Prepare to pass

Prepare to pass A guide to help you if you are studying

Corporate Reporting

P2

GETTING STARTED

Prepare to pass

LEARNING PHASE REVISION PHASE

Getting started

03

Why use this guide?

Learning phase

09

Revision phase

18

Final preparation

22

The exam

24

✓✓ Structured approach to show you how to succeed ✓✓ Signposted resources and how to use them

Stages of study

Sections

FINAL PREPARATION

Welcome to your guide helping you to study for your P2 exam

✓✓ Tips for success to help you through your studies

Appendix – Links26 This guide applies to paper-based exams for September and December 2015 and March and June 2016.

THE EXAM

✓✓ Interactive clickable checklists to keep you on track

APPENDIX – LINKS

02

GETTING STARTED

Enter for your exam

Draw up your study plan Get to know your exam

REVISION PHASE

Buy an Approved Content Provider study text and question and answer bank

LEARNING PHASE

Your checklist

FINAL PREPARATION THE EXAM

03

APPENDIX – LINKS

Getting started

GETTING STARTED

Getting started – Tips for success

- t he most up to date content and syllabus coverage.

✓✓ Spend some time familiarising yourself with the free resources available via the exam resource finder on the student section of the ACCA website – we will provide you with specific guidance on when and how to use these resources during the relevant stages of study.

Exempt from F7? ✓✓ Make sure you have the assumed knowledge needed from F7 for P2 (see P2 syllabus and study guide). ✓✓ If you feel your knowledge is lacking, consider buying an F7 Approved Content Provider study text to refresh your understanding.

✓✓ Be realistic and consider when you are best able to study – maybe early mornings work better for you or perhaps shorter, more frequent study periods. ✓✓ Once you have prepared your plan stick to it! ✓✓ Consider building in an extra study period after every few chapters to review and consolidate your learning. ✓✓ Take a 5-10 minute break every hour to help maintain your motivation and concentration.

APPENDIX – LINKS

04

✓✓ Download the Student Planner App – a tool that helps you map your journey to ACCA membership while balancing your work and social life.

✓✓ Consider working through the professional skills modules either before you start, or alongside your studies. These modules give you insight into professional skills that you can apply in your exam or in the workplace.

When drawing up your study plan (see page 5)

THE EXAM

-p  ast exam questions updated for changes to the syllabus, question style and exam format as well as practice questions and answers and full mock exams to ensure you are fully prepared for your exam.

✓✓ Use the ACCA Learning Community to link up with fellow students around the world studying the same exam as you – get tips, join discussions and share ideas and advice. You can also access live Q&A sessions and presentations.

✓✓ Remember to personalise your edition of Student Accountant so you receive P2 specific information as you need it.

FINAL PREPARATION

- t ests, quizzes and other support designed to help you prepare for your exam.

✓✓ The earlier you enter for your exam the less it costs!

REVISION PHASE

We strongly recommend that you buy a P2 Approved Content Provider study text and question and answer bank to ensure exam success. These provide:

LEARNING PHASE

Tips for success

GETTING STARTED

Getting started – Draw up your study plan

Wednesday

Thursday

Friday

Saturday

Sunday

Week 1

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 2

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 3

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 4

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 5

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 6

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 7

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 8

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 9

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 10

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

REVISION

Week 12

REVISION

Week 13

REVISION

Week 14

REVISION

Week 15

REVISION

Week 16

REVSION AND FINAL PREPARATION

05

Daytime study period

Other commitments

Plan study periods – evenings/ half days/full days, aiming for roughly one evening/half day per chapter of your study text Leave a six week period for the revision and final preparation phases

APPENDIX – LINKS

Evening study period

Block out days/half days/ evenings already committed to family/social events

THE EXAM

Week 11

You may need to add or take away weeks depending on your own circumstances

FINAL PREPARATION

Tuesday

REVISION PHASE

Monday

 Calculate the number of weeks from now until your exam date and draw up a plan – see the example to the left and a possible proforma for you to use on the next page

LEARNING PHASE

Study plan checklist

Monday

Tuesday

Print out and write down when you will study, relax and revise!

