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ICAEW Corporate reporting November 2021

How did everyone find todays exam

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Reply 1
Avatar for PC199656
PC199656
6
Original post by Pancakes2124
How did everyone find todays exam

So I had issues with part 3 of Q2 (Evaluating the performance analysis) and Part 1 of question 3. For part 1 of question 3 I essentially did no calculations apart from a very basic p/l on disposal calculation (which is defo wrong) but put commentary for the following:



- That one was full disposal of sub and 2 was part disposal with control still retained

- That Development costs should be capitalised, thereby increasing the profit and increasing net assets, thereby increasing the consideration likely to be received

- Gave commentary around the fact that for the part disposed sub there would be no p/l and NCI would just be reduced to reflect lower ownership

- Mentioned how the investment would have been held in the individual financial statements (FVTOCI? probably wrong but just rushed and put it down) and that this would be impacted

- Just general waffle about control etc to try and scrape more marks



Just thought I'd throw this out there in case anyone did similar or it helps anyone... I feel like part 1 of q3 could only be worth 12 marks max as the audit section of it was heavy (likely 12 marks) and the ethics probably 6? Anyone agree disagree? Also how many marks do we thing the final part of Q2 was worth?
How did people find question 2?
Reply 3
Avatar for PC199656
PC199656
6
Original post by stroom123
How did people find question 2?

Meh, didn't do the performance analysis bit at all but did the 3 FR treatments and the fixed cost/ provision part? What did you do for it?
Original post by PC199656
Meh, didn't do the performance analysis bit at all but did the 3 FR treatments and the fixed cost/ provision part? What did you do for it?

The fixed cost provision part? What bit was that? I probably didn’t notice that.

I also didn’t do question 2 part 3 cause I ran out of time. I hated question 3 FR parts, mind went absolutely blank and had no idea what I wrote. Think it’s a resit for me
Original post by stroom123
How did people find question 2?


Easily my least favourite
Reply 6
Avatar for PC199656
PC199656
6
Original post by Pancakes2124
The fixed cost provision part? What bit was that? I probably didn’t notice that.

I also didn’t do question 2 part 3 cause I ran out of time. I hated question 3 FR parts, mind went absolutely blank and had no idea what I wrote. Think it’s a resit for me

There was a tiny bit under the draft FS in q2 that mentioned fixed costs had been apportioned as normal so I think you needed to take out a couple months as it was discontinued operation with a few months spare in the financial year, and then there was a bit saying a provision was recognised for restructuring and redundancies... it was super brief i recon it was literally worth 3 marks so I wouldnt stress it at all

Yea me too, it took me 10 minutes on q3 to even think of anything to put down, what did you end up actually saying for the fr treatment for q3?
how is everyone feeling about q1?
Original post by PC199656
There was a tiny bit under the draft FS in q2 that mentioned fixed costs had been apportioned as normal so I think you needed to take out a couple months as it was discontinued operation with a few months spare in the financial year, and then there was a bit saying a provision was recognised for restructuring and redundancies... it was super brief i recon it was literally worth 3 marks so I wouldnt stress it at all

Yea me too, it took me 10 minutes on q3 to even think of anything to put down, what did you end up actually saying for the fr treatment for q3?

i missed this too :frown:
Original post by stroom123
how is everyone feeling about q1?

Okay-ish, still not the biggest fan of Inflo...
Original post by stroom123
how is everyone feeling about q1?

So hard to gauge, I'm assuming i did fairly well on the treatment of leases and just fingers crossed for the audit.... really need to get like mid twenties in it to pad out the other two questions which i felt went poorly
Original post by PC199656
So hard to gauge, I'm assuming i did fairly well on the treatment of leases and just fingers crossed for the audit.... really need to get like mid twenties in it to pad out the other two questions which i felt went poorly

I feel exactly the same. I’d be lucky if I got any marks in question 3. It really went terrible.
Original post by Pancakes2124
I feel exactly the same. I’d be lucky if I got any marks in question 3. It really went terrible.

For audit and FR? What did you end up getting down? Sure it went better than you think :smile:
Original post by stroom123
how is everyone feeling about q1?

thought it was ok - didnt have anything to say about the extra month from inflo :s-smilie: only used it to get the profit amount for the adjustment in the last part of Q1 which i didnt actually have time to do anything with...
Original post by Surfchick97
thought it was ok - didnt have anything to say about the extra month from inflo :s-smilie: only used it to get the profit amount for the adjustment in the last part of Q1 which i didnt actually have time to do anything with...

Did you manage to get the adjustments in there or just leave it?
Original post by PC199656
Did you manage to get the adjustments in there or just leave it?

just put the profit and one adjustment in and thats it :frown:
Original post by Surfchick97
just put the profit and one adjustment in and thats it :frown:

Ah sure that will get you a couple marks to be fair! I mean there wasn't tons of adjustments from what I remember? I think i just put a reversal of the entirety of the lease being expensed to p/l, added depreciation on ROU asset in, added finance cost in from the one year of unwinding of the lease liability... not sure if that is even correct so who knows. How did you find the rest of the paper?
Original post by PC199656
Ah sure that will get you a couple marks to be fair! I mean there wasn't tons of adjustments from what I remember? I think i just put a reversal of the entirety of the lease being expensed to p/l, added depreciation on ROU asset in, added finance cost in from the one year of unwinding of the lease liability... not sure if that is even correct so who knows. How did you find the rest of the paper?

found the audit bits ok - quite straight forward. FR bits were v time pressured but quite liked Q3 best and the inflo notes I had basically meant I didnt have to go into it which was helpful
think it'll probably be a resit though tbh
Original post by Surfchick97
found the audit bits ok - quite straight forward. FR bits were v time pressured but quite liked Q3 best and the inflo notes I had basically meant I didnt have to go into it which was helpful

Sounds pretty promising! What kind of stuff did you put down for FR treatment and audit risk/procedures for Q3? Yea i had a few inflo notes for about 4 transactions which I just spewed out which was handy, then grabbed 2 from inflow so fingers crossed, annoyingly i cant actually remember how much i did for q1 in terms of the split between audit risks, procedures and comments on the juniors work which is annoying

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