TÀI LIỆU ÔN THI ACCA MỚI NHÂT 2015 BPP p2 examkit

BPP House 142-144 Uxbridge Road London W12 8AA United Kingdom T 0845 075 1100 (UK) T +44 (0)20 8740 2211 (Overseas) E Learningmedia@bpp.com bpp.com/learningmedia For exams up to June 2015 Contact us Practice & Revision Kit Paper P2 Corporate Reporting (International and United Kingdom) This Kit provides material specifically for the practice One of a suite of products supporting Paper P2 and revision stage of your studies for Paper P2 Corporate Reporting, for use independently or as part Corporate Reporting that has been comprehensively of a package, this Kit is targeted at ACCA’s exams up reviewed by the ACCA examining team This to June 2015 and contains: unique review ensures that the questions, solutions • Banks of questions on every syllabus area and guidance provide the best and most effective • Answers with detailed guidance on approaching resource for practising and revising for the exam  questions • Three mock exams with full answers and guidance Corporate Reporting (International and United Kingdom) BPP Learning Media is dedicated to supporting aspiring business professionals with top-quality learning material as they study for demanding professional exams, often whilst working full time BPP Learning Media’s commitment to student success is shown by our record of quality, innovation and market leadership in paper-based and e-learning materials BPP Learning Media’s study materials are written by professionally qualified specialists who know from personal experience the importance of top-quality materials for exam success ACCA P2 ACCA approved content provider ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Paper P2 Corporate Reporting (International and United Kingdom) Practice & Revision Kit for exams up to June 2015 Free access to our Exam Success site Look inside June 2014 £18.00 ACP2(INT)RK14.indd 1-3 6/5/2014 8:49:18 PM PAPER P2 P R A C T I C E CORPORATE REPORTING (INTERNATIONAL AND UNITED KINGDOM) & BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA qualification This means we work closely with ACCA to ensure our products fully prepare you for your ACCA exams R E V I S I O N In this Practice and Revision Kit, which has been reviewed by the ACCA examination team, we:  Discuss the best strategies for revising and taking your ACCA exams  Ensure you are well prepared for your exam  Provide you with lots of great guidance on tackling questions  Provide you with three mock exams  Provide ACCA exam answers as well as our own for selected questions Our Passcard and i-pass products also support this paper FOR EXAMS UP TO JUNE 2015 K I T First edition 2007 Eighth edition June 2014 ISBN 9781 4727 1108 (previous ISBN 9781 4453 8001 8) e-ISBN 9781 4727 1172 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia All our rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions The suggested solutions in the practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated Printed in the United Kingdom by Ricoh UK Limited Unit Wells Place Merstham RH1 3LG Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources ii © BPP Learning Media Ltd 2014 Contents Page Finding questions Question index v Topic index viii Helping you with your revision ix Passing P2 Revising P2 x Passing the P2 exam xi Exam information xiii Analysis of past papers xiii Exam update xx Useful websites xxii Questions and answers Questions Answers 95 Exam practice Mock exam  Questions 325  Plan of attack .333  Answers .334 Mock exam  Questions 353  Plan of attack .363  Answers .366 Mock exam (December 2013)  Questions 387  Plan of attack .399  Answers .401 ACCA's exam answers  June 2013 419  December 2013 435 Mathematical tables 449 Review form iii A note about copyright Dear Customer What does the little © mean and why does it matter? 