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Hi @waleedwaj, even i was exempted from F7 when i started ACCA. Proper approach to score well & not just hope to pass this/any ACCA exam would be:
– Making sure you’re familiar with all the topics from Foundation Level of the subject in this case F7 Consolidation & IFRS , i had to go through all the F7 lectures because in Uni it wasn’t taught to depth plus i had forgotten it & if this is the case with you then make sure you learn you do the same.
– After you’ve done the above move on to P2 lectures on O.T, complete them & Make Notes.
– Next, Buy a Kaplan Text & go through the whole book as it will contain much more topics than the lecture notes on O.T so it’s very vital for every exam not just P2 because when you will start doing the past papers you will find topics that you’ve not seen in the O.T lecture notes. Again Make Notes For Add. Topics.
– Then finally get a Kaplan Exam Kit & make a plan to complete all the Q.s in it. Best to start prior to a month before exams so you have enough time.
– Answering technique is very vital in ACCA exams as rote answers will get you nowhere, analyzing & answering by tying the question back to scenario when answering is important, completing a Q in it’s allocated time & not going over, not spending extra time on Q. you don’t know & moving on to the next one so that you don’t lose marks.
– Last but no the least Make A Plan & Stick To It. Ex: You have 3 Months till exams, 2.5 weeks to complete FR lectures, 2.5 to complete SBR lectures, 2.5 weeks to study Kaplan text, 5 weeks to complete Exam Kit. This should be how you approach an exam & not scramble in the last month & stress yourself out.
Hi @Sajidm, usually when you calculate G/W @ acq. there are 2 choice i.e FV or Net Proportionate Method, When we calculate G/W @ acq. based on the latter i.e Net Propotionate then we are calculating only our share of G/W which will be reported on the balance sheet & any imp. will not effect NCI working.
We gross up the g/w when checking for imp. because we have to take the whole value of the business i.e N.A & G.W , & since the G/w we report is only our share we then gross it up by whatever our share is / 100 ex: if 70% holding then 70/100. Then we check for imp. with the full value including N.A and then any excess over the Recoverable value we deduct that from G/W working as imp. but be careful we only take our share of the imp. ex: 100 imp. then only 70% of that amount i.e $70 as imp. deduct from G/W working.
Also be very careful when checking for impairment if the amount exceeds the the G/W value then it’s impairment of the Subsidiary as a CGU & we’ll have to deduct G/W & Net assets of the subsidiary anyways this is a complex example. Hope you understood
@Tural yes Kaplan study guide it’s comprehensive covers all the topics in proper depth
I just sat SBR in the Sep sitting this time & even i had exemption for F7 and my knowledge was quite lacking because in University level it was was’t taught that well and it got my head spun looking at the past papers and answers.
So what i did was go through all the F7 lectures then P2 lectures and then got the Kaplan study text and exam kit. It’s fundamental to have a good understanding of each of the accounting standards as SBR has majority of discursive elements.Also group accounting along with Cash Flows which is quite easy to be honest once you get a hang oif it. Then I did as many questions as i found apart from the exam kit cause practice is very vital with any of the P papers.
Accordingly by doing the above i found the exam quite easy & hopeful of getting 85%+ in this exam. Best of luck Sam
Well it certainly did have those questions like 2-3 i think, and also you should’ve done Specimen paper and past papers upto March/June 2017 cause it didn’t include questions from Sep Dec & March June 18 and also 2 Mock Exams from BPP that were published on June. And i have to agree Kaplan Study Guide & Exam Kit along with lectures from Chris were fundamental and have to say i found the exam quite easy to be honest.
Yeah well it was 2 years ago , i was good at consolidation got an A in university in the exam but obviously the ACCA level differs. So what is your suggestion, should i go though the F7 lectures & notes of OT or just start with P2 lectures and notes directly. Also what’s the acronym ALP, ( Learning Partner i’m assuming)?