SMART STUDY PLAN - Sekoyen Accountancy Tutors



SMART STUDY & PRACTICE PLAN

Achieving a balanced competence scorecard

For P2: Corporate reporting

|PART A: Ascertain and Assess Competences to be developed in relation to current competence level |

|Objectives: to focus explicitly and fully on the assessable competences so that they can be developed adequately. |

|Ascertain the competences of the P2 syllabus | |

|Intellectual levels and implications for study. What drives how you |Thought processes must match task requirements: e.g. synthesis and evaluation cannot be produced in the exam through basic understanding and |

|prioritise your time and effort and what you focus on for particular |recall alone. Effective study should mean targeting effort to meeting cognitive levels: knowledge and skill acquisition must be effectively |

|practice and application? |sought through deliberate practice to achieve clear objectives identified in the competency guide and Skill Audit Checklist. |

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|PART B: Size up the exam: Analyse exam style and consider implications for study and practice |

|Objectives: to develop useful insights into the examiner’s intentions and what is critical to meeting those intentions so that study, revision and practice strategies can be more effectively targeted for maximum |

|success in the minimum of time and effort. |

|The examiner’s approach interview. Watch or listen to this interview and try to identify the unique approaches to studying and preparing for the exam. Think about practical applications of these approaches and include |

|them in a plan making specific references to the examiner’s interview to ensure that you are specifically addressing these recommendations and monitoring their effects on your cognitive and attitudinal development. |

|Make succinct notes of observations and progress. |

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|Analyse the style and content of a sample of past papers to gauge the |Discuss examples in the competence guide e.g. accounting for derivatives. |

|examiner’s intentions. What thinking and professional abilities and | |

|attitudes is he expecting to induce in students? | |

| |Discuss examples in December 2011 exams: what strikes you about the exam style and content? |

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| |Is it possible to pass the exams simply by practising past papers supported by basic understanding or is in-depth and broad knowledge required? |

| |How does the examiner assess breadth and depth of understanding? “at each stage of study there will be a requirement to broaden, as well as |

| |deepen capabilities”. |

| |What do the questions tell us about how we must approach the learning task? |

| |Discuss examples in own workbook. Evaluate how these induce divergent thinking and circumspection. |

| |Leasing |

| |Retirement benefits |

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|PART C: Self-Management: Plan your study timetable objective driven and development oriented |

|Objectives: to practise effective and efficient self-management in order to achieve balanced and adequate competence development in time for the exams. |

|See below for Study Plan |

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|PART D: Evaluate progress regularly (at least weekly) against plan |

|Objectives: to monitor, evaluate and adapt learning so that identified learning outcomes can be achieved efficiently and robustly (what is learnt is not forgotten). |

|See below for outcome appraisal. |

|SMART STUDY & PRACTICE PLAN IMPLEMENTATION |

|Detailed for sessions |

|For each session deliberately determine the objectives, the tasks and the learning outcomes achieved. Note your observations about learning problems, achievements, reflections, insights and how you think you can |

|improve. |

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| | | | |OUTCOME (what you achieved and|

| | | | |where you went wrong and what |

| | | |EXPECTED DATE OF COMPLETION |you did to remedy learning |

| | | | |problems. Log common mistakes |

|DATE |OBJECTIVES |TASKS | |and attributions of failure) |

|BY THE END OF JANUARY I SHOULD HAVE COMPLETED THE FOLLOWING PROGRAMME |

|15/01/2012 |IAS 27 Consolidated and Separate Financial Statements: Learn and |Before you start studying this standard get hold of copies of group | | |

| |apply the core principles of the standard and the related concepts |financial statements of Tesco, Barclays and BBC. | | |

| |through appropriate and abundant exercises involving computation, | | | |

| |discourse, recall, recognition, transfer, evaluation and synthesis. | | | |

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| |IAS 28 Investments in Associates | | | |

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| |IAS 31 Interests in Joint Ventures | | | |

