The examination consisted of two sections. Section A contained one question for 50 marks and Section B contained three questions of 25 marks each, from which candidates had to answer two questions.
Question 1 is a lengthy and difficult question and it is important that candidates do complete all sections of this question. It is surprising that often candidates do not complete part 1c, which is the ethics element of the question. In many ways this is quite worrying as it would be hoped at this level of examination that candidates would be able to discuss an ethical scenario in some detail. Additionally, marks can readily be gained for a well-argued ethically based answer. Feedback from various quarters seemed to indicate that the paper was considered to be a fair test for candidates but the results suggest that many candidates had not prepared in the best way for this exam. There are various tutors who provide students with ‘tips’ for the examination and invariably given the number of tutors providing theses ‘tips’, some will be accurate. However, the best way to prepare for the examination is to understand the key areas of the syllabus and not rely on rote learned answers to questions or ‘tips’. It was evident from the answers submitted that candidates often could not apply basic mathematical principles to the questions. This was evident in question 2 parts b and c. This report will set out how candidates should apply themselves in answering this paper, and will give an insight into how marks can be gained in the examination paper.
The normal problems arose for some candidates such as failing to read the question clearly and therefore providing irrelevant answers, and poor time management where candidates spend too much time on one aspect of a question. However, many candidates do not have a basic understanding of the standards, which causes a problem, as most questions require this knowledge. Section B of the paper requires candidates to discuss various issues but many candidates simply deal with the numerical aspect of a question without the necessary explanations. The problem that arises in these circumstances is that if the calculations are incorrect then candidates will lose most of the marks for the question. Many of the questions are based around real life scenarios, and the marks are allocated for knowledge of the standard and its applications to that scenario. An accountant would not advise a client by quoting a standard to that client. An accountant would give advice that appertains to the specific circumstances of that client and this paper attempts to replicate that scenario. Many of the real issues in practice revolve around some of the core standards .So it is important that candidates understand, for example, the difference between debt and equity, the nature of an intangible asset, how assets ‘held for sale’ are dealt with .The examination paper always attracts comments on some of the wording and technical aspects of the answers. These comments are always taken into account in the marking of the paper.
However, in determining whether a candidate passes or fails, the comments often have a marginal affect. The main reason for failure is simply lack of basic knowledge of the standards and lack of the ability to apply them. In terms of the current issues aspect of the paper, candidates should understand real issues affecting the profession and these issues will not always be EDs or DPs or new standards when they are initially released.
Students should read widely and not be dependent upon a textbook or manual. The latter are a good source of material but there is a need to gain a wider understanding and to contextualize the knowledge gained.
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