Wednesday

Thursday

Friday

Saturday

GETTING STARTED

Getting started – Your study plan

Sunday

Week 1 LEARNING PHASE

Week 2 Week 3 Week 4

REVISION PHASE

Week 5 Week 6 Week 7

FINAL PREPARATION

Week 8 Week 9 Week 10

Week 12

REVISION

Week 13

REVISION

Week 14

REVISION

Week 15

REVISION

Week 16

REVISION AND FINAL PREPARATION

06

Evening study period

Daytime study period

Other commitments

Colour boxes in your preferred highlighter colours.

APPENDIX – LINKS

REVISION

THE EXAM

Week 11

GETTING STARTED

Getting started – Get to know your exam

LEARNING PHASE

give you an understanding of the aims and objectives of the exam, learning ➤ These outcomes and exam structure as well as a comprehensive list of the documents

 Scan the most recent past exam for P2

most recent exam provides you with a clear picture of how P2 will be assessed ➤ The and how the exam is structured as well as the likely style and range of questions

 Read the examiner's approach article and listen to the examiner's approach interview

these at the start of your studies will help you understand the focus of the ➤ Using exam by concentrating on the exam structure, question style, exam technique and

Review the examiner's reports from the last four sittings

provide feedback on students’ performance after each exam session, highlight ➤ These problem areas that students need to improve on and tell you what the examining

 Read the exam technique articles for P2

two articles – Exam technique for Paper P2 and Passing the professional level ➤ The papers – will provide you with a head start in terms of knowing what to expect and

REVISION PHASE

examinable for the current exam sittings

that you could see in the real exam

FINAL PREPARATION

tips as well as pitfalls to avoid – see extracts from the examiner's approach article over the page

teams are looking for; these are critical to your success in passing P2

APPENDIX – LINKS

how to approach exam standard questions

THE EXAM

07

 Review the syllabus & study guide and the examinable documents for P2

THE EXAM

Students will be expected to read more widely than just their tutor’s manuals. Such manuals are often very good but students need to supplement their reading in order to consolidate their knowledge. Reading accountancy journals, if only on a selective basis, will enhance students’ chances of success.

FINAL PREPARATION

The application of accounting standards will be an extremely important element of this paper, both in Section A and B. Students will have to advise a client on suitable accounting practices, based on existing accounting standards, as well as analysing and interpreting financial information and performance. Current issues will always be foremost in the mind of the examiner when writing the paper. These questions will often be driven by convergence issues and the work programme of the International Accounting Standards Board (IASB). New accounting standards will be examined as soon as is feasibly possible – but not within six months of their issue.

There will be an increasing emphasis on the conceptual framework which underpins the standards, and the examiner's approach will be to examine several standards at each diet. The key standards are those related to group accounting, cash flow, impairment, provisioning, non-current assets, taxation, employee benefits, leases, foreign exchange, intangibles, financial instruments, and reporting financial performance (including discontinued operations). The other standards are also important and will figure in exam questions. Environmental, social, and cultural considerations are important, although questions on these issues will not be as frequent as those on other topics. Financial instruments will be dealt with at a relatively simple level.

REVISION PHASE

Group accounting – including cash flow statements – will be an important aspect of the syllabus, and will be examined at every exam session in Question 1. If group cash flow statements are examined, then the principles of group accounting may or may not be examined in Section B. Financial reporting in specialised, not-for-profit and public sector entities will be examined in general terms; students will be expected to apply their knowledge of the syllabus to straightforward transactions and events arising in these entities. Detailed knowledge of the industry, or specialised accounting knowledge, will not be required but students will have to apply their accounting knowledge to the scenario set out in the question.

Comments on the conceptual framework

LEARNING PHASE

Comments on group accounting and accounting standards

§

GETTING STARTED

Getting started – What the examiner has said about P2 (extracts from the examiner’s approach article)

APPENDIX – LINKS

08

GETTING STARTED

- gain the knowledge you need; and



- learn how to apply that knowledge to pass the exam

FINAL PREPARATION



REVISION PHASE

Work through the control sheet which has been designed to give you a structured approach to your learning phase to ensure you:

LEARNING PHASE

Your checklist

THE EXAM

09

APPENDIX – LINKS

Learning phase

Tick the box Quiz/Test in the control sheet once you have:

Tick the box Questions in the control sheet once you have:

