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Usually in the model answers in the practice platform of ACCA, the answer is reciting the components of the Accounting or audit standard before writing the actual disconnection
Is it necessary to mention to component of the standard before saying that the company did to work in accordance with it in order to score full marks?
Example of a model in one of the exams:
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According to IFRS 5, a disposal group of assets should be classified as held for sale where management plans to sell the assets, and the sale is highly probable. Conditions which indicate that a sale is highly probable are
-> and then wrote the six requirements from IFRS 5.If you want to be assured of a response, can you please use the tutor forum if you have any other questions https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-advanced-audit-and-assurance-aaa-exams
I would describe this as “reciting” or “quoting” per se – it is making a statement about the correct accounting treatment under IFRS – and the criteria that need to be met to satisfy that treatment. In AAA, there are no marks for specifying a standard (IFRS or ISA) by number or name – references are provided in study materials, answer, etc as a source of authority (and for the interested reader who might want to know the names and numbers for their work or refer to the standards).
You don’t ever need as much detail as is provided in published answers to score a comfortable pass mark. But you should expect to have to refer to IFRS requirements to achieve that – it is very hard to suggest valid RoMM without knowing what is the correct accounting treatment, etc.
If you haven’t already done so, I suggest you refer to Chapter 14 of our notes and the accompanying lecture https://opentuition.com/acca/aaa
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