Do We Need To Know Each And Every Thing?

[Muhammad Amir]

Dear Members,

I want to ask that when we study any particular paper for example Corporate Reporting, Do we need to know each and every standard in detail(for future) or just we need to know it up to the extent that we able pass it. For Example If a person is studying IAS 19 or 32 or 39, even if he is making full efforts but due to some bouncers thrown by teacher he does not able to pick each and every concept, although his knowledge is enough to solve exam kit and study text.

Would this knowledge gap penalise him when he join audit firm as trainee?

Would there be learning opportunities for him?

Regards,

Muhammad Amir

[kamranACA]

Dear,

Learning process continues the life time. One should concentrate on the concepts and try to get hold of what he has studied / learned but no worries should be there if something has remained out of grip and even then exam is qualified.

In firms, you get oppurtunities to see the practical application of such standards and so much is clarified. Even the wrong concepts built during our studies get clearance. However, even having obtained training in the firms cannot ensure to make a man perfect. This is an ongoing process and we learn everyday. We are never perfect.

Furthermore, standards and legislation are always subject to radical changes so we should always look forward to coming days with open minds and strive to remain in the cycle of learning process. This is what we require.


Hope your query is answered.


Regards,



KAMRAN.

[accountingunlimited]

Dear Amir
You don't need to know everything at this stage. The IASs you mentioned require ages to get grip on, specially IAS 39. You might find it interesting that the leading tution providers of ACCA and ICAEW i.e FTC Kaplan and BPP allow not more than 4 hours session for IAS 39 which includes past papers. This is the maximum they allow for any IAS/IFRS.
So the employers do not expect more from students at early stages.
Many Thanks
Kind Regards

[Muhammad Amir]

Dear Mr. KamranACA,

Many Thanks For Your Valuable Comments. One more question from you is that Is it true for the "Finance Interview" that Interviewers often ask question on standards like IAS 39 or 32 or 19 and that these questions can only be answered by a person who has a sound grip over these standards, in other words a person who has perfectly solved the exam question under exam conditions can't even able to answer them.(How much truth is there in this statement?).

I once again say thank you for your valuable assistance.

Dear Accounting Unlimited,

Thanks for your reply. Your post has at least put come confidence in me.

I wonder how anyone can teach IAS 39 in just 4 hours, our teacher The legend Sir Kazim Abbas has completed IAS 39 in almost 8 hours.

Regards,

Muhammad Amir

[accountingunlimited]

Most welcome Amir
How is Mr. Kazim now? I heard that he suffered an accident few months ago.
The way he covers standard is very conventional (I am sure he gave you the bundle of notes)and most of the things are not questioned in exam. If you see the past papers you will notice Graham Holt covers more or less same area of these nasty standards with different angles and involving calculations in it. Secondly,once in a year he calls meeting with ACCA teachers to tell them what is he looking for and what are his objectives for future.
If you don't mind, follow the following approach and see the difference
1) Read Examiner's Approach.
2) Read the feedback by the examiner of a paper.
3) Now attempt that paper/question.
Do this with 2-3 questions of each topic and then attempt any question which you have not attempted before. I am sure you will be able to pick the approach of examiner and the area he is trying to cover.
Good Luck
Kind Regards

[Shahbaz]

Assalamoalaikum,

My question is to KamranACA and other qualified professionals.
Can u please tell me how to prepare for Taxation & Corporate Law exams? Should i write the sections given in the ordinance word to word or answers in my own words would do? Waiting for your reply.

Regards,

Syed Muhammad Shahbaz

[Muhammad Amir]

Dear Accounting Unlimited,

No, there was no accident to him he was ok this was a deliberate rumor propagated by his management, the reality behind this drama was that he do not want to teach last session to students(this is what i heard from reliable sources and i may be wrong).

Your approach will be very helpful for me in preparing for P2 paper, I will Insha-Allah study in the light of this approach .

Thanks for your guidance.

Regards,

Muhammad Amir

[accountingunlimited]

Dear Shahbaz
DONT EVEN THINK ABOUT IT.The reference of section is always helpful, however memorising the sections will make life difficult for you. It will be helpful if you can find a good book with summary of sections. Learn the key words instead of whole section. Synopsis of Taxes is a good book for tax and a book by Nazir Ahmed Shaheen is useful for Corporate Law.

You are most welcome Amir.

Good luck to you all for exams
Kind Regards

[Schuaeb]

<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Shahbaz</i>
<br />Assalamoalaikum,

My question is to KamranACA and other qualified professionals.
Can u please tell me how to prepare for Taxation & Corporate Law exams? Should i write the sections given in the ordinance word to word or answers in my own words would do? Waiting for your reply.

Regards,

Syed Muhammad Shahbaz
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Reproducing sections is never required. What I used to do and even doing now is just to reproduce relevant provisions of law ( that are relevant to the question asked) in my own words, or you can say my understanding of the sections. And then in the light of those try to interpret the situation.

[kamranACA]

Dear Shahbaz,

In my B. Com. I was practicing this approach to memorize the law word to word with section references, for the papers of Income Tax, Wealth Tax etc. This helped me securing 80 percent marks in "TAXATION" from University of the Punjab at that stage and helped getting a position in the college.

However, with the passage of time, and by coming to the advanced stage, rather professional stage, I came to realize that it was never a good practice. Extreme of attention (even un-necessary one) on one subject can affect the preparation of other subjects and one must create a balance in his studies.

Therefore, throughout my CA, I never memorized any law word-to-word. Rather, I always got to understand the concepts and the factual intentions behind of the legislators in framing such laws and regulations. I always reproduced the things in my own words and this always helped me getting success.

Yes, there are certain things which we have to memorize. Section references are always very good to memorize and interpret. Exact penalties, tax rates, duties, time limits, due dates, and other such references have to be learnt and memorized.

I don't recommend Synopsis to students of CA. In my view one should read PETTIWALA's book on taxation. This is far better than Synopsis. I found so many glaring mistakes in Synopsis. However, it is always better to read the original approved text of law (along with short commentary, if it is possible). This can give more professional understanding than simply to treat with the examination papers.

I hope this can help you.


Regards,


KAMRAN.

[noman]

not exactly on the topic....but a related question..............

what should be the practice material for Mod Financial reporting paper......besides Kits...
please recommend the practice material for computational question........

about corporate laws.......do we need to have full knowledge of SRO's etc alongwith relevenat sections of law???

[kamranACA]

Dear Noman,

For financial reporting, CIMA's book written by R.J. Kirk is fantsatic.

You should possess knowledge of SROs, rules and regulations that are specifially covered in your syllabus. However, important SROs are extremely benficial to interpret the intention of legislature.

Regards,


KAMRAN.

[Shahbaz]

Assalamoalaikum Warahmatullah-e-Wabarakatuhu,

Thanks a bunch, Accounting Unlimited, Schuaeb and Kamran Bhai. Your posts have cleared doubts in my mind. May Allah bless you all.

Regards,

Syed Muhammad Shahbaz

[freefor911]

Hi, pols are created for ACCA Study Texts you can assess students' choice about publishers from here

http//www.accountancy.com.pk/forum/topic.asp?topic_id=14018

http//freefor911.wordpress.com/2010/07/21/bpp-vs-kaplan/