Aadil

All those sitting P2 exam should note that IFRS 9 is examinable from June 2011.


The examiner said at the conference that “Questions and answers will be based on IFRS 9 and not IAS 39, but we will accept IAS 39 answers unless IFRS 9 was specifically referred to within the scenario. However, because questions will be based on IFRS 9, the application of IAS 39 will be limited as regards financial assets. The main areas to be examined will be classification, the business model test, contractual terms of financial asset test, measurement, reclassification and embedded derivatives.”

We were told that the IFRS for SME standard may also be a full question or part of a question. This is what the examiner said on the standard: “The detail of IFRS for SMEs is a recent addition to the syllabus. The key areas to focus on will be: The definition of an SME, the key principles and rationale for IFR, topics omitted from IFRS for SMEs, types of simplifications, accounting treatments disallowed under IFRS for SMEs, specific recognition and measurement simplifications, and a summary of the IFRS for SMEs focusing on differences with full IFRS.”