P2 Irish Variant

Laois03

Hey, just a quick question about P2, I done the Irish Variant Last June and failed by 1%, I've been travelling since the end of June, and was intending on repeating this when i arrive home at the start of June. However i just found out that the syllabus has changed, all i can find out is that the UK variant has changed to IFRSs, along with some other changes. Can anyone let me know if the irish variant has also changed to IFRSs? What changes there has been if any? ANd if it has changed to IFRS, would it be even worth my while to even attempt the paper? i don't want to be wasting the rest of my trip on a fools errand. Thanks in advance for your help.

smcgiff

Looks like it's still there going by the below link to the ACCA website...

http://www.accaglobal.com/students/exams/variant

If the ACCA allowed the Irish Variant last year then they would have made numerous warnings and higlighted well in advance if it were no longer possible to take a certain variant. Is it possible you missed these?

To be on the safe side I'd send an email to the ACCA student section - they'll get back to you within 24 hrs.

For what it's worth I'd recommend IFRS for anyone going forward if they are starting out.

SBWife

P2 is now based on IFRS regardless of which variant you take. The Irish/UK Variants include the key differences between IFRS and UK/Irish GAAP but the primary reporting standards are IFRS.

Should you wish to practise as a registered auditor within the UK or Ireland (obtain the audit qualification/audit practising certificate) you must attempt the P2 UK/Irish variant. So ignore smcgiff's recommendation.

smcgiff

SBWife wrote: »

Should you wish to practise as a registered auditor within the UK or Ireland (obtain the audit qualification/audit practising certificate) you must attempt the P2 UK/Irish variant. So ignore smcgiff's recommendation.

http://www.bpp.com/contact-us/international-study-centres/ireland/professional-qualifications/acca-home/international-or-uk-irish-vari.aspx

Also, A look at a lot of the industry jobs on offer, especially multi-national roles, will expect IFRS, not IFRS alike, IFRS.

You may be right about the audit certificate I conceed I don't know.

SBWife

As I posted above, regardless of the variant ALL P2 papers are now IFRS.

Ireland and UK papers also include the differences between IFRS and the previous GAAP. The BPP advise was published prior to the audit directive information becoming available and they are currently re-evaluating their position.

smcgiff

http://www.accaglobal.com/students/exams/variant

SBWIFE,

From researching the ACCA website - It is my understanding that you can qualify for a practice or audit cert in Ireland or the UK if you complete in either IFRS or Local Irish/UK gap.

I'll email ACCA to get confirmation.

BPP have stopped offering the course, and do you really think it's a good idea to have people having to explain to certain employers that Local GAAP is now based on IFRS when other candidates can simply note they are taking IFRS exams. Especially when not all candidates for jobs will have takend Local GAAP exam based on IFRS.

SBWife

Here's the link to P2 on the ACCA global site. http://www.accaglobal.com/students/acca/exams/p2/

I think it's pretty clear

Should you wish to practise as a registered auditor within the UK and/or Ireland (obtain the audit qualification/audit practising certificate), you must attempt the P2 UK/Irish and P7 UK/Irish papers from June 2011 onwards. Anyone who has attempted and passed P2 or P7 prior to this date is not affected by this ruling.

All UK and Irish professional accountancy bodies are governed by the requirements of the Statutory Audit Directive (SAD). In order to comply with the requirements of SAD– and to practise as an auditor – certain elements of UK/Irish legislation and regulation should be examined. The revised Papers P2 (UK/IRL) and P7 (UK/IRL) fully meet regulatory and business environment requirements for those wishing to obtain the UK/Irish audit qualification and hence practise as a registered auditor in the UK/Ireland.

You cannot complete in UK or Irish GAAP - all papers are now based on IFRS. THE VARIANT JUST COVERS DIFFERENCES BETWEEN THE TWO TYPES OF STANDARDS.

smcgiff

Apologies SBWIFE, it looks like you've the most up to date info.

ari101

SBWife's info as quoted was circulated to trainees in my place of employment this week - I was unaware that the new UK/IRL P2 was IFRS I had thought it was going to be scrapped with the move away from GAAP so the email caused much confusion for me initially; to date I have only studied International papers and was feeling very put out as I thought they were going to be forcing outdated GAAP on to us poor unfortunates! :-D Thankfully as clarified above taking the local paper doesnt change the reporting standard under study going forward. Thanks for the info.

