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IFRS exam study tips

IFRS exam study tips :International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.

IFRS exam study tips

IFRS exam study tips

IFRS exam study tips: Draw up your study plan

Study plan checklist

Calculate the number of weeks from now until your exam date and draw up a plan

Important Note – Preparing for IFRS?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
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You may need to add or take away weeks depending on your own circumstances

Block out days/half days/ evenings already committed to family/social events

Plan study periods – evenings/ half days/full days, aiming for roughly one evening/half day per chapter of your study text Leave a six week period for the revision and final preparation phases.

IFRS exam study tips: Get to know your exam

Review the syllabus & study guide and the examinable documents for

➤ These give you an understanding of the aims and objectives of the exam, learning outcomes and exam structure as well as a comprehensive list of the documents examinable for the current exam sittings Scan the most recent past exam for

➤ The most recent exam provides you with a clear picture of how paper will be assessed and how the exam is structured as well as the likely style and range of questions that you could see in the real exam Read the examiner’s approach article and listen to the examiner’s approach interview

➤ Using these at the start of your studies will help you understand the focus of the exam by concentrating on the exam structure, question style, exam technique and tips as well as pitfalls to avoid – see extracts from the examiner’s approach article over the page Review the examiner’s reports from the last four sittings

Important Note – Preparing for IFRS?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  

➤ These provide feedback on students’ performance after each exam session, highlight problem areas that students need to improve on and tell you what the examining teams are looking for.

➤ Exam technique for Paper and Passing the professional level papers – will provide you with a head start in terms of knowing what to expect and how to approach exam standard questions

IFRS exam study tips: Question practice

Exam-standard question practice is vital now Work through as many questions as possible and all mock exams included in the Approved Content Provider question and answer banks

Remember these are best for question practice as they include past exam questions updated for syllabus and format changes Work through the most recent past exam.

This will provide you with a clear picture of what the exam will look like making sure you know what to expect on the day

IFRS exam study tips

IFRS exam study tips:Key resources

Review the examiner’s approach article and examiner’s interview again in the context of what you have learnt Remind yourself of areas that students often struggle with and obtain tips on how to ensure you do not make the same mistakes by reviewing the examiner’s reports from the last four sittings again

View the study support video referred to in your control sheet again

this time focusing on the exam technique aspects Read the exam technique articles

Exam technique for Paper and Passing the professional level papers again

this time using the techniques to help you practice questions Make sure you read the study skills articles in Student Accountant covering topics such as how to overcome exam anxiety as well as checking the Student Accountant Hub for any new technical articles related.

IFRS exam study tips

Ensure you are familiar with: the exam format the style of questions the way the marks are allocated what specific syllabus areas are likely to be tested and in which questions.

IFRS Tips:
Learn to deal with uncertain, but very common IFRS areas

1) What to do when your assets are fully depreciated, but you still use them

If this happens in your company, then the useful lives of your assets are incorrectly estimated. Learn how to correct this situation!

2) How to determine a tax base of your assets and liabilities for the deferred tax calculation

Determination of tax base is probably the most misunderstood topic in deferred taxes and I understand why. The definitions in IAS 12 are just unclear. But here, learn totally simple and unconventional approach to tax bases and you’ll find it a piece of cake.

3) Does this item go to profit or loss (PL) or other comprehensive income (OCI)?

If you have ever wondered where to report certain transactions, these 2 simple questions will solve it for once.

4) How to make a statement of cash flows in 7 steps

Cash flows don’t necessarily need to haunt you anymore. There IS a systematic approach and if you learn these 7 steps, I guarantee you’ll never ever wonder why the numbers do not balance (because they always will!).

5) Compare IFRS with US GAAP

American standards US GAAP and IFRS come closer to each other, but the process is quite slow and there are still many differences. Learn here about the biggest ones.

IFRS exam study tips: Question papers Hit the link below

Exam Question papers List Download link
IFRS Exam Questions Paper set 1 Paper 1
IFRS Exam Questions Paper set 2 Paper 2
IFRS Exam Questions Paper set 3 Paper 3
IFRS Exam Questions Paper 4  Paper 4
IFRS Exam Questions Paper 5 Paper 5
IFRS Exam Questions Paper 6 Paper 6
IFRS Exam Questions Paper 7 Paper 7
IFRS Changes Exam Questions Paper Paper 8 change Exam
IFRS Accounting standers question paper Paper Accounts

IFRS exam study tips

Cakart.in provides India’s top IFRS faculty video classes – online & in Pen Drive/ DVD – at very cost effective rates. Get IFRS Video classes from cakart.in to do a great preparation for primary Student.

Watch IFRS sample video lectures Here
Watch  IFRS  sample lecture books  Here
Watch IFRS free downloads  Here

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