INDUCTION AND STUDY GUIDANCE ACCA P2 – CORPORATE REPORTING BPP READING | BPP BIRMINGHAM | BPP MANCHESTER

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CONTENTS THE ROLE OF BPP .............................................................................................................. 4 YOUR TRAINING CENTRE ............................................................................................... 5 COURSE ATTENDANCE DATES ...................................................................................... 5 YOUR TUTOR ...................................................................................................................... 5 COURSE STRUCTURE ....................................................................................................... 6 EXAM SUBMISSION DATES ............................................................................................. 7 PRE-COURSE WORK .......................................................................................................... 8 BPP ONLINE ACCESS ........................................................................................................ 8 P2 – CORPORATE REPORTING ........................................................................................ 9 USEFUL LINKS .................................................................................................................. 10

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HOW MUCH WORK IS REQUIRED? Professional exams are hard and require a lot of commitment. Students should therefore regard what they learn in the classroom as the start, not the end, of their studies. At the end of each day the tutor will usually set homework, but in addition to this, students should spend some time in the evening to review the topics covered during the day. This is important to consolidate students‟ understanding of what has been covered and to make sure that the student doesn‟t fall behind. Students can also supplement and consolidate their studies through their access to the MyStudy online learning system which will provide a useful tool for recapping the day‟s lessons. Students are also expected to continue studying between the taught and revision course as the emphasis of the revision course is exam technique and question practice and tutors will not “re-teach” the material. As a general guide, after the taught course students should be aiming to spend between 10 and 15 hours a week on their ACCA studies and will need to manage their time effectively between work and study commitments. If at any point a student feels that they are struggling or something happens that may jeopardise their exam success prospects, it is imperative that the student contacts either the KPMG Professional Qualification Training Team or one of their BPP tutors for help and support.

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THE ROLE OF BPP All the tutors at BPP do everything possible to support students through their studies to give them the best chance of passing the exams. This is demonstrated by our pass rates, which are significantly higher than the ACCA average. At the start of each of the taught and revision course the tutor will provide students with contact details, but students are also encouraged to ask any questions they have during class. Students often worry that their question is “stupid” which is rarely the case (indeed it is probably a question on everyone‟s lips), but if students prefer, they should ask their question before or after class or during a break or lunch. The important thing is to ask! The tutor is a resource the student must maximise. Tutors can also be contacted outside of the classroom (e.g. between the taught and revision course) as and when additional questions or concerns arise.

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YOUR TRAINING CENTRE Reading

Birmingham

Manchester

BPP Professional Education Aquis House 49-51 Belgrave Street Reading Berkshire RG1 1PL

BPP Professional Education 32-34 Colmore Circus Birmingham B4 6BN

BPP Professional Education Ground Floor Boulton House Chorlton Street Manchester M1 3HY

Contact: Ellen Barnes (01189 028660)

Contact: Martin Potts (0121 237 3805)

Contact: Emma Vincent (0161 244 6353)

COURSE ATTENDANCE DATES P2

Date

Time

Taught

2, 3, 4 and 5 April 2012

9 am to 4.15pm

Revision

6, 7, 8, 11 and 12 June 2012

9 am to 4.15pm To be advised

ACCA Written Exam

19 June 2012

YOUR TUTOR BPP Training Centre

Tutor

Email address

Reading

Antonia Davis-Maxwell

Birmingham – Taught course Birmingham – Revision course

Frances Rosairo Lorraine Hayes

[email protected] [email protected] [email protected]

Manchester

Richard Jenkins

[email protected]

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COURSE STRUCTURE Students come to BPP for four days of teaching and five days of revision for this paper. On the first day of the taught course students will receive the following material:  Taught Course notes – this will be used in the classroom  Course exams (also referred to as hurdle exams) – see below  Study text – students should use this as a reference guide to consolidate and supplement what they learn in class, but do not need to bring it into class  Passcards – postcard sized info bites summarising key topics (as provided with the F3 course) Students receive two course exams as part of the study pack. Students will sit Course Exam 1 in their own time and must submit this to BPP for marking by an agreed deadline. Course Exam 2 is tackled at the end of the course under exam conditions at the local BPP centre or local office, depending on where students are based. The Professional Qualification Training Department will be in touch with more details in relation to the location of the second course exam. Students sitting outside of a BPP office must submit the exams for marking to the following email address: [email protected] . You must ensure that you attach the completed front cover with your address and paper details and ensure this is submitted on the dates specified.

