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Paper P2 (INT) (PQ Magazine)
Complex group statement of comprehensive income incorporating a part disposal or stepped acquisition.
IFRS 3 revised aspects.
Principles and accounting treatment multi-scenario incorporating intangible non-current assets and impairment.
Deferred tax.
Management responsibilities for ensuring transparency of financial statements.
Impact of accounting policies on a financial covenant.
Accounting for environmental issues including provisioning.
Convergence of IFRS and US GAAP.
Discount activities.
Group topics – disposal of subsidiary and complex group. Other topics provisions, impairments, deferred tax.
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Tips for Paper P2(INT) December 2009 exams (OpenTuition)
Question 1
Consolidated Statement of Income with two subsidiaries - one part disposed but still a subsidiary, the other part disposed becoming an associate - both with goodwill involved. Q Base, Black and Zero but needs amendment to include the goodwill angle. !5 more marks for chat about environment and or corporate governance
Question 2
A "Various IFRS" question - Lots of examples in section B of the BPP revision kit
Question 3
Write a report to directors about the acceptability of some dubious proposed accounting treatments
Question 4
An essay question about the problems facing the IASB in their efforts to reach acceptable standards which can be applied World-wide
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P2 (INT) (BPP)
Section A
Compulsory case study including preparation of a group statement of comprehensive income (profit and loss account) (top tip) and/or statement of financial position (balance sheet) including 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 a linked accounting adjustment and social/ethical aspects of corporate reporting and the link between morality and ethics.
Section B
Industry question (often Q3), testing range of standards (NB: no specific knowledge of the particular industry is required)
Discussion question (Q4) looking at current developments in corporate reporting such as proposals relating to fair values, success/issues on implementation of IFRSs, 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. May also include a related computational part based on figures from a case study
'Multi-part' testing a range of standards separately, such as related parties, pensions, 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
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Source:-
PQ Magazine
OpenTuition
BPP
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