HOW I PREPARED SUCCESSFULLY FOR P2 (Now SBR)
By ACCA Devika Goel
I am an ACCA trainer at London School of Business & Certified Accountants, Chandigarh, who qualified ACCA in January 2018.
I appeared for my P2 examination in June 2017 and scored 70% (in the first attempt). It might feel difficult to attain such marks in professional level of ACCA but with the following tips, even you can score good marks in P2.
· Remember that the ACCA wants to check your conceptual clarity and not how well you can cram information. So, UNDERSTANDING the concept is the way to go for this exam.
· No need to learn the IFRS/IAS numbers, so don’t go on wasting time if you cannot memorize the standards numbers. Just be sure not to write the wrong standard number or name.
· Practice, practice and more practice!! Practice makes you perfect. If not perfect, it will make you more confident about the examination.
· When looking at the answers of any book, remember they are too good to be true. You don’t have to write exactly same. Just pay attention to the answering techniques and methodology.
· Understand the jest of the IFRS/IAS and the ideology/reasoning/objective behind the introduction of such standard. This will give you a clearer idea about the standards workings.
· Understand why and how an entry effects the Statement of Profit or Loss; and/or Statement of Financial Position. Try to understand the concept and logic behind transferring an item to SPL and not OCI (Other Comprehensive Income). This will make P2 an interesting subject for you. (This is the reason why my students have fun in P2.)
· In this examination, calculations don’t carry that much weight as the explanation does. SO be sure to explain the accounting treatments and not just show the workings, because you probably won’t get enough marks by simply showing calculation.
· READ THE REQUIREMENTS of the question. This is where students lose marks. They get so involved in the question that they forget to read the requirements.
If you keep these pointers in mind while preparing for P2 (SBR), you will surely get good marks. SO ALL THE BEST AND BE POSITIVE !
ACCA Devika Goel ( Trainer )
LONDON SCHOOL OF BUSINESS & CERTIFIED ACCOUNTANTS (LSBCA)
Phone: +91-9541120113
Email: [email protected]