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Please note the e-products are sold on a single user licence basis: we not supply 'unlock' codes to people who have bought them second-hand And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that If they act illegally and unethically in one area, can you really trust them? iv Finding questions Question index The headings in this checklist/index indicate the main topics of questions, but questions often cover several different topics Questions set under the previous syllabus Advanced Corporate Reporting paper are included because their style and content are similar to those which appear in the P2 exam The questions have been amended to reflect the current exam format Time Page number Marks allocation Mins Question Answer Part A: Regulatory and ethical framework Financial reporting framework Conceptual framework (12/07, amended) 25 45 95 Accounting standards and disclosure (12/08) 25 45 97 Lizzer (6/13) 25 45 100 Venue (12/11, amended) 25 45 103 25 45 107 – – 109 Environmental and social reporting Glowball (ACR, Pilot paper) Part B: Accounting standards Preparation question: Sundry standards Non-current assets Key (12/09) 25 45 112 Prochain (ACR, 6/06) 25 45 115 Johan (12/08) 25 45 10 117 10 Scramble (12/11) 25 45 11 120 Employee benefits 11 Preparation question: Defined benefit plan – – 12 123 12 Macaljoy (12/07, amended) 25 45 13 124 13 Savage (ACR, 12/05, amended) 25 45 14 127 14 Smith (6/09, amended) 25 45 15 128 Income taxes 15 Cohort (ACR, 6/02, amended) 22 40 16 131 16 Panel (ACR, 12/05) 25 45 17 132 17 Kesare (Pilot paper) 25 45 18 135 Financial instruments 18 Preparation question: Financial instruments – – 19 137 19 Complexity (12/09) 25 45 20 137 20 Ambush (ACR, 12/05, amended) 25 45 20 140 21 Grainger (6/11) 15 27 21 142 22 Aron (6/09, amended) 25 45 21 144 Share-based payment 23 Leigh (ACR, 6/07) 25 45 23 149 24 Margie (12/10) 25 45 24 152 25 Greenie (12/10) 25 45 24 154 Finding questions v Time Page number Marks allocation Mins Question Marks Events after reporting period, provisions and contingencies 26 Ryder (ACR, 12/05) 25 45 26 157 27 Royan (6/12) 25 45 26 160 28 Electron (Pilot paper) 25 45 27 162 Related parties 29 Egin Group (ACR, 6/06) 25 45 28 165 30 Engina (ACR, Pilot paper) 25 45 29 168 Leases 31 Preparation question: Leases – – 30 169 32 Holcombe (6/10, amended) 25 45 30 170 33 William (6/12) 25 45 31 173 Part C: Group financial statements Revision of basic groups 34 Marrgrett (12/08) 25 45 33 176 35 Preparation question: Associate – – 34 179 Complex groups 36 Preparation question: 'D'-shaped group – – 35 181 37 Preparation question: Sub-subsidiary – – 36 183 38 Glove (ACR, 6/07, amended) 25 45 38 185 39 Case study question: Minny (12/12) 50 90 39 190 40 Case study question: Trailer (6/13) 50 90 41 195 Changes in group structures 41 Preparation question: Part disposal – – 43 204 42 Preparation question: Purchase of further interest – – 45 206 43 Ejoy (ACR, 6/06, amended) 30 54 45 208 44 Case study question: Traveler (12/11) 50 90 47 211 45 Case study question: Robby (6/12) 50 90 49 218 46 Case study question: Bravado (6/09) 50 90 51 224 47 Case study question: Grange (12/09) 50 90 53 229 48 Case study question: Ashanti (6/10, amended) 50 90 55 236 Foreign transactions and entities 49 Preparation question: Foreign operation – – 57 243 50 Memo (ACR, 6/04, amended) 32 58 59 245 51 Case study question: Rose (6/11) 50 90 61 248 Group statements of cash flows vi 52 Preparation question: Consolidated statement of cash flows – – 63 254 53 Case study question: Jocatt (12/10) 50 90 67 256 54 Case study question: Warrburt (12/08, amended) 50 90 70 261 Finding questions Time Page number Marks allocation Mins Question Answer Part D: Performance reporting Performance reporting 55 Alexandra (6/11) 25 45 74 266 56 Carpart (6/09, amended) 16 29 75 269 57 Ghorse (12/07) 25 45 76 271 58 Cate (6/10) 25 45 77 274 59 Calcula 25 45 78 277 Current developments 60 Preparation question: Current issues – – 79 281 61 Fair values and IFRS 13 25 45 80 285 62 Jones and Cousin (ACR 12/06) 25 45 81 287 Specialised entities and specialised transactions 63 Lockfine (6/11) 25 45 81 289 64 Burley (12/09, amended) 25 45 82 293 65 Seltec (6/10) 25 45 84 296 66 Ethan (6/12) 25 45 84 299 67 Norman (6/08) 25 45 85 302 68 Preparation question: Reconstruction scheme – – 86 304 69 Plans 15 27 87 308 70 Decany (12/11) 25 45 88 310 71 Lucky Dairy (ACR, 6/02, amended) 25 45 89 314 IFRS for small and medium-sized entities 72 IFRSs and SMEs (ACR, 6/06, amended) 25 45 90 316 73 Whitebirk (12/10, amended) 22 40 91 319 Mock exam 74 75 76 77 Ribby (6/08) Coate (12/12) Blackcutt (12/12) Jayach (12/12) Mock exam 78 79 80 81 Beth (12/07, amended) Verge (6/13) Janne (6/13) Implementing IFRS (6/08) Mock exam (December 2013) 82 83 84 85 Angel (12/13) Havanna (12/13) Bental (12/13) Zack (12/13) Finding questions