 – Draft Chapter 6 Hedge Accounting
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ED Revenue from contracts with customers
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ED Investment Entities
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ED Financial Instruments: Amortised Cost and Impairment
(inc
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expected loss approach)
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ED Improvements to IFRSs
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