Reference to relevant standard (SBR December 2018 exam)

JJustyna7y ago

Hello, I've been told that no marks will be granted for giving the number of relevant IAS/IFRS in the exam, so it's no use to learn these numbers. However, in Question 3 in the December 2018 exam paper the requirement included 'reference to relevant IFRS Standards'. How am I supposed to give reference without giving the full name (incl. number) of the standard? If I'd just write 'according to the relevant standard, ...' - would it be enough? Or should I rather give at least the name of the standard, say 'Property, Plant and Equipment'? And if I make a mistake and say 'according to the standard PPE assets should be tested for impairment at reporting date', while it should have been IAS 36 - would I score any marks? I'm a little bit confused and wonder whether learning the exact number of standards and which standard says what (not just knowing all the rules) would be reasonable. Thank you for clarifying! Best regards, Justyna

P2-D2Tutor7y ago#1

Hi Justyna, No, you don't need to learn the standard numbers. You just need to refer to the rules themselves and apply them in the question. If you start talking about it as PPE though when it is an impairment then it is likely that you're applying the wrong rules. Thanks

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