Laois03

Thanks to everyone for their replies, sorry i should have clarified i knew the IRL variant was still available, i just wasn't very sure if it was now based on IFRS like the UK variant, obviously it is, so thanks for clarifying that.

My real problem is that i studied for the old IRL syllabus for last Junes exams, failed it by 1%, and was planning on repeating it this June, the problem is i have the old syllabus notes on my netbook, and was going to use that to study for the exam during the rest of my travels. So my last big question is are there that many changes from the old syllabus so that u'd have no chance of passing or is it similar enough that i'd have a fighting chance?

I know some of the stuff i've covered recently has made reference to the differences, so i could possibly incorporate that. If i've any sort of a chance at all i'll give it a go.

Thanks again to everyone.

smcgiff

ari101 wrote: »

SBWife's info as quoted was circulated to trainees in my place of employment this week - I was unaware that the new UK/IRL P2 was IFRS I had thought it was going to be scrapped with the move away from GAAP so the email caused much confusion for me initially; to date I have only studied International papers and was feeling very put out as I thought they were going to be forcing outdated GAAP on to us poor unfortunates! :-D Thankfully as clarified above taking the local paper doesnt change the reporting standard under study going forward. Thanks for the info.

Have you considered moving back to the "Irish" variant for the reason SBWife mentioned?

smcgiff

Hi Folks,

Below is the response I received from ACCA - This is of benefit because it is a personal response, and goes further and gives some insight into exam thinking. That bit I'm sure was their own personal belief and not official ACCA thinking - thought I'd better put in a disclaimer on their behalf. There was also a diagram, but that isn't coming through, but it's no real loss.

Dear XXX


I understand where the confusion comes from. You must do IFRS to get a practicing certificate, and it is no longer possible to study UK GAAP on its own.

P2(Irl) is now just P2(int) with one extra module. The extra module is few additional matters with respect to Irish company law and key differences between IFRS and Irish / UK GAAP. If you ever want to be an auditor you will have to do P2(Irl) (slightly longer syllabus) if you do not want to be an auditor you may do P2 (int) or P2(Irl).



P2 Ireland or P2 UK = International Financial Reporting Standards + UK GAAP differences and some Irish company law



P2 International = International Financial Reporting Standards

Very few members actually want to be a statutory auditor, but if you would like the option in the future you MUST select P2 Ireland or P2 UK and P7 Ireland or F7 UK; it will too late after you have finished the exams. Currently either a UK or Irish stream P2 student will be entitled to audit registration in both the UK and Ireland, it does not matter which variant you choose, they both will work for both jurisdictions. P2(int) students will not be entitled to UK or Irish audit registration. Most Tuition providers have confirmed that they will offer P2 (int); with one extra lecture for students who want to upgrade to P2 (Irl).



P7(Irl) is very similar to P7(int), Irish and UK auditing standards are almost identical to International Auditing Standards, however, there are some law differences and a small number of, so called, “plusses” where there are slightly different requirements under each jurisdiction. The examiner does not go out of their way to examine the “plusses” so often the two papers will be identical but often the answers will be slightly different.



The changes were made to make the ACCA syllabus compliant with the Statutory Audit Directive. In the long run it will be advantageous to some members to have done the extra module required in P2 (Irl) but the vast majority of members do not want to be statutory auditors and the extra qualification will serve no useful purpose for them. The availability of a choice will be welcomed by most students. More information and a full description of the changes are on the website.



These changes are for the exam sittings on or after June 2011 and there are transition rules for prior to that time on the web site.



Yours sincerely

XXX

For and on behalf of ACCA

pokkadotqueen

Thanks SMCGiff, that is great info

sboyle01

Where can I get the notes for the Irish syllabus? I have the UK/INT text book already.

pokkadotqueen

sboyle01 wrote: »

Where can I get the notes for the Irish syllabus? I have the UK/INT text book already.

I am also doing the Irish variant and need the same notes. If you get hold of them, will you let me know where I can get them. I'll do the same for you. :rolleyes: