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  1. #1
    Vip for June 2009
    Join Date
    Apr 2009

    Thumbs up P2 Teachers' Conference

    In yet another PQ magazine exclusive, ACCA examiners outline what they want from exam sitters. So do yourself a favour and read on?/font>

    P2 Corporate Reporting
    The examiner of this paper is the impressive Graham Holt. He explained his paper is divided into one 50-mark question and the choice of two from three 25-mark questions. Under this new syllabus that means there are just 100 marks up for grabs. (In the past there were many more marks available in each paper.)

    Candidates' strengths
    Students are good at rote learning standards unfortunately.
    Good knowledge of cash flow statement preparation and basic knowledge of group accounting.
    Good at discussing topical issues (so long as the information required is not too specific).

    Candidates' weaknesses
    Too much time is spent on question 1, the 50-mark key question.
    Detailed discussion of standard given where they were not required.
    Workings are not always shown.
    Application of knowledge to the scenario in the question.
    Conceptualisation of ethic issues is poor. Ethics isn't a bunch of codes, it's about morality.
    Holt explained that the main reason why students fail his paper is that they omit whole parts of the question in their answers. "Why can't they answer the requirements of the question?" he asked. Another worry was the lack of basic knowledge of IFRIC's. PQs knowledge of financial instruments is also poor and overall technical knowledge could be better. "It's as simple as that," he said.
    Average marks per question per sitting
    Dec 07 Jun 08 Dec 08
    Q1 24 25 26/50
    Q2 12 11 11/25
    Q3 9 9 9/25
    Q4 10 10 11/25

    The stats reveal that the Q3 case study question is answered dreadfully. This must be a lack of application, said Holt, because the technical content was straightforward.
    With the vast majority of students in the 48-54 mark range, a two- or three-mark increase could raise pass rates significantly.
    He revealed that one P2 candidate really did write: "Accounting standards are a bunch of numbers running around looking for an argument." Holt used this example to show that PQs don't seem to understand standards, how to apply them or have the ability to argue issues.
    Holt also said students need to develop their understanding of group accounting techniques and other broader technical understanding. Time management skills and the attitude of candidates also needs improving, stressed Holt.
    He wants PQs to do past exam questions in a time-constrained environment. Then they must complete the question understanding the mistakes. Knowledge has to be built up over a period not crammed in a matter of weeks, Holt stressed. A broader reading base will also help exam success, along with reading the technical articles in the ACCA's magazines and journals.
    So what is new in his paper?
    The ethical part is more generic.
    Accounting for business combinations and ethical issues.
    Computational elements in the current issue question.
    IFRICs basic knowledge.
    Current issues based on recent events/IASB work programme.
    Holt felt that in future there will be more emphasis on technical issues. The focus of the paper will also develop with the accounting standards.

  2. #2
    Vip for June 2009
    Join Date
    May 2009
    Hong Kong


    Thanks for sharing

  3. #3
    Junior Member
    Join Date
    Nov 2008


    yes, teachers' conference are of value to us all~!

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