TARC ACCA 2005: More tips from passmagazine...

~~~~~~~~~~~~~~~Motivation Quote~~~~~~~~~~~~~~~~ ~~~~~~~~~~Sometimes it takes a lot of rain before you get your rainbow!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~Just FOcus On The Key Topics That You Know And Ignore What You Don't!!!!!!~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~The glory is not in never failing but in rising again everytime you fall!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~YOU MAKE THE FAILURE COMPLETE WHEN YOU STOP TRYING!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~

Sunday, November 13, 2005

More tips from passmagazine...

PAPER 3.6
Advanced Stage Corporate Reporting
LVMT
• Consolidated profit and loss account including adjustments for disposals and deemed disposals; also goodwill impairment calculation
• Foreign group implementing FRS 23/IAS 21
• Financial reporting in hyper-inflationary economy (FRS 24/IAS 29) and events after the balance sheet date (FRS 21/IAS10)
• Earnings per share (FRS 22)
• Joint ventures and associates (FRS 9/IAS28 & IAS31)
• A combination of different standards in one question possibly involving FRS 21 (IAS 10) OFR, corporate governance and environmental reporting

PAPER 2.5
Financial Reporting
LVMT
• Consolidated financial statements
• Preparing the consolidated profit and loss account/income statement and the consolidated balance sheet
• Published financial statements of a limited company - presentation in accordance with accounting standards and statutory formats with adjustments involving the application of various accounting / financial reporting standards
• Cash flow statement: Presentation in accordance with FRS 1/IAS7
• Interpretation of financial statements ratio analysis and assessing financial performance
• Tangible and intangible non-current assets, goodwill and impairment of assets provisions

• Revenue recognition; recognition of the substance of a transaction: application of the ASB’s Statement of Principles/IASB’s Framework and other relevant accounting standards and concepts.

PAPER 2.6
Audit and Internal Review
LVMT
• Corporate governance (provisions of the Combined Code and the rational for there being provisions of corporate governance)
• Audit committee (what functions an audit committee should have and what advantages a company would have as a result of the establishment of such a committee)
• Internal controls
• Internal audit
• Risk (identify the elements of risk present when an audit is taking place)

PAPER 2.1
Information Systems
LVMT

• Cases are meant to test the candidate's ability to handle more pragmatic issues applying his/her theoretical ideas acquired in the classroom

• Cases would always require the candidate to assume himself in the case to be able to answer the question as required by the examiner

• Most case questions have at least some amount of clues embedded in them and that calls for careful reading to know the mind of the examiner

• Each paragraph in most cases are very vital since they carry different set of information

• Some of the answers the examiner requires from the candidate would be such that he/she would have to think outside the case.