You are on page 1of 29

Prepare

to pass
A guide to help
you if you are
studying

Corporate
Reporting

P2

GETTING
STARTED

Prepare to pass

LEARNING
PHASE
REVISION
PHASE

Getting started

03

Why use this guide?

Learning phase

09

Revision phase

18

Final preparation

22

The exam

24

Structured approach to show you how to succeed


Signposted resources and how to use them

Stages of
study

Sections

FINAL
PREPARATION

Welcome to your guide helping


you to study for your P2 exam

Tips for success to help you through your studies

Appendix Links26
This guide applies to paper-based exams for September
and December 2015 and March and June 2016.

THE EXAM

Interactive clickable checklists to keep you on track

APPENDIX
LINKS

02

GETTING
STARTED

Enter for your exam

Draw up your study plan


Get to know your exam

REVISION
PHASE

Buy an Approved Content


Provider study text and question
and answer bank

LEARNING
PHASE

Your checklist

FINAL
PREPARATION
THE EXAM

03

APPENDIX
LINKS

Getting started

GETTING
STARTED

Getting started Tips for success

- t he most up to date content and


syllabus coverage.

Spend some time


familiarising yourself with
the free resources available
via the exam resource finder
on the student section of
the ACCA website we will
provide you with specific
guidance on when and how
to use these resources during
the relevant stages of study.

Exempt from F7?


Make sure you have the
assumed knowledge
needed from F7 for P2 (see
P2 syllabus and
study guide).
If you feel your knowledge
is lacking, consider buying
an F7 Approved Content
Provider study text to
refresh your understanding.

Be realistic and consider


when you are best able
to study maybe early
mornings work better
for you or perhaps
shorter, more frequent
study periods.
Once you have prepared
your plan stick to it!
Consider building in an
extra study period after
every few chapters to
review and consolidate your
learning.
Take a 5-10 minute break
every hour to help maintain
your motivation and
concentration.

APPENDIX
LINKS

04

Download the Student


Planner App a tool that
helps you map your journey
to ACCA membership while
balancing your work and
social life.

Consider working through the


professional skills modules
either before you start, or
alongside your studies.
These modules give you
insight into professional skills
that you can apply in your
exam or in the workplace.

When drawing up your


study plan (see page 5)

THE EXAM

-p
 ast exam questions updated
for changes to the syllabus,
question style and exam format
as well as practice questions and
answers and full mock exams to
ensure you are fully prepared for
your exam.

Use the ACCA Learning


Community to link up
with fellow students around
the world studying the same
exam as you get tips, join
discussions and share ideas
and advice. You can also
access live Q&A sessions and
presentations.

Remember to personalise
your edition of Student
Accountant so you receive
P2 specific information
as you need it.

FINAL
PREPARATION

- t ests, quizzes and other support


designed to help you prepare
for your exam.

The earlier you enter for


your exam the less it costs!

REVISION
PHASE

We strongly recommend that


you buy a P2 Approved Content
Provider study text and question
and answer bank to ensure exam
success. These provide:

LEARNING
PHASE

Tips for success

GETTING
STARTED

Getting started Draw up your study plan

Wednesday

Thursday

Friday

Saturday

Sunday

Week 1

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 2

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 3

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 4

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 5

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 6

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 7

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 8

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 9

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Week 10

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

REVISION

Week 12

REVISION

Week 13

REVISION

Week 14

REVISION

Week 15

REVISION

Week 16

REVSION AND FINAL PREPARATION

05

Daytime study period

Other commitments

Plan study periods evenings/


half days/full days, aiming for
roughly one evening/half day
per chapter of your study text
Leave a six week period for the
revision and final preparation
phases

APPENDIX
LINKS

Evening study period

Block out days/half days/


evenings already committed
to family/social events

THE EXAM

Week 11

You may need to add or take


away weeks depending on
your own circumstances

FINAL
PREPARATION

Tuesday

REVISION
PHASE

Monday


Calculate the number of weeks
from now until your exam
date and draw up a plan see
the example to the left and a
possible proforma for you to
use on the next page

LEARNING
PHASE

Study plan checklist

Monday

Tuesday

Print out and write down when you will study, relax and revise!

Wednesday

Thursday

Friday

Saturday

GETTING
STARTED

Getting started Your study plan

Sunday

Week 1
LEARNING
PHASE

Week 2
Week 3
Week 4

REVISION
PHASE

Week 5
Week 6
Week 7

FINAL
PREPARATION

Week 8
Week 9
Week 10

Week 12

REVISION

Week 13

REVISION

Week 14

REVISION

Week 15

REVISION

Week 16

REVISION AND FINAL PREPARATION

06

Evening study period

Daytime study period

Other commitments

Colour boxes in your preferred highlighter colours.

APPENDIX
LINKS

REVISION

THE EXAM

Week 11

GETTING
STARTED

Getting started Get to know your exam

LEARNING
PHASE

give you an understanding of the aims and objectives of the exam, learning
These
outcomes and exam structure as well as a comprehensive list of the documents


Scan the most recent past
exam for P2

most recent exam provides you with a clear picture of how P2 will be assessed
The
and how the exam is structured as well as the likely style and range of questions


Read the examiner's approach
article and listen to the
examiner's approach interview

these at the start of your studies will help you understand the focus of the
Using
exam by concentrating on the exam structure, question style, exam technique and

Review the examiner's reports


from the last four sittings

provide feedback on students performance after each exam session, highlight


These
problem areas that students need to improve on and tell you what the examining


Read the exam technique
articles for P2

two articles Exam technique for Paper P2 and Passing the professional level
The
papers will provide you with a head start in terms of knowing what to expect and

REVISION
PHASE

examinable for the current exam sittings

that you could see in the real exam

FINAL
PREPARATION

tips as well as pitfalls to avoid see extracts from the examiner's approach article
over the page

teams are looking for; these are critical to your success in passing P2

APPENDIX
LINKS

how to approach exam standard questions

THE EXAM

07


Review the syllabus
& study guide and the
examinable documents for P2

THE EXAM

Students will be expected to read more widely than


just their tutors manuals. Such manuals are often very
good but students need to supplement their reading
in order to consolidate their knowledge. Reading
accountancy journals, if only on a selective basis,
will enhance students chances of success.

FINAL
PREPARATION

The application of accounting standards will be an extremely


important element of this paper, both in Section A and B. Students
will have to advise a client on suitable accounting practices,
based on existing accounting standards, as well as analysing and
interpreting financial information and performance. Current issues
will always be foremost in the mind of the examiner when writing
the paper. These questions will often be driven by convergence
issues and the work programme of the International Accounting
Standards Board (IASB). New accounting standards will be examined
as soon as is feasibly possible but not within six months
of their issue.

There will be an increasing emphasis on the conceptual


framework which underpins the standards, and
the examiner's approach will be to examine several
standards at each diet. The key standards are those
related to group accounting, cash flow, impairment,
provisioning, non-current assets, taxation, employee
benefits, leases, foreign exchange, intangibles,
financial instruments, and reporting financial
performance (including discontinued operations).
The other standards are also important and will figure
in exam questions. Environmental, social, and cultural
considerations are important, although questions on
these issues will not be as frequent as those on other
topics. Financial instruments will be dealt with
at a relatively simple level.

REVISION
PHASE

Group accounting including cash flow statements will be an


important aspect of the syllabus, and will be examined at every exam
session in Question 1. If group cash flow statements are examined,
then the principles of group accounting may or may not be examined
in Section B. Financial reporting in specialised, not-for-profit and public
sector entities will be examined in general terms; students will be
expected to apply their knowledge of the syllabus to straightforward
transactions and events arising in these entities. Detailed knowledge
of the industry, or specialised accounting knowledge, will not
be required but students will have to apply their accounting
knowledge to the scenario set out in the question.

Comments on
the conceptual framework

LEARNING
PHASE

Comments on
group accounting and accounting standards

GETTING
STARTED

Getting started What the examiner has said about P2


(extracts from the examiners approach article)

APPENDIX
LINKS

08

GETTING
STARTED

- gain the knowledge you


need; and

- learn how to apply that


knowledge to pass the exam

FINAL
PREPARATION

REVISION
PHASE

Work through the control


sheet which has been
designed to give you a
structured approach to your
learning phase to ensure you:

LEARNING
PHASE

Your checklist

THE EXAM

09

APPENDIX
LINKS

Learning phase

Tick the box Quiz/Test in the control


sheet once you have:

Tick the box Questions in the control


sheet once you have:

Read through the introduction


to the chapter

Attempted the questions referred to in


the question bank some of these you
should do in full but others you can just
draw up a plan for, depending on the
time you have available

