Acastudent
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#1
Report Thread starter 1 year ago
#1
Hey, how did everyone find this exam? I thought it was quite standard. I just didn't really get the hedge. FV or Cashflow? I felt like there wasn't enough information given for either and needed to be documented as one at inception.
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abyssmalaccounts
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#2
Report 1 year ago
#2
(Original post by Acastudent)
Hey, how did everyone find this exam? I thought it was quite standard. I just didn't really get the hedge. FV or Cashflow? I felt like there wasn't enough information given for either and needed to be documented as one at inception.
yeah I stared at the hedge part for a couple of minutes and then wrote some nonsense and moved on. Overall I found it not too bad I think? I woke up this morning kicking myself for not revaluing the goodwill at the year end though.
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RH14
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#3
Report 1 year ago
#3
What did people put for the sale and leaseback part? I seemed to suggest it wasn't a genuine sale per IFRS 15 but not entirely sure if that is correct (and starting to worry that I missed out on easy marks if it was a sale!)
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Acastudent
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#4
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#4
(Original post by RH14)
What did people put for the sale and leaseback part? I seemed to suggest it wasn't a genuine sale per IFRS 15 but not entirely sure if that is correct (and starting to worry that I missed out on easy marks if it was a sale!)
I can't remember what they were leasing now. I never had any doubt it wasn't a sale and leaseback. I did it normally, looked at my notes, did the disposal journal for Proceeds = FV. Amortised, unwound and split non current and current. The asset wasn't depreciated either so a did so many months depreciation too.
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RH14
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#5
Report 1 year ago
#5
(Original post by Acastudent)
I can't remember what they were leasing now. I never had any doubt it wasn't a sale and leaseback. I did it normally, looked at my notes, did the disposal journal for Proceeds = FV. Amortised, unwound and split non current and current. The asset wasn't depreciated either so a did so many months depreciation too.
Oh right, well thats at least 6 marks gone there then....
I also found skipped the cashflow/FV hedge part, hoping they give follow through marks for the revised FS.

What about R3? I thought the evaluation of the going concern assessment was a slightly strange question - I commented on issues with the loan and a lack of liquidity, and the fact that there was time pressure with a listing due the following week but otherwise I was struggling for points. What did you say?
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Acastudent
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#6
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#6
(Original post by RH14)
Oh right, well thats at least 6 marks gone there then....
I also found skipped the cashflow/FV hedge part, hoping they give follow through marks for the revised FS.

What about R3? I thought the evaluation of the going concern assessment was a slightly strange question - I commented on issues with the loan and a lack of liquidity, and the fact that there was time pressure with a listing due the following week but otherwise I was struggling for points. What did you say?
I struggled too. I said that the cash balance of 1.8m (?) was not sufficient for the size of the company and that without the deposits of 1.5m and the loan of 2m they would be dependant on debt. The notes said no non current liabilities so I said this may mean a bad current ratio. I did waffle. I said the FD based his figures on two year period, should be over one year. And other info required: cashflow forecast for 12 months and test assumptions for reliability. Didn't comment on the revenue and profit increases which I'm annoyed at myself for.
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RH14
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#7
Report 1 year ago
#7
(Original post by Acastudent)
I struggled too. I said that the cash balance of 1.8m (?) was not sufficient for the size of the company and that without the deposits of 1.5m and the loan of 2m they would be dependant on debt. The notes said no non current liabilities so I said this may mean a bad current ratio. I did waffle. I said the FD based his figures on two year period, should be over one year. And other info required: cashflow forecast for 12 months and test assumptions for reliability. Didn't comment on the revenue and profit increases which I'm annoyed at myself for.
Yeah I waffled too and really struggled to suggest other info required... I think I'm second guessing myself and just got to hope they give credit for simple points but I am concerned the more I think about it...

Was this your first sitting? I did the one in August too and found that one easier (missed the pass by 2%...)
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Acastudent
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#8
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#8
(Original post by RH14)
Yeah I waffled too and really struggled to suggest other info required... I think I'm second guessing myself and just got to hope they give credit for simple points but I am concerned the more I think about it...

Was this your first sitting? I did the one in August too and found that one easier (missed the pass by 2%...)
That's a shame. It was my first sitting. I'm sure most people will be thinking of the areas they didn't so good on.
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Georgiablu
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#9
Report 1 year ago
#9
I put it as a genuine sale for the sale and leaseback. I didn’t like all the intangibles on the first question but hopefully wrote enough to get some marks! I put the hedging one as a cash flow hedge because it was in the future but that was a weird one too. The third question I only had about 45m left so rushed through and waffled loads.
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Acastudent
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#10
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#10
(Original post by Georgiablu)
I put it as a genuine sale for the sale and leaseback. I didn’t like all the intangibles on the first question but hopefully wrote enough to get some marks! I put the hedging one as a cash flow hedge because it was in the future but that was a weird one too. The third question I only had about 45m left so rushed through and waffled loads.
I think the intangibles question was a bit all over the place. So much to address but should be some easy marks there.
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emily3105
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#11
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#11
I treated it as a sale and leaseback too so sad if it wasn't, i thought my answer was spot on lol. Also managed the journals which i often struggle with!
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Georgiablu
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#12
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#12
(Original post by emily3105)
I treated it as a sale and leaseback too so sad if it wasn't, i thought my answer was spot on lol. Also managed the journals which i often struggle with!
Same 😂😂 I normally give up with the splitting between non-current and current but actually managed to do that this time and the depreciation. Hopefully some good marks there!
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emily3105
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#13
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#13
(Original post by Georgiablu)
Same 😂😂 I normally give up with the splitting between non-current and current but actually managed to do that this time and the depreciation. Hopefully some good marks there!
Well done! I’m sure there will be lots of marks there. Urgh this is really going to bug me now, despite not being able to do anything about it! I’m definitely going to look out for when the paper is posted on the website
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Acastudent
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#14
Report Thread starter 1 year ago
#14
(Original post by emily3105)
Well done! I’m sure there will be lots of marks there. Urgh this is really going to bug me now, despite not being able to do anything about it! I’m definitely going to look out for when the paper is posted on the website
I've been checking the website every day for it
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Acastudent6543
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#15
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#15
Do you know how long it takes them to usually release the papers? I hated the intangibles bit!
Last edited by Acastudent6543; 1 year ago
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K1NE
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#16
Report 1 year ago
#16
ICAEW normally release the papers on the day after the exam has taken place, however I believe this year it's been slightly different because of COVID. I've heard that when case was sat at the end of August, the exam paper wasn't released until mid September.

Just keep a look out and hopefully it'll come up soon.
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