The ACCA P2 paper is on Corporate Reporting; it aims to teach the students to apply their knowledge and skills as well as exercise their professional judgement in the evaluation of the principles and practices of financial reporting in the context and various situations of business. The ACCA P2 syllabus analyzes the framework of financial reporting wherein the accountant operates and analyzes detailed requirements for financial reporting for the preparation of group financial reports according to relevant standards and widely accepted accounting practice.
The ACCA P2 syllabus also discusses the nature of specialized entities reporting which includes non-profit and small and medium enterprises. This syllabus also analyzes in greater depth, the accountant's role as a financial adviser and analyst through financial report assessment and the entities positions as well as the role of the accountant in advising and assessing the accounting regulations' implications in corporate reporting.
In the ACCA P2 syllabus, the assessment of current developments and their significance for financial reporting will also be covered. Once you are done with this paper, you should be able to explain the accountant's ethical and professional duties. You should also be able to figure out the framework of financial reporting and be able to report and provide advise on the financial performances of entities. By this time, you should be able to explain the significance of accounting regulation changes in relation to financial reporting. You are also expected to be able to unravel reporting issues that relate to specialized entities
Having finished the ACCA P2 syllabus, you should be able to prepare financial statements for a group of entities according to relevant accounting standards and assess the position and financial performance of entities. You should also be able to assess current developments.
The ACCA P2 exam is comprised of two sections. Section A consists of one compulsory question that is worth 50 marks. It has to do with preparing financial statements which include group statements of cash flows and financial reporting issues. Section B has 3 questions but you will only be required to answer 2 out of the three questions which is worth 25 marks each. Two questions are usually either case study-based or scenario-based and one essay question that may include a computational element. This section may have to do with any aspect or part of the syllabus.
Here are some techniques that you can use on your ACCA P2 exam:
- Read the instructions carefully and make sure you fully understand it. Check how many questions you are supposed to answer and how much time is allotted for each. You will be given 15 minutes to read so take advantage of it and read the instructions.
-Properly manage your time. During the 15 minutes time that is provided before the start of the exam, read the questions carefully and take note of any special instructions. You are only allowed to write on the question paper, not on the answer paper.
Author Resource:
Aidilawangteh is an expert ACCA tutor and knows ACCA P2 by heart. Click HERE for full info of this field.
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