✓✓ Read through the introduction to the chapter

✓✓ Attempted the questions referred to in the question bank – some of these you should do in full but others you can just draw up a plan for, depending on the time you have available

✓✓ BPP Learning Media – page 14

✓✓ Actively read and understood each chapter’s content ✓✓ Noted any additional commentary and exam focus tips provided

Tick the box ACCA related resources in the control sheet once you have: ✓✓ Read / viewed the related ACCA article / video signposted

THE EXAM

✓✓ Worked through and understood examples and illustrations of concepts given

✓✓ Compared your answer, or plan, with the solution given and understood where you did well or not so well and why

FINAL PREPARATION

Tick the box Content in the control sheet once you have:

✓✓ Becker Professional Education – page 12

REVISION PHASE

✓✓ Kaplan Publishing – page 16

✓✓ Attempted the quiz at the end of the chapter (if you are using Becker or BPP material) or the test your understanding questions throughout the chapter (if you are using Kaplan material)

LEARNING PHASE

Use the control sheet relevant to the Approved Content Provider's materials you have purchased:

GETTING STARTED

Learning phase – Get the most out of your control sheet

APPENDIX – LINKS

10

GETTING STARTED

Learning phase – Tips for success

✓✓ If you find you are not covering all of the material in each study period, build some extra time into your planner – everyone works at a different pace. ✓✓ Keep an eye on Student Accountant for any relevant articles.

✓✓ Try to read a good quality business journal or newspaper regularly and use this to help bring your studies to life by linking your learning into what you are reading.

APPENDIX – LINKS

11

✓✓ Make sure you use the ACCA resources to help your understanding – these give you real insight to help you in your exam.

✓✓ There are PER (Practical Experience Requirement) objectives associated with specific syllabus areas and, if possible, you should try to gain experience in these alongside your studying as this will help you to put your studies into a workplace context and reinforce what you have learned.

THE EXAM

✓✓ Consider using the additional resources provided by the Approved Content Providers including for example passcards or pocket notes to help

✓✓ Always work through the questions signposted – it is vital that you practise questions throughout the learning phase as this will ensure that you are applying the knowledge you learn as you progress.

✓✓ Visit the ACCA Learning Community regularly to view new video content and to join online study events.

FINAL PREPARATION

✓✓ Scan headings before going into the detail to give you an idea of the content first and consider highlighting, underlining, making notes, drawing pictures or mind maps – whatever helps you to remember.

you remember the key knowledge areas.

REVISION PHASE

✓✓ Actively read the material – ask yourself ‘do I understand this?’ If not re-read and re-work examples – if you still struggle, make a note and come back to it during the revision phase.

LEARNING PHASE

Tips for success

Chapter

Content

Quiz/Test

Questions ACCA related resources

Conceptual framework

4 5 6 7

Reporting financial performance Accounting policies, estimates and errors Non-current assets IAS 36 Impairment of assets

9 10 11 12 13 14 15 16 17 18

IAS 17 Leases IFRS 8 Operating segments IAS 19 Employee benefits IAS 12 Income taxes Provisions and contingencies Related parties IFRS 2 Share-based payment Conceptual principles of group accounting Basic group accounts Goodwill

19 Complex groups

12

• IFRS 2, share-based payment

• Impairment of goodwill • Complex groups • Business combinations • Objective business combinations – IFRS 3 (revised)

When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX – LINKS

20 Changes in shareholdings 21 Associates and joint arrangements 22 Foreign currency transactions

• Deferred tax • Provisions

THE EXAM

Financial instruments

• Impairment of financial assets • Hedge accounting • What is a financial instrument? – part 1 • What is a financial instrument? – part 2 • IFRS 9 Financial instruments • When does debt seem to be equity • Lease – operating or finance?

