It’s that time of the quarter again. It’s exam time. I taught SBR to a group of about 20 people this semester. I noticed that they were extremely energetic and were with me in terms of understanding in every class. SBR is an excellent subject for students who like core accounting. However, as Indians we are used to get our numbers right and that’s where SBR becomes very challenging. P2 Corporate Reporting was good for the number specialists as there was a compulsory question on group accounts and consolidation. However, SBR tests your core understanding of accounting. A lot more of error finding, rectification entries, ethical dilemmas and accounting standard interpretations to real life scenarios.
The best way to revise SBR is to make your own notes on each standard and understand the initial recognition, subsequent measurement, classification and disclosures of every standard. IFRS 15 and IFRS 16 are almost guaranteed to be tested because they are significant and still relatively new to the accounting world.
Good knowledge of the conceptual framework and exposure draft will ensure you earn the difficult marks.
Solving both specimen papers as well as the September and December 2018 is crucial for you to know the examiners thought process and how he wants you to prepare.
It’s not a paper you can pass if you don’t like interpreting an accounting standard or applying the standard to the scenario. You must understand from the scenario what accounting treatment was applied, what should have been applied and the rectification entry for each of this especially for Question 1 and 2 which is your group and ethics question respectively.
It’s a great paper to test your skills and I’m sure all of you have put in a lot of hard work. Best of luck for the upcoming exams.