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in my last session i have failed p2 getting 46 marks….i have less problem solving Q1 consolidation but i faced difficulty in solving section b questions…i think i will never be able to write answers about current issues as i don’t know what are the recent changes in ias’s and where to read them from
i don’t know how to approach questions about ias’s and how much to write…when reading Q2 and Q3 i mix up all the ias’s… i guess my lack of full understanding of all ias’s is the problem…though i have some good knowledge of 60% of ias’s…i can’t make the necessary treatment of the case scenario…can u guide me through this problem…i actually self study
A good website – http://www.iasplus.com – will give you updates for IFRS changes.
Questions 2 and 3 – what I call “various IAS / IFRS” questions. You don’t know how much to write. INCLUDING your reading time, you have slightly over 48 minutes each for these questions. You should be spending 13 minutes ( minimum ….and maximum! ) planning what you are going to write to score 25 marks. That means you need 25 separate, relevant, markable points. In addition, it means that you must address ALL parts of these questions. To leave off, say, a 5 mark part question means you’re now looking for 13 out of the remaining 20 and that’s 65%. That’s a big ask!
Your answer of 25 markable points must now be written out in the remaining time available ie 33 – 35 minutes. So how long are your 25 sentences with your 25 points? ( 35 / 25 = 1.4 minutes ) In answer to your question “How much should I write?” the answer is there! It’s not rocket science.
You say “… i mix up all the ias’s…” Do you mean that you put the wrong IAS / IFRS number down in your answer? Solution? Don’t put the IAS / IFRS number in your answer! there’s unlikely to be a mark for quoting the number and it certainly will not drop you a mark. But if you’re not sure of the number, leave it off.
When writing an answer, remember to state the obvious.
One of the common failings I find in students is that they read a question and instantly “know” the answer. And that’s what they write! You need to build up to the conclusion rather than start with it.
And don’t become despondent when you read the printed solutions in the revision kits! They are way way way over the top, done without time pressure and with the benefit of reference books available.
If you write 25 relevant points, you should be scoring 25 ( so long as you have correctly attempted all parts of a question ) So, a 6 mark part question requires 6 ( better, 7 ) good points
OK?
thank you for your reply…yes you are right… i am like dependent on the printed solution in the revision kit…when i see an answer it first describes the full ias then keeps going on to apply the ias in the case scenario and its like very lengthy in volume…this keeps me confused about the volume of my answer i mean how much to write…though i know the printed answer is not possible to write in exam condition
i don’t get mixed up with the IAS numbers, sometimes when reading a question i get confused which ias should i apply….sometimes more than 2 ias’s apply in a scenario that i cannot pick…one of my frnd who passed P2 told me to break the question into parts so it becomes easier to apply relevant ias’s but i don’t know how to do it
i am very much worried about my inability to solve Q2 Q3 and don’t know what method of studying and practising will solve it…allocating time is not a problem…i can solve Q1 very well….if you see the june 2012 Q2, by reading the question its pretty easy to understand which ias to apply, but the question was tricky for me to apply the relevant treatment
guide me a technique to master the IAS’s and solve IAS related question…i use kaplan text
Go through the revision kit, read the questions, plan ( don’t write out a full answer ) how your answer would be and which IAS / IFRS you would have used. Then check the solution. If you got the correct ones and applied them correctly, see which points the printed solution included which you had missed.
if you got the wrong IAS / IFRS, try to understand why yours was wrong
A with all ACCA exams, it comes down to practice and repetition.
Do the above exercises, and then do them again, and again
and again
and again
Some students take to these exams like a duck to water.
For others, it’s more like a duck to orange sauce!
Just keep practising – that’s the key!
and good luck
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