Financial Reporting Paper May 2017

Avg paper..No questions from existing AS

very lengthy could not attempted of 24 marks

ind AS applicable the ?

Yes, the IND As is all they asked, nothing was from existing  AS. In each question reference of IND AS was asked.

I thought it was damn lengthy.. Wrote for 84 only.. I've a doubt in the consolidation sum. If anyone has attempted it pls help. My balance sheet tallied but I have made a small assumption which isn't there in the PM. For the debentures issued as consideration (which was not accounted) I accounted for it now along with the interest. As bank balance was sufficient I treated it as if interest is paid now and I reduced the bank balance and debited consolidated p n l too.. Wil they deduct marks for this ?? Other than this my answer is right as far as I know.. Wud be glad if someone could help !!

Is the consolidation question in PM

Seniors and Friends, Please advise on how to increase speed of solving in Financial reporting. In today's paper I took 1 hour only for Q.5 (brand value and business valuation). I take more time in solving the question which I know best. Please guide me. 

Also, was there a mistake in Q.6 on Goodwill, since the opening balance of Reserves and Surplus on 1/4/14 was not given?

practice n more and more writing practice

Am I the only one here who dint find the paper that easy that is made out here..What was Q1? Ind As practical part was applicable?

Yes its there.. Air wet and dry limited sum in the fag end of the chapter.. This is also a past question. My prof did it with interest. That's why I assumed and wrote that way. Idk if they will consider it or cut a lot of marks ..

I would suggest you to MOVE ON RIGHT NOW and concentrate on SFM Paper because you cant change what you have written so better start doing sfm revision. You are wasting your time thinking about it.

 

Good Luck

most question were from pm... ind as was bad... 

 

The paper pattern was extremely different. As per PM, weightage given is as follows: Amalgamation - 16 marks, Share Based payments - 8 marks, Value added statement - 8 marks.

But all of those chapters came for '0' marks!! Instead Ind AS comes for 20 marks. And valuation came for 32 marks i think(Q3b, 5b and 6).

Around 80 marks were asked from SM and PM, but the questions were difficult. Unless you had already solved it atleast once before, you wont solve it during exam time without taking atleast 45 minutes for each question. Even if you had thorough conceptual knowledge.

 

 

Originally posted by : CS Nidhi
	Yes its there.. Air wet and dry limited sum in the fag end of the chapter.. This is also a past question. My prof did it with interest. That's why I assumed and wrote that way. Idk if they will consider it or cut a lot of marks ..

Providing Interest makes sense, because if debentures were not accounted, then for sure interest would also not have been accounted. Despite what may be written in PM, i think your answer is correct.

Dear All,

Paper was so easy but only if u have studied IND AS . ICAI has already issued the notification for the applicability of IND AS in upcoming examination .

Total 52 Marks Question were asked from IND AS ( Holding question was also on the basis of IND AS) 

Questions were asked from PM but u have to answer them according to IND AS

Study well and do well  

All the best 

May God Bless You