BPP Learning Media page 14

Actively read and understood each


chapters content
Noted any additional commentary
and exam focus tips provided

Tick the box ACCA related resources


in the control sheet once you have:
Read / viewed the related ACCA article /
video signposted

THE EXAM

Worked through and understood


examples and illustrations of
concepts given

Compared your answer, or plan, with the


solution given and understood where you
did well or not so well and why

FINAL
PREPARATION

Tick the box Content in the control


sheet once you have:

Becker Professional Education page 12

REVISION
PHASE

Kaplan Publishing page 16

Attempted the quiz at the end of the


chapter (if you are using Becker or BPP
material) or the test your understanding
questions throughout the chapter
(if you are using Kaplan material)

LEARNING
PHASE

Use the control sheet relevant to


the Approved Content Provider's
materials you have purchased:

GETTING
STARTED

Learning phase Get the most out of your control sheet

APPENDIX
LINKS

10

GETTING
STARTED

Learning phase Tips for success

If you find you are not


covering all of the material
in each study period, build
some extra time into your
planner everyone works
at a different pace.
Keep an eye on Student
Accountant for any
relevant articles.

Try to read a good quality


business journal or
newspaper regularly and
use this to help bring your
studies to life by linking
your learning into what
you are reading.

APPENDIX
LINKS

11

Make sure you use the


ACCA resources to help
your understanding
these give you real insight
to help you in your exam.

There are PER (Practical


Experience Requirement)
objectives associated
with specific syllabus
areas and, if possible,
you should try to gain
experience in these
alongside your studying
as this will help you to
put your studies into a
workplace context and
reinforce what you have
learned.

THE EXAM

Consider using the


additional resources
provided by the
Approved Content
Providers including for
example passcards
or pocket notes to help

Always work through the


questions signposted
it is vital that you practise
questions throughout the
learning phase as this
will ensure that you are
applying the knowledge
you learn as you progress.

Visit the ACCA Learning


Community regularly to
view new video content
and to join online study
events.

FINAL
PREPARATION

Scan headings before


going into the detail to
give you an idea of the
content first and consider
highlighting, underlining,
making notes, drawing
pictures or mind maps
whatever helps you
to remember.

you remember the key


knowledge areas.

REVISION
PHASE

Actively read the material


ask yourself do
I understand this?
If not re-read and
re-work examples
if you still struggle,
make a note and come
back to it during the
revision phase.

LEARNING
PHASE

Tips for success

Chapter

Content

Quiz/Test

Questions ACCA related resources

Conceptual framework

4
5
6
7

Reporting financial performance


Accounting policies, estimates and errors
Non-current assets
IAS 36 Impairment of assets

9
10
11
12
13
14
15
16
17
18

IAS 17 Leases
IFRS 8 Operating segments
IAS 19 Employee benefits
IAS 12 Income taxes
Provisions and contingencies
Related parties
IFRS 2 Share-based payment
Conceptual principles of group accounting
Basic group accounts
Goodwill

19 Complex groups

12

IFRS 2, share-based payment

Impairment of goodwill
Complex groups
Business combinations
Objective business combinations IFRS 3 (revised)

When watching the study support videos, focus at this stage on the technical aspects you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX
LINKS

20 Changes in shareholdings
21 Associates and joint arrangements
22 Foreign currency transactions

Deferred tax
Provisions

THE EXAM

Financial instruments

Impairment of financial assets


Hedge accounting
What is a financial instrument? part 1
What is a financial instrument? part 2
IFRS 9 Financial instruments
When does debt seem to be equity
Lease operating or finance?

FINAL
PREPARATION

How to account for property

REVISION
PHASE

IFRSs for SMEs


Convergence between IFRS and US GAAP
IASBs conceptual framework for financial reporting
Not-for-profit organisations part 1
Not-for-profit organisations part 2

