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Hi, I am currently living in New Zealand and Open Tuition is my only option for studying along with the textbooks. I have requested to sit P2 UK version but the notes on Open Tuition are only International. What are the major differences, if I was to study the International notes is it similar to UK?
Appreciate any help on this.
Thanks
Stacey
If you look at a reputable revision kit, I believe that you’ll find “UK variant” alternative answers at the back of the kit whereas the international variant answers are in the body of the kit. If you compare the two different versions of the answers you should get an idea of the differences.
I’m sorry to be so unhelpful but it’s been longer than 10 years since I taught in the UK!
I can help with this.
The UK paper is based on the international paper, but tweaked in places to examine UK accounting standards. The majority of the paper is exactly the same as the international paper, but up to 20 marks across the paper will be tweaked to cover UK GAAP.
What you need to do is look at the examinable documents for P2 as it also lists which UK equivalent standards are examinable. So you’ll need to take a note of those standards and know the names of the UK equivalent standards and know what the differences are between those and international accounting standards. This link will take you to it and about halfway down the second page, you’ll see the table listing where differences in the standards are examinable:
Also, have a look on the ACCA website at the June 2013 past paper for both the UK and INT versions, compare the two and you’ll see where and how the differences are examined.
I would recommend you buy a Kaplan study text – the UK/INT version, to use alongside your open tuition notes because each chapter has a section at the end which points out any differences between UK GAAP/IFRS. Fortunately, there are no vast differences, but where they exist, you will need to know what they are.
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