FINAL PREPARATION

8

• How to account for property

REVISION PHASE

3

• IFRSs for SMEs • Convergence between IFRS and US GAAP • IASB’s conceptual framework for financial reporting • Not-for-profit organisations – part 1 • Not-for-profit organisations – part 2

LEARNING PHASE

✓✓ tick the boxes below when complete Introduction 1 GAAP and IASB 2 International issues

GETTING STARTED

Learning phase – Control sheet for Becker Professional Education

Chapter

Content

Quiz/Test

Questions ACCA related resources

IAS 7 Statement of cash flows Analysis and interpretation IFRS 1 First-time adoption Ethics and the accountant

27 Environmental reporting

LEARNING PHASE

✓✓ tick the boxes below when complete 23 24 25 26

GETTING STARTED

Learning phase – Control sheet for Becker Professional Education

• The integrated report framework • Syllabus update article: ACCA embeds integrated reporting

28 Appendix: IFRS 15 revenue from contracts with customers REVISION PHASE

Further ACCA resources relevant for this exam

FINAL PREPARATION

• Concepts of profit or loss and other comprehensive income • What differentiates profit or loss from other comprehensive income? • Bin the clutter • The industry question • Corporate reporting case studies • Corporate reporting – current issues • IFRSs for SMEs • Current issues • Study support video: Groups with accounting standards

THE EXAM

When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX – LINKS

13

Chapter

Content

Quiz/Test

Questions ACCA related resources

8 9 10 11 12

Leases Share-based payment Performance reporting Related parties Revision of basic groups

13 Complex groups and joint arrangements Changes in group structures Continuing and discontinued interests Foreign currency transactions and entities Group statements of cash flows

18 Environmental and social reporting 19 Current developments 20 Reporting for specialised entities

• Objective business combinations – IFRS 3 (revised)

• The integrated report framework • Syllabus update article: ACCA embeds integrated reporting • Convergence between IFRS and US GAAP • Not-for-profit organisations – part 1 • Not-for-profit organisations – part 2

When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX – LINKS

14

• Impairment of goodwill • Complex groups • Business combinations

THE EXAM

14 15 16 17

• Provisions • Deferred tax • Impairment of financial assets • Hedge accounting • What is a financial instrument? – part 1 • What is a financial instrument? – part 2 • IFRS 9 Financial instruments • When does debt seem to be equity • Lease – operating or finance? • IFRS 2, share-based payment

FINAL PREPARATION

Financial instruments

• How to account for property

REVISION PHASE

7

• IASB’s conceptual framework for financial reporting

LEARNING PHASE

✓✓ tick the boxes below when complete Introduction 1 Financial reporting framework 2 Professional and ethical duty of the accountant 3 Non-current assets 4 Employee benefits 5 Provisions, contingencies and events after the reporting period 6 Income taxes

GETTING STARTED

Learning phase – Control sheet for BPP Learning Media

Chapter

Content

Quiz/Test

Questions ACCA related resources

Further ACCA resources relevant for this exam

REVISION PHASE

• IFRSs for SMEs • Concepts of profit or loss and other comprehensive income • What differentiates profit or loss from other comprehensive income? • Bin the clutter • The industry question • Corporate reporting case studies • Corporate reporting – current issues • Current issues • Study support video: Groups with accounting standards

LEARNING PHASE

✓✓ tick the boxes below when complete 21 Reporting for small and medium-sized entities

GETTING STARTED

Learning phase – Control sheet for BPP Learning Media

FINAL PREPARATION THE EXAM

When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX – LINKS

15

Chapter

Content

Quiz/Test

Questions ACCA related resources

Tax Segment reporting Related parties Adoption of IFRS

17 Non-financial reporting 18 Current issues 19 Group accounting – basic groups 20 Complex groups

• Provisions • Impairment of financial assets • Hedge accounting • What is a financial instrument? – part 1 • What is a financial instrument? – part 2 • IFRS 9 Financial instruments • When does debt seem to be equity • Deferred tax

• Convergence between IFRS and US GAAP • Not-for-profit organisations – part 1 • Not-for-profit organisations – part 2 • IFRSs for SMEs • The integrated report framework • Syllabus update article: ACCA embeds integrated reporting • Impairment of goodwill • Complex groups • Business combinations

When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX – LINKS

16

• IFRS 2, share-based payment

THE EXAM

16 Specialised entities and specialised transactions

• Lease – operating or finance?

