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Hey Mike,
Hope your well
Thanks for your help as always. Unfortuantley I have to re-sit this exam 🙁 but on it from the get go now as I know where I went wrong.
Just a few questions:
1) What should one expect in question 1, 2,3 & 4 in the exam? usually kaplan, bpp etc give exam tips but there is nothing for Septembers sitting. Gut feeling says balance sheet a no no but never rule it out.. so any help with that will be great.
2) I cannot find any IFRS techincal article within the ACCA website. Only one I found is:
Is this correct?
Finally, time managment is one of my biggest weaknesses in these P level exam’s. I have tried the method of doing quetion 1 first but get to involved and loose my time during this. Would you reccomend doing the 25 mark questions first?
Thanks
RazI tend simply to put “IFRS 15” into Google and then scan through the listings until I find one that is readable. That’s certainly the source I used for the chapter in the course notes.
re the tips – I suppose that I’m going to have to bend my mind to this thankless task yet again – in the near future. It seems like barely a week has gone by since the last lot! I wonder whether ACCA might consider having just 2 exam sittings per year
IFRS 15 for sure (probably) As for the rest? Questions 2 and 3 will be the usual mish-mash of 4, 5 or 6 IAS / IFRS
Question 1 – I need more time to think about
Time management? You KNOW what your weakness is! You’re a mature adult! You know that if you have to catch the bus at half past and it’s a 10 minute walk to the bus stop, then you have to be out of the house by 20 past. You know that if you want a soft boiled egg, you need to have it in boiling water for 6 minutes (large egg) or for 10 minutes if you want it hard-boiled.
Now, you can manage your time with those so why can you not manage your time in the exam? 6 marks? 10.8 minutes! 18 marks? 32.4 minutes!
Set yourself a task at home with a challenging time limit. Do the task until your time limit is reached and then stop! That may leave you with a half-made bed, a soft boiled egg!, only 3/4 through the washing up …..
I would recommend neither 25 marker first nor 50 marker first. Each to their own. And what happens when you try a 25 marker and realise after an hour and ten that you’d better move on. Do another 25 marker and overrun that one too. So now you’ve got just 40 minutes to tackle 50 marks. What I’m saying is, if you mess up your time allocation on a 50 marker, why do you believe that you won’t equally mess it up on a 25 marker?
Get a grip! ALLOCATE YOUR TIME AND THEN STICK TO IT! Even though you KNOW that you could have balanced the balance sheet, if it’s time to move on, then it’s time to move on. Don’t let that apple of balancing tempt you into bad ways. That lesson was learned in the Garden of Eden yet we still fall for it.
Be brave. Be strong. Be ruthless. And stop when your clock tells you to stop!
WOW!
Mike after that I swear, I am fired up 🙂
Beautifully put though harsh but if anyone I needed that kick up the BacksideI will practise questions and move on and on. Only reason I said 50 marks last because mentally I think lets try and reep the marks in that question. But depending what the questions are I will go ahead and do that.
How much more time will you need to think what ques 1 may be around?
Thanks for the advice I am sure I will have mroe questions but question related.In terms of 2 sittings, 4 sittings is cool- at least it allows you to keep your knowledge all year around to help us 🙂
Thanks for everything always appericate it 🙂
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