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Panic with P2.

+3 Votes
Panic with P2.

I'd done some preparation and go through IFRS in past few months. Now its the time for me to go through past year questions and some other study materials. Can anybody give some advises or share with me some notes or questions please? Thanks

October 10th 2014 AN ACCA USER 180 Points 1 Flag

4 Replies

+3 Votes

P2 - Corporate Reporting is not too bad when you study its various components. Very difficult when you are new to Financial Accounting. When you are comfortable with dealing with the various items:
1. Currency changes when doing consolidation accounts

  1. Depreciation of Property plant and equipment (F3 material)

  2. Accounting for projects etc.

Best to be familiar with the set up of each financial report:
Balance Sheet

Profit and Loss Account

Schedule of Assets (the Property, Plant and Equipment, each in its seperate schedule)

Cash flow Statement

Project Report

Contingent liability etc...

I am sitting for the P2 lecture but not doing the exam this December. Sitting for the Financial Reporting paper.
My two cents worth. Study each accounting standard together with the calculations involved. Like in the BPP Study Text. Are you using that, like myself?

All the best, Ng Huey Ling!

October 10th 2014 AN ACCA USER 700 Points
+2 Votes

hey,this is also mine first attempt and **** scared :( but fear is not the way to clear exams i have clear fundamental papers in first attempt in previous 2 sittings with 3 papers in each attempt.And i believe these all papers are easy it just depend on your commitment and time to practice each paper and more important buddy just try to prepare with BPP your chances of success will increase twice.To be an successful accounts executive or Auditor you must have strong grip on p2 and p7/F8 and these subjects are grace of our degree and not that much difficult these are all humans like we wh got high marks just because of self confidence and self motivation.don't underestimate yourself just try hard and try to be friend of these papers you'll not just pass but also will enjoy it buddy :)

October 10th 2014 AN ACCA USER 1,570 Points
+2 Votes
yeah i agree 100% BPP is very informative and helpful to pass all these papers...and you raise important points in above discussion.keep it up buddy :)
October 10th 2014 AN ACCA USER 1,570 Points
+1 Vote
Hi Pal
Don’t get so disappointed over this.   If a 3 year old baby or non-knowledge in English can pass this dog **** exam.  YOU 100 TIMES CAN.   JUST DO SOMETHING WHICH YOU THINK IS RIGHT.

I am writing this to share with you my frustration over this silly, no value added moron exam that is absolutely foolish.
Yes the questions are difficult and through my knowledge most CPAs couldn’t even answer Section B questions.  The marking are  MATCH FITTINGS.    Simply award people pass even if their answers are failed.
Acquaintances whom I know of in P4 class told me he did not attempt 35 marks and yet he passed.  My close fried left out 1 25 marks didn’t attempt and yet he also pass.   All these comments I gave them benefit of doubt.   But mine was definitely truth account.    
I took the sitting in Jun 2012.  I must confess that my answers were horrible and weren’t justice a Pass.   But results were unrealistic and unusual phenomenon.  
 Let me elaborate
Firstly SFP couldn’t balance with 3 major adjustments couldn’t do.  
Analysis questions on section B I couldn’t understand and for the sake of finishing, I wrote what I feel is correct but very ascertained that I didn’t synchronise to the requirements.  They are absolutely fit to be rubbish.

I am integrity by character, I don’t wish to claim this dishonest credit and deceive the potential employers who would have high hope and accreditation on me and given me a prospective lenses whereby my knowledge on  FRS are shallow.  To be honest I failed F7 twice.  I wrote to ACCA and even to review board that I shouldn’t PA.  however they kept “IRON TOOTH”  IRON DUCK BEAK   uttering rubbish   demo understanding  warrant a Pa..  I feel   disgrace and shameful to spell out the words.

By telling you candidates for this coming Dec14 is to share with you an insight that this examiner is having plot to give people pass.   Please take for granted and kept minimum effort.
October 15th 2014 AN ACCA USER 460 Points 2 Flags