FINAL PREPARATION

12 13 14 15

• How to account for property REVISION PHASE

11 Financial instruments

• IASB’s conceptual framework for financial reporting

LEARNING PHASE

✓✓ tick the boxes below when complete Introduction 1 The conceptual framework 2 The professional and ethical duty of an accountant 3 Performance reporting and performance appraisal 4 Revenue 5 Non-current assets, agriculture and inventories 6 Foreign currency in individual financial statements 7 Leases 8 Employee benefits 9 Share-based payment after the reporting period, provisions and 10 Events contingencies

GETTING STARTED

Learning phase – Control sheet for Kaplan Publishing

Chapter

Content

Quiz/Test

Questions ACCA related resources

Change in a group structure Group accounting – foreign currency Group reorganisations Group statement of cash flows

• Concepts of profit or loss and other comprehensive income • What differentiates profit or loss from other comprehensive income? • Bin the clutter • The industry question • Corporate reporting case studies • Corporate reporting – current issues • Current issues • Study support video: Groups with accounting standards

REVISION PHASE

Further ACCA resources relevant for this exam

• Objective business combinations – IFRS 3 (revised)

LEARNING PHASE

✓✓ tick the boxes below when complete 21 22 23 24

GETTING STARTED

Learning phase – Control sheet for Kaplan Publishing

FINAL PREPARATION THE EXAM

When watching the study support videos, focus at this stage on the technical aspects – you will watch these again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX – LINKS

17

GETTING STARTED

Revisit areas you struggled with during the learning phase

Make sure you are able to apply that knowledge in questions

REVISION PHASE

Ensure you are confident with the knowledge needed to pass the exam

LEARNING PHASE

Your checklist

FINAL PREPARATION THE EXAM APPENDIX – LINKS

Revision phase

GETTING STARTED

Revision phase – Question practice

✓✓ Don’t be afraid to attempt questions you have already done – especially the ones you found tricky first time round.

✓✓ To keep motivation high, break some questions into individual parts, write plans or

✓✓ Work through the answers carefully – pay attention to areas you got wrong and understand where you went wrong – it is better to do a few questions well, than lots of questions badly. ✓✓ Try not to look at the answers before really attempting the question – you won't be able to do this in the real exam! ✓✓ Don't forget to review the marking guide too – you need to understand how marks are allocated to ensure you know how to maximise your marks.

THE EXAM

✓✓ It is really important that you do some questions in full, to exam time – time management is often an issue and the more you prepare yourself the better you will perform in the exam.

notes for some parts and do others in full.

FINAL PREPARATION

 Work through the most recent past exam for P2 – this will provide you with a clear picture of what the exam will look like making sure you know what to expect on the day

✓✓ Consider blocking time in your study plan for specific questions or mock exams to ensure you cover everything.

REVISION PHASE

W  ork through as many questions as possible and all mock exams included in the Approved Content Provider question and answer banks – remember these are best for question practice as they include past exam questions updated for syllabus and format changes

Tips for success

LEARNING PHASE

 Exam-standard question practice is vital now

APPENDIX – LINKS

19

GETTING STARTED

Revision phase – Key resources

 View the study support video referred to in your control sheet again – this time focusing on the exam technique aspects

THE EXAM

 Make sure you read the study skills articles in Student Accountant covering topics such as how to overcome exam anxiety as well as checking the Student Accountant Hub for any new technical articles related to P2

✓✓ Don't forget there are professional skills modules which you might find useful in giving you some practical guidance when answering questions.

FINAL PREPARATION

 Read the exam technique articles – Exam technique for Paper P2 and Passing the professional level papers again – this time using the techniques to help you practice questions

✓✓ Don't give up easily – if you really cannot understand something then consider posing a question on the ACCA Learning Community – if you found it difficult so will have others.

REVISION PHASE

 Remind yourself of areas that students often struggle with and obtain tips on how to ensure you do not make the same mistakes by reviewing the examiner's reports from the last four sittings again

Tips for success

LEARNING PHASE

 Review the examiner's approach article and examiner's interview again in the context of what you have learnt

APPENDIX – LINKS

20

This question dealt with two main topics-financial instruments and related parties.

Part b of the question required candidates to show how a financial guarantee contract should be dealt with in the financial statements together with a discussion of the principles involved. Candidates were told that the guarantee was measured at fair value through profit or loss.

THE EXAM

The question was not well answered by candidates but a client would expect a qualified member of a profession to understand the difference between a provision and a financial guarantee. It appeared from the answers that this distinction was not understood by many candidates even though the question did say that the guarantee was being measured at fair value through profit or loss, which would tend to indicate that the guarantee was a financial instrument.

