In this issue of ACCA Singapore’s Exams Digest, we will focus on revision for the papers P1, P2 and P3. You will find the summary of examiner’s reports and revision resources below, based on the most recent (June 2016) exam. As you go through your revision, do revisit areas you have previously struggled with during the learning phase, and ensure that you are confident with the knowledge needed to pass the exam. Our mock exams will ensure that you cover everything and you can practice good time management too.
We are committed to help you succeed for the upcoming examinations, whether you are a self-study student or a student with an ALP. If you are in doubt on any exam topic or if you have any queries at all, we welcome you to come talk to us at firstname.lastname@example.org. And lastly, don’t give up easily! If you need help in understanding the syllabus or a question, you can consider posting a question on the ACCA Learning Community to get community inputs from other students like yourself.
P1 questions are based on case scenarios and those candidates who studied the information in the case and applied it suitably in their answer were well rewarded. If you use bookwork type answers and reproduce remembered notes, you are unlikely to score good marks. Good time management is important for the paper, so be sure to practice before coming for the exams!
In the last June 2016 exam, the case scenario for Section A was centred on the development of a former factory site. The topics tested in this section included:
- Analyse the claim for three specific stakeholders, then plot the stakeholders using the Mendelow matrix
- Explain how two of the stakeholders could attempt to increase their power
- Evaluate the development in terms of its contribution to the public interest
- Explain the role of the accountant in the society, and criticise the finance director in her assessment of the development
- Writing of a statement where marks were awarded for flow, tone, persuasiveness and structure of the statement
- Explain transparency and fairness and their importance in public sector governance
- Analyse the complexities of performance measurement for public sector organisations and how the 3 Es model could be used
Section B consisted of 3 questions where candidates chose 2 to answer.
The following topics were being tested:
- Evaluate the benefits of CPD according to the case scenario
- Describe the features of effective CPD
- Describe Kohlberg’s conventional level reasoning and justify using the theory on the case scenario
- Discuss the meaning of independence with regards to the audit case scenario
- Describe the principal roles of the audit committee and explore the relationship of the audit committee with the internal auditors
- Explain related and correlated risks according to case scenario
- Discuss how environmental and liquidity risk in the context of the case were negatively correlated
- Describe how risk management could be embedded into the culture, systems and procedures of the company in the case scenario in order to improve business management and sustain competitiveness
More study resources for P1
Get all that you need to know about the P1 paper here.
For this paper, it is important that candidates have an understanding of IFRS based on the Conceptual Framework whilst developing the capability to make judgements. Candidates who interpret the meaning of the information and adopt a deeper approach are likely to be more successful in the examination. Candidates should think critically about the subject, which as a consequence means that it is more likely that the information will be retained long-term.
The Conceptual Framework sets out the concepts upon which the Standards are based. The majority of IFRS requirements are deemed to be consistent with the concepts set out in the Framework. However, the application of the cost constraint has resulted in some IFRS being inconsistent with the Framework. For example, there are certain underlying definitions that are currently used in IFRS but not dealt with by the Framework. It is important that candidates appreciate this problem with the Framework and can identify those standards that are inconsistent with the Framework. This knowledge is relevant to all questions in the examination.
Candidates should understand the objective of financial reporting and the other main concepts set out in the Conceptual Framework plus the economics of the particular transaction or event. They
should understand the extent to which the requirements of a standard are consistent with the objective and concepts set out in the Conceptual Framework.
More study resources for P2
Get all that you need to know about the P2 paper here.
In this paper, the syllabus is primarily concerned with two issues. The first is the external forces (the behaviour of customers, the initiatives of competitors, the emergence of new laws and regulations) that shape the environment of an organisation. The second is the internal ambitions and concerns (desire for growth, the design of processes, the competences of employees, the financial resources) that exist within an organisation.
Candidates who add value to the information provided in the scenario will earn higher marks than those who simply repeat the information. If candidates consider why they believe that information to be important, it should help to add value to their response.
Candidates should ensure that they can understand and apply models to a variety of situations to prepare themselves for this examination. It is also necessary to recognise that there isn’t a theoretical model for every occasion; business analysis, by its nature, will sometimes require an ad-hoc approach.
For Section A’s question, the following topics were tested:
- Use of template to analyse different growth strategies in the context of Ansoff’s growth matrix
- Use of decision tree to choose between alternative projects as well as an evaluation of the use of this method for decision making
- Discuss methods of financing the project
The following topics were tested for Section B:
- Suggest control failings on information systems and how to address them
- Discuss ethical and governance implications of certain situations occurring within the company
- Discuss four-stage process for evaluating and implementing software package
- Discuss other elements of the POPIT model
- Application of the Porter’s Diamond for a company that wants to expand overseas
- Discuss various problems that the company might face if it goes ahead with expansion plans
More study resources for P3
Get all that you need to know about the P3 paper here.
And here’s a motivational tip from Nur Idayu Zaidi, who was placed 1st locally and 14th worldwide for the P3 paper during the June 2016 exams.