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Hi Sir,
I need your advice.
I have decided not to take my exam in June but in september instead (+the retake of P3). I passed all my F papers 1st time, but it looks like when it comes to more “writting” papers, I have issues. I had my F8 after the 3rd temptation, and I failed P3 for the second time.
And I have all the other P papers left (which have writting, analysis,…).So I was thinking probably my approach need to be changed.
For P2, I went throught all your videos already, so I’m now on revision mode (for Sept17).Seing how are the questions on past papers, I was thinking about going back to each chapter 1 by 1, IFRS by IFRS and write down for each, a summary of:
-Theory (definition of the IFRS, explain how to recognize it, revalue it, derecongnize it, etc…)
– showing the accounting treatment
-and then practice this subject with related past papersDo you think this is a good approach?
Usually after all the videos, I start practicing with the revision kit right away. But here the theorical part (eg. explaining IFRS…) afraid me! I’m not good with explaining things, so I need to learn the rules by heart.
But at the same, what I think about doing, discourage me!
Please give me some advices on different methods that could help me.
Thanks
Lika
Hi Lika,
Don’t get too stressed that you’re finding the higher level exams a challenge, all students do. It is a different style of exam at this level, they’re not the type of exam where you can learn a set methodology and apply it. You’re required to think a bit more and apply your knowledge to a more real world scenario.
You’re correct that you need a good knowledge of the accounting rules, so yes do begin to make a summary of the rules for each standard but try and ensure that you give particular attention to some of the ones that make regular appearances (financial instruments, revenue, PPE, share based payments, provisions).
When you’re working through the past exam questions then I’d work through Q1 first. It is a good test to help see if you understand the rules of the accounting standards, plus there are some easy marks on ethics in the last part to each question that a lot of students neglect.
Once you’re comfortable with the accounting standards then begin to move on to the other questions, where you will find it a challenge but always think firstly about identifying the relevant accounting standard(s) and then initial recognition and subsequent measurement. Have a look at the videos on these types of question to help you first maybe.
Hope this helps.
Thanks
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