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UK standard to International standard

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › UK standard to International standard

Viewing 6 posts - 1 through 6 (of 6 total)
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  • February 10, 2015 at 12:14 pm #227593
    Abid
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    Dear Mr. Mike Little,
    I passed my P1 with the help of your lecture in Dec 14, now intend to take P2 in June 15 from your lecture. I passed Financial reporting long ago under old syllabus at UK standard. Since P2 lectures are in International Accounting standard and wide use of international starndard, i wish to take this exam in Intl. std from your lectures.

    I am bit nervous and sceptic of this move as i lost touch on Accounting standards for a while..

    I understand the importance of studying all the International Accounting standard from the beginning. Just for a feel.. How much different is UK Accounting and International accounting standards conceptually?

    Kindly advice and locate me to the source to strengthen my understanding and knowledge in International accounting standard and successfully pass P2 exam please.

    Many thanks and kind regards,
    Abid

    February 11, 2015 at 1:03 am #227758
    MikeLittle
    Keymaster
    • Topics: 27
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    There is a reducing difference between international and UK standards! The UK is slowly coming to terms that there is life beyond the British shores. The UK version of F7 has now disappeared and it can only be a matter of time before P2 goes the same way.

    My suggestion is “don’t worry about the difference between the two sets of standards” Go for the international ones!

    February 11, 2015 at 12:52 pm #227842
    Abid
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    Thank you Mr. Mike. Your advice gives me lot of hope. I am carrying on with your lectures and also intend to print and use this publication by Ernst & Young for reference..

    https://www.ey.com/Publication/vwLUAssets/UK_GAAP_v_IFRS_-_The_basics_-_Spring_2011/$FILE/EY_UK_GAAP_vs_IFRS_-_The%20basics_-_Spring_2011%20.pdf

    Honestly, don’t know its a good way.

    Since almost all UK accounting standards disappeared from my memory already, not sure whether just focus on Intl and not worry at all about UK std OR Update my knowledge on the both..

    Are these two drastically different? Sorry am asking this as i haven’t yet started reading.

    Kindly shed some light please..

    Many thanks

    February 11, 2015 at 5:57 pm #227910
    MikeLittle
    Keymaster
    • Topics: 27
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    You could also start reading the website iasplus – it’s a deloitte site and I like it

    I wouldn’t try learning two sets of standards. If it were me, I’d aim for IFRS

    OK?

    February 24, 2015 at 9:55 am #229913
    Abid
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    Thanks Mr. Mike. I was so occupied in revising your F7 lectures before coming to P2.
    Many thanks for your advice in referring me to IASplus.

    Kind regards,
    Abid

    February 24, 2015 at 11:11 am #229943
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23200
    • ☆☆☆☆☆

    You’re welcome

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