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mmmmh.
my friends and i must have been sitting a different exam. i found it was very clear in the instructions and was exactly what i expected, same as every other p7 past paper. Q3 was more or less writing itself, a gift.
Q4 was ok and both scenarios in q3 and q4 were filled with points and hints. you just needed to read it once and mark them.
time for q1 was ok, q2 i found was a bit short for the cash flow but then again if its only 8 marks, then you dont write any longer than 14 min, and move on. fullstop. its easier to gain the “early, easy” marks in every question that you are attempting than trying to get the last two hard marks. if the time is up for the question, its up, turn the page and move on. 1.8 min per mark allocated. its easier to score 50 marks out of 100, than 50 marks out of 80.Hi,
I am not sure you need to quote the ISA numbers. My teacher never mentioned that.
According to him, important topics are Risk (audit, business, financial statement), a question about accounting standards like for example IAS 37 Provisions…., audit reports and going concern. Further he said that audits of consolidated statements could come up again.
Now, that’s only what nearly always comes up in some form, that doesnt mean that other areas arent going to be asked or that there will definitly be a question on these.
The examiner will not ask us to answer loads of small questions in Q1 and Q2. She will give us a scenario that mentions several problems and then will ask you simply to show “matters to consider”. She wants us to figure out on our own what we should refer to, there are hints in the scenario though.
Hope it helps a bit.i have a question regarding Q2:
not all of these part questions have been IFRS2 share based payments, or have they? opinions seem to differ a lot about that. some say that the two mini scenarios without employees (part a hedging, and part c? where they bought the machine) are not under IFRS2. Any ideas?