vii Topic index Listed below are the key Paper P2 syllabus topics and the numbers of the questions in this Kit covering those topics If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful viii Syllabus topic Question numbers Associates Complex groups Consolidated statement of financial position Consolidated statement of profit or loss and other comprehensive income Consolidated statement of cash flows Corporate citizenship Disposals Employee benefits Environmental issues Ethics Financial instruments Foreign currency IAS (revised) Impairment International issues IFRS IFRS IFRS IFRS 10 to 12 IFRS 13 Joint ventures Measurement of performance Non-current assets Provisions Related party transactions Reporting performance Revenue recognition Share-based payment Small and medium-sized entities Taxation 36 37 – 40 45 Finding questions 39 52 – 54 62 41 – 48 11 – 14 44 – 48 18 – 22 49 – 51 Throughout 57, 60 62, 77 23 – 25 34 – 54 18 – 22 34 – 54 61, throughout 65 56 – 59 – 10 26 – 28 29, 30 55 4, 9, 56 23 – 25 72, 73 15 – 17 Helping you with your revision BPP Learning Media – Approved Learning Partner – content As ACCA's Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use exam team reviewed revision materials By incorporating the examination team's comments and suggestions regarding syllabus coverage, the BPP Learning Media Practice and Revision Kit provides excellent, ACCA-approved support for your revision Tackling revision and the exam Using feedback obtained from the ACCA exam team review:  We look at the dos and don'ts of revising for, and taking, ACCA exams  We focus on Paper P2; we discuss revising the syllabus, what to (and what not to do) in the exam, how to approach different types of question and ways of obtaining easy marks Selecting questions We provide signposts to help you plan your revision  A full question index  A topic index listing all the questions that cover key topics, so that you can locate the questions that provide practice on these topics, and see the different ways in which they might be examined Making the most of question practice At BPP Learning Media we realise that you need more than just questions and model answers to get the most from your question practice  Our Top tips included for certain questions provide essential advice on tackling questions, presenting answers and the key points that answers need to include  We show you how you can pick up Easy marks on some questions, as we know that picking up all readily available marks often can make the difference between passing and failing  We include marking guides to show you what the examiner rewards  We include comments from the examiners to show you where students struggled or performed well in the actual exam  We refer to the 2014 BPP Study Text (for exams up to June 2015) for detailed coverage of the topics covered in questions  In a bank at the end of this Kit we include the official ACCA answers to the June and December 2013 papers Used in conjunction with our answers they provide an indication of all possible points that could be made, issues that could be covered and approaches to adopt Attempting mock exams There are three mock exams that provide practice at coping with the pressures of the exam day We strongly recommend that you attempt them under exam conditions Mock exams and reflect the question styles and syllabus coverage of the exam; Mock exam is the December 2013 paper Helping you with your revision ix Zack has identified that there is another asset where there is a material impact if borrowing costs should have been capitalised during the construction period This contract was completed during 2012 Thus, the financial statements for the year ended 30 November 2012 should be restated to apply the new policy to this asset The effects of the restatement are as follows: at 30 November 2012, the carrying amount of property, plant and equipment is restated upwards by $2 million less depreciation for the period and this would result in an increase in profit or loss for the period of the same amount Disclosures relating to prior period errors include: the nature of the prior period error for each prior period presented, to the extent practicable; the amount of the correction for each financial statement line item affected; and for basic and diluted earnings per share, the amount of the correction at the