ACCA Practice to Pass Session

June 2022
Zubair Saleem

Zubair Saleem-FCCA
 ▪ Zubair Saleem
▪ ACCA Member
▪ MS-Accounting & Finance
▪ Faculty member at
SKANS School of Accountancy (Platinum ALP)

▪ Experience
▪ 15 Year of teaching and Training IFRS

▪ Expertise
▪ Financial Reporting and SBR
Introduction ▪ IFRS

▪ Student Base
▪ More then 10,000 students
▪ International & international Clients

▪ Distinctions

▪ 10 in FR(f7) and SBR(P2)

▪ 13 in Basic accounting Papers

▪ Contact details
▪ +923008806622
▪ Zubairsaleem.edu@gmail.com
Zubair Saleem-FCCA
 Agenda
▪ Day-1
▪ Introduction to syllabus and Exam Structure
▪ Past Paper Analysis –Question 1
▪ Repetitive topics
▪ Passing Rates
▪ Reasons of Failure And Tips how to Ace your Exam
▪ Must Do’s in last 2-Weeks
▪ Question-1 style Practice
▪ Questions to be attempted at home
▪ Day-2
▪ Past Paper Analysis –Question -2
▪ Question 2 Practice and Revision of Related Topics
▪ Questions to be attempted at home

▪ Day-3
▪ Past Paper Analysis –Question 3
▪ Question 3 Practice and Revision of Related Topics
▪ Questions to be attempted at home
▪ Day-4
▪ Past Paper Analysis –Question 4
▪ Question 3 Practice and Revision of Related Topics
▪ Questions to be attempted at home

Zubair Saleem-FCCA
Exam structure

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 Section -A

Question 2
Question-1 • This will involve the consideration of the reporting and ethical
• Group accounts (consolidation) implications of some accounting issues presented in a specific
(IFRS 3,10,11,5 and IAS 27,28) scenario.

• Discussion of principles behind any calculations • Ethics will feature in every exam, and it is essential that candidates
(IFRS 3,10,11,5 and IAS 27,28) understand the implications of these ethical issues.

• The preparation of a full set of group financial statements or group

statement of cash flows will not be required.

• Candidates are unlikely to obtain a pass mark on question 1 by simply

preparing a numerical solution-
• Topics to be covered
• Basic consolidation - • 2 Professional marks would be available in Ethics part
• Disposal of sub and associate
• Step or piece meal acquisition
• Foreign sub
• Consolidated statement of cashflows

Zubair Saleem-FCCA
 Section B will contain two compulsory 25-mark questions

Question -3 Question -4
• Multi standard question • Multi standard question
• Interpretation for range of stakeholders • Interpretation for range of stakeholders
• current issues • current issues

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Sep/Dec 21
A-IFRS 10 Consolidation-IAS 28
Accounting for associate using
equity method & Revaluation of
land
B- Step acquisition and control –
de fecto control
C-IFRS 13 & IAS 12at acquisition
D-Goodwill calculation
Question No: 1
Sep/Dec20 March/June-20 Dec-19 Sep-19
• a)Consolidation (Goodwill)
• a) IAS-21 Foreign Currency • a) IFRs-10, Consolidated F/S • a) 1>IFRS-13 Fair value
• 1- cash flows (consolidated) measurement >2-
• b) Goodwill calculation
• 2- cash flows • b) IFRS-3 Business Calculation of goodwill both
• c) IFRs-13 Fair Value fair value method and
Combinations
Proportionated method.
• c) Consolidation (Foreign
subsidiary) • b) IAS-36 Impairment
(impairment test on
• d) IFRS-9 Financial consolidated financial
Instruments (Impairment statements both if F.V
test method or Proportionated
method is used.

March/June 2021 June-19 March-19 December-18 September-18

Identifying the • a) Consolidation (Dividend, • a) 1-IAS-21 Foreign • a) Cashflows (statement • 1-Goodwill calculations
acquirer-means who investment and disposal of currency (foreign formation and (contingent consideration),
got control subsidiary subsidiary), 2-Foreign explanation) 2-2- piecemeal acquisition,
• b) IAS-12 Deferred Tax subsidiary goodwill 3-Partial disposal
calculation, 3- Explanation • b) IFRS-5 Asset held for
Goodwill calculation • c) IFRS-16 Leases • b) IFRS-3 Business
of foreign subsidiary sale (Discontinued
and fair value (Recognition and Combination+ IFRS-9
goodwill calculations. operations). Financial Instruments
determination measurement in holding
• b) Disposal of foreign • C) Why no consistency in (Derecognition)
company) probability criteria
Pension plans and subsidiary
assets ceiling test –
technical articles
Zubair Saleem-FCCA
Repetitive Topics
MOST COMMONLY TESTED TO LEAST COMMONLY TESTED.

