P2 september 2016 tips

P2
Q1: Group question on disposals or step acqns
Ethics
Revenue Recognition
Provisions
Deferred Tax
Share based payments
Pensions

P2-Kaplan
Do not ignore ethics it appears in every section A question and could have up 10 marks.
Always apply your 5 standard workings when doing CSFP. This will help ensure easy marks are picked up and it is easier for the marker to follow what you have done.
Do not ignore the current issue question. Often it contains numerical aspects of an accounting standard you are familiar with as well as the current issue. E.g. reviewing the use of FV and the new rules on financial assets in IFRS 9.
Practise as many questions as possible across the syllabus, and don’t only concentrate on consolidation. Practice writing out pro-formas so you can do this quickly and efficiently on exam day.
Use the reading time effectively – decide which question you are not going to attempt from Section B and then read the Section A question.
If you need help with Accounting Standards, read Clare Finch’s guide to IFRS.
If you struggle with Groups, read Tom Clendon’s guide to Group accounts
Consolidation is hugely important but you can’t pass the exam on this alone – a significant number of marks in the consolidation tests your understanding of other accounting standards.
Don’t overrun your time on part A of question 1. There are often easier marks available in pasts B & C.
If you can’t do something ignore it and move on – time is very tight and there is no point staring at a blank piece of paper if you really don’t know what to do.
In addition to consolidation the examiner is particularly keen on:
? Revenue Recognition
? Financial Instruments
? Pensions
? Deferred Tax
? Reconstruction of insolvent company
? Foreign Currency
? Impairment
The examiner writes articles that are published on accaglobal.com – search for “Graham Holt”.
An understanding of the Accounting framework is vital in being able to discuss any issues surrounding an accounting standard or proposed change to that standard.
Unlike F7, there are very few marks, if any, for simple figures in the Consolidation exercise. Marks are concentrated on the adjustments and detailed computations of key group issues, like Goodwill, NCI etc. Make sure your workings are clear and fully explain any adjustments you make to comply with relevant IFRS.
Do not treat the Consolidation exercise as being all 50 marks of question 1. It will typically be 35 so allocate the correct time to it and the other elements in Q1.
In scenario style questions in section B, be sure to state the relevant accounting standard for any advice that you give, together with the relevant rules from the standard and then subsequently state the advice on correct treatment of facts in the scenario. Don’t be tempted to jump straight to a statement of the correct treatment as marks will not be maximised by doing this. Read articles and read around the subject.
Remember
? Do not add up the accounts.
? Start each question on a fresh page.
? BE NEAT in the exam.
? Time management (or lack of it!) is the most common reason for failure.

Jay’s Auditorium – P2- https://acca-p2.blogspot.qa/2016/08/acca-p2-september-2016-tips-mr-jay.html

SOFP and P/L is equally likely. Cash flow is very low chance but just cover it to be on the safe side – you don’t want to walk in completely zero on cash flow and it comes out again…..it should not though.
Do SOFP – Foreign, Complex group and step down (sub to associate)
There will be a JV or JO somewhere in there.
Do P/L, this has yet to take into account JV and JO yet
Standards that will usually make an appearance this time
IAS 16 – Revaluation up / down & foreign
IFRS 15 – in Q1 and Q2/3
IFRS 8 – some disclosure discussion
IFRS 9 – treatment of FVTOCI debt
IFRS 5 – Disposal group treatment
IFRS 2 is overdue, so that should be out with a big issue this time
IAS 21 foreign payments and treatment of items
IAS 10 will be ON during the period
IAS 37 Restructuring provision and also decommissioning provision
– measurement and recognition
IAS 41 Measurement of farm assets, animals and plants (with discussion on IAS 16 bearer plant) + Treatment of government grant IAS 20
– measurement and recognition
Examiner has tested IFRS 13 continuously, not sure this will be the next one, so do watch for it.
IAS 17 Sale and leaseback transaction – classification and treatment

IAS 12 Deferred tax treatment for specific issues faced – measurement
IAS 38 recognition of intangible assets
Question 4
IFRS for SME
Conceptual framework
Hedge accounting
Weird areas that are not within the crystal ball that I am looking into
Ethical question will focus on responsibility of directors and accountants
Special area may be related to IFRS 15, revenue – discussion on issues faced in implementation
Remember, tips are not perfect and you have a duty to cover all the areas before going in.
Make sure you understand the concepts and use them