I understand what you guys talking about, but I believe this has something to do with scheduling and similarities rather than the compexities of P papers, remember I can jump to P3 or choose P1 with F7.

I beleive ACCA is just like any other exams , all you need is discpline and concetration.

Especialy for someone like me who is CPA and CFA ,bachelors of accounting and MBA finance.

You figure

That's a good choice, I did the same this December exam: P1, F7 and P3. My last exam sitting next June would be P2 and P5.



Sound like you are over-qualified eh?

ya right said , he might b OVER QUALIFIED :D

anyways ,

P2, what shall i start from ??? consolidations , groups ?? standards ?? cashflows ??

koi idea to do yaar :(

go through,

1.Consolidation/Group
2.Cashflow
3.Standards.

But remember standards will not stop following you anytime.

[quote:cdcba764c9="rluitel"]

go through,

1.Consolidation/Group
2.Cashflow
3.Standards.

But remember standards will not stop following you anytime.

P2 is quite interesting :D

Why do you think so? I think its borring as compared to the business strategy paper?

Thanks

Hi
Yes I would like to joint you P2 , a lot of FRS , dont know how to remember and apply.

:(

Hi Everyone,

First time i have seen this forum; it's great. I passed P1 & P3, and have done all my other papers apart from P2 Corporate Reporting.
I did the old 2.5 Financial Reporting.

I need some help; does anyone know the major differences between the P2 UK Corporate Reporting and the P2 Intnl Corporate Reporting. I know there must be some differences in terminology, but hwen i read up on the syllabus it nis the same. I am asking because I live closer to the UK Luton & Milton Keynes centres and MK only does the Intnl stream. Infact June 2008 will be the last sitting for the Corp Rep UK.

Any ideas?

IAS 1 maybe come out as a current issue question in q4

Hi ! i also wanna join you all in this forum related to p2...i saw the kaplan book of p2 which is really bulky covering almost 100% of IAS, IFRS,IFRIC etc etc ..........really worried as i m really bad in remembering such stuffs...hopefully extra time for practice and ideas from you all will help me out .thanx for the post.

wht wud u ppl suggest abt attemptin p1 p2 n p3 in june 2008

ur comments abr dese pappers r scarin me

plzzz help

Hi....i m gona sit for P2 in June....wana join this group

Hi! i'm a acca student in london. i'm giving 3 papers this june which are F8 (which i failed twice before by 1 mark each time), P1 and P2(INT). i too am joining in here for the discussion on P2. I am starting it jus today (11th april). do you guys think i have enough time from today on for the 3 papers i'm writing? am sort of tensed thinking about the exams.

i can give u guys some summary in exchange for p3 summary can?


I am having problems in P3 :(

if you all wanna p2 summary can leave me your email. but i hope some of u can give me help on p3

i fail f8 2 times too and both time by the same number of marks. this time must pass

ha! finally i find someone with my same fate. i thought i was the only loser in this world to have failed F8 by 1 mark twice. my agony is unimaginable. anyways, hi lilian! what other papers are you writing this june?

by te way lilian, i'm not writing P3 this june and dont know what its about too. but would you still be kind enough to send me the summary for P2? i am sorry that i cant give you anything in exchange. but will surely try finding from somewhere the stuff you wanted for P3.

completed p2 on m yown !! nothing tough dudes

keep up the hard work

Dear Omer,

You are a great man, if you are saying that P2 is not at all tough and if you are saying that IAS-19, IAS-32, IAS-39, IFRS-2 and IFRS-4 are not tough.

Regards,

Muhammad Amir

[b]

dude nothing is tough at all...believe me i have done all these CREAP standards on my own...didnt even take
help from anyone ,... just the FTC BOOK !! COMPLETE IN 14 DAYS !! ...

but ya , one more point to note is that , already i got a strong GRIP of F7 2.5 (OLD) that helped alot

nothing is tough , anyone can do it ..

only i founded IAS 39 a bit TRICKY :P hehe nothing new else ... all STORIES !!

