OT P7 Note

There may be odd bits not covered by notes or lectures but they are, both sources, substantially ok

P7 is a strange paper – it’s as much about IAS / IFRS as anything else. Add to that a good deal of common sense, a healthy helping of imagination and a strong discipline when it comes to time allocation and you’ve got a sporting chance.

In my view, it’s not a paper that you can revise for in the traditional sense.

Practice is key – as soon as you can get stuck into a reputable publisher’s revision kit. Read, read and read again the questions and suggested solutions. Don’t try to learn – it doesn’t work.

Instead, be appreciative of the number of points that could be brought into an answer where, on initial reading of the question, you could have struggled to think of more than a couple.

Note how frequently an answer states the obvious and note, too, the extent to which a cut-and-paste technique is applied thereby showing the marker that you are specifically addressing the issues from within the question

Pay particular attention to the verbs used in the requirement and notice how different is an answer to a question “What evidence would you expect to find ….” compared with “State the additional procedures that should be carried out …..”

Mix those up and you score zero!

Hope that helps

You’re welcome