DS-CO1-2301E-IP03.FG=RC+CD+CD+C+RC+C
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School
Quaid-e-Awam University of Engineering, Sciences & Technology, Nawabshah *
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Course
LQB185
Subject
Accounting
Date
Nov 24, 2024
Type
xlsx
Pages
2
Uploaded by dhandeepthiara
Core 1 — Integrated Problem 3
Ref.
Minimum Proficiency Indicator (MPI) Description
CPA Way
N/P/Y
Feedback
1
Identifies the financial reporting issue
Situation
Y
2
Analyzes whether the fee is a separately identifiable component, using case facts
Analyze
Y
3
Analyze
Y
4
— measurement
Analyze
P
5
— collection
Analyze
N
6
Recommends when to record revenue for each customer situation, consistent with analysis
Conclude
Y
7
Concludes on the impact of the adjustment on the management group bonus
Conclude
Y
NA
The candidate does not address this assessment opportunity.
RC
NC
The candidate does not meet the standards for reaching competence.
RC
C
CD
1
Analyze
Y
2
Analyze
Y
3
Designs an additional valid procedure to address the risk identified for the design contracts
Analyze
Y
NA
The candidate does not address this assessment opportunity.
CD
NC
The candidate does not meet the standards for reaching competence.
RC
C
CD
1
Identifies that the exchange of land for furniture is a non-monetary transaction
Situation
Y
2
Analyze
Y
3
— ordinary course of business
Analyze
Y
4
— fair value reliably measurable
Analyze
Y
5
— non-monetary non-reciprocal transfer to owners
Analyze
Y
6
Recommends the amount at which the transaction should be measured, consistent with analysis
Conclude
Y
7
Concludes on the impact of the adjustment on the management group bonus
Conclude
Y
NA
The candidate does not address this assessment opportunity.
CD
NC
The candidate does not meet the standards for reaching competence.
RC
C
CD
1
Analyze
Y
2
Analyze
Y
3
Designs an additional valid procedure to address the risk identified for the non-monetary transaction
Analyze
N
NA
The candidate does not address this assessment opportunity.
NC
The candidate does not meet the standards for reaching competence.
AO1 (Financial Reporting —
Design contracts
)
You were assessed at RC for this assessment opportunity. You did a good job of identifying
valid criteria for revenue in addressing the design contract in your discussion. However, your
analysis lacked depth.
In order to improve to a C on future cases, more depth is needed when discussing
accounting issues. To do this, you also needed to discuss the criteria in line with the case
facts and correctly conclude if it is met or not met to show how these applied to this specific
situation. You ultimately arrive at the right conclusion, but the steps to get there need to be
further strengthened. Please revisit MPI 4 and 5.
Your recommendation is in line with your analysis.
Analyzes the revenue recognition criteria in relation to case facts:
ASPE 3400
— performance
The candidate attempts to discuss the accounting treatment of the design contracts (
Yes on 2 MPIs OR Partial on 4 MPIs
).
The candidate discusses the accounting treatment of the design contracts (
Yes on MPIs 1-6
).
The candidate thoroughly discusses the accounting treatment of the design contracts and discusses the impact of the issue
on the management group bonus (
Yes on all
).
AO2 (Assurance —
Design contracts audit procedures
)
Discusses a valid risk related to the design contracts
Occurrence of Revenue
(
Yes
=
explains the risk
+
why it is a risk
,
incorporating case facts)
You were assessed at CD for this assessment opportunity. Great work on these audit
procedures.
You were clearly able to identify a relevant audit risk and provide procedures on
how to mitigate the risks.
Awesome job outlining how the procedure will be completed
(including what specific pieces of evidence will be used).
You are right. It is important that
procedures list what are you doing, why and how it will be done to be complete. Keep it up!
Designs a valid procedure to address the risk identified for the design contracts
(
Yes
=
procedure is specific, clear, and useful in responding to the risk identified)
The candidate assesses the assertion-level risks related to the design contracts and attempts to design a valid procedure to
address the risk (
Yes on 1 MPI OR Partial on 2 MPIs
).
The candidate assesses the assertion-level risks related to the design contracts and designs a valid procedure to address the
risks (
Yes on 2 MPIs, including MPI 1
).
The candidate assesses the assertion-level risks related to the design contracts and designs 2 valid procedures to address
the risks (
Yes on all
).
AO3 (Financial Reporting —
Non-monetary transaction
)
You were assessed at CD for this assessment opportunity. You clearly identified the issue,
use case facts against the relevant ASPE criteria and you also provided a recommendation
and explained the impact on the financial statements and bonus to meet your stakeholder's
needs.
Analyzes the non-monetary transaction measurement criteria in relation to case facts:
ASPE 3831
— commercial substance
The candidate attempts to discuss the accounting treatment of the non-monetary transaction (
Yes on 2 MPIs OR Partial on 4
MPIs
).
