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Hi Tutor,
Can we use abbreviations on the face of the financial statements in P2? I mean abbreviations such as PPE, RE and SOFP.
I am finding the time on p2 group consolidation extremely tight even when you know what to do with all adjustments.
Also if you do lose marks would these be just 1 or 2?
Regards
Don
Use abbreviations as much as you want, but not in a written answer. Even then, it’s possible so long as you explain International Financial Reporting Standard 5 (IFRS 5)
The examiner / ACCA is NOT looking to see that you know what the letters INCA stand for. We’re looking to see if you can calculate goodwill (sorry, g/w)
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