Nov 2010 Final New Accounts was not very bad.
24 marks from AS 30 to 32 was another piece of expected stupidity from the ICAI. Top notch CFOs don't know AS 30 yet and they expect students to know its application. Anyways as I said it was expected so no surprises there.
Consolidation was very very very easy.
Amalgamation was almost copy paste from May1988 paper. But people got confused and used the intrinsic value method to do it when it was not to be done by that method.
Apart from AS 30 to 32, the other AS were repeated Qs from PY papers which are also in most author books.
Question on SAR was also repeated.
There was a question on valuation of liabilities which was from the module. Many major reference books do not cover that topic since its just three pages in the module. Apparently the ICAI wants to tell students to use their module irrespective of how pathetic it may be.
There was a question on treatment of depletion of oil wells as per IFRS 6. Just put to ensure results stay low.
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