Whoa finally came back from P4 exam.
After discussing with friends it seems this paper is very hard, way harder than all the past sitting I think.

Qs 1 (28 marks)
Question starts on investment appraisal (favourite topic of all lower level finance student due to simplicity & straight forwardness)
A) 14m : Do NPV which is straightforward but start backward like corporate tax which starts from net profit.
Qs is ok but i'm not sure about the post tax cashflow. I regrossed the CF then add the stuffs. Another way is straight do then regrossed total. Not sure which. Then ask sensitivity analysis, no time just simply do the theory.

B) Ask discounted payback & duration phase : quite straightforward
C) Comment on acceptability of project based on existing 3 technic. Then comment on other technics. I simply gave IRR, MIRR & VAR.

Review : Should be ok & none of my friends mentioned about this qs yet.

Qs 2 (32 marks)
This is the bombshell since its core.
A) Start asking about selling off assets to do repay debt with 2 option : net reinvestment in NCA & shares buyback.
I just simply redo the entire F/S but a bit confused on the shares buyback since its not enough to purchase all & buyback at MV & there is no premium to highlight it.

B) WACC of both option : I think can do but not sure which is which (change in credit rating , gearing affect beta, coupon rate vs mkt interest)
C) Comment on the 2 option viability : average

Qs 3) Forex currency swap.
A) I really don't know how to present final answer but I got all the workings
B) Comment on adv & disadv of the swap. Quite ok can still bluff.

Qs 4) Memo
Quite ok since its pretty straightforward on bribery, insider trading, negligence & some law problem on patents.

Qs 5) More like P5 stuff since it ask priority of investment based on NPV & IRR. Then calculate interest rate. Never do this one. I spend 5 minute there whether to do Qs 3 or Qs 5 since both also clueless

Special note : They release more than 3 articles for P4 & none was even mentioned in finance but in tax they test all the articles they released.
Overall the question asked is very different from all the previous sittting so the difficulty part is quite subjective to different lecturers. Some lecturers always said the question is easy to scare students or to gloat, while others will always said the question is hard so student take nothing for granted.

Finally finished all paper now just wait for result, good luck with the rest of you guys.
Last note : Finance is the most difficult paper in all acca I have ever  attempted & even if you ask other lecturers they will said so too. So becareful when choose this paper for optional if you want to pass but its deadly useful if you wish to enter banking one day.

Yes, it came in sectionB for P3. To be honesty, it's not very hard for p3 compare with previously> however the time is problem. U need write too much within 3 hours. I am really scared for the computer marked paper, is it cared for  using  correction liquid ?

I have so many friends will be consider to take p5 replace for p4 next sitting. the exam is a disaster, 4 month endeavor wasted....

However, so hard to find available lecturer for p5 up to now.

The 69 pounds is the annual subscription for 2010.
Bring also your ACCA student card.
Regarding allowed stationery, if u'r taking any of the following papers: F1, F5, F7, P1, P2, P3 then u need to check this (On-screen marking)
ACCA On Screen Marking
Only black ballpoint pen is allowed. No liquids/highlighters etc.

But for papers other than that, then you may use liquid paper (correct me if I'm wrong).