Join Your Exam WhatsApp group to get regular news, updates & study materials HOW TO JOIN

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report : The examiners’ reports are an essential study resource. Read them to learn about mistakes that students commonly make in exams and how to avoid them. The guidance articles and video set out the general approach to the syllabus and the exam, and provide tips on how to improve your exam performance.

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report : The examining team prepares these reports after each exam session to offer constructive feedback on candidates’ performance in the examinations. They are full of useful guidance for future candidates.

The reports provide a general commentary on candidates’ performance as well as:

  • identifying technical aspects examined in the questions
  • highlighting good performance and where performance could be improved
  • explaining aspects which caused difficulty and why the difficulties arose, whether lack of knowledge, poor examination technique, for example.

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report : These resources are very useful when you tackle the paper for the first time. They give you real insight into what the examiner is looking for in terms of exam performance.

They cover:

  • the main themes of the paper
  • information on how the exam is structured
  • advice on exam technique
  • tips on how to succeed
  • potential pitfalls to avoid.

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report : The examination consisted of two sections. Section A contained one question for 50 marks and Section B contained three questions of 25 marks each, from which candidates had to answer two questions. The Corporate Reporting examination requires not only a deep understanding and knowledge of the Conceptual Framework, IFRSs and Code of Ethics, but also an ability then to apply this to a particular scenario. To be able to explain and apply this knowledge requires a candidate’s learning to extend beyond reliance on a single textbook or revision course. A well-prepared candidate should maintain their knowledge and keep up to date with topical issues, and this exam typically contains one question focusing on a current issue. Details on examinable content are available via the ACCA website. In preparing for the exam, candidates should have actively practiced past papers and exam-standard questions under timed conditions; this enables them to familiarise themselves with good exam technique (reading the scenario and requirements carefully before answering, preparing answer plans, and allocating time according to marks available)

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report : Question One

This question was divided into three parts. The first part (Q1a) required the candidate to prepare a consolidated statement of financial position for a group with two subsidiaries acquired during the reporting year, one of which required translation from a foreign currency, and the other was affected by a partial disposal during the year, after which it remained a subsidiary. The second part (Q1b) questioned the effect of a group-wide change to a fair value model for properties on both individual and consolidated financial statements, and also questioned the appropriateness of a consistent treatment of exchange differences on monetary and non-monetary assets and liabilities. The third part (Q1c) tested the accounting and ethical implications of using an average rate of exchange to translate individual foreign transactions in the consolidated financial statements.

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report :Question Two

This question required candidates to provide advice to a business on the accounting treatment of three issues relating to: a transfer of a formerly own-use property to investment property at fair value, the treatment of two intangible assets identified within the net assets of an acquired subsidiary, and the impairment of a cash generating unit (CGU).

The first issue examined the candidate’s knowledge and application of IFRS 13 Fair Value Measurement, IAS 16 Property, Plant and Equipment and IAS 40 Investment Property. The fair value aspects required candidates to explain which of two possible values should be used: one based on the value of similar properties and another based on a disaggregated value of the property in conjunction with other properties. A significant number of candidates selected a fair value with little reference to, or discussion of, IFRS 13’s fair value hierarchy. The aspects relating to a change from PPE to investment property were better answered, with most candidates calculating the appropriate carrying amount, and an appropriate adjustment to fair value under IAS 16 prior to conversion.

ACCA P2 Corporate Reporting Examiners Report

ACCA P2 Corporate Reporting Examiners Report :Question 3

required advice on the application of relevant reporting standards to three issues. In part (a), candidates were required to provide advise on how to account for agreements in which the business leased motor vehicles to the public. The scenario outlined a number of conditions attached to each agreement, which most candidates correctly identified to be an operating lease. Whilst most candidates answered this part very well, some could not avoid the temptation to list out in full the conditions that are required under IAS 17 Leases for recognition as a finance lease. More concise, and more time-efficient, answers related the conditions outlined in the scenario to the standard to come to the appropriate conclusion.

ACCA P2 Corporate Reporting Examiners Report

For more information on ACCA please follow this Visit cakart.in

For other exam related information visit www.cakart.in

Leave a comment

Your email address will not be published. Required fields are marked *