beginning of the earliest prior period presented The disclosure would include the nature of the prior period error The line items in the statement of profit or loss and other comprehensive income would also change For the current period, Zack would disclose the impact of the prior period error of $3 million It can be assumed that, because the asset is under construction, there will be no depreciation on the asset The change in the depreciation method is not a change in an accounting policy but a change in an accounting estimate For changes in accounting estimates, Zack should disclose the nature and the amount of the change which affects the current period or which it is expected to have in future periods It should be noted that IAS does permit an exception where it is impracticable to estimate the effect on future periods Where the effect on future periods is not disclosed because it is impracticable, that fact should be disclosed The revision results in an increase in depreciation for 2013 of $6m and the disclosure of an estimated increase for 2014 of $8m The systems error has resulted in a prior period error In order to correct this error, Zack should restate the prior year information for the year ended 30 November 2012 for the $2m in the statement of profit or loss and other comprehensive income Additionally, the trade creditors figure in the statement of financial position is overstated by $2 million and should be restated The movement in reserves note will also require restating This is not a correction of an accounting estimate 444 Examiner's answers: December 2013 Professional Level – Essentials Module, Paper P2 (INT) Corporate Reporting (International) (a) Net profit before taxation Net cash generated from operations Cash flow from investing activities Cash flow from financing activities (b) Subjective assessment of discussion (c) Subjective assessment – mark per point December 2013 Marking Scheme Marks 16 10 35 50 (a) Revenue recognition up to (b) IFRS explanation (c) Leases Professional marks 25 (a) Financial instrument explanation up to (b) Hedged items (c) IFRS explanation Professional marks 10 25 (a) Subjective (b) Subjective Professional marks 15 25 Examiner's answers: December 2013 445 446 Examiner's answers: December 2013 Mathematical tables 447 448 Present value table Present value of = (1+r)-n where r = discount rate, n = number of periods until payment This table shows the present value of £1 per annum, receivable or payable at the end of n years Periods (n) 10 11 12 13 14 15 16 17 18 19 20 1% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820 2% 0.980 0.961 0.942 0.924 0.906 0.888 0.871 0.853 0.837 0.820 0.804 0.788 0.773 0.758 0.743 0.728 0.714 0.700 0.686 0.673 3% 0.971 0.943 0.915 0.888 0.863 0.837 0.813 0.789 0.766 0.744 0.722 0.701 0.681 0.661 0.642 0.623 0.605 0.587 0.570 0.554 4% 0.962 0.925 0.889 0.855 0.822 0.790 0.760 0.731 0.703 0.676 0.650 0.625 0.601 0.577 0.555 0.534 0.513 0.494 0.475 0.456 Discount rates (r) 5% 6% 0.952 0.943 0.907 0.890 0.864 0.840 0.823 0.792 0.784 0.747 0.746 0.705 0.711 0.665 0.677 0.627 0.645 0.592 0.614 0.558 0.585 0.527 0.557 0.497 0.530 0.469 0.505 0.442 0.481 0.417 0.458 0.394 0.436 0.371 0.416 0.350 0.396 0.331 0.377 0.312 7% 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258 8% 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.429 0.397 0.368 0.340 0.315 0.292 0.270 0.250 0.232 0.215 9% 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.422 0.388 0.356 0.326 0.299 0.275 0.252 0.231 0.212 0.194 0.178 10% 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149 Periods (n) 10 11 12 13 14 15 16 17 18 19 20 11% 0.901 0.812 0.731 0.659 0.593 0.535 0.482 0.434 0.391 0.352 0.317 0.286 0.258 0.232 0.209 0.188 0.170 0.153 0.138 0.124 12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104 13% 0.885 0.783 0.693 0.613 0.543 0.480 0.425 0.376 0.333 0.295 0.261 0.231 0.204 0.181 0.160 0.141 0.125 0.111 0.098 0.087 14% 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270 0.237 0.208 0.182 0.160 0.140 0.123 0.108 0.095 0.083 0.073 Discount rates (r) 15% 16% 0.870 0.862 0.756 0.743 0.658 0.641 0.572 0.552 0.497 0.476 0.432 0.410 0.376 0.354 0.327 0.305 0.284 0.263 0.247 0.227 0.215 0.195 0.187 0.168 0.163 0.145 0.141 0.125 0.123 0.108 0.107 0.093 0.093 0.080 0.081 0.069 0.070 0.060 0.061 0.051 17% 0.855 0.731 0.624 0.534 