ACCA P2 Exam Tips September 2015 Session


ACCA P2 Exam Tips September 2015 session given below are just intelligent guesses from exam point of view provided by famous tuition providers.

These exam tips must not be relied on totally. To increase chances of success in Exams you must prepare full breadth of syllabus and topics

ACCA P2 Exam Tips:

ACCA P2 Corporate Reporting Paper Exam Tips for September 2015 Session are given below by famous tuition providers


Do not ignore ethics it appears in every section A question and could have up 10 marks.

Always apply your 5 standard workings when doing CSFP. This will help ensure easy marks are picked up and it is easier for the marker to follow what you have done.

Do not ignore the current issue question. Often it contains numerical aspects of an accounting standard you are familiar with as well as the current issue. E.g. reviewing the use of FV and the new rules on financial assets in IFRS 9.

Practise as many questions as possible across the syllabus, and don’t only concentrate on consolidation. Practice writing out pro-formas so you can do this quickly and efficiently on exam day.

Use the reading time effectively – decide which question you are not going to attempt from Section B and then read the Section A question.

If you need help with Accounting Standards, read Clare Finch’s guide to IFRS.

If you struggle with Groups, read Tom Clendon’s guide to Group accounts

Consolidation is hugely important but you can’t pass the exam on this alone – a significant number of marks in the consolidation tests your understanding of other accounting standards.

Don’t overrun your time on part A of question 1. There are often easier marks available in pasts B & C.

If you can’t do something ignore it and move on – time is very tight and there is no point staring at a blank piece of paper if you really don’t know what to do.

In addition to consolidation the examiner is particularly keen on:

  • Revenue Recognition
  • Financial Instruments
  • Pensions
  • Deferred Tax
  • Reconstruction of insolvent company
  • Foreign Currency
  • Impairment

The examiner writes articles that are published on – search for “Graham Holt”.

An understanding of the Accounting framework is vital in being able to discuss any issues surrounding an accounting standard or proposed change to that standard.

Unlike F7, there are very few marks, if any, for simple figures in the Consolidation exercise. Marks are concentrated on the adjustments and detailed computations of key group issues, like Goodwill, NCI etc. Make sure your workings are clear and fully explain any adjustments you make to comply with relevant IFRS.

Do not treat the Consolidation exercise as being all 50 marks of question 1. It will typically be 35 so allocate the correct time to it and the other elements in Q1.

In scenario style questions in section B, be sure to state the relevant accounting standard for any advice that you give, together with the relevant rules from the standard and then subsequently state the advice on correct treatment of facts in the scenario. Don’t be tempted to jump straight to a statement of the correct treatment as marks will not be maximised by doing this. Read articles and read around the subject.


  • Do not add up the accounts.
  • Start each question on a fresh page.
  • BE NEAT in the exam.
  • Time management (or lack of it!) is the most common reason for failure.


Section A
– This will be a 50 mark compulsory case study including preparation of a group statement of profit of loss and other comprehensive income and/or statement of financial position or statement of cash flows which may include a foreign subsidiary, discontinued activities, disposals and/or acquisitions. This will include other accounting complications such as financial instruments, pensions, share-based payment and impairments.
– There will also be discursive requirements on a linked accounting adjustment and social/ethical/moral aspects of corporate reporting.

Section B
Section B normally includes:
– Q2 & Q3: 2 case study questions: one a multi-part question covering a range of topics or a theme such as deferred tax, foreign currency transactions, financial instruments, pensions, share-based payment, non-current assets (recognition and/or impairment of tangible and intangible assets), borrowing costs, the effect of accounting treatments on earnings per share or ratios; the other an industry-based question (NB: no specific knowledge of the particular industry is required) testing a range of standards such as accounting policies and the framework, leases, grants, IFRS for SMEs, reorganisations, provisions, events after the reporting period and related parties.
– Q4: a discussion question looking at current developments in corporate reporting and problems with existing standards, such as revision of the conceptual framework, regulatory issues over adoption and consistent application of IFRSs, implementation issues, revenue recognition, management commentary, application of the definition of control and significant influence (equity accounting), improvements in performance measurement, classification in profit or loss vs OCI (see exam team article), integrated reporting (see exam team article). Will also normally include a related computational part based on figures from a case study.

One of these questions can also include elements of group accounting, especially if question 1 is a statement of cash flows question.

General advice
At the beginning of the exam you are given 15 minutes ‘reading and planning’ time. During this time you can read and annotate your question paper and so this is a perfect chance to make notes next to the information in the scenarios of things to include in your answer.

Make sure you plan your time at the beginning of the exam (and stick to it) to ensure you don’t over-run on particular question – it is 1.8 minutes per mark (excluding the reading time). That applies within questions as well.

Don’t spend too much time on numerical parts at the expense of the written parts. It is often easier to pick up marks in written questions than in complex numerical ones. Work on the basis of 1 mark per well explained point for written questions.


Coming Soon

Becker’s Professional

– Consolidations in Q1.
– Disposals and complex groups (June 2010).
– Disposals (December 2009).
– Step acquisitions (December 2011).
– Cash flow (Dec 2013).
– Foreign Sub (June 2010).
– Complex group (Dec 2012 and June 2013).
– Consolidated profit or loss was examined for the first time in over three years in the June 2014 paper.
– Foreign subsidiaries have not been examined for a few exams.
– Financial Instruments (IFRS 9) to include hedge accounting, (questions on this topic tend to appear in most exams).
– Employee benefits (IAS 19).
– Leases (IAS 17).
– Share-based Payments (IFRS 2).
– Impairment of assets (IAS 36).
– Deferred Tax (IAS 12).

First Intuition

– Q1: Group question on foreign subsidiary. Will contain a variety of non-group topics too.
– Ethics.
– Revenue recognition or leases – current issue.
– Deferred tax.
– Share based payments.
– Pensions
Other will be as usual from rest of areas

Open Tuition

Coming Soon

Manchester Metropolitan University (MMU)

Coming Soon