ACCA has almost become a trend. Everybody is doing it. It is probably the most sought for course and discipline. For those who do not know, ACCAis a UK based degree. It stands for Association of Certified Chartered Accountants.Students sitting in any country can take their papers in their own country even though these papers are made and checked by the authorities in UK.
ACCA consists of 14 papers. You clear them and you are good to go. These papers are divided in modules. There are 4 modules in total. P2 belongs to the third.
ACCA P2 -Introduction.
ACCA P2 aims at applying the acquired skills and knowledge and also to exercise and implement professional judgement in the evaluation and application of financial reporting practices and principles in a range of context and business context. Ultimately it aims at corporate reporting.
OBJECTIVES OF ACCA P2.
-Discussing and understanding the ethical and professional responsibilities and duties of an accountant.
- Evaluation of framework of financial reporting.
-Preparing the financial statements of entities and groups in correspondence with the general and relevant standards of accounting.
-The explanation and solution of issues of any specialized entity.
-Discussing the changes in financial reporting in terms of accounting regulation and also the implications of these changes.
-Evaluation of current developments in accounting and finance.
-To appraise the position of entities and financial performance.
Approach To UK And INT Syllabus Elements.
ACCA is an ever increasing trend. It is only drawing more attention as more time is going by. Some people might think that due to this increasing attention towards ACCA they might not be able to find good jobs as there will be many ACCA qualified students. It is true that the competition is bound to increase. However, one must also consider that as the attention towards something increases ultimately the job opportunities are bound to increase too. And then this degree is pretty much applicable, usable and recognized in almost every country in this world. Therefore it will not restrict you. You can pursue your career in your own country or in any other country as you please.
ACCA P2, due to its association and alignment with both INT and UK, has its text chosen and produced to address both of these variants. Both channels implement and follow the principles of International Financial Reporting Standards (IFRS).
ACCA P2, although hard, is a good course for every accountant to study and understand. It promises to prove valuable at one point or another. ACCA P2 is a manual paper. The time span between two consecutive ACCA P2 papers is 6 months. And like all the other papers it is either held in June or December. The pass rate for ACCA P2 has ranged from 44 to 58 percent from December 2007 till December 2011. The highest number of students passed in December 2009, when a total of 58 percent out of all the students in the world taking this paper cleared it. This percentage has not been constant in its increase or decrease. Ironically, the lowest pass rate for ACCA P2 was also received the same year (that is 2009) when only 44 percent out of the entire 100 passed.
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