0.456 0.390 0.333 0.285 0.243 0.208 0.178 0.152 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.043 18% 0.847 0.718 0.609 0.516 0.437 0.370 0.314 0.266 0.225 0.191 0.162 0.137 0.116 0.099 0.084 0.071 0.060 0.051 0.043 0.037 19% 0.840 0.706 0.593 0.499 0.419 0.352 0.296 0.249 0.209 0.176 0.148 0.124 0.104 0.088 0.074 0.062 0.052 0.044 0.037 0.031 20% 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 0.162 0.135 0.112 0.093 0.078 0.065 0.054 0.045 0.038 0.031 0.026 Mathematical tables 449 Cumulative present value table This table shows the present value of £1 per annum, receivable or payable at the end of each year for n years Periods (n) 10 11 12 13 14 15 16 17 18 19 20 Periods (n) 10 11 12 13 14 15 16 17 18 19 20 450 1% 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 10.37 11.26 12.13 13.00 13.87 14.718 15.562 16.398 17.226 18.046 11% 0.901 1.713 2.444 3.102 3.696 4.231 4.712 5.146 5.537 5.889 6.207 6.492 6.750 6.982 7.191 7.379 7.549 7.702 7.839 7.963 Mathematical tables 2% 0.980 1.942 2.884 3.808 4.713 5.601 6.472 7.325 8.162 8.983 9.787 10.58 11.35 12.11 12.85 13.578 14.292 14.992 15.678 16.351 12% 0.893 1.690 2.402 3.037 3.605 4.111 4.564 4.968 5.328 5.650 5.938 6.194 6.424 6.628 6.811 6.974 7.120 7.250 7.366 7.469 3% 0.971 1.913 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.63 11.30 11.94 12.561 13.166 13.754 14.324 14.877 13% 0.885 1.668 2.361 2.974 3.517 3.998 4.423 4.799 5.132 5.426 5.687 5.918 6.122 6.302 6.462 6.604 6.729 6.840 6.938 7.025 4% 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 8.111 8.760 9.385 9.986 10.56 11.12 11.652 12.166 12.659 13.134 13.590 Discount rates (r) 5% 6% 0.952 0.943 1.859 1.833 2.723 2.673 3.546 3.465 4.329 4.212 5.076 4.917 5.786 5.582 6.463 6.210 7.108 6.802 7.722 7.360 8.306 7.887 8.863 8.384 9.394 8.853 9.899 9.295 10.38 9.712 10.838 10.106 11.274 10.477 11.690 10.828 12.085 11.158 12.462 11.470 7% 0.935 1.808 2.624 3.387 4.100 4.767 5.389 5.971 6.515 7.024 7.499 7.943 8.358 8.745 9.108 9.447 9.763 10.059 10.336 10.594 8% 0.926 1.783 2.577 3.312 3.993 4.623 5.206 5.747 6.247 6.710 7.139 7.536 7.904 8.244 8.559 8.851 9.122 9.372 9.604 9.818 9% 0.917 1.759 2.531 3.240 3.890 4.486 5.033 5.535 5.995 6.418 6.805 7.161 7.487 7.786 8.061 8.313 8.544 8.756 8.950 9.129 10% 0.909 1.736 2.487 3.170 3.791 4.355 4.868 5.335 5.759 6.145 6.495 6.814 7.103 7.367 7.606 7.824 8.022 8.201 8.365 8.514 14% 0.877 1.647 2.322 2.914 3.433 3.889 4.288 4.639 4.946 5.216 5.453 5.660 5.842 6.002 6.142 6.265 6.373 6.467 6.550 6.623 Discount rates (r) 15% 16% 0.870 0.862 1.626 1.605 2.283 2.246 2.855 2.798 3.352 3.274 3.784 3.685 4.160 4.039 4.487 4.344 4.772 4.607 5.019 4.833 5.234 5.029 5.421 5.197 5.583 5.342 5.724 5.468 5.847 5.575 5.954 5.668 6.047 5.749 6.128 5.818 6.198 5.877 6.259 5.929 17% 0.855 1.585 2.210 2.743 3.199 3.589 3.922 4.207 4.451 4.659 4.836 4.988 5.118 5.229 5.324 5.405 5.475 5.534 5.584 5.628 18% 0.847 1.566 2.174 2.690 3.127 3.498 3.812 4.078 4.303 4.494 4.656 4.793 4.910 5.008 5.092 5.162 5.222 5.273 5.316 5.353 19% 0.840 1.547 2.140 2.639 3.058 3.410 3.706 3.954 4.163 4.339 4.486 4.611 4.715 4.802 4.876 4.938 4.990 5.033 5.070 5.101 20% 0.833 1.528 2.106 2.589 2.991 3.326 3.605 3.837 4.031 4.192 4.327 4.439 4.533 4.611 4.675 4.730 4.775 4.812 4.843 4.870 Notes Notes Notes Notes Notes Notes Review Form – Paper P2 Corporate Reporting (International and United Kingdom) (06/14) Name: Address: How have you used this Kit? 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Your ratings, comments and suggestions would be appreciated on the following areas Passing P2 Questions Top Tips etc in answers Content and structure of answers Mock exam answers Overall opinion of this Kit Excellent  Do you intend to continue using BPP products? Very useful Useful Not useful                Good  Adequate  Yes  No  Poor  The BPP author of this edition can be e-mailed at: katyhibbert@bpp.com Please return this form to: Pippa Riley, ACCA Range Manager, BPP Learning Media Ltd, FREEPOST, London, W12 8AA Review Form (continued) TELL US WHAT YOU THINK Please note any further comments and suggestions/errors below [...]