- This topic has 9 replies, 2 voices, and was last updated 9 years ago by
.
- Posts
Hi Mike,
I am currently working through p2 documents and doing questions from bbp. I had a few queries I wondered if you could help with:
1. In quantities questions if I was to make a mistake in goodwill such as the wrong nci value in consideration. Would I lose all marks for goodwill or just the bit for nci. Also would this lead to a lost mark in nci working 4 copying my mistaken working or would they mark it with my value after loosing one mark?
2. I have covered all lectures and practising questions as well as most of the student articles. I got an exemption from f7 so havnt covered it for 4 years since my degree. I know the workings for business consol and cash flow and such proformas from f7 will be missing anything from f7 for not covering your f7 lectures. Are there any other resources you would suggest covering.
3. I have read some of iasb exposure draft documents such as pension narrow view suggestion. This is from June 15. Is it likely such documents will appear or be tested in Sept sitting? Or is this wider reading too wide?
Thank you,
Danni
Ask yourself “How many times can I be punished for making one mistake?”. In a figure that has multiple elements involved in the calculation, (say 4 elements) that correct figure would score you, say, 2 marks.
Make one mistake, lose half a mark. Two mistakes, two half marks.
That’s why it’s absolutely VITAL that you show how you have arrived at a combination figure! Get all four parts correct, but add it up incorrectly and just put in the wrong amount without showing workings, lose two marks out of the two available
Q2 – a quick work through the basics – watch and listen to the F7 lectures. It won’t take you long and it would be a good reminder. Besides, I probably tackle problems not quite in the same way as your university professors so a quick flick through would do you no harm
Q3 – Ask yourself this “do I imagine that the examiner is going to start writing my September exam this Sunday, immediately after church”
And hopefully you’ll answer your own question with a resounding “NO”
This P2 September exam will have been written well over 12 months ago. Ok, he does know what’s in the IASB agenda, so he could be right bang up-to-date but I don’t believe that a June 2015 article topic will appear in a September exam.
However, let me know this ….. who wrote the article and where is it published? Then, with that information, I may change my mind.
Thank you Mike,
As requested Ed draft link below 🙂
Also the pension ed was a particular thought if it was wrote over 12months or anytime in the last 12. With the movement toward auto enrolment being push in the UK it might be Fairly relevant with employer contributions element, which is one reason I was looking up . Although maybe more relevant to the UK variant.. Im sure it’s something they need to solidify more than ever as the job falls to alot of accountancy firms.
You’re right of course. Maybe the examiner could ask you to set down your thoughts about the matter, but possibly only as a part question
Thanks for the link 🙂
Having dealing with it myself at work if I justified it, obviously counteracted it with the benefits of privatised pensions and better for state fund to be moved elsewhere which inevitably is where it’s going. Do you think I would lose marks by saying it’s burdensome for small accountancy practices to facilitate and for small businesses due to the paperwork and extra payroll expense? I have a preconceptions that they like you to say everything the tax authorities or accounting standards pass you should like. When the principle of auto enrolment is a good one the initial advice and process given by IAS, hmrc etc is very minimal and causes the administration problems putting alot of people who understand it off the idea!
Why do you think that you might be penalised? Not at all, no danger.
All very sound points 🙂
You might be penalised if you were to start being cynical (yes, this is me talking!) like saying things such as that IASB live in ivory towers and are totally detached from reality, or HMRC are simply looking for ways to make life harder for the honest business people
Neither of those would go down well!
- You must be logged in to reply to this topic.