I am going to sit in December and have been off for a while. How can I effectively prepare for the exam? What do I need to do before I get to the P2 material?
I would strongly advise you to read the technical articles.
They are very useful to understand some of the revised standards etc. and also provide you examples on how to apply them.
These articles also provide you updated information about the most recent regulatory developments etc.
And of course practise is key for this exam like for the others.
You have lot of time , - Start reading Standards and practice them when finish
then start Conslidation after finishing all the Accounting standards
Take a copy if Examinable Documents from ACCA for P2 - and prepare according to that
I would suggest that you first go through standards and technical articles relating to F7. That will help you in getting reacquainted with the basics of the subject. Get an F7 text and practice the preparation of consolidation questions. All this will take about 2 months.
Move on to P2. First try those areas of the syllabus which are continuation of F7. Read the technical articles. To have a better understanding of the standards, you can read about them in detail in www.iasplus.com/en/standards.
Hope this helps. :)
keep revising your standards and all consolidation steps should be on your fingertips.
I must admit P2 is a highly demanding paper in terms of time commitment and clear understanding of the standards. So jus try and get well-acquainted with the standards and group questions and success is assured.
Kindly also join the study group for p2 if you haven't yet.