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Hi Mike
I have just passed P3, it was my first paper after a 10 year break in exams and I must admit I really struggled, I didn’t think I would pass so I didn’t contemplate even attempting the final 2 exams left for my ACCA qualification.
However, since I did pass P3, I am considering attempting P2 as my next exam. My main concern is how much prior knowledge or F7 knowledge do I need to take the P2 course at BPP? Unfortunately my last Financial Reporting course and exam was over 10 years ago, and in my day to day job I do not work with numbers much or accounts anymore.
Thanks!
Hi 5oph
I’m obviously not Mike but felt compelled to reply as this time last year I was exactly in your position. I started ACCA in 2001 and took all of my exams (and passed!) except for my finals (P1,P2 & P3 – as you know the option papers were previously before these papers). I also had a 10 year break and decided last August that I would bite the bullet and complete the final 3 papers. All the prior exams were studied at BPP centres however this time distance learning (something I’ve never done before) was the only option. I decided to start with P3 at the dec14 sitting and despite thinking otherwise, I somehow passed! For the June 15 sitting I decided to take both P1 and P2 and very quickly regretted choosing to do both as the P2 syllabus is so huge and I quickly realised that the majority of the IFRS’s were introduced in my 10 year break and I didn’t know any of them, especially as paper 2.5 was done in UK standards. I used BPP distance learning and they provided a recap of paper F7 And luckily it jogged something In my head and slowly it kinda came back to me. I made my way through all the notes for P1 but decided to abandon this paper to concentrate on P2 and I didn’t do any P1 revision. I sat them both (well I had already paid for them so thoughts might have well). Oddly the P1 exam went much better than P2 (the one I’d studied to death!) and no one was more surprised than me to find out on Friday that I’d passed them both and I’m now an affiliate!
So in summary, I say go for it- study hard for the next few months and if I can do it, I’m sure you can too. P3 will really help with P1 which is why I think I passed P1 without much study!
Good luck and please don’t give up with only a mere 2 papers to go!Thanks for your input Kerry, and congratulations on passing both your exams and now qualifying
5oph, may I suggest that you could pretty quickly get back into F7 accounting by downloading the free course notes from this site and rapidly working through the examples as I go through the lectures on the videos.
You’ll need to read through the first five course note chapters for yourself as well as the last ten or so – there are no lectures on these but they should be relatively straight forward to be self-studied
And, of course, you can always post on here with any questions that you may have
Hope that helps together with Kerry’s encouragement
Kerry – Congrats on your passes and qualifying! You certainly are an inspiration. Thanks for your encouragement.I don’t think I am as brave as you and will only try and attempt 1 paper at a time and not 2. I am sure I will not recall any of the material from the F7 equivalent of the old syllabus 🙁 But I am planning to take the classroom taught and revision courses for P2 and fingers crossed. The qualification seems so near now… yet so far! It is a much harder slog now than it was in my 20s and I do regret not finishing then.
Mike – Thank you for help and tips! I will certainly do as you have suggested. Could I enquire how many hours it would take on average to go through the F7 notes and lectures? And would I need to go back further from F7 to F3 or anything for prior knowledge?
Many thanks again to you both!
Hi Mike – sorry quick question, what is the difference between the F7 “lecture” material and the “notes” material and which should I use?
Thanks!
Hi again 5oph
You’ll need the notes open at the relevant pages to follow the videos
As for time required – that’s unanswerable! It depends on how easily you adapt to the topics and how much time you feel that you can devote to your studies. How often you choose to hear and re-hear topics / lectures and how many queries you come across that you feel you just have to resolve before you can get any further
I can’t answer this – it’s up to you! But it is certainly doable!
And keep in touch as you come to those nasty points that you can’t get your head around
Hi Mike
Sorry, just one more question (i hope for now!) I just found my 2.5 Financial Reporting lecture and revision course material, notes and text. Would the basic principles be the same? I know regulations change, but things like consolidating accounts etc would be similar to what is examined today? (Fingers crossed!)
Reason I prefer to use my old course notes to prep is because I have fully annotated them already and more likely than not I would understand my own notes better.
Thanks a mil!
Some things have changed, sorry! The way we treat pups on TNCA transfers, the typical make up of consideration payable on acquisition of a subsidiary, employee benefit rules, new IFRS on revenue as well as all those new IFRS since F7 was called 2.5, …….
Maybe there are just too many changes / additions / amendments to use your old notes. Maybe
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