Financial Accounting and Reporting (FAR) - June 2021

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Shazam16
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Hi everyone!

Just creating a thread for the ACA Financial Accounting and Reporting (FAR) Professional exam which is on the 7th of June. How are you guys feeling?
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help-me333
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Hey! Sitting Far and AA

Pretty nervous for this exam.. its so time pressured

Hoping I get a nice q1 and a sfp consol question!
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Shazam16
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(Original post by help-me333)
Hey! Sitting Far and AA

Pretty nervous for this exam.. its so time pressured

Hoping I get a nice q1 and a sfp consol question!
Hey!

I did AA in March and I found it so tricky because of that massive change (Inflow) and when I did it my Inflow was barely working, hopefully they have fixed it now.

I am hoping for a nice Q1 as well, Q2 4-5 adjustments, Q3 a full consolidated cash flow (I hate those ones where you have to make revisions) and Q4 a consolidated SFP.


It is pretty time pressured but I think the adrenaline will kick in on the day of the exam hopefully.
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sarim.x
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I did FAR this March and got 87%, finished with 30-40 minutes to spare too. Some free tips:

For Q1 & Q4:
- Before doing anything at all, skim through the question and type out the expected proforma (how the answer should look like at the end - at least most of it). Otherwise your mind will be juggling through thinking about each adjustment AND physically typing it out. This way you should be 'plugging in' most of the numbers in the right places quickly with the proforma (based on the question) set out nicely.

- DON'T do the adjustments in order. Pick from the list and start with the easy ones. If you've done enough practice you should be able to look at an adjustment and instinctively know exactly what to do - get these out of the way first and guarantee those easy marks before even jumping into those technical adjustments (eg, PPE in Q1 as it affects multiple areas of the entire question).

- This is just my opinion but Q1 should be attempted last. Half of adjustments are very basic/easy anyways, so if you were to run low on time and land on Q1, you will feel far less pressured if you were on, say, Q2 where you'd have to read the entire issue/scenario and make sense of it at the same time. Leave the 'objective' marks to the end. You either hit them or you don't. You cannot overcompensate those marks, so if you genuinely don't know it and are attempting it earlier on in the exam you are purely wasting time.

For Q3:
I found this question is usually quite standard / predictable (at least the cashflow part). Subrequirements will usually be tricky here though. Good luck with that :P

For Q2:
I don't think I have any unique tips for this, you've probably heard enough on how to tackle this. Point maximisation.
Last edited by sarim.x; 2 weeks ago
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Lukkee24
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(Original post by help-me333)
Hey! Sitting Far and AA

Pretty nervous for this exam.. its so time pressured

Hoping I get a nice q1 and a sfp consol question!
Sitting AA FAR too.. also very much hoping for a sfp consol q4! Good luck everyone
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ACA_student96
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Good luck everybody! I was due to sit it today but due to family reasons I've had to defer. Hope you get a kind paper!
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Shazam16
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(Original post by ACA_student96)
Good luck everybody! I was due to sit it today but due to family reasons I've had to defer. Hope you get a kind paper!
I hope all is okay and thank you!
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Shazam16
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Good luck everyone and I hope the AA paper was nice for those who sat it this morning!
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Shazam16
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Hey!

How did you guys find it? I felt it was quite tricky? Especially Q1 PPE + zero-coupon bond and maybe Q4 was also a bit tricky.

I started an hour late due to complications with the exam software - will be filing a special consideration as I was unbelievably stressed and I think that may have affected my performance but I don't think I passed regardless.

Did anyone know what the IFRS vs UK GAAP for Leasee difference is? I had no idea
Last edited by Shazam16; 2 weeks ago
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Xing Chen
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i find the PPE note quite tricky tbh. Didn’t really do a PPE note, I just did regular PPE workings.

I felt like for Q1, mostly of it is based on PPE this time, instead of having a wide range of adjustments
Last edited by Xing Chen; 2 weeks ago
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Shazam16
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(Original post by Xing Chen)
i find the PPE note quite tricky tbh. Didn’t really do a PPE note, I just did regular PPE workings.

I felt like for Q1, mostly of it is based on PPE this time, instead of having a wide range of adjustments
Yeah I agree - seemed to have a bunch of PPE adjustments. Was it a loss on disposal? Hopefully I got that right lol.

Also in Q4 - the console, on consideration paid where share price rises at year end, do we just ignore it? I didn’t know what to do it with it so I just ignored it and took the price issued on acquisition date
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Xing Chen
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(Original post by Shazam16)
Yeah I agree - seemed to have a bunch of PPE adjustments. Was it a loss on disposal? Hopefully I got that right lol.

Also in Q4 - the console, on consideration paid where share price rises at year end, do we just ignore it? I didn’t know what to do it with it so I just ignored it and took the price issued on acquisition date
I think I got a loss on disposal as well.

Yep. We just ignore the share price at year end.

For one of the NCI, I got a strange number. Something sotmthing .9 did you get that?

I think I also got a negative goodwill for one of the sub
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Shazam16
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(Original post by Xing Chen)
I think I got a loss on disposal as well.

Yep. We just ignore the share price at year end.

For one of the NCI, I got a strange number. Something sotmthing .9 did you get that?

I think I also got a negative goodwill for one of the sub
Phew!

I cannot remember if I got .9 but I remember getting a negative goodwill for Tatra or whatever it was called. For Salsa I got a much larger goodwill figure.

