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Frequently Asked Questions (FAQs) - ACCA Global
Frequently Asked Questions (FAQs) - ACCA Global
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How long should I spend on Section A and Section B of the SBR exam?
My strategy is to only learn certain topics and answer questions just on those. Is this the best way to revise?
How should candidates study for the current issues element of the syllabus?
Do you have any guidance on teaching students with exemptions, who are often not as proficient as students who have taken and passed financial
reporting (FR)?
Are marks given for workings not included in the final answer?
Are recently revised versions of International Financial Reporting Standards (IFRS) examinable?
Can you explain the difference between accounting rules and principles?
How should candidates best prepare for the FR and SBR exam?
If partial workings in the consolidated financial statements aren't referenced back to the financial statements, would they be marked?
In accordance with IFRS9 Financial instruments, an entity may elect to recognise subsequent re-measurement of investments in equity instruments
within other comprehensive income. Is this within the syllabus?
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How long should I spend on Section A and Section B of the SBR exam?
Candidates should spend half their time allocation for the whole exam on the section A and the other half of their time on section B.
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My strategy is to only learn certain topics and answer questions just on those.
Is this the best way to revise?
A candidate should have an understanding of every element of the syllabus. In the SBR exam, a wide range of syllabus areas are always examined, and it is definitely better to
have a broad knowledge of the principles of all of the topics within the syllabus, than to have a detailed knowledge of only a few, and to ignore others.
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How should candidates study for the current issues element of the syllabus?
The SBR syllabus contains very specific guidance about what the examining team considers to be the current issues. Whilst there will be material included in the Approved
Content Provider texts relating to these current issues, candidates are encouraged to read widely around these issues. For example, candidates should read journals and
periodicals and look at the websites of the International Accounting Standards Board and the 'Big 4' accounting firms (KPMG, PwC, Deloitte, Ernst & Young).
Look out for major issues for users and preparers of financial statements.
Current issues are normally covered by an essay question and therefore if a new accounting standard has been issued then candidates should know the key implications.
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1/1/2020 Frequently asked questions (FAQs) | ACCA Global
If there has been an issue about an accounting standard and an exposure draft or a discussion paper has been issued, then that could be a topic for a question.
Bear in mind that current issues questions do not always deal with specific new standards, or exposure drafts, these questions can also examine any criticisms of existing
standards.
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Do you have any guidance on teaching students with exemptions, who are
often not as proficient as students who have taken and passed financial
reporting (FR)?
Before sitting the SBR exam, candidates should ensure that they have a wide understanding of International Financial Reporting Standards (IFRS®). They should also
understand the principles of the Conceptual Framework For Financial Reporting and be able to apply these principles within the context of an SBR question scenario.
Candidates will also require a good working knowledge group accounting and be able to explain their calculations and the rationales behind them.. You may like to set a past
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• be based on international accounting standards in the same way as the international versions of the exam
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• include relevant elements of UK legislation and the regulatory framework of UK GAAP.
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Are marks given for workings not included in the final answer?
Yes, and it is very important to show clear workings so that markers can give full credit for method, even where some mistakes have been made in calculations..
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awarded accordingly.
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from September 2018 to June 2019 will examine standards in issue as at 1 September 2017.
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Can you explain the difference between accounting rules and principles?
Principles (eg substance over form) can be applied to a scenario and don't refer to a particular standard. Rules are contained within standards eg impairment.
Generally, candidates find it hard to differentiate between key rules in the standard and those that are not important.
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How should candidates best prepare for the FR and SBR exam?
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We have evidence that many candidates do not practise exam questions prior to the exam but simply read the questions and model answers together.
Candidates are advised to practise the questions as if they were sitting the exam.
They should also read the Examiner’s Reports from recent sessions as these contain a great deal of constructive advice for future candidates.
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default position.
Candidates should treat investments in equity instruments within the scope of IFRS9 that are not held for trading as fair value through profit or loss.
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