The candidate discusses the accounting treatment of the non-monetary transaction (
Yes on MPIs 1-6
).
The candidate thoroughly discusses the accounting treatment of the non-monetary transaction and discusses the impact of
the issue on the management group bonus (
Yes on all
).
AO4 (Assurance —
Non-monetary transaction audit procedures
)
Discusses a valid risk related to the non-monetary transaction
accuracy, valuation and allocation
(Yes
=
explains the risk
+
why it is a risk, incorporating case facts)
You were assessed at C for this assessment opportunity. Good work discussing a relevant
audit risk and explaining an associated procedure to mitigate the risk.
To move to a CD on future cases, you could provide more procedures for your user.
Designs a valid procedure to address the risk identified for the non-monetary transaction
(
Yes = procedure is specific, clear, and useful in responding to the risk identified)
RC
C
C
CD
1
Identifies the financial reporting issue related to the facility lease
Situation
Y
2
Analyze
Y
3
— economic benefits transfer (>75% of useful life)
Analyze
Y
4
— recovery of investment (>90% of net present value of minimum lease payments)
Analyze
P
5
Recommends how to classify the lease, consistent with analysis
Conclude
Y
6
Discusses how to initially recognize the lease
Analyze
Y
7
Discusses how to subsequently measure the lease
Analyze
P
8
Concludes on the impact of the adjustment on the management group bonus
Conclude
Y
NA
The candidate does not address this assessment opportunity.
RC
NC
The candidate does not meet the standards for reaching competence.
RC
C
CD
1
Analyze
Y
2
Analyze
Y
3
Designs an additional valid procedure to address the risk identified for the leased facility
Analyze
N
NA
The candidate does not address this assessment opportunity.
C
NC
The candidate does not meet the standards for reaching competence.
RC
C
CD
Y
The candidate attempts to assess the assertion-level risks related to the non-monetary transaction,
or attempts to designs
a
valid procedure to address the risks (
Yes on 1 MPI OR Partial on 2 MPIs
).
The candidate assesses the assertion-level risks related to the non-monetary transaction and designs a valid procedure to
address the risks (
Yes on 2 MPIs, including MPI 1
).
The candidate assesses the assertion-level risks related to the non-monetary transaction and designs 2 valid procedures to
address the risks (
Yes on all
).
AO5 (Financial Reporting —
Leased facility
)
You were assessed at RC for this assessment opportunity. You did a good job in using the
CPA way in identifying the issue, applying case facts against the ASPE criteria and ultimately
provide a recommendation.
In order to improve to a level of a C on future cases, ensure you are arriving at the accurate
calculations using the case facts as PVMLP calculation was slightly off.
Analyzes the lease criteria in relation to case facts:
ASPE 3065
— ownership
The candidate attempts to discuss the accounting treatment of the leased facility (
Yes on 2 MPIs OR Partial on 4 MPIs
).
The candidate discusses the accounting treatment of the leased facility (
Yes on MPIs 1-5
).
The candidate thoroughly discusses the accounting treatment of the leased facility and discusses the impact of the issue on
the management group bonus
(Yes on at least 6 MPI's, including MPIs 1-5 and MPI 8
).
AO6 (Assurance —
Leased facility audit procedures
)
Discusses a valid risk related to the lease facility
Asset: completeness, accuracy, valuation, allocation
(Yes if explains the risk and why it is a risk, incorporating case facts)
Liability: completeness
You were assessed at C for this assessment opportunity.
You were clearly able to identify a relevant audit risk and provide procedure on how to
mitigate the risks.
Great job outlining how the procedure will be completed.
To move to a CD on future cases, try and identify more valid procedures related to the risk.
This approach will help you add more breadth and depth in your analysis for your user.
Designs a valid procedure to address the risk identified for the leased facility
(Yes = procedure is specific, clear and useful in responding to the risk identified)
The candidate attempts to assess the assertion-level risks related to the leased facility, or attempts to design a valid
procedure to address the risks (
Yes on 1 MPI OR Partial on 2 MPIs
).
The candidate assesses the assertion-level risks related to the leased facility and designs a valid procedure to address the
risks (
Yes on 2 MPIs, including MPI 1
).
The candidate assesses the assertion-level risks related to the leased facility and designs 2 valid procedures to address the
risks (
Yes on al
l).
Communication
— The candidate prepares a response that is logically organized with good use of headings and bullet points. The
response is professional in tone and sufficiently readable in terms of spelling, grammar, punctuation, and acronyms/abbreviations.
Memo to Layla Mendez
You have been assessed at YES for the Communication AO. Your memo was logically
organized and formatted, and it was sufficiently readable. Good that you used headings to
separate the issues and bullets to highlight the key points. The tone was professional and
sufficiently focused on the user's needs.
Overall, your response was easy for the reader to
follow.
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