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BPP ACCA December 08 Exam Tips (P2)

ACCA DECEMBER 2008 EXAM TIPS

ACCA Paper P2 (Global)
Corporate Reporting
December 2008 Exam Tips
The outline below has been based on the content of recent exams, articles and comments by
the examiner, Graham Holt and the content of the old syllabus paper 3.6, which was written
by the same examiner. Remember, though, that no one other than the examiner himself
knows the content of the upcoming paper.
It has always been Graham Holt’s style to cover a wide range of syllabus areas in each paper, and each question will also cover a range of topics. You should not try to question spot, but rather to revise the syllabus widely. The recommended questions below should help you achieve this.

Section A

This will be a 50 mark compulsory case study including group accounting topics such as
statements of cash flows, complex group structures, continuing and discontinued activities or
group disposals. This will include other accounting complications such as financial
instruments, pensions, share-based payment and impairments. There will also be discursive
requirements on social and ethical aspects of corporate reporting.
2008 P&R kit practice questions: D7 Largo, Mock exam 2 Q1 Lateral, D12 Ejoy, D17 Memo
D23 Zambeze, Mock 3 Q1 Beth

Section B

Section B questions can either be a single question on one topic or questions that cover a
range of standards.
Possibilities for examination include:
*'Mixed' questions where a range of standards are covered in separate unrelated parts
of the question, such as related parties, pensions (NB: read examiner’s recent article),
changes in accounting policies, recognition and/or impairment of tangible and
intangible assets, foreign currency transactions, leases, revenue recognition,
consistency of standards with the conceptual framework, changes in accounting
policies, the effect of accounting treatments on earnings per share or ratios and
deferred tax implications

*'Events' questions such as shutdown of an operation, switch to IFRS, natural or deliberate disaster, bringing in areas such as: impairments, provisions, events after the reporting period (balance sheet date), non-current assets held for sale, discontinued operations, pension scheme curtailment effects, government grants etc

*'Specialised industry' questions, where a range of standards are also tested, but in the context of a specific industry (NB: no specific knowledge of the particular industry is
required)

*Single topic questions in more detail (theoretical aspects followed up with calculations such as share-based payment, financial instruments (see examiner's articles below) or deferred tax or topical areas/standards causing problems such as leases

*One of these questions can also include elements of group accounting, especially if question 1 is a statement of cash flows question 2008 P&R kit practice questions: B1 Prochain, B5 Savage, B7 Panel, B8 Kesare, B10 Ambush, B12 Vident, B14 Ryder, B16 Electron, B17 Egin, C5 Enterprise, E1 Handrew, Mock exam 1 Q3 Gear Software, Mock exam 2 Q2 Barking

*Performance and valuation measures, how they are changing and how they are affected by accounting policies often appear in the exam.

*A discussion question looking at current developments in corporate reporting, often with a scenario. Topics that could appear here include: success/issues on implementation of IFRS, simplifying financial instrument accounting, treatment of gains and losses on pension schemes, small and medium-sized entities, management commentary, comprehensive income/presentation of financial statements, improvements in performance measurement, proposals relating to fair values.

*2008 P&R kit practice questions: D13 Base group part (c), E4 Implementation challenges, E3 Fair values, F1 IFRS & SMEs, Mock exam 2 Q1 Lateral part (d), Mock exam 3 (pilot paper) Q3


Relevant articles
Useful articles – www.accaglobal.com/students
Examiner's Approach, P2, online vodcast
Graham Holt (Examiner), July 2008
Link: http://examinerinterviews.accaglobal.com/P2/index.htm
Examiner's Approach Graham Holt (examiner), February 2007
Link: http://www.accaglobal.com/students/study_exams/qualifications/acca_choose/acca/professional/cr/technical_articles/2893259
IAS 1, Presentation of financial statements (relevant to International stream only) Ellie Griffiths, January 2008
Link: http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_feb08_griffiths.pdf
IAS 19, Employee Benefits, Graham Holt (examiner), January 2007
Link: http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/Holt0107.pdf (article specifically looks at IFRS treatments, but useful for UK students re recognition of actuarial gains and losses debate)
Accounting standards for SMEs
Steven Goh and Graham Holt (examiner), 10 April 2006
Link: http://www.accaglobal.com/pubs/students/publications/student_accountant/archive/sa_may06_holt_ACCA.pdf
IAS 39 (Accounting & Business magazine)
Graham Holt (examiner), 22 September 2006
Link: http://www.accaglobal.com/members/publications/accounting_business/cpd/2780406
IAS 39 Part 2 (Accounting & Business magazine)
Graham Holt (examiner), 27 October 2006
Link: http://www.accaglobal.com/members/publications/accounting_business/cpd/2806959
Dealing with debtors, Graham Holt (examiner), 14 October 2005
Link: http://www.accaglobal.com/students/study_exams/qualifications/acca_choose/acca/fundamentals/fa/technical_articles/2952485
Look out for other articles on the website in the months leading up to the exam.

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