P2 Q1 answer style

Hi Everyone,

I am practicing past question papers and in particular the 50 mark questions. I’m using Kaplan exam study kit and I noticed that each issue of the consolidation SFP (for example) has been dealt separately with brief explanation of the accounting treatment. This is great in terms of understanding the principle behind the workings, when practicint those questions, however, is this the layout we should aim at the exam itself?

Isn’t it just enough for example to deal with each issue separately by only showing the accounting entry, (where applicable of course) and the workings needed to reach the figure of an impairment required) and then just using those figures when working out the retained workings adding any adjustments to the SFF without defining a standard, etc.

Also, anyone feels that there is s chance of IFRS for SMES to appear or the chance to be postponed to 2011 or 2012 is greater. Not sure of the year but I think it is not yet implemented in UK.

And any quesses with regards to the Q1 type? I think it may well be group statement of cash flow this time as it hasn’t appeared for a while or SOCI.