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| |IFRS3 Business Combinations |Try and develop a structured approach to reading these valuable | | |

| | |resources that will broaden and deepen your understanding. Use this | | |

| | |structured approach regularly. | | |

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| | |Study the core principles as set out in the Text covering changes in | | |

| | |the levels of interest in an NCI, disposal of a subsidiary and the | | |

| | |derecognition of assets, liabilities and equity. | | |

| | |Study the worked examples | | |

| | |Practise with the exercises set to develop the related competences | | |

| | |Write succinct notes and cross references | | |

| | |What questions remain un answered? | | |

| | |Review Another group financial report to solidify your understanding. | | |

| | |Update your notes with new insights gained. | | |

|22/01/12 |IAS 28 Investments in Associates: Learn and apply the core principles|Study the core principles as set out in the Text covering changes in | | |

| |of the standard and the related concepts through appropriate and |the levels of interest in an NCI, disposal of a subsidiary and the | | |

| |abundant exercises involving computation, discourse, recall, |recognition of an associate | | |

| |recognition, transfer, evaluation and synthesis. | | | |

| | |Study the worked examples | | |

| | |Practise with the exercises set to develop the related competences | | |

| | |Write succinct notes and cross references | | |

| | |What questions remain un answered? | | |

| | |Review Another group financial report to solidify your understanding. | | |

| | |Update your notes with new insights gained. | | |

|22/01/12 |IAS 27 Consolidated and Separate Financial Statements Exam practice |Review question Analysis and practise all past questions. | | |

| |and insight. To review all past ACCA questions and identify the | | | |

| |relevant insights to inform exam preparation strategy. | | | |

| | |Distil the essence of what has been learnt in the form of succinct | | |

| | |notes. | | |

| | |Use the Evaluation questions to check completeness of study of the | | |

| | |standard. | | |

| | |Answer forward questions for future exams. | | |

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|22/01/12 |IAS 31 | | | |

| |IFRS 3 | | | |

|BY THE END OF FEBRUARY I SHOULD HAVE COMPLETED THE FOLLOWING PROGRAMME |

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|BY THE END OF MARCH I SHOULD HAVE COMPLETED THE FOLLOWING PROGRAMME |

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|A guided approach to using published accounts to deepen understanding of the technical role that standards play in financial reporting |

|Objective: to use company accounts as sources of insights into the ways that | |

|standards are implemented | |

|Focus questions |Answers |

|Make a list of abstract items that are not meaningful to you in terms of where they | |

|are located in the financial statements. This is your opportunity to locate them | |

|because these three companies between them contain everything in the commercial | |

|sector. Remember that presentation needs to be addressed in discursive questions. | |

|Practise in this will help you develop this competence. Examples are: | |

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|Where is negative goodwill situated? | |

|Can you find continuing operations? | |

|Can you find discontinued operations? | |

|Impairment of goodwill: is that in profit or loss or in Other comprehensive Income? | |

|Recovery of impairment losses. Which items do that relate to? | |

|Where is the Other comprehensive Income located? | |

|Where is deferred tax located? | |

|Where is pension liability/asset? | |

|Where can you find information about the core principles of the standards that the | |

|company uses? | |

|Can you identify the standards the company uses? Remember that the examiner scores | |

|for identification of the correct standard that fits the nature of the transaction. | |

|So get practising. | |

|What insights do you gain from the way that the principles are used and cited? Think| |

|about this from the point of view of the user as well as the preparer of financial | |

|statements not forgetting the fundamental principles and the qualitative | |

|characteristics. | |

|For example: | |

|Are you now clearer about hedge accounting after reading Tesco’s and Barclay’s very | |

|succinct notes? | |

|Are you now clear about all accounting issues relating to derivatives as hedging and| |

|speculative instruments? The notes to the financial statements is a quick way to | |

|learn these things! It is called learning in context. You should remember it longer | |

|because of the context. | |

|Derecognition of a derivative on expiry (derecognition of a financial instrument IAS| |

