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I’m having problems in identifying what standards to apply in the given scenario. I also have a problem in remembering the accounting for majority of the important standards like operating leases, hedging, share based payments. Any suggestions on how to pass the exam? I keep practising the questions but every question is different and I have a problem in dealing with it.
Not sure what to say, but I think I feel the same way. Just hoping that during the exam, I’ll be able to think!
One thing I plan to do is run through a list of all the standards very quickly in my mind as I read the questions and pick out as many as are applicable. E.g if they mention sale of an asset, think AHFS, risks and rewards, revenue recognition etc.
And once that’s done, pick the most relevant ones and start from the basics- discuss recognition, measurement as appropriate and then somehow, tie it in with the case study!
You’ll just have to open your mind up, and write write write… let the marker pick what’s relevant to them!
Just to add… if an idea seems silly, but younhave nothing else, write it down anyway. If there’s nothing on your sheet, there’ll be nothing to mark.
I wrote P3 and P5 last December and used this same approach as I could hardly understand the questions…. I nearly fainted when I scored 73 in P3!
Usually the tip in P2 section B is to disagree with their treatment. That will usually get you 1 mark even if that is just 1 sentence. Remember there is no negative marking, so even if you are wrong you won’t lose a mark.
Another tip for section B is complete ALL parts of the questions, otherwise you will lose 1 or both of the professionals marks.
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