... Corporate Reporting  www.accaglobal.com ACCA' s website The students' section of the website is invaluable for detailed information about the qualification, past issues of Student Accountant (including technical articles) and a free downloadable Student Planner App  www .bpp. com Our website provides information about BPP products and services, with a link to ACCA' s website  www.ft.com This website provides... out the ethics part of question 1, suggesting that they do not appreciate the importance of attempting all of the examination paper, or perhaps particular problems with ethical instruments Some candidates still do not have a good understanding of accounting for financial instruments which are examined frequently in this paper It is essential that candidates get to grips with this topic Revising P2 xvii... Bank of England publications xxii  www.iasb.org  www.accountancyfoundation.com  www.ifac.org  www.IASPlus.com Revising P2 Questions 1 2 REGULATORY AND ETHICAL FRAMEWORK Questions 1 to 5 cover Regulatory and Ethical Framework, the subject of Part A of the BPP Study Text for Paper P2 1 Conceptual framework 45 mins 12/07, amended The International Accounting Standards Board (IASB) is working on a joint... appeared in previous editions of this study guide are now combined in outcome C11 d): Discuss the key differences between the IFRS for SMEs and UK GAAP This Kit is based on International Financial Reporting Standards An online supplement will be available at www .bpp. com/learning-media, covering the additional UK issues and providing additional question practice Revising P2 xxi Useful websites The websites... Understanding will lead to better application in the examination Candidates should practice divergent thinking, which is the ability to think of several possible answers to a question before providing the solution This is the ability to see potentially different outcomes for a given set of circumstances This will lead to candidates having the ability to apply the standards to different scenarios Every... question comfortably while omitting this altogether If you're short of time, this is what you should do Be ruthless in ignoring the complications Look at the question Within reason, if there are complications – often only worth a few marks – that you know you will not have time or knowledge to do, cross them out It will make you feel better Then tackle the bits you can do This is how people pass a seemingly... of 'Badex' clothing and sports goods reach the forecast levels The agreed purchase price was $100 million plus a further payment of $25 million in two years on 31 May 20X7 This further payment will comprise a guaranteed payment of $10 million with no performance conditions and a further payment of $15 million if the actual profits during this two year period from the sale of Badex clothing and goods... case-study-style questions in full as a case study involving group accounts will always come up x Revising P2 Passing the P2 exam What to expect on the paper Of course you cannot know in advance what questions are going to come up, but you can have a fair idea of what kind of questions Question 1 This will always be a case study, with half or a little more than half on group accounts It will often involve... have met before, and thus there is a need for this type of reasoning Candidates often simply recite the standard leaving the marker with the task of determining how applicable the answer actually is to the question Candidates should adopt a model of learning which suits them and by doing this; candidates will be better prepared for the examination xiv Revising P2 June 2012 Section A 1 Consolidated statement... of financial position with business combination achieved in stages; segment reporting; ethics Question in this Kit 44 Section B 2 3 4 Internal reconstruction Specialised industry question: intangible assets and impairment testing rules Revenue recognition: current problems and proposed changes 70 10 4 Revising P2 xv Examiner's comments The standard of answers varied Many candidates passed the examination ...PAPER P2 P R A C T I C E CORPORATE REPORTING (INTERNATIONAL AND UNITED KINGDOM) & BPP Learning Media is an ACCA Approved Learning Partner – content for the ACCA qualification This means... for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www .bpp. com/learningmedia All our rights reserved No part of this... we work closely with ACCA to ensure our products fully prepare you for your ACCA exams R E V I S I O N In this Practice and Revision Kit, which has been reviewed by the ACCA examination team,