PQ magazine is for part qualified accountants.
Read the latest web issue here – if you like what you see sign up today
How to pass P2
A short revision course will not guarantee you success in the ACCA P2 papers, says the examiner in the latest Examiner’s report.
What candidates need to do is “a significant amount of pre-course study”. The examiner went on to stress that knowledge and understanding does not come through rote learning but application and thought.
PQs then need to manage their own learning and stop relying totally on their tutors for knowledge.
The importance of The Conceptual Framework was also highlighted in the report. “Given the fundamental importance of the Framework, it makes sense for candidates to have a good knowledge of it,” said the examiner.
Candidates also need a working knowledge of the fundamental principles of the standards and be able to apply them. Combine this with your Framework knowledge and you have a PQ who can see the inconsistences in the standards, it was ventured!
The report tries to clear up what ‘current issues’ means. Current issues are not simply the Exposure Drafts set out in the examinable documents. They also include problems with current accounting standards, recent IFRSs and practice and regulation uses. The examiner was shocked by the lack of detailed knowledge of IFRS 15 in question 4.
Subscribe to RSS