ACCA Exam Tips

June 2013 Exam Tips by Mr. Ang Ming Kiat (Billy)


Prepare consolidated financial statements with adjustments relating to multiple non-consolidation FRSs

1. Consolidated statement of cash flows AND/OR changes of parent’s interest in subsidiary WITH adjustments relating various FRSs (see below)
Consolidation of foreign operation (including subsidiary and associate)
2. Discuss conceptual/ ethical issues


These questions will be scenario based which require you to advise on suitable accounting practices, include analysing and interpreting the financial position and performance of an entity. This may include the appraisal of ethical and professional issues in advising clients. The questions are likely to integrate many topics (FRSs) within a single question.


Likely to be an essay question which covers currently discussed issues (with application into mini-case question) such as:

• FRS110 Consolidated Financial Statements
• Conceptual Framework for Financial Reporting
• Revenue from Contracts with Customers
• FRS for SMEs

Important FRSs you should not miss for this coming exam:

FRS110, FRS28R, FRS103

FRS12, FRS16, FRS18, FRS19R, FRS21, FRS24, FRS33, FRS38, FRS32, IFRS9, FRS102

Exam Techniques

• Plan for your answers and pay attention to instructions. Make sure you read the instructions carefully; how many questions are to be attempted and how long do you have? You should underline key words and remember to look for the verb in the requirement. You should understand al question requirements careful y to make sure you are able to make the best attempt at answering. While reading the questions, you should write or make notes on the question paper but not the answer paper such as:
- read through and highlight relevant information and financial data, noting why it is included and how the additional information reconciled to the financial statements;
- start to plan their answers, particularly for discursive questions;
- think about the order in which to attempt questions; and
- make preliminary calculations.

• Manage your time properly. You should allocate the correct time to each question and requirement – the ‘magic’ number is 1.8. You should attempt all parts of the question, and stick to the time allocation.

• Present answers well. You should plan your answers, laying them out clearly to make life as easy as possible for the marker. Using headings, sentences, paragraphs and bullet points are all useful techniques. Use black or dark-blue ink and to leave enough white space, not cramming too much text on to one page.

• Make answers relevant. It is important that you answer the question you have been asked, not the one you would have liked to answer. You should read the requirement at least twice to make you understand it.

• Gain easy marks. You should have a plan of attack, and go for the easier marks first. Remember, you can still earn easy discursive marks even when you have struggled with the calculations or suspect the numbers are flawed.

• Don’t panic. You should focus on the parts of the exam you can do, not what you can’t do. Even if you feel an exam is going badly, you should keep going, moving on from question to question and answering as much as you can.

ACCA Preparatory Course