Name Date ACCA DipIFR Examiner Approaches to teaching and Learning March 2015

©ACCA CONTENT Objective of the exam and syllabus overview Brief overview of the exam format Teaching and learning effectively Syllabus areas that cause less problems Key weaknesses noted Teaching and learning – Examiner’s advice ACCA DipIFR TEACHERS’ CONFERENCE 2

©ACCA Objective of the exam and syllabus overview Diploma in International Financial Reporting (DIP IFR) – aims and objectives up to date and relevant conversion course detailed knowledge of the key IFRSs and practical application Objectives of the Dip IFR: To understand the conceptual framework of financial reporting To apply relevant IFRS to key elements of financial statements To prepare consolidated financial statements To comply with presentation requirements Syllabus content 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 3

©ACCA Objective of the exam and syllabus overview (continued) Key areas of the Syllabus: International sources of authority (IASB and the regulatory framework) Elements of financial statements Presentation of financial statements and additional disclosures Preparation of external financial reports for combined entities, associates and joint arrangements Excluded topics: Complex group structures and piece-meal acquisitions Financial statements of banks, insurance companies, etc Company/share valuation Preparation of statements of cash flows IFR exposure drafts and discussion papers, etc 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 4

©ACCA Approach to examining the syllabus Brief overview of the exam format the examination is a 3-hour paper all questions are compulsory mix of computational and discursive elements scenario/case study approach 1st question - 40 marks - involves preparation of consolidated financial statements (SOPL, SOCIE and SOFP) the other three questions attract 20 marks each and are related to a scenario in which questions arise regarding the appropriate accounting treatment and or disclosure The overall pass mark for the Dip IFR is 50% 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 5

©ACCA Teaching and learning effectively Recognise background/existing knowledge – some topics will have a context for many candidates but others will be completely new Allocate appropriate amounts of time for teaching and revision Use combined methods of tutoring and of well established methodologies Module based course On-site lecturing Self-study Interactive support of the tutor Control testing and mock exams The provision of feedback Importance of using current learning materials 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 6

©ACCA Teaching and learning effectively – Does exam technique matter? Skills that are essential to successful candidates: self-control and self-possession, the ability to keep calm during the exam and work under time pressure ability to read attentively and understand the task ability to estimate the complexity of the task and set priorities accordingly ability to allocate time for each task and stick to the time schedule ability to collect “easy marks” and not to write more in-depth than required 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 7

©ACCA Syllabus areas that cause less problems Principles of consolidation Computational aspects of questions vs narratives Intra-group trading Fair value adjustments Calculation of the cost of investment Impairment of goodwill on consolidation PPE construction costs Convertible loans (partly) Operating lease 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 8

©ACCA Syllabus areas that cause less problems (continued) Knowledge of the basic principles of IAS 18 – Revenue IAS 37 – Provisions, Contingent Liabilities and Contingent Assets Principles of IAS 38 – Intangible Assets Principles of IAS 21 – Foreign Currency Transactions Principles of IFRS 9 – Financial Instruments Principles of IAS 10 – Events After the Reporting Period 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 9

©ACCA Key weaknesses noted Q4 is traditionally done under time pressure Knowledge of control according to IFRS 10 Calculation of non-controlling interest Consolidated statement of changes in equity Content of segmental reports according to IFRS 8 Dealing with actuarial differences Any complication of a single transaction (for example, the reversal of cost, etc) Presentation in the financial statements 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 10

©ACCA Key weaknesses noted (continued) Knowledge of IAS 12 – Income taxes Knowledge of IFRS 2 – Share-based Payment Comprehensive standards like IFRS 3 – Business Combinations, IFRS 10 – Consolidated Financial Statements or IFRS 9 – Financial Instruments Knowledge of IAS 17 – Leases How to properly split liabilities into current and non-current Knowledge of the provisions of the relevant standard for “single- standard” questions Read and understand the question first 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 11

©ACCA Teaching and learning – the Examiner’s advice Take full advantage of the exam structure - Q1 is core Time management skills – explain and train Practice the application of theory (how some issues are to be accounted for, where they are to be reported, how the information should be disclosed, what is the framework for presentation etc) Preparation of the relevant extracts from financial statements Relevant explanations are vital Complicated elements of a question need to be appropriately dealt with Candidates need to have a strategic approach to exams Refer students to the DipIFR resources (including technical articles) available on the ACCA website Mock exams are key for future success 14/03/2015 ACCA DipIFR TEACHERS’ CONFERENCE 12