3 months studying a lot of hours and still struggling

P level is a different world from F level so u should expect for the twice time you spend on F level. The syllabus is huge and question are often topic-mixed.
P1 and P3 are quite easy as it is more about common sense rather than typical topic-related knowledge
P2, P4, P5 are really difficult, especially for P4. Hedging is nightmare for me. I spent the same hours in p1 for only hedging and I am still struggling 🙁

If u do not have a lot of time, i highly recommend you to read through the whole topic as fast as possible( use kaplan, bpp is over-excessive and information overloaded), reading the kit and trying summarising the answer. Dont go to much in detail, instead trying linking the topic together.

Also, u should read the Performance prism ( availble in P5). It is the best thing in ACCA. After that, whenever u see a topic, trying usummarise things under 5 headers:
– External analysis ( use PEST as main model)
– Capability analysis
– Stakeholder analysis ( Mendelow matrix) to identify how things can influence stakeholder and reserve
– Process analysis
– Strategy analysis: eg growth or survival, cost leadership or niche,( BCG and five force are useful here)
– Financial analysis:Use financial statement item and ratio will be helpful

For example, here is my summary on Financial reconstruction/ reorganization

– Capability analysis : in order to reconstruct, u need finance. Is the finance source enough? If not, so you might need finance from bank or new issue
You also need people with sufficient knowledge ,ability. So is management able to do so: their exp, ability, their power to do?

– External analysis: The deterriorating financial situtation might come from unstable political or from economic recession. It might come from higher tax rate

– Strategic analysis: As recontruction so cost leadership and differentation is not viable as it require best practice. Niche or focus is better. Survial is preferred to growth

Using BCG and life cycle: If product is decline, market is stagnate: dog–> divest. However, consider whether it is profitable enough to become cash generator for other in ur portfolio. Also consider if it is part of value chain, have great synergy with other SBUs: if great synergy and big cash generator, should not divest but hold

Consider investing in star or not? Star normally require significant investment, but ur strategic capabilities should be considered here? If not enough to gain market share, so bettter off keeping and wait. Also as market grow significantly, but ur star still has bad performance, then it must come from inefficient process so that u can not reach ur potential

-Process: It oftens come from inefficient process so cost control is important. More than often, it comes from company is over-sized so reducing size is better
process to consider here is also : liquidation or reconstruction

-Fincancial analysist:
Asset is often overvalued–> need write off and revalue. It reduce the size and reduce depreciation then boost profit

Liability is huge: Overdraft is expensive so it should be paid off
Debt is huge so you need to reduce debt: convert debt to equity is the strategy here

Tax: can not use tax allowance as no profit, so company must be profitable

Reserve: often negative due to the loss, so it should be written off

Share: u should reduce size, then split into smaller amount is good, as it both reduce size and make share is more attractive
You might need new investment, so additional issue is advisable

Stakeholder:
– Shareholder: before reconstruction : no dividends, fear of losing control
If liquidation : often receive nothing as rank last
If reconstruction : losing control, share value decrease but instead can avoid the worst case scenario. Also will receive some dividends :so reconstruction is often accepted

– Debtor: before: no interest or late payment
if liquidation : receive money back, consider if money received is sufficient to cover all of principal amount or not
After reconstruction( if convert debt to share): receive some control, lose some principal but can rearrange finance so have better interest rate

Also as u are a debtor, so you might require loan covenants, eg: not breaching a specific geaing ratio, or reducing gearing ratio to a certain figure . consider if company can breach or not. If comp breach, so not provide the loan or cancel the loan in advance

Debtor concern about liquidity so cashflow,gearing are important

– Management(eg: management buyout): consider the ability and power level ( mendelow matrix) of management: is it enough?
Any conflict between management and directors ?
Financial consideration for management: compare the amount they have to put in company and the value+ dividends they receive( use dcf or free cashflow ): Is it worth buying shares and manage company

Customer: After reconstruction, how customer react. Will they abandon products and switch to others…

Above are some of my sumarisation of reconstruction? I did not pass P4 or P5 yet so it is hard to tell whether it works or not. But except for some highly technical parts in P2 or hedging, most of ACCA are common sense and I believe u can apply this to 80% of ACCA and real life situations :d

Just my 2 cents