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dear Mr John
please can you advise on what are the basics of reading and understanding the standard? i.e as in what should we look for in a particular standard?
Hi,
You need to think about initial measurement, subsequent measurement and derecognition. If you can do that then you’re on the road to success.
Thanks
thank you very much
meaning on every standard i come across, i should always try identifying those?
hello, professor I am a textbook addict trying to get adjusted to your notes because i became tired as textbook did not have the structure of initial recognition. subsequent measurement your notes are brief sometimes i feel it is less and will not help me pass and i am scared to look at the notes so i revert to textbook i get iiritated and then dont feel like studying at all. even i dont understand clearly from your notes what is contractual cash flow or business model i am confused crying and sweating inside i am deaf guy can’t listen to ur lectures aswell please give me advice as to how i can study i am growing depressed inside
Hi Ali,
Sorry to hear about your struggles but do not get too down about it. You’ve done amazingly well to get to this point in your studies and I’m confident you can succeed at P2, just remember that it is one of the most difficult papers in the ACCA qualification and everyone finds it a challenge.
How have you studied previously? It sounds like you’re maybe trying to change it and it may not be working. There is nothing wrong with working through the textbook but just be aware that it does go into a huge amount of detail.
Let me clear up your issue with regards to contractual cash flow and business model test.
Contractual cash flow is very literal, in that there must exist a legally binding agreement in the instrument that cash will be paid. So if you’re thinking about a simple loan there is a contractual obligation to pay interest and the principal.
The business model test is asking do you intend to hold the instrument until its maturity date, so again if you think about a simple loan then you are going to hold the instrument until you’ve received all the cash interest and original amount lent.
If you can understand that then you’re in a better position already. If there are any other areas that you are struggling with then please don’t hesitate to ask.
Thanks
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