I agree.....reporting is not tough.....you just need 2 do one thing......PRACTICE...though u need 2 grasp ur knowledge for better understanding......dont worry about p2 too much......do the kits and past papers....tht will be enough....but remember the difference between p2 and f7 is tht u need 2 have basic concepts of each standards....like u just dont need 2 know tht how 2 calculate goodwill but understand the reason of goodwill and the logic...coz the theoratical part assumes u know such knowledge.....
hey guys i am having problem wid sub subsidiary goodwill calculation......any1 have IFRS in pdf form (not the summary from IASPLUS OR another site like tht)......
the method in ftc and bpp is different...........i heard from a guy who passed p2 in the previous sitting tht ftc way is correct according 2 standards.....any1 got a clue bout the goodwill shit!?!

go for FTC...it will help..... not that tough yaar...

can somebody please tell me what topics i should complete first in a sequence in p2? the paper is interesting and all but the volume projected by the ftc text scares me. so some help would be nice. i'm sure the consolidated a/c would be first but after that can someone give the priority sequence?

thanks

believe me , size never matters....

sir u have to be determined ... forget abt the size of that book and look AT UR SIZE !! ** guess must b above 5'8 **
or for instance , look at ur BISCEP , that should b at least 12 or 13 AT THIS AGE :D

jokes apart , but the point to note is that , u can do it with ease...


coming to ur question , start with STANDARDS !! complete them , then u'll find consolidation piece a CAKE !!

i have done the same thing , n it just took me 14 days to go to complete book !!

rest is history

peace out ;)

Omers19

Have you actually taken the exam yet or are you going to take it in June?

How did you find dealing with foreign transactions?

Dear Blue Wednesday,

Omer will definitely attempt P2 in June 2008 and this is his first attempt.

Now, I am just wondering that how can a person pass P2 on the knowledge of FTC's Study Text because it is too much concise and lot of concepts are not discussed in book for example there is nothing for the Complex Group Income Statement similarly IAS-32(Financial Instruments- Presentation) and IAS-39(Financial Instruments-Recognition And Measurement) are just like a joke in FTC's Study Text because they are so huge and most complex standards, studying them from FTCs Study Text is a danger for any one, In my view a person can never understand things from FTCs study text through Studying at his own self.

IAS 19(Employee Benefits), IFRS-5(Assets Held For Sale And Discontinued Operations) and IFRS-2(Share Based Payments) are discussed in very indigestible manner.

There are so many things that are not discussed in Book and so many complex and major aspects of standards are undefined.

Another problem with FTC is that examples used were of so basic level and not at the level of P2 student and the level that is required by this paper, you can see the examples and Test your Understandings of FTCs study text there is simple amortisation concept in IAS-39 similarly the Hedging is not discussed in numeric form, Consolidation was also very short IFRS-2 was not fully defined, all i want to say is that a person can not be able to pass P2 by just studying P2's Study Text and a person can not even solve Revision KIT on the knowledge of Study Text.

Regards,


Muhammad Amir.

hi amir,
well i'm studying from the ftc text rite now. lets consider that i finish it at some point of time. after i finish that what is your suggestion i do next? i guess what you are saying is right. i have noticed such shortcommings in ftc texrs in other papers too. so after i finish it for p2 what should i do next? do the revision kit or past papers or something else?

muku

Dear Muku,

In my view Paper P2, as it is the last Reporting paper of ACCA, requires students to be perfect in some basics as well as in some complexities, P2 covers almost all standards like from IAS-1 to IAS-41 and and from IFRS-1 to IFRS-8, so preparers of this papers must presume every thing to be examined at this level. So i think prepration from FTCs Study Test will not be that helpful so i think you need to buy some work books or interpertations like recently published FTC's interpertations by Claire Finch.

But due to unavailability of C Finch's book here in pakistan i am now preparaing P2 from The Wrok Book of Sir Abbas Ali Mirza, Sir Grham.J.Holt and Magnus Orell and i have also purchased a book of my teacher named as IFRS-2008 by Sir Jawed Zubaire.

Regards,

Muhammad Amir

Dear Amir & Muku !!

Some bad views abt FTC going on :) ... well amir is totally right abt the short comings of FTC bookss...

