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Hi Guys,
I’m badly need of your help.I’ve been struggling to clear P2. Could you please advise on study technique to be adopted for studying group accounting and accounting standards.
Please help me guys!
Thanks,
Cannceer:(Is this your first attempt at P2? I shall be giving P2 for the first time in Dec 2014, and I feel that reading the study text (no matter BPP or Kaplan) for P2 over and over again is just a time waste, take the revision kit and do as many past papers as you can. Like this you’ll cover many standards and also see how they are applied and get an insight into exam techniques.
This approach is particularly recommended for Section B questions (questions 2 & 3). For accounting standards it is also helpful to do group study as then you can understand the accounting standards (you can go through the particular important rules of a few standards every week). I can do group study with you through Facebook, Skype or whatsapp. E-mail me at gabriel2012@mailworks.org if you are interested.
For group accounting questions (questions 1) it is best to practice all past exam question 1’s from Dec 2007 over and over again.
Whole-heartedly agree with you Gabriel. Study texts at >600 pages are impossible. Revision kit, opentuition notes, past exam question practice, practice and practice.
IASPLUS website for what’s happening in the World of accounting. Download the UK company Devro plc latest annual report – it’s fantastic for P1, P2 and P7
Thanks Mike. I wanted to ask you if you’ve made a past exam paper analysis for P2 (like you did for F7, and this had helped me score a very nice mark in the June 2014 exam, thank you for all your work and dedication). This analysis will help us see which standard came in which sitting so that we can structure our studies and find past exam related questions nicely.
So is there such a summary?
Thanks.
Thank you guyz. Just need some clarity. Do I need to go through the text before practising past question papers, as I always feel that I don’t remember anything. Pl advise
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Hi Guys,
I just need to know is there any changes in the syllabus for december 2014 for P2 bcuz this time i failed in p2 and im probably going for self study.so plz guide me the changes in the syllabus in detail if there are any.can i use my previous notes for this december 2014 attempt?
Please help me guys.
USA01 – the changes in the syllabus are summarised for you if you follow this link:
The two big differences are the inclusion of “integrated reporting” and “IAS 41 Agriculture” so you can use the 2014 notes if you remember to get up to date with the above two topics.
There are chapters on both in the updated course notes on this site, but no lectures, sorry
Gabriel, I started to do an analysis for P2 in the same way I do one for F7. However, this examiner puts in SO MANY IAS and IFRS in a single question that I felt that I was simply writing out a list of examinable documents.
In brief, no, there is no such summary. Sorry
Cannceer, have you not read the reply from Gabriel on August 10 at 3.49 pm and my confirmation of her post on August 10 at 5.19 pm?
We both feel that ploughing through a 600+ page study text is a waste of time.
Should you come across a topic that you don’t understand fully from opentuition course notes and / or a revision kit then, sure, go back to a study text and read up about it
Otherwise, I wouldn’t (but some students do, and some students recommend it highly)
I can agree focusing too much on Studytext is a waste of time. I’ve almost read it year ago, done some notes, and there was too much f.e. about ethics. I failed cause i didn’t have time just before exam to practice questions.
Now I advice:
1. On the basis of your current knowledge start with exam practice – questions, P&R kit.
2. If the question is too difficult, try to read the chapter from study text.
3. Be sure you’re good at consolidation – practice especially these questions.
4. Try not to omit many subjects – i have the impression Financial instruments (i don’t like it 🙂 & some of Pension accounting are likely at each P2 attempt.This is my first P paper and i am a bit nervous about sitting it Dec. esp. as most persons i know find this paper one of the most difficult to pass.
I am glad someone started this tread as was about to change my approach to studying. now I know i should stick to OT lectures/notes and revision kit.
“Download the UK company Devro plc latest annual report – it’s fantastic for P1, P2 and P7”
Would you recommend to compare this 136pg. UK report, to a US company annual report for comparison between the US GAAP/ rule based accounting standard and the UK principles based?
Quite frankly writing is not one of my strong points and i realise that this paper is about 60% writing what is a good approach?
For law it was stating the point of law,break down the scenario and then give a conclusion.
For Audit it was learning the language and basically answering using audit terminology, check vs verify etc.
We all know that the published answers are longer than those expected in the exam and with the time pressure there is only so much that you can write.
For my past exams I would watch your revision lectures and use that as a guide on how to tackle the paper but there are no such videos for this paper. I know that this paper is about testing your knowledge and your application of what you have studied but little more guidance on how to answer would be much appreciated
Hi
MY advise to you. Don’t waste your time on this Creepy and filthy exam that super easy to pass. You only need to answer 1 and half questions and you earn a pass.Focus on other exams better.
