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Hi Mike
6 weeks to go to P2 exam, I plan to do 2/3 hours each evening. And a few hours at weekend.
I started to look at Group Questions this weekend – only SOFP and trying to get head around the different group structures and changes in group.
How is it best to master group accounts as I find after doing a few that I go onto another one and get thrown by the change in structure in the new question.
Any other tips on how best to pass P2 in the next 6 weeks much appreciated.
Thanks
Tip number 1, start 2 months ago!
The video lectures should help you as you work through the course notes though, be warned, those lectures and notes merely outline the basics of the new-since-F7 elements. The exam questions themselves are a beauty to behold, so be warned!
In the exam, there’s really only 35 marks in question 1, consolidations, that is pure numerical work. The other 15 marks in question 1 is likely something on ethics and/or corporate governance.
Questions 2 and 3 are questions that require a lot of chat with numbers thrown in for you to advice on the appropriate accounting treatment. I think that probably the best way to approach your preparation for these questions is simply to read, read and read again the past exam questions and answers.
This will give you a feel for the sort of questions that the examiner asks but will also bring you the knowledge necessary about the various IAS/IFRS that you may expect.
Be absolutely sure that you have read up thoroughly on IFRS 15!
For questions 4 I suggest that you read up on the various exposure drafts and discussion documents that are listed in “examinable documents”
Ok? Hope that helps
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