home  news  study zone  career advice  pq awards  free mag  advertise  contact  nq mag
PQ magazine is for part qualified accountants.

Read the latest web issue here Ė if you like what you see sign up today

Latest News


ACCA P2 Examiner's Report

10 November 2017

P2

General comments
The Corporate Reporting exam requires a deep knowledge and understanding of the IASBís Conceptual Framework, IFRSs and ethical issues.
The examiner excepts PQs to have keep up-to-date with topical issues, as this exam usually contains one question focusing on current issues.
Candidates who rely on a single text book or a short revision course may find themselves underprepared, said the examiner.

Q1
Candidates were required to prepare a consolidated statement of cash flows for a group with one subsidiary acquired at the start of the reporting year. The second part examined the accounting treatment of decommissioning costs using the principles of the Conceptual Framework. Finally sitters were asked to look at the benefits of environmental disclosures provided in an integrated report and the ethical implications of unsubstantiated claims included ion the report.

Q2
This question asked students to provide advice to a business on the accounting treatment of three issues relating to: share-based payments to employees and non-employees; an impairment test calculation; and the measurement of a financial asset under IFRS 9.

Q3
The case study here required advice on the application of the relevant reporting standards.
Candidates were required to discuss the correct treatment of a combined contract of a piece of equipment, a two-year warranty, and a ten-year maintenance service. Part b) asked for a discussion on the accounting treatment of a fixed price forward contract to purchase steel. Finally PQs were required to discuss the accounting treatment of expenditure that tests the prototype of an asset, which should result in efficiencies.

Q4
On this occasion the current issue related to IFRS 16 Leases. It looked at increased disclosure requirements and how IFRS 16 may impact on the financial statements. For part b) candidates were required to discuss the accounting treatment under IFRS 16 of two leases.


[«all news]
preload preload preload preload
Subscribe to RSS