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Hi!
I will be writing the International variant of the P2 exam in December.
I’m using the Kaplan Study Text for P2 and I’m seeing a section regarding UK GAAP.
See page 408.It gives different requirements to the under certain issues covered by IAS/IFRS.
For example, under the heading of government grants, the Study Text says that 2 methods of government grants are allowed (the performance model and the accruals model).
Do I need to learn this section on UK GAAP for the International variant?
Thanks!
Absolutely NOT!!
Just thank your lucky stars that you’re doing International and feel sympathy for the UK guys that are having to study both IFRS and UKGAAP.
There will come a time in the very near future when the UK eventually adopts in full the IFRS and throws away the UKGAAP idiosyncratic variations, but not in time for this coming December exams!
Thanks for clearing that up!
I really do feel sorry for the UK guys. Both IFRS and UK GAAP 🙁
Bye!
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