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Also, i want to add i memorized all the models etc..but if you don’t incorporate the exam practice you are just wasting your time. A key factor in the exam is timing. Exam practice will get your timing right which is pivotal to success. 3 hours may seem a long time, it certainly is not if you want to prepare an ACCA standard answer for 3 questions..
Hello,
I just want to share my experience. It was my first professional ACCA paper and failed with 46%
I was self studying using purely LSBF study and revision videos. Whilst the revision videos gave good exam technique, i think i did not pass as i did not have adequate exam practice. The main advice you will get on these forums is that exam practice is key.
I am using the study guide and revision kits from Kaplan to help me pass this time round.
It is a very, very dry subject it must be said and has little to do with the branch of accounting i want to follow which is financial reporting.
Brace yourself for some very dull weekends.Hey I failed this module to, i know how you are feeling, got 46% on first attempt even though i revised all notes. Who is your tuition provider?
I think mistake i made was to use study guide only, the key to these papers is to have a revision kit with practice papers and time yourself, this will hopefully work for p2 for me in June.Hello Sophie,
You say IASPlus contains basic knowledge of the IAS’s but isn’t all you really need to form an answer in the exam?
Your feedback is appreciated.
Hello,
I’m good at consilidations and cash flows. At the moment i am improving my theoretical knowledge by learning all the important aspects of IFRS/IAS, i am simply going to the iasplus.com website and taking notes on the IAS’s.
I can see that section 2 and 3 are mostly based on the treatment of IAS’s, so i take it i am taking the right approach? I’m choosing to ignore the study guide on IAS’s as IASplus.com website proves to be more informative.
Let me know if you think my strategy is ok.It was boring to revise that is for sure. Also i couldn’t believe environmental footprint came up as 25 marks, in my text book there hardly 2 paragraphs on it, so how can i have 25 points to talk about in the exam?
Wait everyone seemed to have done not so well..what learning providers did you use? I found LSBF to be quite good for exam technique.
q3) I think it was basically a memory dump of what you know about SOX and comply and explain, i referred to the case once or twice. I picked up on the point that US already had a competitive defense infrastrucure so going to listings SOX standards and registering the company there would prove to be comeptitive. But in Xiland the legislation is comply and explain and they would be better off as they get tax breaks, the laws are less draconian and foreign investment would flood in.
q1) Statement
talked about the strategy, scrutiny, risk, and people role of the NEDS. Then mentioned the benefits of having NEDS. They facilitate shareholder representation , the facilitate comprise and create balance on board, they provide expertise to the board, they demonstrate decisions made in the shareholders interest, they act in a monitoring capacity to curb excess of executives.
Then d ii talked about risk management and justifying the risk management policy. So i talked about TARA (Transfer , Acceptance, Reduction and Avoidance accepts)q2) talked about conflict of interest. The director only wanted to prolong his appointment for another year as we would get a tax break if he cashed in his stock options during this time. I said that if he can no longer perform adequately and act in the interests in the shareholders then he should resign and forget about the stock options as his fiduciary duty to act in the interests of the shareholder and not his own and continue to make operations profitable.
It also talked about him reporting the inventory figure differently to bolster his profits, i said that he should report honestly and disclose any reporting in the notes to the accounts.
Also, it talked about he had a friendly relationship with the auditors and that he could get them to agree the inventory reporting method. I said that in order not have a conflict of interest he should hire an independent committee one that he had no prior relationship with so they could give a trust and fair view.Q1 I picked up on a few points: The lady was an employee for 30 years and now she was entrusted to be auditing, independence big no no. Rule states cannot be an employee within last 5 years or have business relationships within past 9.
Also, she had to report directly to the finance director rather than audit committee. This can result in self interest.
She was also a popular and well liked person in the company, so i said that there would be a familiarity risk and she would have to many personal allegiances.
I also picked up on the fact that she had to check the compliance herself, then i mentioned self review threat as she was reviewing her own work.
And the question about the loan, assess the new legislation impact on shareholders , employees and customers. Well customers will have to go through rigourous checks so they could not get their money on time or at all. On the plus side they won’t get into spiraling debt on the other hand, no money for them.
Employees would need training on how to do the checks, they might lose job over the legislation as it might make the company less profitable. (paragraph talks about lender will only get back 2 times what they borrowed only)
Shareholder, the value of shares will go down as the lender gets less money and there may not be a guarantee they get their money on time (new legislation stated that irrespective of how long they keep money they only pay back two times initial sum and its capped)