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EXAM SUBMISSION DATES P2

Submission Date & Details

Course Exam 1

Due by Monday 23 April 2012

Course Exam 2

To be sat on Friday 11 May 2012 at BPP or local office

Mock Exam

To be sat on Wednesday 13 June 2012 at BPP

The course exams are marked and returned to students, usually within five working days. The results of these exams are also reported to the Professional Qualification Training Team and to students‟ Performance Managers. The first course exam is worth 50 marks, is 1.5 hours in duration and comprises two twenty five mark (exam length) questions. The second course exam is worth 100 marks and is 3 hours long with fifteen minutes reading time and as such is representative of the real exam. On or before the first day of the revision course students will receive a question and answer bank which they will need every day in class and for homework. Students will also receive a set of revision notes on the first day of the revision course, which they will also use in class. Students are also required to sit a mock exam at the end of the revision course. This is an exam standard mock exam and is sat at BPP under exam conditions. Scores from the mock exam will be reported to the student and the Professional Qualification Training Team before the actual exam. Every effort is also made to return students‟ scripts before the real exam. If you have any issues with submitting your exams then please contact Ellen Barnes ([email protected]).

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PRE-COURSE WORK As it will have been over twelve months since studying F7, a review of the key areas of F7 would be very useful for this paper. Ensure that your review incorporates:  Group accounting  Financial Instruments  Deferred tax  Accounting for leases  Statements of cash flow  Tangibles and intangibles If you had an exemption from F7 please review your university materials covering the above subjects. This self refresh work is facilitated by the BPP online learning environment which contains F7 chapters which are directly relevant assumed knowledge and a Test of Assumed Knowledge. All students are expected to attempt this test which comprises 27 questions worth 50 marks. A percentage result is provided on completion, along with a brief rationale for the answers which students can review if they have got their answer is incorrect. KPMG will be informed of the result gained.

BPP ONLINE ACCESS Students can access the BPP online learning environment using the login details previously given. The link for the online learning environment is: https://learn.bpp.com/LMS/SignIn.aspx

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P2 – CORPORATE REPORTING Overview P2 teaches you how to evaluate financial reporting principles and practices. It builds on the knowledge gained in papers F3 and F7. On booking the P2 course you will be given online access to BPP‟s Assumed Knowledge resources for F7, to help you get back up to speed for P2. The Syllabus covers:       

Professional and ethical duty of the accountant Financial reporting framework Reporting the financial performance of entities Financial statements of groups of entities Specialised entities Implications of changes in accounting regulation on financial reporting Appraisal of financial performance and position of entities

Examiners‟ approach: The examiner for Paper P2 takes a very „holistic‟ approach to Corporate Reporting and expects students to have a breadth of knowledge covering both technical and practical issues. He is very keen on current developments in the Corporate Reporting world and professional/ethical issues. Students need to be technically competent, but also need to be „well read‟. It is advisable for students to read a good quality newspaper plus accountancy journals and publications and not just focus on their text books. Exam structure: The exam comprises 2 sections – section A contains one compulsory 50mark question and section B contains three 25-mark questions, from which students must select two. Section A is a scenario-based question, testing students mainly on preparation of group financial statements. This could include a Consolidated Statement of Cash Flows. The examiner also includes a number of accounting adjustments here. Approximately 35 marks will be available for this exercise. The remaining marks will be available for (usually) two further requirements including a professional or ethical issue. Again, this is likely to be scenario based, rather than rote-learning exercises. Section B questions will be predominantly written, with one question being an essay (usually on some sort of current development). The other two questions will be „accounting treatment‟ style, often focusing on some sort of specialised industry. It is possible to have entire questions based on a single standard (eg pensions or share based payments) but more usually questions will cover a range of issues. The majority of marks are usually awarded for explanations rather than calculations.

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Syllabus content The main syllabus headings are mentioned above. More detail on the key areas is set out below: Reporting financial performance of entities This area covers accounting standards (IAS‟s and IFRS‟s). Some of the standards included in P2 are entirely brought forward knowledge (eg PPE and Intangibles). Other standards are partially brought forward from F7 but are further developed in P2 (eg Financial Instruments, deferred tax, leases). There are also a number of standards that are new at this level (eg Share based payments, Pension scheme accounting). Students are expected to have a more sophisticated knowledge of standards at this level so that they can, for example, advise on selection of appropriate policies. Financial statements of groups of entities The preparation of group accounts is essentially brought forward from F7. However, in P2 students will be expected to prepare consolidated financial statements incorporating one or more complex issues, such as disposals, foreign entities, complex group structures and group statement of cash flows. It is essential therefore that students are comfortable with the brought forward knowledge to enable them to focus on the new areas. However, students must also remember that they cannot pass P2 on groups alone so it is also important to work on other parts of the syllabus too! Specialised entities There is no specific requirement for students to have knowledge of certain industries or types of entity. However, it is common for the examiner to set section B questions based on particular (sometimes unusual) industries. The examiner is effectively testing students‟ ability to apply general purpose standards and principles to a range of transactions. Appraisal of performance and position The examiner has indicated that there will not be a traditional „ratio analysis‟ style question in this paper. However students need to be aware of the main ways in which entities are appraised to be able to appreciate the impact of different accounting treatments on the financial statements. Further information, including past papers, an interview with the examiner and an article on the examiner‟s approach can be found on the ACCA website.

USEFUL LINKS You can find past papers, exam tips and reviews on the ACCA website using the following link http://www2.accaglobal.com/students/acca/exams/p2/.

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