How to Pass P7

Hi Guys,

Just wanted to give a little bit of advice for those struggling with P7. I passed this paper first time and found it in the main relatively easy. The thing to remember with this paper is accounting standards and ethics. If you go into this paper with no understanding of accounting standards or ethics you increase your chance of failing ( 70% of the paper in one way or another involves understanding accounting treatment).

For example if there is an scenario in the exam which centers around ‘inventory’ … think has management valued inventory per IAS 2 lower of cost and net realisable value. Have management intentional increased inventory to mislead shareholders ? what evidence is available to account for managements valuation ( invoices , materials etc) ?

I hope this helps