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Hello tutor
Hope you are doing welljust getting ready for sitting for the first time.
while solving the questions from BPP exam kit
specifically “Minco”The answer written in the kit is quite lengthy and consists bulky stuffs which are hard to digest.
I’m just trying to know from you
Is it necessary to include the IAS principles and criterias while answering thr question for 5 marksSome of the questions need computation as well.
and some contains more than one scenario and more can be written.
My confusion is
How do I make an ideal structure for answering?
Shall I start with the IFRS IAS criteria and definitions or straight start writing about the scenario insteadI have talked to my Teacher, He said I need to write answers like an advisor
But how can I do that, I’m a student I’m not an professional adviser and I can’t write answers or give advises like a PRO by studying the paper for 5months
I would like to have some special advice from your tutor
please help me out.
1, Knowledge first – IAS, IFRS and Framework.
2. Then apply to scenario.
3. Make sure you’ve explained how the transaction is dealt with in the SFP and SPLOCI.thanks for your quick reply well That’s the approach I’m following currently but I’m worried because in some cases the IAS IFRS consists alot of information and under exam pressure it’s pretty hard to make a summary of the whole thing and write it.
I just wanted to know, if we have to answer questions based on 5 marks or 10marks
like how many points should we includeTime management is the key issue in SBR exam and I don’t want to fail my exam by writing alot of stuffs and gaining no marks at all for the effort.
Any idea how to overcome this?
Example
Barry sells some sausages to Harry.
Answer
Revenue should be recognised in line with satisfaction of performance obligations – knowledge
This means recognise revenue in P&L when B delivers sausages to H – application.So set out the relevant knowledge first but DO NOT write all 5 stages of revenue recognition model.
1 mark per good point.thank you so much
really good example.I hope to implement in this way.. previously I used to write all five steps.
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