8/17/2019 December 2013 Exam Tips P2

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December 2013 ACCA Exam Tips

 ACCA PAPER P2CORPORATE REPORTING

(INTERNATIONAL STREAM)

TIPS

Section A

•  This will be a 50 mark compulsory case study including preparation of agroup statement of profit of loss and other comprehensive income and/or

statement of financial position which may include discontinued activities,disposals, acquisitions or a statement of cash flows. This will include otheraccounting complications such as financial instruments, pensions, share-based payment and impairments.

•  There will also be discursive requirements on a linked accountingadjustment and social/ethical/moral aspects of corporate reporting.

Section B

Section B normally includes:

•  Q2 & Q3: 2 case study questions: one a multi-part question covering arange of topics or a theme such as deferred tax, foreign currencytransactions, financial instruments, pensions, share-based payment, non-current assets (recognition and/or impairment of tangible and intangibleassets), borrowing costs, the effect of accounting treatments on earningsper share or ratios; the other an industry-based question (NB: no specificknowledge of the particular industry is required) testing a range of standardssuch as accounting policies and the framework, leases, grants, IFRS forSMEs, reorganisations, provisions, events after the reporting period andrelated parties.

•  Q4: a discussion question looking at current developments in corporate

reporting and problems with existing standards, such as debt vs equity (see ACCA article 'When does debt seem to be equity?'), implementationproblems with IFRSs, management commentary, application of thedefinition of control, improvements in performance measurement,conceptual framework, impairment in the current economic climate. Willalso normally include a related computational part based on figures from acase study

One of these questions can also include elements of group accounting,especially if question 1 is a statement of cash flows question

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