▪ CONSOLIDATION, ETHICS (15 TIMES)

▪ IAS-36 (9 TIMES)
▪ IFRS-15 (8 TIMES)
▪ IAS19,IFRS-9 ,IAS 37 (7 TIMES)
▪ IFRS-13,IAS-21,IFRS-11. (6 TIMES)
▪ IFRS-16,IFRS-5,IAS-16,IAS-24,IAS-32 ,CASHFLOWS (4 TIMES)
▪ IFRS-2,IFRS-8,IAS-40,IAS-28,IAS-2 , SMEs , MANAGEMENT COMMENTRY (1 TIME)
▪ IAS-20,IFRS-7 (NOT TESTED YET)

Zubair Saleem-FCCA
Pass Rates

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 Reasons of Failure
▪ Lack of Knowledge
▪ Answer is General
▪ Presenting a rote-learned summary of accounting
standards

▪ Candidates have knowledge but Fail to Apply in a given scenario

▪ Candidates do not appreciate the logical development of accounting

treatment

▪ Does not demonstrate their ability to explain ‘why’ and ‘how’ an

accounting treatment is recommended (as opposed to merely ‘what’
treatment to use)

▪ Fail to complete 100% exam

Zubair Saleem-FCCA
 Must Do’s in last 2-Weeks

▪ Read technical articles (ACCA Website )

▪ Attempt some questions on ACCA practice platform

▪ Advantages and disadvantages of each IAS /IFRS

▪ How each IAS/IFRS help investors in their decision making

Zubair Saleem-FCCA
Day-1 Topics

Zubair Saleem-FCCA
 Question -1
• March /June 2021-Columbia

Question -1
• IFRS-10 definition of control
• IFRS-3
• IAS 28
• IFRS 13

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 Question -1
March /June 2021-Columbia

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IFRS-3,10

Zubair Saleem-FCCA
 IFRS 10
An investor controls an investee if and only if the investor
has all of the following elements:
• power over the investee, i.e. the investor has existing
rights that give it the ability to direct the relevant
activities (the activities that significantly affect the
investee's returns)
• exposure, or rights, to variable returns from its
involvement with the investee
• the ability to use its power over the investee to affect
the amount of the investor's returns.
• Power arises from rights. Such rights can be straightforward (e.g. through
voting rights) or be complex (e.g. embedded in contractual arrangements). An
investor that holds only protective rights cannot have power over an investee
and so cannot control an investee
• An investor must be exposed, or have rights, to variable returns from its
involvement with an investee to control the investee. Such returns must have
the potential to vary as a result of the investee's performance and can be
positive, negative, or both.
• A parent must not only have power over an investee and exposure or rights
to variable returns from its involvement with the investee, a parent must also
have the ability to use its power over the investee to affect its returns from its
involvement with the investee.
Zubair Saleem-FCCA
IFRS 3
If the guidance in IFRS 10 does not clearly indicate which of the combining entities is an acquirer,
IFRS 3 provides additional guidance which is then considered:

• The acquirer is usually the entity that transfers cash or other assets where the business combination is effected in this manner
• The acquirer is usually, but not always, the entity issuing equity interests where the transaction is effected in this manner, however the
entity also considers other pertinent facts and circumstances including:
• Relative voting rights in the combined entity after the business combination
• The existence of any large minority interest if no other owner or group of owners has a significant voting interest
• The composition of the governing body and senior management of the combined entity
• The terms on which equity interests are exchanged
• The acquirer is usually the entity with the largest relative size (assets, revenues or profit)

Zubair Saleem-FCCA
IFRS 13

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IFRS-13 Fair value Measurement

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 Kaplan Book

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IAS-19

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Basic requirements
An entity is required to recognize the net defined benefit liability or asset in its
statement of financial position.

However, the measurement of a net defined benefit asset is the lower of any
surplus in the fund and the 'asset ceiling' (i.e. the present value of any economic
benefits available in the form of refunds from the plan or reductions in future
contributions to the plan).

Zubair Saleem-FCCA
 Thank You so Much
Best Wishes for the Exam

Zubair Saleem-FCCA