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I wanted to ask about the usefulness of doing past exam questions for P2 current issues. Isn’t that a waste of time? Because like in the Dec 2008 current issue question, the question was based on IFRS 3, however, IFRS 3 is now so common. So my query is if there is any usefulness, or benefit, of doing past exam questions relating to question 4 – current issues?
Can it help with anything? Or enforce our accounting standards knowledge, by reading the examiner’s answer or something?
Yes, it will certainly give you background informing how we arrived at the current position
But you do have a valid point. The only real benefit I could suggest is that it may help you with the style of answering the question 4 type questions.
I suggest that maybe the website http://www.iasplus.com could be a useful place to keep up with current issues. And maybe 10 minutes per day reading anything relevant from http://www.accountancyahe.com
Explain why it is important for entities to understand the impact of the classification of a financial instrument as debt or equity in the financial statements.
How do u answer this question
How many marks? Simply, incorrect classification will distort key ratios and give a misleading picture to anyone that is trying to interpret matters like gearing, return on equity or interest cover
Will that do or is it a 25 marker?
Discuss the key classification differences between debt and equity under International Financial Reporting Standards.
this is also june 2014 exams.it is worth nine marks
ACCA answers are appearing as each day passes. P2 wasn’t up yesterday but will be very soon – I imagine probably this week
Can i still get the answer for this questions.
Discuss the key classification differences between debt and equity under International Financial Reporting Standards.(9 marks)
Explain why it is important for entities to understand the impact of the classification of a financial instrument as debt or equity in the financial statements.(6 marks)Have you already read the March 2014 Student Accountant article “When does debt seem to be equity?”
I have a feeling that that will answer your questions
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