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is IFRS 15 applicable for P7 in Dec 2015? If yes, then there would be no IAS 18/11 anymore, wouldn’t it? Please let me know.
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Yes. They’ve all been replaced by IFRS 15.
Revenue is tested as a risk very frequently in q1 (as a risk), and it’s a new standard so very likely to be examined. It’s quite complicated, but worth the time to understand.
Basically, all accounting standards examinable at P2, are examinable in P7. Just the accounting standards – current issues and sics aren’t. And they’re examined in a different way from P2 – the focus being on audit.
Another one to be mindful of is IAS41: Agriculture, which has been around for a while, but it is now examinable at P2 level, therefore examinable at P7 as well.
So if, like me, you passed P2 before that became examinable, then you need to get the gist of that one as well.
Gee! All I have practiced so far are as to IAS 18/11. IFRS 15 has indirect effect on other IAS/IFRS as well. It is a radical change, and I am panicked. Anyway, could you please share me any quick but handful question or material on IFRS 15?
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https://www.youtube.com/watch?v=hANA_LO5LYA
found this useful as was done with an example.
there’s another useful link here:
I don’t think IFRS 15 will be examinable in P7. It will come into force in January 2017. Therefore only current standards will be examined. IAS18/IAS11 will be the examinable standards for December 2015 exams.
All IFRS/IAS on this list are examinable at P7:
You’ll see that IFRS15 is there, whereas IAS18 & 11 are not.
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