And if you believe DAVLIM, then that’s great! It means we get to see you for that much longer before you kick such idiot advice into touch and follow what the professionals tell you.
See you in 2015 DAVLIM
Latoyah, I wouldn’t be inclined to download an American set of financial statements. The examiner is English, the ACCA is British (still!), the exams are in English – it’s a UK orientated exam.
I would suggest that the Global variant was introduced to be attractive to the global market.
But it’s only a matter of time before the UK variant disappears.
Equally, it is hopefully only a matter of time before the Americans realise that there is intelligent life beyond their shores and we move nearer and nearer to convergence
Meanwhile, get stuck into Devro – if nothing else, you will learn all about collagen 🙂
LOL, Thanks Mike, I did look at the company I work with Annual report and I did identify some notable difference such as she is the chairperson and CEO among other things. but I think i will stick to your advise and get stuck in Devro after all you are the expert and havent steered me wrong yet.
I don’t think anyone would pay Davlim any mind he has been making these post since last year when he passed. when he should be thanking his lucky stars as i know persons who sat this paper five time and still waiting for a pass.
Hi Mike,
I have Kaplan Study Text (about 800pages) which I bought in 2012, because I intended to take the exam then, but had to defer it to my sitting in Dec14.
Is the study text still ok to use, or do I need t buy the 2014 text. I know there are some changes which have been added since.
I read your comment about not being much of use going through the text, and I am bit worried now as I have just started to go through all the chapters.
Thank you.
It won’t do you any harm to go through the text – it depends upon your time available and your motivation (and other matters that have demands on your time)
I know that there are students out there that HAVE read the text and still survived. From a personal point of view, I couldn’t do it, but that’s me.
I think that if I were having to take these exams again today, I would follow the opentuition notes and lectures interspersing that with reading answers in a reputable revision kit. When I say “reading” I mean it. Don’t sit there trying to LEARN the answers: just read them, repeatedly. Try to read through the entire revision kit of questions and answers (all except the 35 marks consolidation) every two weeks
Meanwhile, you need to get well on top of consolidations as well
And integrated reporting
And IAS 41 Agriculture
But in the last third of September, I would just be reading, over and over again
Hope that helps
Hi all i have just started studying for 1st attempt to sit p2 and struggling. The course text book is too much. Where do you suggest to start?
Read the rest of the posts on this thread, particularly the one immediately above yours
To be honest I clear p2 on my third attempt I failed marginally but what I did was a lot practice I did my revision kit before exam and the a fortnight before exam I just keep working on adjustments for the questions and keep checking my answers. If I was in right track and of course I have used open tuition lectures and support.hope it helps best of luck
Thanks for reply. I also have the Kaplan current revision kit.
Would you suggest to just read through the questions and answers for the next few weeks and practice the consolidated part?Do you think it will be a statement of financial position question or cash flows?
Is there anyway to rule out any particular topics? Or any topic which is very likely to come up.
Just seems like a lot of possibilities. The book is twice the size of the P1 book that I did last year.Thanks
Roshan
Thanks for reply. How long did you study for when you passed?
Do you think I have enough time and what would be the best study plan?
Thanks
Roshan
“Would you suggest to just read through the questions and answers for the next few weeks and practice the consolidated part?”
YES
If I were to question spot so long before the exam, my guess would be a foreign consolidation – but I could be SO, SO wrong
“Is there anyway to rule out any particular topics? Or any topic which is very likely to come up.”
ABSOLUTELY NOT
If the book is too voluminous, don’t read it. Instead, use it as a reference book for areas about which you are not sure / confused
“Do you think I have enough time and what would be the best study plan?”
I know that this was directed at the post from Anjali but I’m going to answer part of it anyway! Yes, of course you have time. We’ve not started courses yet in our part of the World
Thanks mike. Will start reading now and hopefully it will go in my head. Anybody want to setup a study group on whats app let me know?
I posted a thread and Mike generously replied and instilled confidence in me which is of great help. It is never too late – I started mid August and so far covered the first 3 Chapters on Consolidations, changes in structure etc which I am getting conversant with. I have to find time between my work, which is not easy, but you manage.
I am using Kaplan study text and so far I have been using them all along and had all my 10 passes (with no outside help – just self study in between work). So it is possibile.
P2 study text is voluminous but I want to go through it all and read over and over again and it is true it will sink in then.
You can email me if you like to share studies.
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