Hey, I'm also sitting all three, i feel the exact same as you. I'm most worried about SBM but really hoping to waffle my way through 50%,
What do you think about the CR AI? I feel something about revenue will defo come up, but not sure what else...
Lets hope this the last week of studying for exams ever!
What do you think about the CR AI? I feel something about revenue will defo come up, but not sure what else...
Lets hope this the last week of studying for exams ever!
Original post by vonne07
Hey, I’m sitting all three this month. I feel completely unprepared but I’m hoping I can get it together in the week we’ve got left! How are you finding it?
Original post by jfoiwhogh
Hey, I'm also sitting all three, i feel the exact same as you. I'm most worried about SBM but really hoping to waffle my way through 50%,
What do you think about the CR AI? I feel something about revenue will defo come up, but not sure what else...
Lets hope this the last week of studying for exams ever!
What do you think about the CR AI? I feel something about revenue will defo come up, but not sure what else...
Lets hope this the last week of studying for exams ever!
Yeah SBM is just so very ‘on the day’! I think the good thing is there’s a lot of headroom marks and if you waffle vaguely correctly you can pick up marks.
CR is worrying me the most at the moment! So much to remember! I definitely think revenue will be coming up, it was definitely the focus of the AI. That’s helpful at least so we know where to focus for question 1.
I’m a bit worried about case! I really struggle with getting it completed in the time and I have to be more strict! I just feel like if I spent less time, I’d pass fewer boxes and fail!
I think 1 CR, SBM and Case mock this week and I’ll spend the rest of my time reading mark schemes and rereading notes on the tricky areas. What about you?
Sitting CR on Monday - any useful hints and tips would be hugely appreciated. Gone through the AI as much as I can, and planning to do some more past questions/review answers - really hope I get the magic 50.
How did everyone find CR? I found it tough
Q1 was tough, I didn’t write much mainly points from the AI
Q2 I got operating lease, however I realised the right of use asset is incorrect? Did anyone notice that or am I being dumb?
Q3 - pensions was okay, I wrote down a provision for issue 2. Didn’t get much done for the ethical part because I ran out of time.
How did you guys do across the 3 questions?
Q2 I got operating lease, however I realised the right of use asset is incorrect? Did anyone notice that or am I being dumb?
Q3 - pensions was okay, I wrote down a provision for issue 2. Didn’t get much done for the ethical part because I ran out of time.
How did you guys do across the 3 questions?
Q1 I struggled with, especially the inflo part - I couldn't find anything unusual in June (probably should have done more practice beforehand). I thought the GP recalcs were kind of weird too. I said there was a revenue rec issue with the lamps as they should have recognised the revenue when FM received the goods. I also said they'd amortised the SPOT machine wrong as they should have used the 3 yr useful life and 500k RV.
Q2 I also got operating lease, but ignored the ROU as the question said it was all correct. For FX the PL was translated at CR not AR, and they hadn't done the currency difference calc with the opening net assets and profit for the year.
I also updated net assets on acquisition with the brand valuation which reduced goodwill, and there was extra amortisation on the brand.
Q3 I thought pensions was okay too pretty standard, issue 2 I got the provision but also capitalised 2/3s of it as it was for land restoration. The sustainability was a bit weird and I kind of just made points on common sense. Ethics I ran out of time too but mentioned the intimidation threat and said they could provide NAS as the company wasn't listed.
Overall I think it was quite tricky and there were some weird questions! Would love to hear peoples thoughts on the answers and if you agree/disagree with any of the things I did!
Q2 I also got operating lease, but ignored the ROU as the question said it was all correct. For FX the PL was translated at CR not AR, and they hadn't done the currency difference calc with the opening net assets and profit for the year.
I also updated net assets on acquisition with the brand valuation which reduced goodwill, and there was extra amortisation on the brand.
Q3 I thought pensions was okay too pretty standard, issue 2 I got the provision but also capitalised 2/3s of it as it was for land restoration. The sustainability was a bit weird and I kind of just made points on common sense. Ethics I ran out of time too but mentioned the intimidation threat and said they could provide NAS as the company wasn't listed.
Overall I think it was quite tricky and there were some weird questions! Would love to hear peoples thoughts on the answers and if you agree/disagree with any of the things I did!
Q1 I thought was very unusual compared to previous years, disappointing to see no audit procedures.
Q2 I had lessor accounting using finance lease, new rules for IFRS 16 being finance lease unless less than 12 months (unsure if this is correct)
Q3 Pensions seemed okay and the provision to restore the land, but ran out of time for the last part other than ethics.
Q2 I had lessor accounting using finance lease, new rules for IFRS 16 being finance lease unless less than 12 months (unsure if this is correct)
Q3 Pensions seemed okay and the provision to restore the land, but ran out of time for the last part other than ethics.
Original post by Oneida Murtha
Q1 I thought was very unusual compared to previous years, disappointing to see no audit procedures.
Q2 I had lessor accounting using finance lease, new rules for IFRS 16 being finance lease unless less than 12 months (unsure if this is correct)
Q3 Pensions seemed okay and the provision to restore the land, but ran out of time for the last part other than ethics.
