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PENGUMUMAN TARIKH PEPERIKSAAN AWAM


UPSR 2011
UPSR Ujian Bertulis 13, 14 & 15 September 2011 (3 hari)


PMR 2011
Ujian Bertulis 4-6 Oktober 2011,10 - 11 Oktober 2011 (5 hari)


SPM 2011
AMALI OKTOBER
Ujian Bertulis 14 November - 14 Disember 2011 (16 hari)


STPM 2011
LISAN 20 - 22 Sept & 27 - 29 Sept 2011
BERTULIS 21 November 2011 - 15 Disember 2011

                                           Ken Lee

Tuesday, May 26, 2009

Forecast topic for this June 2009 exam diet

Q1 Consolidated statement of financial position with a parent and one subsidiary. The next alternative will be parent with 1 subsidiary and 1 associate.

Normally this question will have 5 marks on theory question about group accounts so it is good to read IFRS3 revised you might get a short theory question on that. In addition, make sure you know the new method of valuing non controlling interest using fair value basis and the effect of writing off impairment of goodwill.

Other common area of examination will be adjustment to revaluation of assets to fair value and the effect on depreciation for tangible and intangible non current assets after revaluation.

Other consolidation adjustment will also need to be revised and make sure you read examination question carefully especially when you need to calculate the fair value of business combination or investment in subsidiary.

Q2 This question you need to revised the format of presenting statement of comprehensive income, statement of changes in equity and the statement of financial position. Make sure you take a look at the format as required under IAS 1 revised. Remember the requirement to present other comprehensive income.

In addition, you need to remember to adjust every item given in the question with a double entry. I would strongly advise you to make the double entry adjustment inside the trial balance given to you so that you will not omit the adjustment.

Your knowledge of accounting standard will be important in order to identify the adjustment required from the question given to you. Try as many past year question as possible so that you can enhance your speed and accuracy.

Q3 This question will either be ratio analysis or cash flow statement. My guess is statement of cash flow as ratio analysis was examined in December 2008 diet.

It is important to remember the format for statement of cash flow and to make sure you adjust every item in the notes, statement of comprehensive income and statement of financial position.

I would suggest you open the ‘T’ account for every item so that you can identify the cash flow item and also the non cash item.

You would most likely be required to comment of the cash flow, or financial position after preparing the cash flow statement. Assess the past year question on tips that you may gather to answer this part of the question. It’s alright to copy some common pointer to answer theory question like this.

Q4 & Q5 will be on accounting standard or regulatory framework. I would strongly advise that you read notes on conceptual framework particularly on qualitative characteristic of financial information, accounting concepts and the concepts of substance over legal form.

I would suggest you pay more attention on accounting standards like IAS 2, 8, 10, 11, 12, 18, 33, 36, 38, 40, & IFRS 5.

Common errors that can be made by students.

  1. In a consolidation question proportionally consolidating partly owned subsidiary. Time apportioned in consolidating subsidiary in the statement of financial position. And failure to time apportioned the results of the subsidiary to include only its post-acquisition results in the consolidated income statement.

These are fundamental errors which display a lack of understanding of the principle involved.

  1. You should always remember that subsidiary is consolidated using the full consolidation method. So you cannot proportionally consolidate partly owned subsidiary and statement of financial position is the balance at the reporting date so there is also no time apportionment unless it is the consolidated income statement.

The main areas where students made more routine errors:

  • Revaluation adjustment on acquisition of subsidiary or associate’s net assets and further adjustment on depreciation affected by the revaluation of the assets.
  • The changes introduced by the IFRS 3 revised particularly on the additional approach in measuring non controlling interest and the valuation of intangibles at the date of acquisition.
  • Intra group adjustment on unrealised profit, debt etc.
  1. In a question requiring the preparation of an income statement, a statement of financial position and a statement of changes in equity (SOCIE) after accounting for a series of adjustments. Technical issues relating to a particular accounting standard such as IAS 16 PPE, the adjustment in equity to reflect the transfer of realised profit for the revaluation reserve in respect of the revalued property. Students need to have a strong knowledge and ability to apply the relevant accounting standard
  2. In a question on ratio analysis, the analysis is just a matter of simply reiterating what the ratios were or that onecompany’s ratio was higher (or lower) than the other’s. This is certainly not an analysis as such will gain little mark. Often the information given in the scenario were ignored reflecting that students are weak in the aspect of analysis.

Conclusion

Students should not try to pass by just learning the main topics or relying on numerical skills alone. It is important that students should master the understanding and techniques in each accounting standard at F7 level.

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