:D Hi guys,
OK - the exam is JUST around the corner so you should be WELL into your revision. For those of you who are not, this is what you have to do to take the exam in December:
Firstly, STOP reading your text books. That time is now over. What you must do from now on is practice as many past questions as you can, UNDER TIMED CONDITIONS. This is because timing is so important in these exams. If you remember 1.8 minutes per mark (180 minutes for the full exam and a maximum of 100 marks), then you know that each 25 mark question should take you a maximum of 45 minutes. You must not overrun, as you will end up not answering all questions in the real exam. If you can get used to doing a question in 45 minutes and choosing the bits to concentrate on, it gives you a better chance in the real exam.
1) Practice Consolidation - it is the first question on every paper and the adjustments are similar every time. You must be comfortable with Holding Co and Subsidiaries and also associates. Ensure you can do the following:
a) Goodwill calculation
b) Fair Value adjustments
c) minority interests
d) intragroup cancellations
e) provisions for unrealised profits
f) for income statements, mid year acquisitions
at a minimum.
Remember, you do not have to get the whole question completely right. If you concentrate on just the above and then consolidating the balance sheets/income statements, you should get sufficient marks. Please practice as many past exams Q1's as you can.
2) Q2 is a trial balance with a number of adjustments and you must prepare a balance sheet, income statement and statement of changes in equity usually. You should practice as many of these as you can, as it will also help you revise different areas of the syllabus. Ensure you know the format of a BS, IS etc from IAS 1. Also ensure you are comfortable with revaluations and depreciation as this is commonplace here.
3) Generally ensure you are comfortable with tangible and intangible assets. This will include revaluations, depreciation, investment properties, treatment of goodwill and intangibles. You should also be comfortable with impairment.
4) Remember much of the paper is explanations as opposed to calculations. So it is important that you understand why a standard was created or can explain how to apply a standard. There are many marks going for explanations
5) IFRS 8 operating segments is new, so ensure you understand the provisions of this. Also understand the basics of IFRS 6 exploration and evaluation of mineral resources.
If you need any further help, then please post something here on the forum and we will assist!
Good luck and GET THROUGH!
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