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ACCA P2 – Corporate Reporting (CR)

The ACCA P2 paper covers Corporate Reporting. Our P2 courses encourage you to apply your knowledge and skills in the application and analysis of financial reporting principals.

If you are thinking of becoming a Registered Auditor, there are some requirements you need to fulfil in order to sit the P2 exam – please read our UK Audit Qualification Guidance and FAQs for more information.

ACCA P2 Courses

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P2 Syllabus Information

Aim of the syllabus

The aim of the P2 syllabus is to enable you to apply your knowledge and skills, and exercise professional judgement, in the application and evaluation of financial reporting principles and practices within a range of business contexts and situations.

Topics covered

  • The professional and ethical duty of the accountant
  • The financial reporting framework
  • Advising and reporting on the financial performance of entities
  • Preparing financial statements of groups of entities in accordance with relevant accounting standards
  • Explaining report issues relating to specialised entities
  • Implications of changes in accounting regulation on financial reporting
  • The appraisal of financial performance and position of entities
  • Evaluating current developments.

Pre-course work

Read through your F7 materials, as this will be assumed knowledge.

You will be examined on concepts, theories and principles and on your ability to question and comment on proposed accounting treatments. You’ll need to be able to evaluate alternative accounting practices and identify and prioritise issues. It’s also important to demonstrate professional and ethical judgement as well as technical knowledge when addressing corporate reporting issues. Global issues will be addressed through current issues questions on the paper.

Section A - Compulsory question - 50%. This will be scenario based and deal with the preparation of consolidated financial statements including group cash flow statements and with issues in financial reporting.

Section B - Two from three, 25 mark questions - 50%. Two questions will be scenario or case study based and one question will be an essay. Section B could deal with any aspects of the syllabus.

(The Examiner has indicated that if Section A includes a group cash flow statement, then it is likely that some knowledge of group accounting will be required in section B.)

  • You must have completed, or be about to complete the Skills Module (papers F4, F5, F6, F7, F8, F9)
  • You can sit this, with up to three other papers in any one exam sitting

P2 builds directly on the material covered in financial reporting (F3 and F7) at previous levels. Topics covered in P2 will also be applicable if you are going on to study P7 (Advanced Audit and Assurance).

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P2 Corporate Reporting