|39) | |

|Disclosures: what disclosures are made and why? | |

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|PART D: Evaluate progress regularly (at least weekly) against Smart Study Plan |

| |Assessment levels |

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| | | |Now fully internalised: I can do this now with|

| | |Now I can do with some prompting and I can |confidence and I am able to apply the skills |

| |Now I can do if prompted. I am |apply knowledge to familiar contexts. |and knowledge to unfamiliar contexts. |

| |hesitant. | | |

|ACCOUNTING AND REPORTING PRINCIPLES AND PRACTICE | | | |

|Understands accounting principles and the qualitative characteristics of financial | | | |

|reports and can competently apply them | | | |

|Able to apply and discuss fundamental accounting principles to a wide range of | | | |

|transactions. | | | |

|Able to apply and evaluate qualitative characteristics of financial statements. | | | |

|Able to link accounting principles to accounting bases and accounting policies of | | | |

|published accounts. | | | |

|Able to identify the accounting principles underpinning accounting standards. | | | |

|Able to link fundamental accounting principles to qualitative characteristics and discuss| | | |

|the relationships and their impact on corporate reporting. | | | |

|DEVELOPMENTS IN ACCOUNTING PRACTICE | | | |

|Fully up to date with developments in financial reporting and can evaluate alternative | | | |

|accounting practices to determine suitability | | | |

|Gain technical insights into new standards and exposure drafts. | | | |

|Can apply core principles of standards to relevant elements of financial statements. | | | |

|Able to assess validity of standard accounting practice based on sound knowledge of the | | | |

|standard and awareness of commercial conditions. | | | |

|Keeps abreast of technical developments and current issues by reading the IFRS website. | | | |

|Read accounting journals, financial press and published financial statements to deepen | | | |

|understanding of accounting practice and its theoretical underpinning. | | | |

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|BUSINESS CONTEXT | | | |

|Able to analyse and evaluate business context to identify, prioritise and resolve | | | |

|accounting issues. | | | |

|Understands business conditions and events that generate transactions to be accounted | | | |

|for. | | | |

|Understands business model and its impact on accounting policy and its relevance to | | | |

|financial reporting. E.g. an accounting policy has to fit the business model otherwise it| | | |

|would not produce reliable information. | | | |

|Understands management’s role in developing accounting practice. | | | |

|Understands business priorities and the inherent conflict engendered in accounting and | | | |

|financial reporting. E.g. conflict between relevance and reliability. | | | |

|Appreciates the importance of financial and accounting control and accountability | | | |

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|CRITICAL THINKING AND JUDGEMENT | | | |

|Can reason within accounting principles and resolve accounting issues, applying critical | | | |

|thinking and judgement appropriately | | | |

|Can interprete business transactions accurately in accounting terms. | | | |

|Can analyse business context logically and identify issues accurately identifying the | | | |

|relevant standards and principles. | | | |

|Can synthesise analysis and resolve accounting issues competently | | | |

|Can appraise conditions critically and explore alternative accounting treatments. | | | |

|ETHICALLY PROFICIENT AND COMMITTED | | | |

|Ethically aware and appreciates requirements of professional behaviour | | | |

|Can identify ethical issues and explain the professional standards relevant to those | | | |

|issues | | | |

|Can identify and explain professional strategies for dealing with ethical challenges | | | |

|Understands the limitations of business ethics and approaches professional ethical | | | |

|conduct with sense of responsibility to stakeholders and the wider public. | | | |

|Understands corporate social responsibility | | | |

|Can identify and appraise efficacy of corporate social responsibility from corporate | | | |

|reports. | | | |

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|PROFESSIONAL COMMUNICATION | | | |

|Can present answers professionally (with skill, style and judgement) | | | |

|Can write clear and concise answers with careful reasoning about information and issues | | | |

|to resolve accounting problems. | | | |

|Integrates various elements into a coherent answer using structure and accounting | | | |

|arguments to persuade, inform and advise. | | | |

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