I am finding it difficult to remember all the standards.. Is it necessary that we have to learn up all the standards, state the standards first with their respective numbers, state what the standards talks about and apply it to the scenerio given?
Acca has clearly stated that we do not need to state the number or name the standard when writing answers.. u only need to briefly describe the relevant financial reporting requirement, relate risk to accounting treatment and impact of risk on financial statements.. Read the article on Risk assessment..
I just completed revision and memorizing the standards is not necessary... just need to know how to apply them
my lecturer told me it would be more proper and faster to put in the relevant standard eg: IAS 2, IAS 38
this indicates you know better about the standard you’re talking about and to which specific ias you’re referring to present to examiner which is a clearer direction of your answer
if you’re not sure you can just put in “as per relevant standard”
no problem
