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Hi,
I picked the exams in the wrong order. I didn’t realise that we had to do SBR prior to doing AAA. So I was wondering how much of the content covered in SBR will be on the AAA exam?
1. Do we only need to learn IFRS and ISA from the SBR exam?2. Also what is the difference between the International and the UK version?
This is what was on the ACCA website:
“Please note that there are two versions of the syllabus and study guide:
International (INT)
United Kingdom (UK), which also covers Ireland (IRL)”3. Would the Kaplan study text suffice for both versions?
Thank you.
Welcome to my forum Marsha.
1. Yes it is the “exam docs” of SBR that are assumed knowledge for AAA (IFRSs including IASs) – see Chapter 14 of our notes (available here https://opentuition.com/acca/aaa) and the accompanying lecture which explains the relevance of these to the exam
2. See our notes – Chapter 31 is examinable only in INT and Chapter 32 is examinable only in UK.
3. What does it say on the cover about applicability? If it specifies only INT or only UK then no, it won’t suffice as there will be a topic missing.
Hey Kim,
Thank you!
1. So is there much use in going through the whole of the SBR content lecture by lecture? Or just looking in to what’s on the ‘Exam doc’ and making notes?
2. What % of the SBR content would be expected knowledge of the AAA exam? (IFRS and In terms of the numbers?)
3. On the exam doc, there is a section which goes through :
ADDITIONALLY EXAMINABLE FOR SBR UK and IRISH PAPERS ONLY,
Would this be examined in the AAA UK version as well? or would it just be SBR INT content?Many thanks!
1. No – don’t waste time with the whole of SBR. Start with the Chapter and lecture that I have referenced to have an overall appreciation of the context of SBR in AAA – perhaps dip into the relevant chapters of SBR for any topics that you haven’t come across before (maybe IFRS 2?) and make notes whenever you come across some new fact you didn’t know about relevant IFRSs.
2. As is explained in the lecture, you need to know accounting treatments in order to audit them (!) and to report on the “fair presentation” of financial statements. If you don’t know what should be the correct treatment you are unlikely to recognise the risk of material misstatement – this is very relevant to Q1. This is an audit exam, not a financial reporting exam, so you would not be expected to reperform complext calculations – you should, however, be able to make simple/obvious calculations in order to work out if misstatement is potentially material. To take a simple example – if an asset hasn’t been depreciated, what would an estimate of depreciation be?
3. This is for 10-15 marks in Q3 in the SBR-UK exam – this won’t be examined in AAA (neither INT nor UK).
Thank you Kim.
There is a section on the lecture notes for AAA (page 76) which go through the relevant accounting standards. Are these the only ones that would be examined? Would it be enough to just make some notes on them so I have a base knowledge, and then I can start on the actual AAA revision?
Is there a revision kit that you recommend for practicing past paper questions?
Sorry for all the questions.
Thank you for all your help Kim!
Last time I looked, the list in the chapter was comprehensive. You should be familiar with a lot of them from assumed knowledge of Financial Reporting (and even Financial Accounting).
There are a lot of questions available now in the CBE practice platform – you should plan to attempt all of these. You will find additional question practice available in the ACCA’s own Study Hub https://www.accaglobal.com/gb/en/student/your-study-options/studyhub.html
Otherwise, to choose Kaplan/BPP is a matter of personal preference/availability – and there is a discount here for BPP https://opentuition.com/20-discount-bpp-books
Thank you, I’ll have a look in to those.
I was just going through the specified standards and under Financial Instruments, there’s these topics. Out of the list below, is there much point in going through them all? I’ve looked at the first three. We just need to know what they are and how they’re measured right?
From SBR:
Chapter 14 – Financial Instruments (IAS 32, IFRS 7 and IFRS 9)
1. Financial instruments – Introduction
2. Financial assets
3. Financial liabilities
4. Convertible debentures and derivatives
5. Impairment of financial assets
6. Hedging – Introduction
7 Cash flow hedge accounting
8 Fair value hedge accounting
9 Hedging criteria and hedge effectiveness
Also for Insolvency, would that usually just be a section B question or can it also be incorporated in to section A?
Thanks!
You need to know how to account for compound instruments such as convertible debentures (in 4) and the rules for recognising and measuring impairment – bear in mind that an allowance for trade receivables falls into this.
It would be section B – but the related topic of going concern (which is also examinable in AAA-INT) could be a risk in a section A question.
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