P2 Corporate Reporting

Students said: A time-pressured exam, but one where students actually ‘liked’ the consolidation question. Many students admitted they struggled to identify the issues in Q2 and Q3. One sitter wanted to kick herself for focusing too heavily on consolidation and not enough on the IFRSs and their applications.Previous sitters felt this September’s exam was a much more balanced test.

The examiner said: This exam requires more than the display of rote knowledge of the accounting standards. The examiner said that the performance of candidates in the consolidation question (Q1a) had improved, but candidates were not prepared to the level appropriate for the professional level. Q1 asked candidates to prepare a consolidated statement of financial position for a group with two subsidiaries acquired at the start of the reporting year. The second part questioned the reporting impact of an event that happened after the reporting period. Finally, students had to look at the accounting and ethical implications of the non-consolidation and non-disclosure of a special purpose vehicle. For Q2 candidates had to provide advice to a business on the accounting treatment of a firm operating in a different currency purchased using a local loan, purchase of a subsidiary under a different tax base. Finally students had to look at a contract and the risk of default. Q3 looked at issues around IAS 32, IFRS 5, IFRS 3 and IAS 40. Q4 (current issue) related to the IASB’s disclosure initiative, with a focus on materiality and improvements in the Cash Flow Statement.

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