ACCA P2 - International or UK?

Rozzi Rainbow

Hi everyone.

I've decided now is the time to get back into studying after allowing myself a break over Christmas and New Year, next up for me is "The Beast". I'm actually quite looking forward to the challenge!

For those who have already studied for P2 - which variant did you take? I took International for F7, so was going to just take International for P2 thinking it would follow on better, but on the ACCA website there are lots of warnings about how if you want a UK Auditing Certificate you have to take the UK variant of P2. I have no plans at all to apply for an auditing certificate - I don't even plan on taking Advanced Audit - but further down the line I may wish to apply for the Practicing Certificate. It doesn't say that I must take the UK variant of P2 to apply for the non-auditing practicing certificate, so am I right to assume taking the International variant will be ok, and is the best option for me?

Thank you for any help.

PGM

I did international, I don't remember having a choice. Just did the final modules through Kaplan.

Bluewednesday

I did international too which was annoying when that rule came through! That rule wasn't there when I took mine.

If you don't intend getting an auditor practicing certificate then I would do international, I found I had to work through my F7 notes completely to remind me of what i'd already done before I started P2.

If you've taken international they will allow you to take the UK variant later should you need to but as far as I'm aware this is only for an auditing practicing certificate and it doesn't matter if you want a non audit certificate

Rozzi Rainbow

Thanks Bluewednesday, exactly what I needed to know

mark057

Hi Everyone,

I've still got a few F exams to go but was just wondering if the step up to professional level is huge?

I've heard lot's of horror stories about the jump but wondered if it is as bad as they say and in what
ways.

Mark

PGM

mark057 wrote: »

Hi Everyone,

I've still got a few F exams to go but was just wondering if the step up to professional level is huge?

I've heard lot's of horror stories about the jump but wondered if it is as bad as they say and in what
ways.

Mark

It's like Bluewednesday says, you'll go back over old notes. So in general there's more you have to remember. I found that more of an issue than it being harder.

Rozzi Rainbow

I am freaking out slightly now - my P2 textbook has arrived and it's HUGE If anyone has any study tips they'll be greatfully received. Looks like I need to knuckle down soon and just plough my way through it!

mark057

How many pages in the P2 book Rozzi?

Mark

mini_schnauzer

Looking at my book shelf P2 is thicker than both F9 and F6 books.
It is 852 pages.

Rozzi Rainbow

My BPP Study Text is 636 pages including the question bank and index, 536 pages to study.

mark057

My F9 study text with Kaplan is 636 pages with all included too.

Mark

Rozzi Rainbow

I thought I'd keep this same thread going for any P2 queries, to keep all the discussion in the one place.

I have a query on deferred tax - the textbook lists ten examples and asks you to state the tax base of the asset/liability. I can get my head round nine of them, but this one has me bamboozled:

"Current assets include prepaid expenses with a carrying amount of $2,000. The related expense has already been deducted for tax purposes."

The answer the book gives is "The tax base of the accrued expenses is $2,000."

I think I understand how deferred tax works in practice, and get that normally for prepayments and accruals the tax base would equal the carrying amount, as the expense is allowable for tax in the period when it is charged in the P&L account. What's confusing me is where it states "the related expense has already been deducted for tax purposes". This makes me think it has been allowed in full for tax, even though part of the expense is being carried over to be charged in the next period's accounts, which makes me think there would be a timing difference here? I would have said the tax base here was nil as it has already been allowed for.

Is anyone able to shed any light on this, thanks?