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Hi Guys,
I passed this paper first time and found it in the main relatively easy. The thing to remember with this paper is accounting standards and ethics. If you go into this paper with no understanding of accounting standards or ethics you increase your chance of failing ( 70% of the paper in one way or another involves understanding accounting treatment).
For example if there is an scenario in the exam which centers around ‘inventory’ … think has management valued inventory per IAS 2 lower of cost and net realisable value. Have management intentional increased inventory to mislead shareholders ? what evidence is available to account for managements valuation ( invoices , materials etc) ?
I hope this helps
Can you hep advise on my question at Subject: “What is the secret of passing P7? I am very confused!
Many thanks!
You might find this thread useful as well Thuha
@khonkean/All,
Thanks. I appreciated your kind support.
I am ok with applying IAS. But problem is for ISA, No need to memorise ISA numbers, So I wonder how I how we apply ISA to scenarios? ie how to start my point? Or I just need to start with “According to ISA, & tell a ISA concept?
Thanks
I would not be happy going into P7 if you do not know the ISA numbers?
I always thought that was a basic requirement same as memorising the sections number of the IFAC code, ISA’s, reporting standard numbers etc.
Its not difficult and anyone whose got to this stage could memorise all of them in a few days.
get a deck of index cards, write the reference of the standard on one side and the name of the standard on the other.
Start with five cards and go through them.
Shuffle after each pass to make sure that you do not memorise them in sequence.
Do both from description to standard and standard to description.
Once you have memorised five add one more to the deck. Keep going until you have memorised all of them.
It doesn’t score many points in the exam to know the standard but can you imagine yourself at interview or talking to a colleague not knowing the numbers of the standards.
I personally would regard knowing all of the current standards as a core requirement brought forwards from earlier studies.
I actually think in terms of the ISA’s when answering scenario questions in that you can quickly pass through all of them in your mind to consider whether they are needed in the scenario and knowing them all in sequence means that you will miss nothing.
Downside is that getting it all down on paper in three hours is a nightmare.
kind regards,
Shaun.Yes, you’re right. I will apply your way. But wonder why the P7 examiner didn’t require to memorize ISA. If so how we can apply it to give scenarios?
I think that from the exam perspective the number of points for writing down the number of the ISA is inconsequential (maybe 0.5 points if your lucky) so in a way the examiner saying remembering the numbers doesn’t matter is a legitimate statement.
However, from our perspective not knowing the numbers and being able to whizz through them quickly in sequence in our head would be a distinct disadvantage.
All in all, bit of a dangerous statement I think in this instance from Lisa (Just realised, even her name has ISA in it, lol) not from the perspective of writing it in on the day but from the perspective that it may be perceived that such is not required base knowledge.
That of course is just my take on things but it sounds as though you found my original arguement convincing that knowledge of the reference numbers for the standards is required knowledge even if you do not relay the number on paper in the exam (although if you are thinking in those terms why not write them down in passing as that 0.5 points could be the 0.5 points that makes the difference).
Good luck for December,
kind regards,
Shaun.
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