LEARNING
PHASE

tick the boxes below when complete


Introduction
1 GAAP and IASB
2 International issues

GETTING
STARTED

Learning phase Control sheet for Becker Professional Education

Chapter

Content

Quiz/Test

Questions ACCA related resources

IAS 7 Statement of cash flows


Analysis and interpretation
IFRS 1 First-time adoption
Ethics and the accountant

27 Environmental reporting

LEARNING
PHASE

tick the boxes below when complete


23
24
25
26

GETTING
STARTED

Learning phase Control sheet for Becker Professional Education

The integrated report framework


Syllabus update article: ACCA embeds integrated reporting

28 Appendix: IFRS 15 revenue from contracts with customers


REVISION
PHASE

Further ACCA resources relevant for this exam

FINAL
PREPARATION

Concepts of profit or loss and other comprehensive income


What differentiates profit or loss from other comprehensive
income?
Bin the clutter
The industry question
Corporate reporting case studies
Corporate reporting current issues
IFRSs for SMEs
Current issues
Study support video: Groups with accounting standards

THE EXAM

When watching the study support videos, focus at this stage on the technical aspects you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX
LINKS

13

Chapter

Content

Quiz/Test

Questions ACCA related resources

8
9
10
11
12

Leases
Share-based payment
Performance reporting
Related parties
Revision of basic groups

13 Complex groups and joint arrangements


Changes in group structures
Continuing and discontinued interests
Foreign currency transactions and entities
Group statements of cash flows

18 Environmental and social reporting


19 Current developments
20 Reporting for specialised entities

Objective business combinations IFRS 3 (revised)

The integrated report framework


Syllabus update article: ACCA embeds integrated reporting
Convergence between IFRS and US GAAP
Not-for-profit organisations part 1
Not-for-profit organisations part 2

When watching the study support videos, focus at this stage on the technical aspects you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX
LINKS

14

Impairment of goodwill
Complex groups
Business combinations

THE EXAM

14
15
16
17

Provisions
Deferred tax
Impairment of financial assets
Hedge accounting
What is a financial instrument? part 1
What is a financial instrument? part 2
IFRS 9 Financial instruments
When does debt seem to be equity
Lease operating or finance?
IFRS 2, share-based payment

FINAL
PREPARATION

Financial instruments

How to account for property

REVISION
PHASE

IASBs conceptual framework for financial reporting

LEARNING
PHASE

tick the boxes below when complete


Introduction
1 Financial reporting framework
2 Professional and ethical duty of the accountant
3 Non-current assets
4 Employee benefits
5 Provisions, contingencies and events after the reporting period
6 Income taxes

GETTING
STARTED

Learning phase Control sheet for BPP Learning Media

Chapter

Content

Quiz/Test

Questions ACCA related resources

Further ACCA resources relevant for this exam

REVISION
PHASE

IFRSs for SMEs


Concepts of profit or loss and other comprehensive income
What differentiates profit or loss from other comprehensive
income?
Bin the clutter
The industry question
Corporate reporting case studies
Corporate reporting current issues
Current issues
Study support video: Groups with accounting standards

LEARNING
PHASE

tick the boxes below when complete


21 Reporting for small and medium-sized entities

GETTING
STARTED

Learning phase Control sheet for BPP Learning Media

FINAL
PREPARATION
THE EXAM

When watching the study support videos, focus at this stage on the technical aspects you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX
LINKS

15

Chapter

Content

Quiz/Test

Questions ACCA related resources

Tax
Segment reporting
Related parties
Adoption of IFRS

17 Non-financial reporting
18 Current issues
19 Group accounting basic groups
20 Complex groups

Provisions
Impairment of financial assets
Hedge accounting
What is a financial instrument? part 1
What is a financial instrument? part 2
IFRS 9 Financial instruments
When does debt seem to be equity
Deferred tax

Convergence between IFRS and US GAAP


Not-for-profit organisations part 1
Not-for-profit organisations part 2
IFRSs for SMEs
The integrated report framework
Syllabus update article: ACCA embeds integrated reporting
Impairment of goodwill
Complex groups
Business combinations

When watching the study support videos, focus at this stage on the technical aspects you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX
LINKS

16

IFRS 2, share-based payment

THE EXAM

16 Specialised entities and specialised transactions

Lease operating or finance?

