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Hi Sir,
I have failed P2 back in June sitting and revising again for upcoming September 2017 sitting. I scored 41. I was a bit confused with Q2 & 3 as I found the two questions are extremely similar; and that I felt I was answering the same question.
For Q2, it’s a mix of IFRS/IAS and for Q3, it’s a industry question. One is to advice the directors the appropriate accounting treatment and the other one is asking how will the transactions affect the f/s.
Can you please clarify the differences between Q2 and Q3 for me please? Also, could you recommend me some techniques on how to structure my answers on the two questions? If possible, can you give me an example?
Thank you 🙂
BowenHi,
There isn’t much difference to the two questions really. They are either scenario based or case study based. This usually means that they either focus on a particular area of the financial statements, say non-current assets or a particular accounting standard, or they cover a range of different standards. Have a look at the March/June 2017 paper and you will see Q2 is focused on NCA whilst Q3 is on several, different, unrelated standards.
If you’re looking for quidance on how to approach either of these questions then have a look at the revision videos and they’ll give you some useful ideas.
If you’re still struggling then please let me know.
Thanks
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