P2

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P2

Postby the_fool » Mon Aug 20, 2012 2:13 pm

Hi

I am just starting P2 and feel overwhelmed with the content. Can anyone offer any words of wisdom as to how to approach learning?

Also, which is better to do the UK exam or the International variant?

Thanks.
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Re: P2

Postby c finch » Mon Aug 20, 2012 3:08 pm

Hi there,

P2 can be a challenge! Starting early is a great plan

It builds directly off F7 so a good idea to back up to speed with

- consolidation
- individual cash flows
-accounting standards

dig out your F7 material (tho be aware of technical changes)

when did you sit F7 and what textbook have you got/getting forP2?

Hope that helps (and ...you were talking ACCA P2?!...cos if its CIMA P2 ignore everything I just said..lol!)

Regards

Clare
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Re: P2

Postby the_fool » Tue Aug 21, 2012 1:59 pm

I did F7 2 years ago.

I am using kaplan, 2011.
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Re: P2

Postby the_fool » Tue Aug 21, 2012 2:11 pm

Yes, ACCA.

Thanks.

Is it better to learn the accountancy standards first or is it better to start with all the consolidation stuff?
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Re: P2

Postby c finch » Tue Aug 21, 2012 6:12 pm

Couple of things then

1. Watch the 2011 material... it is slightly out of date due to stuff like revision of IAS 19 abolishing the corridor, IFRS 10- 13 not being included...and some other bits and pieces.

2. Are you doing a course? Kaplan will start you with consolidation..but with expectation that you bring some knowledge of accounting standards with you. So I'd start by getting up the speed with the core standards

- The framework (especially the definitions of 'the elements'
- IAS 1 ( Minor format change on OCI though - be aware
-IAS 2 (most students fine here)
-IAS 7 Get the individual co cash flow practiced (may get a compulsory group cash flow this Dec!!)
-IAS 8 P2 students do get caught out muddling a change in accounting policy with a change in an estimate
-IAS 16 Be sure you are solid on double entry re revaluation (P2 examiner usually expects the reserve transfer, altho not actually required by the standard
-IAs 18 Revenue - examiner gets very sniffy about errors muddling rules re sale of goods and rules on provision of a service
-IAS 37 Examined frequently at P2
- IAS 38 Have to know rules cos he uses some obscure transactions!


These come up all the time, but are assumed knowledge and just the 'tip of the iceberg'... if you could clear them this August it would give you a good base.

Hope that helps

Clare
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Re: P2

Postby the_fool » Tue Aug 21, 2012 8:46 pm

Hi

I am doing it home study (like all the others I have sat). No course.

Thanks for your help.
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Re: P2

Postby c finch » Wed Aug 22, 2012 1:56 pm

No problem- good luck

Clare
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Re: P2

Postby omarpk » Thu Aug 30, 2012 9:25 am

As long as you do ALL that Clare tells you, you should be alright.... ;)

I passed P2 last year but the only thing I can offer as advice thanks to my no. of failures in P2 attempts is that make sure you know each area of the syllabus rather than focusing too much on specific topics such consolidation. Th examiner has a huge syllabus to set questions from so it'd be better to have reasonable knowledge of every topic instead of just in-depth knowledge of particular syllabus areas. There are no 'certain' topics aside from say consolidation and financial instruments.
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Re: P2

Postby Newport Daz » Wed Feb 13, 2013 8:21 pm

When I first started P2 I too was totally overwhelmed by the content. However, I bought a student's guide to group accounts and practiced every example, starting from literally page 1. By the time I reached the end of the book I was getting almost 100% of the consolidation adjustments right on the actual past papers. It really is that well written. The book assumes you're a moron so explains in a really easy to understand way the most complicated of consolidation adjustments.

Also there's a students guide to IFRS which is also very good and explains the standards well. I would also check out the technical articles on the ACCA web site as they often pop up in exam questions.

Good luck
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Re: P2

Postby Clendon » Tue May 07, 2013 2:19 pm

Thats a very nice comment for an author to read, Newport Daz!

I am glad that my book A student's guide to group accounts proved so useful for you in studying for your exams.
The book has just had a second edition published and is available direct from the publishers at [www.kaplanbooks.co.uk][/url] with free post and a £5 discount if you use the code kmb9dv8-s.
It can also be bought via amazon where reviews can be read.

For those of you doing ACCA exams however I also agree that the acca web site contains some very useful articles
Graham Holt wrote one on "bin the clutter" - a strange article but neverthe less one that I think could well be useful for those doing ACCA P2 in Jube 2013
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