FINAL
PREPARATION

12
13
14
15

How to account for property


REVISION
PHASE

11 Financial instruments

IASBs conceptual framework for financial reporting

LEARNING
PHASE

tick the boxes below when complete


Introduction
1 The conceptual framework
2 The professional and ethical duty of an accountant
3 Performance reporting and performance appraisal
4 Revenue
5 Non-current assets, agriculture and inventories
6 Foreign currency in individual financial statements
7 Leases
8 Employee benefits
9 Share-based payment
after the reporting period, provisions and
10 Events
contingencies

GETTING
STARTED

Learning phase Control sheet for Kaplan Publishing

Chapter

Content

Quiz/Test

Questions ACCA related resources

Change in a group structure


Group accounting foreign currency
Group reorganisations
Group statement of cash flows

Concepts of profit or loss and other comprehensive income


What differentiates profit or loss from other comprehensive
income?
Bin the clutter
The industry question
Corporate reporting case studies
Corporate reporting current issues
Current issues
Study support video: Groups with accounting standards

REVISION
PHASE

Further ACCA resources relevant for this exam

Objective business combinations IFRS 3 (revised)

LEARNING
PHASE

tick the boxes below when complete


21
22
23
24

GETTING
STARTED

Learning phase Control sheet for Kaplan Publishing

FINAL
PREPARATION
THE EXAM

When watching the study support videos, focus at this stage on the technical aspects you will watch these
again during the revision phase and at that point you will be able to focus more on the exam technique aspects.

APPENDIX
LINKS

17

GETTING
STARTED

Revisit areas you struggled


with during the learning phase

Make sure you are able to apply


that knowledge in questions

REVISION
PHASE

Ensure you are confident with


the knowledge needed to pass
the exam

LEARNING
PHASE

Your checklist

FINAL
PREPARATION
THE EXAM
APPENDIX
LINKS

Revision phase

GETTING
STARTED

Revision phase Question practice

Dont be afraid to
attempt questions you
have already done
especially the ones
you found tricky first
time round.

To keep motivation
high, break some
questions into individual
parts, write plans or

Work through the


answers carefully
pay attention to areas
you got wrong and
understand where you
went wrong it is better
to do a few questions
well, than lots of
questions badly.
Try not to look at the
answers before really
attempting the question
you won't be able to
do this in the real exam!
Don't forget to review
the marking guide too
you need to understand
how marks are allocated
to ensure you know how
to maximise your marks.

THE EXAM

It is really important that


you do some questions
in full, to exam time
time management
is often an issue and
the more you prepare
yourself the better you
will perform in the exam.

notes for some parts


and do others in full.

FINAL
PREPARATION


Work through the most recent past
exam for P2 this will provide you
with a clear picture of what the
exam will look like making sure you
know what to expect on the day

Consider blocking time


in your study plan for
specific questions or
mock exams to ensure
you cover everything.

REVISION
PHASE

W
 ork through as many questions
as possible and all mock exams
included in the Approved Content
Provider question and answer
banks remember these are best
for question practice as they include
past exam questions updated for
syllabus and format changes

Tips for success

LEARNING
PHASE


Exam-standard question practice
is vital now

APPENDIX
LINKS

19

GETTING
STARTED

Revision phase Key resources


View the study support video referred to in your
control sheet again this time focusing on the exam
technique aspects

THE EXAM


Make sure you read the study skills articles in
Student Accountant covering topics such as how
to overcome exam anxiety as well as checking the
Student Accountant Hub for any new technical
articles related to P2

Don't forget there are


professional skills modules
which you might find useful
in giving you some practical
guidance when answering
questions.

FINAL
PREPARATION


Read the exam technique articles Exam technique
for Paper P2 and Passing the professional level
papers again this time using the techniques to
help you practice questions

Don't give up easily if you


really cannot understand
something then consider
posing a question on the
ACCA Learning Community
if you found it difficult so will
have others.

REVISION
PHASE


Remind yourself of areas that students often struggle
with and obtain tips on how to ensure you do not make
the same mistakes by reviewing the examiner's reports
from the last four sittings again

Tips for success

LEARNING
PHASE


Review the examiner's approach article and examiner's
interview again in the context of what you have learnt

APPENDIX
LINKS

20

This question dealt with two main topics-financial instruments and related parties.

Part b of the question required candidates to show how a financial guarantee


contract should be dealt with in the financial statements together with a
discussion of the principles involved. Candidates were told that the guarantee
was measured at fair value through profit or loss.

THE EXAM

The question was not well answered by candidates but a client would expect
a qualified member of a profession to understand the difference between
a provision and a financial guarantee. It appeared from the answers that this
distinction was not understood by many candidates even though the question
did say that the guarantee was being measured at fair value through profit or
loss, which would tend to indicate that the guarantee was a financial instrument.

