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发布时间：2016-10-27 
P2 Exam Tips December 2015
ACCA P2 Exam Tips:
Sources[Kaplan,BPP,LSBF,Beckers Professional,First Intuition,MM University]
ACCA P2 Corporate Reporting Paper Exam Tips for December 2015 Session are given below by famous tuition providers
Kaplan
Do not ignore ethics it appears in every section A question and could have up 10 marks.
Always apply your 5 standard workings when doing CSFP.This will help ensure easy marks are picked up and it is easier for the marker to follow what you have done.
Do not ignore the current issue question.Often it contains numerical aspects of an accounting standard you are familiar with as well as the current issue.E.g.reviewing the use of FV and the new rules on financial assets in IFRS 9.
Practise as many questions as possible across the syllabus,and don’t only concentrate on consolidation.Practice writing out pro-formas so you can do this quickly and efficiently on exam day.
Use the reading time effectively–decide which question you are not going to attempt from Section B and then read the Section A question.
If you need help with Accounting Standards,read Clare Finch’s guide to IFRS.
If you struggle with Groups,read Tom Clendon’s guide to Group accounts
Consolidation is hugely important but you can’t pass the exam on this alone–a significant number of marks in the consolidation tests your understanding of other accounting standards.
Don’t overrun your time on part A of question 1.There are often easier marks available in pasts B&C.
If you can’t do something ignore it and move on–time is very tight and there is no point staring at a blank piece of paper if you really don’t know what to do.
In addition to consolidation the examiner is particularly keen on:
● Revenue Recognition
● Financial Instruments
● Pensions
● Deferred Tax
● Reconstruction of insolvent company
● Foreign Currency
● Impairment
The examiner writes articles that are published on accaglobal.com–search for“Graham Holt”.
An understanding of the Accounting framework is vital in being able to discuss any issues surrounding an accounting standard or proposed change to that standard.
Unlike F7,there are very few marks,if any,for simple figures in the Consolidation exercise.Marks are concentrated on the adjustments and detailed computations of key group issues,like Goodwill,NCI etc.Make sure your workings are clear and fully explain any adjustments you make to comply with relevant IFRS.
Do not treat the Consolidation exercise as being all 50 marks of question 1.It will typically be 35 so allocate the correct time to it and the other elements in Q1.
In scenario style questions in section B,be sure to state the relevant accounting standard for any advice that you give,together with the relevant rules from the standard and then subsequently state the advice on correct treatment of facts in the scenario.Don’t be tempted to jump straight to a statement of the correct treatment as marks will not be maximised by doing this.Read articles and read around the subject.
Remember
● Do not add up the accounts.
● Start each question on a fresh page.
● BE NEAT in the exam.
● Time management(or lack of it!)is the most common reason for failure.
BPP
Q1:Preparation statement of financial position and/or a group statement of profit of loss and other comprehensive income or statement of cash flows–including a foreign subsidiary,discounted activities,disposals and/or acquisitions.
Linked accounting adjustment and social/ethical/moral aspects of corporate reporting.
Q2&Q3:deferred tax,foreign currency transactions,financial instruments,pensions,share-based payment,non-current assets(recognition and/or impairment of tangible and intangible assets),
borrowing costs,the effect of accounting treatments on earnings per share to ratios.
Other question will test a range of standards such as accounting policies and the framework,leases,grants,IFRS for SMEs,reorganisations,provisions,events after the reporting period and related parties.
Q4:revenue recognition,revision of the conceptual framework,regulatory issues over adoption and consistent application of IFRSs,implementation issues,application of the definition of control and significant influence(equity accounting),improvements in performance measurement,classification in profit and loss vs OCI,integrated reporting.
LSBF
In context of P2 you should consider this exam as narrative exam.Many students tend to focus on numbers only but the real trick to pass P2 is have a firm grip on the narrative too.
Don’t waste your reading time of 15 minutes in the exam for reading question number 1.It is not the right technique and certainly acca also don’t intended.Use the 15 minutes to decide between the question in the B section.Just scan the questions in the exams and decide the order in which you will start them.
Don’t spend too much time on question 1 if you have started it.Try to start the exams in backward manner like starting with question 4 and then 3&1 or 2&1.Time management is very important in Paper P2.
Question number 4 is easiest question in the exam so tackle it first as over the past years we have seen students getting above pass marks by completing question number 4.
Question 1 have 35 marks of numbers.Many students give a lot of explanations in question 1 which is totally wrong.Explain just necessary things and keep it short.Keep your explanation for narrative sections like question 4.
Beckers Professional
Coming Soon
First Intuition
Q1:group question on foreign subsidiary.Will contain a variety of non-group topics,too.
Ethics.
Revenue recognition or leases–current issue.
Deferred tax
Share based payments.
Pensions.
Open Tuition
Section A
50 marker compulsory question–90 minutes
● This is a 35 mark consolidation question with a further 15 marks possibly sub-divided into a smaller question on each of corporate governance and ethics,neither part dependent upon the answer to the consolidation
● DO THESE TWO PARTS FIRST!If you don’t,I guarantee that you will spend the whole 90 minutes on part a)and leave no time at all for these relatively straight-forward 15 marks
● with the consolidation itself,there will typically be 6 or 7 tricky points in the notes to the question,adjustments to be made or bad entries to correct
● keep your workings:–neat–tidy,–properly headed–cross-referenced(SoFP is a perfectly acceptable abbreviation)o legible,(and correct!)
always remember,the MARKS ARE IN THE WORKINGS
Section B
choice of 2 from 3 questions worth 25 marks each–45 minutes each
● planning time here is 12.5 minutes for each of your two chosen questions so use it wisely
● questions 2 and 3 will typically involve a number of IASs/IFRSs for either a single company or different companies where the directors and(worryingly)the CFO are proposing to treat a matter contrary to Standards but beware,sometimes their proposed treatment is correct!
● question 4 will likely be about some matter of current concern to the profession–some exposure draft or discussion document
● personally,if I could,I would avoid question 4.It’s exceedingly difficult to score well on a discussion question!
● the examiner has stated in the past that he will ask a question about any new IFRS at the first opportunity!
● make sure you write something for every part of every question.You are unlikely to be able to finish every part of every question–either because you run out of time or you get stuck–but you can always write something.
● each comment that you make should be within its own sentence and leave a line between your sentences effectively making them into paragraphs
● time yourself copying sentences from a book and stop after 1 minute and 18 seconds.That’s the time that you have available to write one sentence containing just one markable point.
● you’re unlikely to get past the third line and that’s the MAXIMUM length of a sentence/paragraph in the exam
● make sure that your writing is legible.If a marker can’t read your script,he can’t give you credit for your thoughts!
● if you write one long paragraph containing several points,then there is a danger that the marker will miss some of those points.
● start each part of each question on a new page in the answer booklet(if you run out of pages you will be provided a supplementary booklet!).
● that way you can always go back to questions and you will be able to add more to your answer neatly,if you have time left at the end of the exam.
● do make sure you make it clear at the top of the page which part of which question you are answering.
● there are NO MARKS for showing that you can remember an IAS/IFRS number or title
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