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ATC's ACCA Exam Tips P2 ATC's ACCA Exam Tips P2

This document provides exam tips for the ACCA P2 Corporate Reporting exam, including: - The examiner, Graham Holt, has written articles on IFRS 3 and IFRS for SMEs that may feature in questions. - Regular topics covered are consolidations, financial instruments, employee benefits, and leases. IFRS for SMEs could be the current issues question. - Students should keep up to date by reading publications like the Economist and Financial Times, as the examiner draws inspiration from current topics. - Revision providers give tips on likely exam structure and topics, including consolidations, cash flows, foreign subsidiaries, and current standards like revenue recognition.

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277 views4 pages

ATC's ACCA Exam Tips P2 ATC's ACCA Exam Tips P2

This document provides exam tips for the ACCA P2 Corporate Reporting exam, including: - The examiner, Graham Holt, has written articles on IFRS 3 and IFRS for SMEs that may feature in questions. - Regular topics covered are consolidations, financial instruments, employee benefits, and leases. IFRS for SMEs could be the current issues question. - Students should keep up to date by reading publications like the Economist and Financial Times, as the examiner draws inspiration from current topics. - Revision providers give tips on likely exam structure and topics, including consolidations, cash flows, foreign subsidiaries, and current standards like revenue recognition.

Uploaded by

saud56
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ATC's ACCA exam tips P2

ATC's ACCA exam tips P2


By Phil Bradbury

The examiners name is Graham Holt, he wrote 2 articles which were based on IFRS
3 (revised 2008) that appeared in the February and April 2009 Student Accountant.
Make sure you have read these articles, Q1 will be a consolidation question which
will include issues from these articles.

In March 2010 an article was written by the examiner on IFRS for small and
medium sized entities (IFRS for SMEs) which relates to a new standard issued by
the IASB in 2009. This topic may feature as the current issue question (Q4) in the
December exam. This article was published in Student Accountant.

The examiner stresses that students should read around the subject and keep
themselves up to date. He encourages students to regularly read Economist or
Financial Times and look into one of the Big 4 audit companies IFRS website, the
examiner himself regularly looks at these sites and may take inspiration for a
question from them.

Exam Tips
Areas that feature on a regular basis in the exam are as follows;

Consolidations in Q1
Disposals and complex groups (June 2010)
Disposals (December 2009)
Step acquisitions (December 2009)
Cash flow (Dec 2008)
Foreign Sub (June 2008)
Complex group

Financial Instruments (IAS 39) to include hedge accounting, questions on this


topic tend to appear in most exams
Employee benefits (IAS 19)
Leases (IAS 17)
Share-based Payments (IFRS 2)
Impairment of assets (IAS 36)
Deferred Tax (IAS 12)

As stated above, the IFRS for SMEs could well be the topical question in this exam
but students should also be aware of other topical issues such as the financial
crisis, Fair Value accounting and accounting for Financial Instruments.

Exam Technique

Don’t forget the following advice while in the exam:


Answer all questions, including the written elements of questions. It is very difficult
to pass the exam by learning the numbers.

Cross reference your workings, they are an integral part of your answer.

Answer the question set, not the one you wished had been set, focus on the
requirements especially relating to the written part of the answers.

Look at the marks available for each part of the question, do not write pages of
answers for a 3 mark part similarly if the question has allocated 6 marks then make
sure you adequately answer that part, a line is not enough to get you 6 marks.

For a 25 mark question you should be spending no more than 45 minutes on it

Kaplan

P2 – Corporate Reporting

Section A – group statement of cash flow which could include mistreatment and/or
misclassification of items to be included within the statement.

Section B
Non-current assets
Held for sale and discontinued activities
Impairments
Employee benefits
Intangibles
Reporting financial performance

LSBF

P2
Complex groups.
Cash flow statement.
Revenue.
SME.
Segments.
Provisions.
First Intuition

P2
Qn 1 = Group question on cashflows or Foreign subsidiaries
Ethics
Revenue Recognition
Deferred Tax
Impairment (especially goodwill)
Share based payments
Related parties

BPP

P2
Section A
The compulsory case study is likely to require you to prepare a group statement of
financial position (balance sheet) and/or statement of comprehensive income (profit
and loss account) with continuing and discontinued activities or foreign subsidiary.
Alternatively, it could be a consolidated statement of cash flows which would include
other accounting complications such as financial instruments, pensions, share-based
payment and impairments.
There will also be discursive requirements on a linked accounting adjustment and
social/ethical/moral aspects of corporate reporting.
Section B
An industry question (often Q3), testing a range of standards (NB: no specific
knowledge of the particular industry is required).
A discussion question (Q4) looking at current developments in corporate reporting,
such as: small and medium-sized entities, revenue recognition, success/issues on
implementation of IFRSs, management commentary, comprehensive
income/presentation of financial statements, improvements in performance
measurement. It may also include a related computational part based on figures
from a case study.
Single topic (e.g. share-based payment, deferred tax, pensions) or 'multi-part'
question (Q2) testing a range of standards separately, such as: related parties,
accounting policies, discontinued operations, recognition and/or impairment of
tangible and intangible assets, government grants, foreign currency transactions,
provisions, events after the reporting period (balance sheet date), leases,
consistency of standards with the conceptual framework, the effect of accounting
treatments on earnings per share or ratios.

Opentuition

Tips for Paper P2 December 2010 exams

Q1
Consolidation – cash flow ( favourite ) foreign ( possible ) or
“traditional” ( less likely ) 35 marks. Other 15 marks ethics or
environment

Qs 2 and 3
Typical questions from P2 – probably one report to directors
about a specific IAS ( possibly Revenue – but could be anything! ) and
various problems which the directors are facing.

The other covering a variety of IAS / IFRS and a comment about proposed
treatment.

Q4
Current issues. Check out Graham Holt’s article on SMEs from April
Student Accountant ( ? ) and Lisa Weaver’s article from the October edition
on leases, deferred tax and management reports

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