The ACCA Strategic Business Reporting is regarded as the more easier paper of the two ACCA essentials, and that should not flatter you. The paper recorded a pass rate of 51% in March 2020, which is not bad considering more than half the students that sat for the ACCA exam passed! I hope this helps you pass this ACCA exam. I hope this article will enable you to prepare very well for this ACCA exam. Here is how you can do it.
The first thing you want to do when sitting for this ACCA exam is to ensure that you have sufficient understanding of the ACCA Financial Reporting paper (FR). The ACCA SBR builds on this paper hence a deep understanding of the concepts that underlie ACCA FR will benefit you significantly. This will help you pick up the easy marks from the ACCA exam, since you would have got a solid foundation of the basics.
When studying for this ACCA exam, make sure you cover the whole ACCA syllabus. Covering the whole ACCA syllabus alone is not enough, make sure you understand the concepts that make up this ACCA paper! It is up to you how you do it but I recommend that you acquire study lectures from institutions that you trust. I recommend LSBF, Acowtancy and Open Tuition. They will help cement your knowledge of this ACCA paper. You can also read ACCA study texts.
Also ensure that you have enough study time for this ACCA exam. Last minute things will probably not get you anywhere as this is a highly technical paper. It is vital that you allocate enough time to study this ACCA exam. 12 weeks is sufficient to study and pass this ACCA exam. Also, see to it that you do not over-study. Leave sufficient time to do revision as this is important for every ACCA exam. More on this later!
It is essential that you understand group financial statements. It is almost guaranteed that Section A of the ACCA SBR exam will cover a question that requires you to prepare group financial statements. This includes cash flows (I hate them). Learn them! The most commonly examined ACCA SBR topics under consolidated financial statements are acquisitions, disposals, NCI movements, goodwill, and foreign subsidiaries. Understand the fundamentals that underpin these topics.
Since standards underpin this ACCA paper, it is vital that you understand all the standards that are relevant to this ACCA paper. Remember you are going to need this knowledge if you choose to pursue the ACCA AAA paper since with audit, you are typically auditing business reporting. I have made a summarized compilation of the financial reporting standards that are relevant to this paper. I hope this helps you consolidate your knowledge of the financial reporting standards. Study them very well. Check out the booklet here!
Once you are done with the ACCA SBR study phase, you can then move on to revision to help cement your understanding of concepts that make up this ACCA paper. Do a lot of ACCA past papers as this will help tremendously in refreshing your knowledge of financial reporting standards. This will also help you grasp group financial statements and make you comfortable with some of the frequently examined topics or concepts. Choose ACCA past papers from the last 10 years and focus on them. Make sure you attempt them on real ACCA exam conditions. This will help you develop ACCA exam techniques which include time management.
Time management is vital to succeed in this ACCA exam. It is important that you choose where to start when sitting for this ACCA exam. I advise you to start with a question that you are most comfortable with. It will probably be a 25 mark question. If you start with a 25 mark question, ensure that your next one is the 50 mark question. I hope you realize that you will certainly not pass the ACCA exam if you only attempt the two 25 mark questions (assuming you fail allocate your time very well). However, you have a solid chance of passing with a well answered 25 and 50 mark question! Also, you will not obtain the full ACCA professional marks unless questions are finished. Allocate your time very well!
When answering questions, do no give generic answers. Apply the standards and all your answers to the scenario. Demonstrate an understanding of how the concepts that make up this ACCA paper apply in the business world. That is the whole point of this ACCA paper, to equip you with skills that will be relevant in real life. Answer questions with enough depth, but be straight to the point! Do not give irrelevant answers. Remember, time is money!!
I hope this helps you prepare for your ACCA SBR exam. Also check out other ACCA resources offered by ACCA including ACCA technical articles, ACCAexaminer reports and also attend any webinars organized by ACCA for this paper! I hope this helps you pass this ACCA exam. Goodluck…