ACCA Exam tips for Paper P1

Q1 5 part 50 mark question touching on risk, ethics, environment, internal controls with 16 – 18 marks for drafting a report / briefing notes / press release / magazine article

Q2 Corporate governance with internal auditors and internal controls. Risk management committee, mitigation (according to a recent SA article, risk
management and a sound system of internal control are “inextricably intertwined”)

Q3 Sub-committees under corporate governance, their roles, functions, objectives, make up

Q4 Kohlberg and attitudes to ethics compared with Gray, Owen and Adams and their 7 sub-categories

OR! Accountancy as a profession

OR! Deontology and teleology

Be prepared to need to use a calculator in the exam

ACCA Exam tips for Paper P2

Q1 Consolidated Statement of Income tent structure including a foreign subsidiary (35 marks); 8 marks of corporate governance and 7 marks chat about management commentaries

Q2 Scenario question with 4 problem areas worth 5 – 7 marks each with up to 12 references to IAS / IFRS. Occasionally, the directors will have proposed an appropriate treatment – just occasionally! So, be aware that the proposed action may in fact be ok – it’s not always a poor choice by the directors

Q3 Similar to question 2 – a scenario question with 3 – 4 parts worth anywhere from 5 – 12 marks with up to 6 references to IAS / IFRS

Q4 Current issue question – the last 4 have been on proposed revision to IAS 37 Provisions and Contingencies, IFRS 13 Fair Values, heavy Discussion about how much disclosure is “enough” and how much is “too much” and Discussion about IAS 8. There hasn’t been a 25 marker on Management Commentary since it started to become a fashionable discussion topic but, if it appears in Q1 as a part (c), then Q4 could be something like Continuing problems associated with convergence with US GAAP or maybe a discussion about the move to re-introduce “prudence” as a content of The Framework

For quite extensive information about current issues, log onto and read www.iasplus. It’s long and detailed, but you’ll get a good idea of what’s happening in the accounting World.

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