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Hello Sir,
Is it important for me to memorize all the ISA and IAS for P7 December 2017 exam ?
if yes then can you please guide which are the most important standards as i always struggle to memorize them all.
SECONDLY on the first question where we have to structure our answers in the form of reports or briefing notes please guide me through on how the learn this skill as well.
do you have any link to revision videos where past-papers are revised. If yes please share the link.This would be of great help for me.
“Is it important for me to memorize ….”
It’s not important for you to memorise anything! What the ACCA is looking for in P7 is an understanding of the matters that face the professional accountant in practice whether those matters relate to accounting issues, auditing issues or ethical issues
There’s no rigid format to the structure of answers to question 1 in the paper P7 and, as for looking at examples of answers … what’s the matter with the published answers in a revision kit?
In general, answers should:
pay attention to the addressee(s) and use language that is likely to be understood by those addressees
be subdivided into appropriate sections
be clearly headed for each of those sections
fully address the issues raised in the question (this requires very careful reading of the question)
use the information given in the scenario, quoting phrases from the question where appropriate
Letters should be in proper letter style *
Emails should be in email style *
Reports should be properly set out *
Press releases should be in the form of press releases *
* Examples of all these you will find in the revision kits
Personally I would avoid the use of the 1st person singular (I, me and my), even when the question says that “You are the auditor …. and you are required to draft a letter ….”
I would still do that using 1st person plural (we, us and our)
As for ISAs, IFRSs and IASs – it is important that you know the requirements of each but neither names, titles nor numbers are important – don’t waste your time trying to memorise that stuff
My recommended approach between now and 3 weeks before the exam is simply to read, read and read
What?
– Revision kit
– Course notes
– Examiner’s reports
– Last 10 technical articles
– My article on examination technique (towards the foot of the P7 home page)
– The article “From a marker’s perspective – examination technique” (again, towards the foot of the P7 home page)
And post on this forum whenever you hit a brick wall in your studying and I shall get back to you
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