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P7 Exams tips

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P7 Exams tips

Does anyone have tips for P7?

November 26th 2014 AN ACCA USER 220 Points 1 Flag

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Anyoe has BPP tips for P7
November 26th 2014 AN ACCA USER 230 Points
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Kaplan Paper P7 tips

Core areas (as per examiner’s approach article) likely to be examined in every paper:
• Engagement planning and risk assessment (business risk and risk of material misstatement).
• Engagement procedures (or evidence).
• Ethics and professional issues.
• Completion (matters to consider/evidence on file) and engagement reporting.
• Current topics.

Subjects of recent articles:
• IAASB developments.
• Reporting on audited financial statements – significant changes proposed.
Significant topics not examined for at least 18 months:
• Understanding the entity.
• Relying on the work of others including experts.
• Review of interim FS.
• Joint audits.
• Opening balances.
• Internal audit.

LSBF Paper P7 tips

• Business risk and risk of material misstatement.
• KPIs and evidence to audit/review them for social/environmental and public sector operational.
• Forensic audit.
• Matters and evidence – IAS 10, 11, 12, 23, 36, 37, 38, IFRS 2, 5. • Ethics and professional issues – threats to objectivity.
• Practice management – advertising, tendering.
• Finalisation and report – subsequent events, other information.
• Current issues – ISA 610, new format audit report/extending the auditor’s role.

November 28th 2014 AN ACCA USER 1,500 Points
0 Votes
IAS 10, EVENTS AFTER REPORTING PERIOD, DATES ARE IMPORTANT, WATCH OUT FOR ISA 560 SUBSEQUENT EVENT ( IN RELATION TO AUDITORS RESPONSIBILITY , ACTIVE DUTY PERIOD)
IAS 11, CONSTRUCTION CONTRACTS, PROFIT SHOOED BE RECOGNIZED BASED ON PERCENTAGE COMPLETION, LOSS SHOULD BE IMMEDIATELY EXPENSED,
IAS 12 TAXATION, DIFFERED TAX CALCULATION COMPLEX AND INHERENTLY RISKY
IAS 23 BORROWING COST, SHOULD BE CAPITALIZED FOR QUALIFYING ASSET ONLY FOR THE PERIOD IN WHICH LAIN WAS USED FOR DEVELOPMENT
IAS 36, IMPAIRMENT, WHENEVER THERE IS A LOSS OF REVENUE, THIS IS A CRUCIAL SIGN OF AN IMPAIRMENT, CARRYING VALUE HIGHER THAN RECOVERABLE VALUE ( HIGHER OF FV LESS COST TO SELL AND VALUE IN USE)
IAS 37, LOOK OUT FOR DISCLOSURE WRT CONTINGENT LIABILITIES, RISK IS PROVISION NOT RECOGNIZED THUS PROFITS OVERSTATED
IFRS 2 SHARE BASED PAYMENTS, COMPLEX STANDARD, REQUIRES SOME ELEMENT OF JUDGEMENT, REQUIRES LOTS OF DISCLOSURE, INHERENTLY RISKY
IFRS 5 ASSET HFS AND DISCONTINUED OPERATIONS, HFS SHOULD BE SEPARABLY DISCLOSED ON SOFP, PROFIT OR LOSS FROM DISCONTINUED OPS SHOULD BE SEPARATELY DISCLOSED ON P N L, CRITERIA SHOULD BE CHECKED IF MET


DON'T GET BOGGED DOWN WITH MATTERS, LOTS OF MARKS TO BE EARNED IN EVIDENCE
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November 30th 2014 AN ACCA USER 290 Points
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