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Hi,
Just wondering when the September Notes will be up for P2 or are the June 2015 exam notes ok to use for September ?
Thanks 🙂
June 2015 notes are substantially ok. The only obvious one to change is the recording for employee benefits – the notes are fine, just the recording needs to be updated
What is the change to the recording of employee benefits? I think I skipped a beat. I don’t want you to explain it if it’s somewhere on Open Tuition. Let me know where it is, if that’s okay, please.
Thanks Mike 🙂The recorded lecture is out of date – it still has the 10% corridor and expected return on plan assets. It still has an Ugly account and should not be looked at. The notes, however, are fine and deal with the new version of Employee Benefits
Hi Sabbir
I do believe that the question is almost exactly the same as the illustration example in the free course notes!
Do you mind awfully if I ask you please to work through that example in those notes and then, should you still have a problem, post again
Many thanks
Hi Mike,
How about IFRS 15, will there be any new lecture/notes for this standard? As it has just been introduced for the Sept 2015 sitting.
There is a new chapter in the course notes already on the site. There won’t be a new lecture on the subject, probably not even for December this year
Ok?
Hi Mike,
Just to confirm, IFRS 15 and also the changes in Ifrs 9 will not be tested in the september ’15 sitting?
I have no idea what is in the September exam! However, I would be most surprised if IFRS 15 does NOT appear in September. It IS in the syllabus and IS included within the list of examinable documents
Let’s be perfectly clear on this…….. IT IS HIGHLY LIKELY THAT IFRS 15 WILL BE THE SUBJECT OF A QUESTION IN P2 SEPTEMBER 2015 EXAMINATION.
Ok?
Hi Mike, thank you for your confirmation. However I can’t seem to locate the IFRS 15 chapter in the notes. Could you please direct me with the page number?
Sorry for the hassle and thank you so much
It’s the very last chapter in the course notes. Are you looking at an old set of notes?
Hi Mike (all)
I’m sitting ACCA P2 for the first time in December. Can you please confirm what standards have changed since the June exam. And what pages I can find them on in the notes.
Hi, if you’re sitting for the first time, why are you concerned about what has changed since June? Very strange!
In P2 in September for the first time is IFRS15 and out goes IAS on Construction Contracts and IAS 18 on Revenue
Also gone is something to do with SMEs
You can check all the changes since June 2015 by following this trail:
Opentuition, home, ACCA, P2, syllabus, international September 2015
Follow that and then scroll down to the end of that page where you’ll find the changes since June
Ok?
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Hi Mike
Could you please help me how to solve this question using IFRS 15
Havanna owns a chain of health clubs and has entered into binding contracts with sports organisations, which
earn income over given periods. The services rendered in return for such income include access to their database
of members, and admission to health clubs, including the provision of coaching and other benefits. These
contracts are for periods of between 9 and 18 months. Havanna feels that because it only assumes limited
obligations under the contract mainly relating to the provision of coaching, this could not be seen as the rendering
of services for accounting purposes. As a result, Havanna’s accounting policy for revenue recognition is to
recognise the contract income in full at the date when the contract was signed.Havanna needs to separate out the coaching element – sorry! and then calculate the value of that coaching and spread it out over the 9 – 18 months as appropriate.
There is a contractual obligation to provide those services and even though they may never be used, nevertheless it is a different sort of income and should be treated under IFRS 15
That’s my opinion!
Hope it helps
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