Q2 I had lessor accounting using finance lease, new rules for IFRS 16 being finance lease unless less than 12 months (unsure if this is correct)
Q3 Pensions seemed okay and the provision to restore the land, but ran out of time for the last part other than ethics.
I think the 12 months rule might be for lessee accounting? This question was from the perspective of the lessor
Original post by econstudent483
Q1 I struggled with, especially the inflo part - I couldn't find anything unusual in June (probably should have done more practice beforehand). I thought the GP recalcs were kind of weird too. I said there was a revenue rec issue with the lamps as they should have recognised the revenue when FM received the goods. I also said they'd amortised the SPOT machine wrong as they should have used the 3 yr useful life and 500k RV.
Q2 I also got operating lease, but ignored the ROU as the question said it was all correct. For FX the PL was translated at CR not AR, and they hadn't done the currency difference calc with the opening net assets and profit for the year.
I also updated net assets on acquisition with the brand valuation which reduced goodwill, and there was extra amortisation on the brand.
Q3 I thought pensions was okay too pretty standard, issue 2 I got the provision but also capitalised 2/3s of it as it was for land restoration. The sustainability was a bit weird and I kind of just made points on common sense. Ethics I ran out of time too but mentioned the intimidation threat and said they could provide NAS as the company wasn't listed.
Overall I think it was quite tricky and there were some weird questions! Would love to hear peoples thoughts on the answers and if you agree/disagree with any of the things I did!
Q2 I also got operating lease, but ignored the ROU as the question said it was all correct. For FX the PL was translated at CR not AR, and they hadn't done the currency difference calc with the opening net assets and profit for the year.
I also updated net assets on acquisition with the brand valuation which reduced goodwill, and there was extra amortisation on the brand.
Q3 I thought pensions was okay too pretty standard, issue 2 I got the provision but also capitalised 2/3s of it as it was for land restoration. The sustainability was a bit weird and I kind of just made points on common sense. Ethics I ran out of time too but mentioned the intimidation threat and said they could provide NAS as the company wasn't listed.
Overall I think it was quite tricky and there were some weird questions! Would love to hear peoples thoughts on the answers and if you agree/disagree with any of the things I did!
Similar points to you on Q1, revenue had 2 performance obligations. One being the delivery of the airlamps and the other being the installation. The airlamps were a recognise on delivery, therefore the £950,000 should have been recognised in the year. The installations I said should have been recognised on the output method (i.e as the PO is overtime, this is the only way to measure it) So I did something along the lines of total metres installed / over metres and recognised that amount of revenue.
SPOT I also amortised over 3 years and 500RV but didnt really get an explanation for why to do this.
The shares issued were a SBP to a supplier so should have been measured at the FV of the goods delivered (£400k).
Q2 - As mentioned above, I got this wrong. thought it was a finance lease
The omissions i had were: the fx issue, no fv uplift on the brand, any income / expense from part 1 hadnt been removed and should have been because intra group trade. I then used the updated net assets to do GW using opening rate then again at closing rate etc etc etc.Q3 - pensions were okay, I think I got the deferred tax right on the DBS. But like i said above, ran out of time and also thought the questions were very open ended and less FR, more waffle.
Can anyone remember in Q3 did they ask for audit risks of the pension scheme and restoration provision? I dont recall seeing it but now worrying they did ask for audit risks and I missed it?!
Yes audit risks were required but it should not be more than 6-8 marks
Quick Reply
Related discussions
- Prizes for high marks in ACA
- ACA exams
- well paying careers w/ biology + chem alevels?
- Mature Student needing advice about what to study
- ACA prep for exams
- exeter vs newcastle for accounting and finance
- Joining Big 4 UK through graduation scheme with experience in Overseas Big 4 firms
- Delayed ICAEW application
- 24 and still don't know what to do with my life?
- Too old for a new career?
- Partly completed ACCA, applying for audit graduate at KPMG
- ACA study textbooks
- Is ICAEW after ACCA worth it?
- Kaplan workbook vs ICAEW workbook
- Will A-Level grade boundaries be at 2019 levels?
- Investment Banking
- AQA AS Biology 2022
- deleted
- Media Studies GCSE AQA 2022
- OCR A Level English Language Exploring language H470/01 - 25 May 2022 [Exam Chat]
Latest
Trending
Last reply 1 month ago
Future Earnings Finance at Regent's UniversityLast reply 2 months ago
Can you Lose your CIMA exemptions you have obtained ?Last reply 3 months ago
Standard Costing Principles Management AccountingLast reply 6 months ago
Coaching/ Training/ Learning Provider for ACCALast reply 9 months ago
Which better Principle of Marketing or Human resource Management?Trending
Last reply 1 month ago
Future Earnings Finance at Regent's UniversityLast reply 2 months ago
Can you Lose your CIMA exemptions you have obtained ?Last reply 3 months ago
Standard Costing Principles Management AccountingLast reply 6 months ago
Coaching/ Training/ Learning Provider for ACCALast reply 9 months ago
Which better Principle of Marketing or Human resource Management?
