[Anirudh]

Passed with 50% 1st Attempt
I swear to God due to poor time management I only managed to do 70% of the exam
But by the grace of Allah I passed.

[Anirudh]

Passed P7 in my second attempt. I failed in Dec-16 coz of poor exam technique though the exam was fair. What i mean by exam technique is try doing all questions and don’t write too much. It’s very easy to over write when you know the syllabus that’s what happened with me in Dec-16. We had business risks and I spent too much and in the end only managed to do around 65% of the exam got 43%.

But this time around my aim was to attempt all the questions which i did but still only managed to attempt 80% of the exam.

Another thing folks go over Accounting standards especially Non-current assets > IAS16 PPE, IAS 36 Impairment, IAS37 Provisions, IAS38 IA R & D, IAS17 Leases, IFRS2 Share based payments, IAS21 Foreign Currency, etc

Honestly folks this exam is not that touch you just need good exam technique.

Hope this helps

[Anirudh]

Thanks

How could I prepare for this question then?

Kind Regards

[Anirudh]

Hi Guys,

I would 110% agree that the Proforma is really Important. I passed this Sep-15 exam and I used Kaplan text and did past Consolidation questions (Q1). I did not do the exam kit coz it’s the same as past exam questions so I would not advise you to buy exam kit.

If you are going to pass this P2 Exam then you have to do well in Consolidation. Don’t get panic if you think you can’t do any of the adjustments just put a random figure but prepare the whole B/S or P or L or Cash flow.

In my case I got confuse with Hedging but I just wrote a random figure but I prepared the whole Statement of Total Comprehensive Income.

But I did practice Consolidation questions a lot.

Hope it helps
Thanks & GoodLuck

[Anirudh]

Passed by the Grace of God,

Only managed to do 80% of the exam but still Passed it.

Many Thanks to GOD

[Anirudh]

Dear Mike,

I understand the revision bit. Why do we credit (credit entry) the consolidated financial statements by $5m.

RE $3.5m & NCI $1.5m

Thanks

[Anirudh]

Hi Dear Sir Mike,

Which one of those would you particularly pay attention or focus?

My gut feeling says, Leases & The Conceptual Framework for Financial Reporting especially Asset & Liability definition!

Many Thanks

[Anirudh]

Thanks but I just wanted to know what actually they are?

Past service cost?
Current service cost?

The reason i am asking the term meanings because sometimes examiner give figures which actually relate to past & current service cost but the wording is different and i get confuse like which is figure relate to which term?

Thanks Again

[Anirudh]

Many Thanks Dear Sir Mike

Could you also please explain the following terms in their simplest form.

What is actually Current and Past Service cost?

When do we recognise them in Income statement?

Thanks

[Anirudh]

So you are saying we don’t take the excessive depreciation out in the 1st year but take it away in the subsequent year (2nd Year).

Thanks

[Anirudh]

Dear Mike,

Some lecturer told me the only difference between P2(Int) & P2(UK) is that you will not be able to sign audit reports or can’t become an Audit signatory. The rest is fine. He said, you can have your own practice but can’t Sign Audit reports.

[Anirudh]

Ok

How could I prepare for the UK paper, Open Tuition notes are based on International.

What are the key differences I need know between UK GAAP & IFRS?

Kind Regards

[Anirudh]

I spent quit a lot of time thinking changing back to P2(Int) because there is already a lot to learn in P2(Int) and if I opt for P2(UK) then It will be impossible for me. Secondly, for the Uk paper I need to know all the differences between UK GAAP and IFRS.

So, it just means that I can’t sign Audit reports and become an Audit partner but could still work in Accountancy practice or could have my own practice. Also bearing in mind that by the time i get there, there will be no such requirement (do you see this happening any time soon)

Kind regards

[Anirudh]

Dear Sir Mike,

How should I tackle my study?

Should I start with the Consolidation and finish this big chunk then move on to standards or

do you want me to do consolidation & standards side by side e.g. two sessions a day

first session before i leave for work, Standards and second session at night, consolidation.

Kind Regards

[Anirudh]

Many many thanks for the precious advice.

[Anirudh]

Dear Sir Mike,

I asked you to give your personal opinion in choosing between P2(UK) & P2(Int). As I said I

am a UK student and will live all my life in UK.

If you were me which exam you had gone for.

I look forward to your help.

Many Thanks

[Author]

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