ACCA P2 BPP

Topics: Ethics, Business ethics, Question Pages: 225 (25118 words) Published: October 20, 2014
ACCA
Corporate Reporting
Paper P2 (International)
Practice & Revision Notes
ARP213I

ARP213I

Contents

Page

Introduction
How to use the Practice & Revision material

4

The examination paper and syllabus aims

5

Analysis of past papers

6

Skills bank

9

Knowledge bank

25

Appendices

93

ARP213I

3

INTRODUCTION

Introduction
How to use the Practice & Revision material
Step 1

Learn

Until now you have been introduced to the core skills needed to pass this paper. You must now focus on developing these new skills to address the ultimate test – the exam itself.

Step 2

Practise

Your revision course material will help you to apply this knowledge to the context of the exam-style questions. Using real exam questions written by the examiner you’ll learn the unique exam skills required to achieve success in each paper. Your revision material consists of:



Skills bank (in these notes)
This illustrates the main skills needed to pass this paper. We will teach you how to: –







Use your reading time effectively
Analyse the question’s requirements
Manage your time
Produce well-constructed numerical and discussion answers
Produce tailored answers that are relevant to the specific company within the question

Knowledge bank (in these notes)
During the Step 1 phase of your studies (Learning phase) you have already gained the knowledge required to pass the exam. During this phase reinforcement of this knowledge is critical. To help this reinforcement you will find that the same diagrams contained in your learning phase course notes are used here with additional information added if we feel it is necessary. If you feel that your knowledge level is weak at the Step 2 phase we recommend you purchase the i-Learn CD from BPP Learning Media.



Question and answer bank
The Practice & Revision Kit contains:




Step 3

Questions that will be covered in class
Questions you will do during home study following guidance provided by your tutor Additional questions for further practice

Rehearse

All your skills need to be applied on the day of the exam to deal with a complete exam paper. This can be developed through use of mock exams within the Practice & Revision Kit, attending a question day at BPP where a final mock exam is sat in full and feedback provided, or through purchasing a mock exam and online debrief. Please see our website for further details www.bpp.com.

4

ARP213I

INTRODUCTION

The examination paper and syllabus aims
The examination paper
The examination is a three hour paper with an additional 15 minutes of reading time. 40% Numerical

60% Discussion

40% Knowledge

60% Application

Format of the Exam
Section A

Marks

Compulsory scenario-based question which will include:

50

 the preparation of consolidated financial statements (including consolidated statements of cash flows) with adjustments on other syllabus areas  a written part normally covering a particular accounting treatment and ethical and social issues in financial reporting.

Section B

A choice of two 25 mark questions from three – normally includes:

50

 two scenario or case study-based questions (covering a range of standards and syllabus topics, one usually in the context of a particular industry)  an essay-style discussion question, often encompassing current developments in corporate reporting, which may also include some short calculations. 100

Time pressure warning
Section A

Section B

Main capabilities
On successful completion of this paper, candidates should be able to: 

Discuss the professional and ethical duty of the accountant



Evaluate the financial reporting framework



Advise on and report the financial performance of entities



Prepare the financial statements of groups of entities in accordance with relevant accounting standards



Explain report issues...


Links: in 2011)
IFRS 2: Share-based Payment Useful insight into IFRS 2 which is a mine of
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