Acca P2

Climber

Help!

I'm due to sit this paper in June and and haven't really started studying until now. I've looked at the compulsory question adn am freasked by it, I dont know where to start.
Does anybody have any tips? I presumed that my acquired knowledge from F7 (I got 64% in Dec07) would help me a lot for paper P2, but now I'm not so sure

jockey#1

Hi,

Are you not going to classes for this subject? I fluked through F7 in July 07 and done P2 last december, got 40% so will be repeating in June. You will pass or fail the paper based on how well you do in question 1. Its a lot tougher then F7 thats for sure.

cailinoBAC

Don't really have any tips. Except that once you're in the exam - don't give up. I was the same as you, thinking having done ok in the earlier subject, this wouldn't be too bad, except I left it a lot longer before I discovered (like...November). Amazingly, amazingly I got 55, but I was convinced I failed. Much better to be more confident coming out of the exam. All I can say is do the questions, I know you've heard that time and time again, but it's the only way. I didn't leave myself enough time to actually do the questions, only to read over them, which is not quite the same.
Anyway, if you start now, you have plenty of time to get to grips with everything.

The CCAinsider

The examiner is a sadist. The text books are all useless, they are too basic for Graham Holts questions. I suggest you do questions, questions and more questions. If you struggle through 10 Q1, including old paper 3.6 Q1’s until you know then backwards you will get in excess of 50% on Q1. FRS 25/26 are guaranteed and financial instruments are not as difficult as they first appear. Take out a free 10 day trial on www.companyreporting.co.uk and read as much as you can from the site in the 10 days. Get a copy of UK GAAP by E&Y, Graham lifts questions from examples in the text. Also get all FRRP findings and CESR findings and learn them off, these regularly appear on the paper. There is a lot of theory so if you are using your calculator a lot during the exam you will fail. Try actually reading the FRS’s themselves although you should stick to summaries of FRS 25 and 26 because they are too long. It would take you a week, full time, to wade through FRS 25 and 26 (and 29). Look at www.iasplus.com and the summaries of IAS 32 and 39 which are the same as FRS 25 and 26. It is very hard to pass P2 without attending lectures, be careful though BPP tend to spend a lot of time on consolidations and neglect the FRS’s DBS, Griffith and Independent Colleges are better for P2. FRS 10, 11, 12 and 15 tend to appear regularly. 19 is overdue, 20 is a possibility as is FX. The only topic you can safely leave out is hyperinflation.

Best of luck.

Nige10

Some good information there CCAInsider, Would you know of any weekend revision courses up around Northern Ireland for P2? I know DBS & Indepenent College run courses, however its a bit far away for me!
I am sitting P1 also in June and Jordanstown are running revision courses for that, but not P2 so any help would be gratefully appreciated

The CCAinsider

Just think of the train journey as additional study time?

I cut and pasted this from a flyer:

Manx Professional & Educational Services Limited

Express by Holiday Inn, University Street, Belfast
P2 revision on 13, 14 & 15 May

For details of the tutors on each course please contact Sheila Magee/Rebecca Clucas on (01624) 668101 or e-mail enquiries@mpes.co.uk Class sizes are typically 10 - 20 students

Not sure if they are any good though. Might be worth a google.

Climber

Thanks for the tips Guys, they've been a great help.

I think concentrating on Question 1's is the way to go. most of the adjustments come up in the other questions anyway.

Speaking of which, does anybody have any tips for the essay type question on current issues and trends within financial reporting?

I looked up the ACCA website and teh only article relevant to P2 this year is for revenue recognition. Is it worth concentrating on this for the exam? Or does anybody have any other suggestions?

The CCAinsider

IFRIC D21 Real Estate Sales, while an international accounting standard and not UK GAAP is worth a read. First time application of UITF 40 is also very complex and worth of Mr Holt. If there is an article in the magazine, it is likly to be comiong up. Application not G to FRS 5 is where most of the guidance comes from but there is also 2 X UITF's.

There is also an FRRP finding on Berkeley Berry Birch Plc on revenue recognition.

Nige10

Whats everyone thinking will come up on question 1?..Consolidated or cash flows!?

MarB1981

I am doing this exam aswell. I am repeating it. The last time I did it, it was 3.6. I'm really worried loads has changed on the course. Doing it in again in June.. Haven't opened a book for it yet.. I'll never pass...

Climber

Hi Nige10,

I reckon you must know about Cashflows AND Balance sheets! don't go in there hoping either/or will come up. A good question one (getting over 30 marks) will send you on the way to a pass.

The good thing is you can pick up nearly 20 marks from doing the other parts to Q1 (b,c,and d). These are simple ethics/waffle questions that are easily answered.

Aim to get half of the other 2 questions right and you've passed!

Good luck and don't give up

Nige10

Hi all,
just studying for question 4 which I think "Harmonzation of accounting standards" has a good chance of coming up, has one got any good articles on this? or any ones else got any ideas on this part of the paper?

MarB1981

I am seriously starting to stress over over the exam now. I have still so much work to do.. startin only goin over course work at the moment..

It is really hard to narrow down the current topics questions.. Do you think Harmonisation is a good bet???

Climber

Harmonisation is a good one. There are some good example questions in all the usual revision kits. Just keep on reading through these until you're comfortable with banging out two pages worth in the exam.