FINAL PREPARATION

Part a of the question required candidates to discuss the general principles underpinning the accounting for related party transactions and then advise on the disclosure of related party relationships between government related entities and the government,. Inevitably, the model answers to the questions are more detailed than what is expected of candidates. There were only 5 marks available for this question. Therefore the number of marks available for the second part of the requirement was naturally quite small. Candidates who did not know the specific answer to this part of the question were given credit for discussion of the related principles and many candidates were scoring 4 out of 5 marks for this part of the question.

REVISION PHASE

This question required candidates to prepare a consolidated statement of financial position for a group. Candidates had to deal with a step acquisition, an unrecognised contingent liability, a revision of the fair values on acquisition, ‘negative’ goodwill, a joint arrangement and an asset held for sale. Candidates dealt with the group structure quite well and the calculations of goodwill/’negative goodwill‘ arising on acquisition were generally accurate. Candidates invariably calculate retained earnings and non controlling interest inaccurately but the marking guide gives credit for candidates own figures as long as the principle is correct. For example, marks are allocated for calculating NCI as long as candidates are using the correct share of the subsidiaries’ post acquisition earnings. Additionally, if a candidate makes an error early in a calculation, then candidates can gain marks for their own figures. This latter point also enhances the importance of candidates showing full and clear workings.

Comments on question 2

LEARNING PHASE

Comments on question 1

§

GETTING STARTED

Revision phase – What the examiner has said about P2 (extracts from the December 2014 examiner’s report)

APPENDIX – LINKS

21

GETTING STARTED

You are clear on the knowledge you need to pass the exam as well as how to apply that knowledge

the exam format

FINAL PREPARATION PREPERATION

Ensure you are familiar with:

REVISION PHASE

You have the skills you need to pass the exam – eg time management

LEARNING PHASE

Your checklist

the style of questions what specific syllabus areas are likely to be tested and in which questions

22

APPENDIX – LINKS

Final preparation

THE EXAM

the way the marks are allocated

GETTING STARTED

Final preparation – Tips for success

An extract from the syllabus and study guide for P2

Section B gives students a choice of two from three 25 mark questions.

An extract from the P2 June 2015 exam marking guide

(b) 1 mark per point up to maximum

8

(c) Philosophy3 Ethical considerations 4 50

✓✓ If you are unsure about the exam format, the style of questions or what specific syllabus areas are likely to be tested in which questions, read the syllabus and study guide again. ✓✓ If you are not sure about how the marks are allocated review the most recent past exam for P2 again.

APPENDIX – LINKS

23

✓✓ Go over questions again that you found difficult during the revision phase and make sure you attempt at least one mock again in full to time.

THE EXAM

35

Tips for success

FINAL PREPARATION PREPERATION

Question 1 Marks (a) Property, plant and equipment 4 Goodwill  7 Non-current liabilities 2 Finance lease 3 Deferred tax 2 Current assets 1 Pensions3 Retained earnings 6 Other components of equity 2 Non-controlling interest 3 Current liabilities 2

REVISION PHASE

The Essentials module papers all have a Section A containing a major case study question with all requirements totalling 50 marks relating to this case.

§

LEARNING PHASE

§

GETTING STARTED

Make sure you are ready to walk into your exam

REVISION PHASE THE EXAM

24

APPENDIX – LINKS

The exam

FINAL PREPARATION



LEARNING PHASE

Your checklist

GETTING STARTED

The Exam – Tips for success

LEARNING PHASE

Tips for success

✓✓ Identify where the exam hall is.

✓✓ Ensure you have all the equipment you need for

25

✓✓ Sleep properly – do not spend the night before doing last minute late night revision – you will perform so much better if you are alert and well rested (and in any case, last minute revision will only cause you to panic!).

Once the exam is over: ✓✓ Relax. ✓✓ Don't over analyse – you cannot change anything now!

APPENDIX – LINKS

Good Luck!

✓✓ Eat properly before you leave for the exam.

THE EXAM

✓✓ Have in place a back-up plan in case of traffic problems or public transport delays.

✓✓ Don't forget to take your exam docket with you as well as your student identification.

✓✓ Try not to get into discussions with fellow students just before the exam about what might come up – again this will only cause you stress.