FINAL
PREPARATION

Part a of the question required candidates to discuss the general principles


underpinning the accounting for related party transactions and then advise
on the disclosure of related party relationships between government related
entities and the government,. Inevitably, the model answers to the questions
are more detailed than what is expected of candidates. There were only
5 marks available for this question. Therefore the number of marks available for
the second part of the requirement was naturally quite small. Candidates who
did not know the specific answer to this part of the question were given
credit for discussion of the related principles and many candidates were
scoring 4 out of 5 marks for this part of the question.

REVISION
PHASE

This question required candidates to prepare


a consolidated statement of financial position
for a group. Candidates had to deal with a step
acquisition, an unrecognised contingent liability,
a revision of the fair values on acquisition, negative
goodwill, a joint arrangement and an asset held
for sale. Candidates dealt with the group structure
quite well and the calculations of goodwill/negative
goodwill arising on acquisition were generally
accurate. Candidates invariably calculate retained
earnings and non controlling interest inaccurately but
the marking guide gives credit for candidates own
figures as long as the principle is correct.
For example, marks are allocated for calculating
NCI as long as candidates are using the correct
share of the subsidiaries post acquisition earnings.
Additionally, if a candidate makes an error early
in a calculation, then candidates can gain marks
for their own figures. This latter point also enhances
the importance of candidates showing
full and clear workings.

Comments on
question 2

LEARNING
PHASE

Comments on
question 1

GETTING
STARTED

Revision phase What the examiner has said about P2


(extracts from the December 2014 examiners report)

APPENDIX
LINKS

21

GETTING
STARTED

You are clear on the knowledge


you need to pass the exam
as well as how to apply that
knowledge

the exam format

FINAL
PREPARATION
PREPERATION

Ensure you are


familiar with:

REVISION
PHASE

You have the skills you need


to pass the exam eg time
management

LEARNING
PHASE

Your checklist

the style of questions


what specific syllabus areas
are likely to be tested and
in which questions

22

APPENDIX
LINKS

Final preparation

THE EXAM

the way the marks are allocated

GETTING
STARTED

Final preparation Tips for success

An extract from the


syllabus and study
guide for P2

Section B gives students


a choice of two from three
25 mark questions.

An extract from the


P2 June 2015 exam
marking guide

(b)
1 mark per point
up to maximum

(c)
Philosophy3
Ethical considerations
4
50

If you are unsure about the exam


format, the style of questions
or what specific syllabus areas
are likely to be tested in which
questions, read the syllabus and
study guide again.
If you are not sure about how
the marks are allocated review
the most recent past exam
for P2 again.

APPENDIX
LINKS

23

Go over questions again that


you found difficult during the
revision phase and make sure you
attempt at least one mock again
in full to time.

THE EXAM

35

Tips for success

FINAL
PREPARATION
PREPERATION

Question 1
Marks
(a)
Property, plant and equipment
4
Goodwill 
7
Non-current liabilities
2
Finance lease
3
Deferred tax
2
Current assets
1
Pensions3
Retained earnings
6
Other components of equity
2
Non-controlling interest
3
Current liabilities
2

REVISION
PHASE

The Essentials module papers


all have a Section A containing
a major case study question with
all requirements totalling
50 marks relating to this case.

LEARNING
PHASE

GETTING
STARTED

Make sure you are ready


to walk into your exam

REVISION
PHASE
THE EXAM

24

APPENDIX
LINKS

The exam

FINAL
PREPARATION

LEARNING
PHASE

Your checklist

GETTING
STARTED

The Exam Tips for success

LEARNING
PHASE

Tips for success

Identify where the


exam hall is.

Ensure you have all the


equipment you need for

25

Sleep properly do not


spend the night before
doing last minute late
night revision you will
perform so much better
if you are alert and
well rested (and in
any case, last minute
revision will only cause
you to panic!).

Once the exam is over:


Relax.
Don't over
analyse you
cannot change
anything now!

APPENDIX
LINKS

Good
Luck!

Eat properly before you


leave for the exam.

THE EXAM

Have in place a back-up


plan in case of traffic
problems or public
transport delays.

Don't forget to take


your exam docket with
you as well as your
student identification.

Try not to get into


discussions with fellow
students just before the
exam about what might
come up again this will
only cause you stress.

FINAL
PREPARATION

Plan your route to the


exam hall, considering
the time of day you will
be travelling and any
potential issues.

the exam (black pens,


calculator etc).