BUT !!! ...

Amir i suggest that u should also take a review of EXAMINER APPRAOCH , what he said in that document and what
he demanded

i know very well that IAS 32,39,n IFRS 7 , FINANCIAL INSTRUMENTS , is basicaly a complete BOOK STANDARD !!

i have seen its book almost double than the FTC P2 ..

the thing which im wanting to point out is that , at this level , we study a bit summary .. not the complete STANDARDS !!

for ur information , the standards contains PROVISION , like IAS 7.11 7.22 7.33 etc ... these becomes the GAINT BOOKS !!
FTC provided us the summary . and the question paper wont b set so tough like u described... :)

ICAEW papers for REPORTING are more complex then P2... believe me P2 is nothing !! NOTHING AT ALL !!

just a sumary of standards to PASS !!

soo muku , just read out the text , if u want to TOP IN THE WORLD ,or ur if u arent studying for more papers , read out EXTRA stuff from books like AMIR provided !!

but if u taking 4 papers , SUMMARY IS MROE THAN ENOUGH !! ..AFTER ALL ITS ALL ABT PASSING !!

thanks

Best of Luck :)

Dear Omer,

You are right but i am talking about some basic things let i concise it further.

Have you seen Consolidated Income Statements on Complex Group Structure in FTC's Study Text?(There is no concept of it in Book), Have you ever heared the concept named as DEEM DISPOSAL in FTC's study Text but this concept has been examined in ACCA's previous Scheme ,Have you seen the IAS-21 Foriegn Currency in FTC's study Text?(lot of things are undefined in it and even one can't be able to complete the question on the Carried Forward knowledge of FTC's Study Text), Have you seen the Hedging topic in FTC's study Text and if you then i will refer you to also visit the past papers of ACCA on IAS-39.

These are just few examples otherwise i can tell you 100s of example where FTC has proved to be insufficient in knowledge.

Regards,

Muhammad Amir

hi amir!
thanks for your advice. i luckily happen to have the book by c finch. got it from my college library and it is also the latest one. college in the sense the place i take tutions from here in london. unfortunately the bpp texts are not there in my college for p2. also, i am writing 2 other papers along with p2 this time. they are f8 and p1. i am doing pretty well in f8 as i had already attempted tat paper twice and failed both times by one mark. about p1, i feel its the worst paper i acca as its soooooooo boring nd full of unrealistic nonsense. so you need a lot of energy to motivate yourself to study it. nevertheless, i feel i will get through all the 3 papers successfully this time.

muku

Hi Amir !!

Thanks for the advice... Ya surely ur right on these points .... actually its such a vast area , but i look alot for the book which u recomended but cant find it here in ISLAMABAD !!

anyways thanks for ALERTING ME :) ...

if u know any other insuffiencies do let US know abt it ....

Thanks

Omer

i was havin a small doubt. its sorta related to P2 but not exactly in te syllabus nd stuff. i'm from india. te doubt is about airlines. in india an airline called jet airways acquired another airline known as sahara airways a year ago or somthin. te brand sahara had been dissoved nd te aircrafts were taken up into the fleet of jet airways. last time i travelled by a domestic airline in india i noticed som of the sahara air flights have not yet been repainted as jet airways. they still display te name sahara but tickets are sold as jet airways. i understand that repainting the entire fleet as jet requires a good amount of expenditure. but then a doubt popped in my mind. if all te fleet was repainted then the amount incurred would be capitalised or written off as expense in income statement. my idea is it will be written off but then i tried analysing whether te expense would lead to some distinguished future economic benefits by its own virtue. i tried arguing tis matter among my friends but each had some reason or the other to say that it should be capitalised or written off. can anybody give me their opinion to this? jus curious! please!

muku

I would accept that if you had already passed P2 using your approach - I believe you are taking it too lightly.

This is not unrealistic nonsense - corporate governance procedures are what happens in the business world - just look at any FTSE listed company's annual report to put it into context.

I was lucky as I quite enjoyed studying this one as I could relate it to a company I used to work for who I have shares in. It actually makes a lot of sense - especially when you relate it to why it all came about!