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.
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 accaglobal.com–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.
Remember
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.
，我們將會及時處理。