AAA Current Issues

Part 4 and 5 of the exam technique articles are clearly the most recent, however I also know these were introduced after March 2018 as this is when part 3 was introduced.

NOCLAR was released in last 12 months as was ED540 but that’s all I know I’m afraid…

I’m not sure we can assume that because it was examined in the past that it won’t feature again any time soon..

I have read it, made notes against it and I feel I can discuss it so that’s all I am doing as there aren’t many questions to practice, as you’ve outlined above.

To be honest, this has been my approach for all articles on the ACCA website, read it, summarise it, ensure I can discuss it!

IAASB published a summary and it is freely available:
https://www.ifac.org/system/files/publications/files/ISA-540-Revised-Summary.pdf

The article would still be relevant to the June exam – if there was a June exam – I’ll suggest to ACCA that it gets taken down early.

Given that the ACCA exam is mostly about application – you have to think how will this be examined – I suggest that like any “evidence” standard it will be examined in an “audit procedures” question – without needing to reference the ISA itself. The main point are mentioned at the end of Chapter 15 (2020-21 notes) – you say it’s changed a lot but apart from the emphasis on estimates rather than fair values the essence of the three approaches to auditing them is fundamentally unchanged.

1. As per the article Complexity, Subjectivity and Estimation uncertainty are factors to consider in the assessment of risk. The three approach/responses to the assessment of risk are as summarised in Chapter 15 of our notes.
2. The only “emphasis” on fair values in the ED of the revised draft was concerning the assessment of complexity – this has been retained in the revised standard only it is not so important as to be included in the title of the standard (I would suggest because fair value is no longer new and far more the norm in financial reporting).

If you would like me to answer rather than another student can you please make your post to the ask the tutor forum instead. Thank you!

The learning outcomes for current issues are detailed in syllabus area G: https://www.accaglobal.com/vn/en/student/exam-support-resources/professional-exams-study-resources/p7/syllabus-study-guide/p7-international-int-syllabus-study-guide.html

Regarding exposure drafts, etc (LO G1b) – they have to listed in the exam docs – available here: https://www.accaglobal.com/vn/en/student/exam-support-resources/professional-exams-study-resources/p7/examinable-documents.html

As summarised on page 50 of the notes, there are, for example, 3 EDs on QC – I would say this is a “hot topic” BUT at the end of the exam docs there is this all important note:
“Topics of exposure drafts are examinable to the extent that relevant articles about them are published in student accountant.”

Please remember to use the ask the tutor forum unless you want to wait on an answer from another student.

So you would not expect EDs to be examined if there is no article (and as I look now at the relevant page https://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles.html there is no article on the QC EDs).