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I just wanted to ask what’s the thing in question 4’s tip? “The re-introduction of prudence” Is there like any technical article on this? Is it in the open tuition notes? Because I have not come across it in past papers.
Also, I’m very weak in question 4 and 5 (based on my performance in past papers) so I need to be good in these questions to pass my exam. How can I improve in question 4 and 5? Do I do all the past paper regarding these two questions from Dec 2007 – June 2013 or do I simply just read the textbook?
I think associates will come up this time in as they didn’t come the entire 2013. Also, for question 3 what’s the best way to improve in interpretations, doing lots of past exams and just reading the answer?
I think interpretations (although not in the OT tips) will come, a question like Dec 2010 on Hardy as it’s been long such a question came.
Well, thank you for your amendments to my tips! 🙂
For question 4, be fully aware of The Framework. If you had been following the accountancy press (for all you students reading this, you should log on to http://www.accountancyage.com. It’s free, daily and each day there is invariably something of relevance / interest to one or more of F7, F8, P1, P2 or P7. They are short articles and the whole deal should take no longer than 10 minutes per day) then you would have been following the discussion about the re-introduction of prudence as a fundamental concept within The Framework
Read through interpretation answers to get a feel of the sort of thing you should be writing
Read through past exam questions 5 to see the style that the examiner adopts for this question. Then make your own guess as to what he may ask this time
Firstly opentuition doing a great job and thanks for that.i want to know that as i heard that question 1 all the marks only for ‘workings’ nothing for making consolidated statement.Is that true?Also tell me about question 2
Thank you for the website Mike – I wasn’t ware of that before. Very useful indeed 🙂
Shihab, I honestly cannot believe that there is any credit given for writing out:
Bury Group
J.D. Stadium
Consolidated Statement of Financial Position
as at 31 March, 2014Can you?
Nor for showing Share Capital if it’s a straight lift from the question (if there is an unrecorded movement in the parent’s share capital, that’s a different matter)
Look at a past exam marking scheme! It’s not uncommon to see things like “Goodwill 6 marks”, “Retained earnings 7 marks”, “Nci 5 marks”
Then, of course you have all the marks for cancelling intra-group balances, recording correctly the in-transit items, calculation and treatment of pups, correct time apportionment in a mid year acquisition
All the adjustments in a question are there as mark-earning opportunities and, if you add them up, you’ll see that there’s little room left to award marks for “consolidated statement”
HOWEVER!!!!!! The examiner is asking you for the consolidated statement(s) and that’s what you have to present in your answer. So do not for one minute think that “Mike says all the marks are in the workings so I’ll not bother doing the consolidated statement(s)”
Finally, on this point, complete your workings – do not waste time writing out a pro-forma consolidated statement. When your workings are complete, neat, logical, clearly presented then check again that you are still within your 45 minutes time allocation.
If not, move on!
Question 2
“Also tell me about question 2” What do you want to know? Typically, it’s the second question on the exam paper.
have you looked at past examination questions 2? They surely tell you substantially all that you could wish to know. There are “standard” elements within the questions. These elements earn marks and represent bread-and-butter marks that EVERYONE should score
What do you want to know?
ej74, you’re welcome. To repeat the message, any student attempting F7, F8, P1, P2 and / or P7 should log on to http://www.accountancyage.com. These are only the papers that I teach – there may be matters of relevance to other papers too. It’s free, daily and each day there is invariably something of relevance / interest to one or more of F7, F8, P1, P2 or P7. They are short articles and the whole deal should take no longer than 10 minutes per day
Is there any technical artical for complex depreciation?i wanna know about the re-introduction of ‘prudence’ into the framework.
No, but there are two past exam questions on complex depreciation (can’t remember the references :-()
Prudence was replaced by “neutrality” a few years ago but there is a growing argument / discussion that says the two are not synonymous. Try putting “prudence” and “framework” in Google and see what that comes up with – I just did and there at least three posts about it including one on the iasplus website
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