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I started studying for P7 for Dec 2018 exams. I passed P2 last march and I wanted an advice on IFRS.
Do we need to know all IFRS standards and full application as we were preparing Consolidated B/S or we need to know the basics measurement recognition and the way to identify the risk and conclude if the amounts are materially misstated, overstated or understated.
Thank you in advance. Hope my question was understandable.
Knowledge of IFRS would be mainly required for questions asking for matters to be considered, typically in Section B/Question 2 (as per new exam format).
For such questions, the answers would require basic IFRS application knowledge to identify the incorrect treatment and to state the correct treatment.
This may not require such extensive application knowledge as required for SBR (Previously P2) as we may not be required to calculate or apply such treatment as required in SBR.
These questions worth 25 marks will typically subdivided into 3 parts, each approx. worth 7-9 marks. So these sub-parts worth 7-9 marks would in addition to IFRS, test IASs and in most cases test audit procedures too. As such considering marks allocated, it would not be testing extensive application of IFRS standards as required for SBR exam.
Refer Q3 in old format past papers for more understanding. As per new exam format, this would come as Question 2 in section B (Starting from Sep 2018).
Hope this helps.
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