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What is the Best way to attempt P2 ?

+2 Votes
September 2nd 2014 AN ACCA USER 300 Points

5 Replies

+3 Votes

the best way is to master IAS and then go for past exam papers and revision kits. Dec 2013 Q1 was a cash flow, June 2014 Q1 was a consolidated IS, then there is very good chance of CSFP in Dec 2014 exam. I recommend that you spend more time on practicing CSFP and just brief over view the cash flow statement and Income statement. You must be able to write, in P2 this is the key. Try to practice writing in timed conditions and then check your answers to see how close you are. In P2 there is no perfect answer when it comes to discussion. It is up to you how you analyse the scenario, if your discussion is revolving around the IAS, you will get marks.
If you study online you must watch the videos again.

September 14th 2014 AN ACCA USER 1,580 Points
Selected September 15th 2014 AN ACCA USER
+1 Vote
Don't fall into the Q1 trap.  The consolidation worth up to 35 marks is tempting to focus on, but the bulk of those marks are in being able to deal with the notes to the accounts, and you can only do that if you're familiar with the accounting standards.  You'll also need to be familiar with the standards to have a good shout at Q2 and/or Q3.  So the key thing for P2 is getting familiar with the key accounting standards and being able to apply them in Q1, and discuss them in relation to the given scenarios in Q2 & Q3.

Q4 will be a question devoted to a particular area or standard and unless the question is an area or standard you're particularly knowledgeable about, it would be better left alone and instead answer Q2 & Q3 as they will give you the chance to discuss various standards rather than centred around one.
September 29th 2014 AN ACCA USER 160 Points
0 Votes

Discussion on IAS's and IFRS's is the only way to pass P2. Discussion Discussion and Discussion only.

September 3rd 2014 AN ACCA USER 1,770 Points
0 Votes
Plz join our this group on facebook, thanks.. https://www.facebook.com/groups/ACCAhelp/
September 15th 2014 AN ACCA USER 300 Points
0 Votes
Hi there , the first key to pass P2 is to master the conolidation mechanism first because it will give u fisrt 35 marks which will make to you achieve 50 marks very comfotably.
Secondly learn th IFRS in Such  a way that you should be able to recall the definitions , Initial Recognition Criteria, Subsequent Recognition , Measurement etc on you finger tips.
So memorise IFRS as much as possible and try to understand the logic behind IFRS .
Attempt as many exam questions related to IFRS as possible.
I hope this all information will be helpful for you . Dont be hesitate to contact me if you want to ask me anything related to P2.

Regards.

IMRAN KHAN
September 29th 2014 AN ACCA USER 140 Points
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