Click here to view full course: FAR IFRS June 2018 Q1.1 Debrief
Well done, you’ve passed your certificate level Accounting exam and are about to embark on your first professional level examination, Financial Accounting and Reporting (FAR).
Have you covered all the theory but need that additional guidance on how to proceed with revision? Look no further. With over 6 years' experience, teaching for a renowned market leader in the tuition of professional qualifications and an approved ICAEW Partner in Learning, I can tell you with confidence that the key to passing your FAR exam is question practice.
I believe the ICAEW question bank is the holy grail that can push you over the threshold to claim that pass you deserve. You may be able to recite the accounting standards in your sleep, but if you can’t apply the theory to the questions, then knowing every relevant paragraph reference in your open book text won’t help you pass the exam!
It is no surprise then, that those who practice sufficient questions ahead of the exam are usually the ones that pass comfortably. Sitting a professional level exam is different to certificate level (for starters, there are no multiple choice questions), you want to make sure you are well equipped to play the examiner's game.
I like to think of FAR as a predictable game, kind of like playing Tetris. You know that each level will require you to observe the tiles dropping from the top of the screen, and you have to form a perfect match of these tiles to eliminate as many horizontal lines as possible. (For those who have never played Tetris, I insist you stop reading this right now and have a go. It’s super addictive and exceptionally satisfying when all your tiles nicely align #goals….don’t forget to return back to this blog though…oh and revise for your exam!) Before I digress, what I am trying to say is that if you observe the question styles tested in each sitting for FAR, there is a reoccurring theme. Yes, the technical issues tested may be different, but the requirement is often the same. If you can master the art of manipulating the tiles in Tetris, you can move quicker up the levels. This is no different to your FAR exam. Familiarising yourself with the different types of questions, means you’ll have a game plan for answering the question. This then means you’re in a better position to tackle the question systematically, thereby optimising your score.
For instance, it is very common for question 1 in your FAR exam to require the preparation of financial statements. Knowing that this question is more or less guaranteed in the exam, you’d be silly not to go in with a game plan. My aim is to help you devise that all-important game plan. I have produced a video debrief of question 1.1 from the June 2018 FAR exam, this will be a useful resource in equipping you with the technique and knowledge you need to prepare financial statements. You can access the full debrief here, but you’ll need to register as a student first and in doing so you will have access to various other courses and lessons.
Remember, you are playing the examiner's game, and as with any game, the more you play the better you get! My advice is start playing now!
Disclaimer: ICAEW takes no responsibility for the content of any supplemental training materials supplied by the Partner in Learning The ICAEW Partner in Learning logo, ACA and ICAEW CFAB are all registered trademarks of ICAEW and are used under licence by Krutika Adatia.