Did you deduct PURP from inventory? And what did you do with that 16k receivable? I just minused it from trade receivables but was not sure if that is correct. And for impairment, did you just deduct 4K and the 16k goodwill amount sitting in salsa? As that’s what I did lol
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Xing Chen
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(Original post by Shazam16)
Phew!

I cannot remember if I got .9 but I remember getting a negative goodwill for Tatra or whatever it was called. For Salsa I got a much larger goodwill figure.

Did you deduct PURP from inventory? And what did you do with that 16k receivable? I just minused it from trade receivables but was not sure if that is correct. And for impairment, did you just deduct 4K and the 16k goodwill amount sitting in salsa? As that’s what I did lol
I had no idea how to dealt with the purp .. I deducted the receivable too.

yeah, I think I deducted 16k goodwill at year end date in salsas net asset table
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Shazam16
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(Original post by Xing Chen)
I had no idea how to dealt with the purp .. I deducted the receivable too.

yeah, I think I deducted 16k goodwill at year end date in salsas net asset table
Ah damn, I forgot to add it to my net asset table, whoops

I just deducted the impairment but now thinking about it, I am not sure if that is right
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help-me333
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Exam was a mixed one for me.

Q1 was weird, the PPE adjustments got weird for me and I couldnt form a proper note! Although I tried to just do as many workings as possible. I got a loss on disposal as-well, also impairment? Also tried to reflect how much the transfer from RR to RE was in workings. Think a lot of candidates would struggle on this question.

Q2 was pretty nice and I thought fairly straight forward.

Q3, I didn't really intend to do this question due to my expectations of time which was true. I just about got the PPE T account and a couple other attempts to grab a few half marks. Happy it was only 13 marks.

Q4 - i found it weird but I think a lot of people would have smashed this.. really the easiest consol we could get! SFP with no associate. But I went through the workings, definitely missed out a few adjustments etc and hope I got method marks.

How did you guys find it?
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Xing Chen
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(Original post by Shazam16)
Ah damn, I forgot to add it to my net asset table, whoops

I just deducted the impairment but now thinking about it, I am not sure if that is right
That’s probably only 0.5 mark. You’ll gain lots of method marks in other areas I believe!
Last edited by Xing Chen; 2 weeks ago
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Shazam16
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(Original post by help-me333)
Exam was a mixed one for me.

Q1 was weird, the PPE adjustments got weird for me and I couldnt form a proper note! Although I tried to just do as many workings as possible. I got a loss on disposal as-well, also impairment? Also tried to reflect how much the transfer from RR to RE was in workings. Think a lot of candidates would struggle on this question.

Q2 was pretty nice and I thought fairly straight forward.

Q3, I didn't really intend to do this question due to my expectations of time which was true. I just about got the PPE T account and a couple other attempts to grab a few half marks. Happy it was only 13 marks.

Q4 - i found it weird but I think a lot of people would have smashed this.. really the easiest consol we could get! SFP with no associate. But I went through the workings, definitely missed out a few adjustments etc and hope I got method marks.

How did you guys find it?
Yeah I got a loss and an impairment (CV less higher of value in use or fair value right?). I found PPE tricky but that question was 28 marks, don’t see how all those adjustments will equal 28 marks? As I’ve seen questions which had like 8 adjustments and was only 22 marks or something.

Q2 - was straight forward - did you say intangible asset, leases, related party transaction disclosure needed and provision needed? I didn’t understand the 3 mark lease question - I didn’t know the differences.

Q3 - I found okay I couldn’t get it to balance but I think I made a decent attempt at it, hope I get some decent marks in it but we shall see.

Q4 - this one confused me as it was 19 marks but there was hardly any transactions? Apparently we was not meant to minus the PURP so no calculation was needed and if you got the goodwill sorted, you are fine - I messed up by doing the fair value impairment, goodwill and PURP adjustments but do you think I may get a mark or two for doing something? I preferred the consoles in the question book to this as I just couldn’t tell where the marks were? 19 marks for not doing much?
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Xing Chen
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(Original post by help-me333)
Exam was a mixed one for me.

Q1 was weird, the PPE adjustments got weird for me and I couldnt form a proper note! Although I tried to just do as many workings as possible. I got a loss on disposal as-well, also impairment? Also tried to reflect how much the transfer from RR to RE was in workings. Think a lot of candidates would struggle on this question.

Q2 was pretty nice and I thought fairly straight forward.

Q3, I didn't really intend to do this question due to my expectations of time which was true. I just about got the PPE T account and a couple other attempts to grab a few half marks. Happy it was only 13 marks.

Q4 - i found it weird but I think a lot of people would have smashed this.. really the easiest consol we could get! SFP with no associate. But I went through the workings, definitely missed out a few adjustments etc and hope I got method marks.

How did you guys find it?
Purp in the consol question was so weird. I haven’t seen that kind of purp before, where inventory hasn’t arrive. I have no idea if I should deduct it from inventory.

Q1 FX was a bit weird. I just did it like any other regular FX
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Shazam16
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(Original post by Xing Chen)
Purp in the consol question was so weird. I haven’t seen that kind of purp before, where inventory hasn’t arrive. I have no idea if I should deduct it from inventory.

Q1 FX was a bit weird. I just did it like any other regular FX
Yeah the FX was different as it was not based on purchases, I said it was an exchange loss as it was reducing the debtor so I credited the bank and debited F/X expense in p&l
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