REVISION
PHASE

Very few students enjoy


taking exams but there
are things you can do
to make the experience
less stressful!

GETTING
STARTED

LEARNING
PHASE

REVISION
PHASE

FINAL
PREPARATION
THE EXAM

26

APPENDIX
LINKS

Appendix Links

GETTING
STARTED

Appendix Links

04

Enter for your exam

http://www.accaglobal.com/gb/en/student/acca-qual-student-journey/exams/enter-an-exam.html

04, 11, 19

Approved Content Provider

http://www.accaglobal.com/gb/en/student/your-study-options/alp-content.html

04

ACCA Learning Community

https://www.accalearningcommunity.com/

04

Student Planner App

http://www.accaglobal.com/gb/en/student/apps.html

04

Exam resource finder

http://www.accaglobal.com/gb/en/student/exam-support-resources.html

04

Student section

http://www.accaglobal.com/gb/en/student.html

04, 07, 23

Syllabus and study guide

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/syllabus-study-guide/p2international-int-syllabus-study-guide.html

04, 20

Professional skills modules

http://studentvirtuallearn.accaglobal.com/index.php

07

Examinable documents

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/examinable-documents.html

07, 19, 23

Past exam for P2

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/past-exam-papers/internationalstream.html

07, 20

Examiners approach article

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/p2-approach.
html

07, 20

Examiners approach interview

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/examiners-reports.html

07, 20

Examiners reports

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/examiners-reports.html

07, 20

11
13, 15, 17
13, 15, 17
12, 14, 16

Impairment of financial assets

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html
http://www.accaglobal.com/gb/en/student/practical-experience/performance-objectives.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/pl-oci.html

THE EXAM

07, 20

Exam technique article: Exam


technique for Paper P2
Exam technique article: Passing the
professional level papers
PER (Practical Experience Requirement)
objectives
Concepts of profit or loss and other
comprehensive income
What differentiates profit or loss from
other comprehensive income?

FINAL
PREPARATION

URL

REVISION
PHASE

Link

LEARNING
PHASE

Page No.

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ploci.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/impairment-offinancial-assets.html

APPENDIX
LINKS

27

GETTING
STARTED

Appendix Links
Link

URL

13, 14, 16

The integrated report framework

12, 14, 16

Hedge accounting

12, 14, 16

When does debt seem to be equity?

12, 14, 16

Lease operating or finance?

13, 15, 17

Bin the clutter

12, 14, 16

What is a financial instrument? part 1

12, 14, 16

What is a financial instrument? part 2

12, 14, 16

IFRS 9 Financial instruments

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

Corporate reporting case studies

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Provisions

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

IASBs conceptual framework for


financial reporting

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

How to account for property

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

The industry question

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

Corporate reporting current issues

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Complex groups

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 16

IFRS for SMEs

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ifrs-for-smes.html

12, 14, 16

Convergence between IFRS and US


GAAP

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Not-for-profit organisations part 1

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Not-for-profit organisations part 2

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/iirc-framework.
html
http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/hedgeaccounting.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/when-doesdebt-seem-to-be-equity-.html

LEARNING
PHASE

Page No.

http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/lease.html

REVISION
PHASE

http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/bin-the-clutter.
html
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/what-financialinstrument.html
http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/financialinstrument-part2.html

FINAL
PREPARATION
THE EXAM
APPENDIX
LINKS

28

GETTING
STARTED

Appendix Links
URL

12, 14, 16

Impairment of goodwill

http://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/impairmentgoodwill.html

12, 14, 16

Deferred tax

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

13, 15, 17

Current issues

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

Business combinations

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 17

Objective business combinations


IFRS 3 (revised)

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html

12, 14, 16

IFRS 2 share-based payment

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles/ifrs2.html

13, 14, 16
13, 15, 17
20

Syllabus update: ACCA embeds


integrated reporting
Study support video: Groups with
accounting standards
Study skills articles in Student
Accountant

http://www.accaglobal.com/gb/en/student/sa/features/acca-embeds-integrated-reporting.html

REVISION
PHASE

Link

LEARNING
PHASE

Page No.

http://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/p2/technical-articles.html
http://www.accaglobal.com/gb/en/student/sa.html

FINAL
PREPARATION
THE EXAM
APPENDIX
LINKS

29