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The ACCA P2 exam format is a 50 mark compulsory question in Section A and a choice of 2 from 3 25 mark questions in Section B.
Section A
This will be a 50 mark compulsory case study including preparation statement of financial position and/or a group statement of profit of loss and other comprehensive income or statement of cash flows which may include a foreign subsidiary, discontinued activities, disposals and/or acquisitions. This will include other accounting complications such as financial instruments, pensions, share-based payment and impairments.
There will also be discursive requirements on a linked accounting adjustment and social/ethical/moral aspects of corporate reporting.
Section B
Section B normally includes:
Q2 & Q3: 2 case study questions: one a multi-part question covering a range of topics or a theme such as deferred tax, foreign currency transactions, financial instruments, pensions, share-based payment, non-current assets (recognition and/or impairment of tangible and intangible assets), borrowing costs, the effect of accounting treatments on earnings per share or ratios; the other an industry-based question (NB: no specific knowledge of the particular industry is required) testing a range of standards such as accounting policies and the framework, leases, grants, IFRS for SMEs, reorganisations, provisions, events after the reporting period and related parties.
Q4: a discussion question looking at current developments in corporate reporting and problems with existing standards, such as revision of the conceptual framework, leasing, improvements to disclosures, regulatory issues over adoption and consistent application of IFRSs, implementation issues, application of the definition of control and significant influence (equity accounting), improvements in performance measurement, classification in profit or loss vs OCI (see exam team article), integrated reporting (see exam team article), revenue recognition (see exam team articles). Will also normally include a related computational part based on figures from a case study.
One of these questions can also include elements of group accounting, especially if question 1 is a statement of cash flows question.
General advice
Make sure you plan your time at the beginning of the exam (and stick to it) to ensure you don't over-run on particular question – it is 1.95 minutes per mark (or 1.8 minutes per mark if you allocate 15 minutes to reading the paper and choosing your Section B questions). That applies within questions between the separate parts as well.
Don't spend too much time on numerical parts at the expense of the written parts. It is often easier to pick up marks in written questions than in complex numerical ones. Work on the basis of 1 mark per well explained point for written questions.