FINAL PREPARATION

✓✓ Plan your route to the exam hall, considering the time of day you will be travelling and any potential issues.

the exam (black pens, calculator etc).

REVISION PHASE

Very few students enjoy taking exams but there are things you can do to make the experience less stressful!

GETTING STARTED

LEARNING PHASE

REVISION PHASE

FINAL PREPARATION THE EXAM

26

APPENDIX – LINKS

Appendix – Links

GETTING STARTED

Appendix – Links

04

Enter for your exam

http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/exams/enter-an-exam.html

04, 11, 19

Approved Content Provider

http://www.accaglobal.com/gb/en/student/your-study-options/alp-content.html

04

ACCA Learning Community

https://www.accalearningcommunity.com/

04

Student Planner App

http://www.accaglobal.com/gb/en/student/apps.html

04

Exam resource finder

http://www.accaglobal.com/gb/en/student/exam-support-resources.html

04

Student section

http://www.accaglobal.com/gb/en/student.html

04, 07, 23

Syllabus and study guide

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/syllabus-study-guide/p2international-int-syllabus-study-guide.html

04, 20

Professional skills modules

http://studentvirtuallearn.accaglobal.com/index.php

07

Examinable documents

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/examinable-documents.html

07, 19, 23

Past exam for P2

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/past-exam-papers/internationalstream.html

07, 20

Examiner’s approach article

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/p2-approach. html

07, 20

Examiner’s approach interview

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/examiners-reports.html

07, 20

Examiner’s reports

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/examiners-reports.html

07, 20

11 13, 15, 17 13, 15, 17 12, 14, 16

Impairment of financial assets

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html http://www.accaglobal.com/gb/en/student/practical-experience/performance-objectives.html http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/pl-oci.html

THE EXAM

07, 20

Exam technique article: Exam technique for Paper P2 Exam technique article: Passing the professional level papers PER (Practical Experience Requirement) objectives Concepts of profit or loss and other comprehensive income What differentiates profit or loss from other comprehensive income?

FINAL PREPARATION

URL

REVISION PHASE

Link

LEARNING PHASE

Page No.

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ploci.html http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/impairment-offinancial-assets.html

APPENDIX – LINKS

27

GETTING STARTED

Appendix – Links Link

URL

13, 14, 16

The integrated report framework

12, 14, 16

Hedge accounting

12, 14, 16

When does debt seem to be equity?

12, 14, 16

Lease – operating or finance?

13, 15, 17

Bin the clutter

12, 14, 16

What is a financial instrument? – part 1

12, 14, 16

What is a financial instrument? – part 2

12, 14, 16

IFRS 9 Financial instruments

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

Corporate reporting case studies

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Provisions

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

IASB’s conceptual framework for financial reporting

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

How to account for property

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

The industry question

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

Corporate reporting – current issues

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Complex groups

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 16

IFRS for SMEs

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ifrs-for-smes.html

12, 14, 16

Convergence between IFRS and US GAAP

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Not-for-profit organisations – part 1

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Not-for-profit organisations – part 2

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/iirc-framework. html http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/hedgeaccounting.html http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/when-doesdebt-seem-to-be-equity-.html

LEARNING PHASE

Page No.

http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/lease.html

REVISION PHASE

http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/bin-the-clutter. html http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/what-financialinstrument.html http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/financialinstrument-part2.html

FINAL PREPARATION THE EXAM APPENDIX – LINKS

28

GETTING STARTED

Appendix – Links URL

12, 14, 16

Impairment of goodwill

http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/impairmentgoodwill.html

12, 14, 16

Deferred tax

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

Current issues

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Business combinations

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 17

Objective business combinations – IFRS 3 (revised)

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

IFRS 2 – share-based payment

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ifrs2.html

13, 14, 16 13, 15, 17 20

Syllabus update: ACCA embeds integrated reporting Study support video: Groups with accounting standards Study skills articles in Student Accountant

http://www.accaglobal.com/gb/en/student/sa/features/acca-embeds-integrated-reporting.html

REVISION PHASE

Link

LEARNING PHASE

Page No.

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html http://www.accaglobal.com/gb/en/student/sa.html

FINAL PREPARATION THE EXAM APPENDIX – LINKS

29