Here are some FAQ;'s which will be helpful for your DIPIFR CBE practice
- Will each question be marked by a different marker or will the entire script be marked by one person?
The entire script will be marked by the same person. The examiner exercises quality control over the whole marking process and has the power to amend marks should he/she see fit.
- Is it mandatory to include the number of IFR standard in the answer or will it be sufficient to just state the name?
Either the number or name would be sufficient although both would be better – we would want the candidate to know there is a specific IFRS standard which they are applying to answer the question but how they reference it in their answer is less important.
- Can the student bring their own scrap paper to the exam (any specific requirements such as size or number of sheets)?
- Will there be scrap paper given at the exam?
Yes, this will be provided
- Does the computer have a mouse?
Yes, each workstation should have a mouse/keyboard etc. set up.
- Why is the CBE functionality the way it is?
The CBE functionality is set by PearsonVue who provide the system. The functionality cannot be changed and this is why we would recommend students familiarise themselves with the CBE specimen for practice. The spreadsheet, while similar in look to Excel, is not Microsoft Excel and as such does not have the same functionality.
- How do the answers need to be arranged on the page to gain maximum marks?
Students should present the answers in the order they are asked but if they want to start with Q3 (for instance) just make sure they clearly identify it as Q3. If a question has sub-requirements eg Q3 (a) and Q3 (b), annotate it accordingly. Or with Q4 the question is usually broken down into a number of specific queries with their own title – use the heading title as a paragraph heading. There is no particular order for setting out workings and narrative but we would suggest labelling the workings (w1, w2 etc) and then cross referencing to any narrative. This will be the case if using the spreadsheet response option for workings and the word response option for the explanation.
- How should the process of preparing a consolidated FS be presented in the answer? Does each adjustment need to be presented in a separate cell or show calculation for each adjustment for each line item and post the sum of all adjustments into the line in the answer?
The published answers are in a spreadsheet option already which could be used as an example of the type of workings expected– if it is a simple calculation they can use formulas in cells or copy from a working (clearly referenced). The parent and subsidiary accounts will be presented as a spreadsheet so a good technique is to copy/paste the entire accounts from the exhibit in the question into the spreadsheet response area, close the question exhibit and then use the spreadsheet functionality to add together the parent and subsidiary and then have a column for adjustments before summing each line to get the final figures – extended trail balance approach. We would expect DipIFR students to be used to using spreadsheets for consolidation/financial statement preparation in their work. This is something they should practice using past papers
- What answer areas will be provided for Questions 2-4 if there are calculations required?
The CBE exam will provide a spreadsheet for questions 2-4 if there are significant amount of calculations required – this will be a judgement made by the examining team on a question by question basis. It is unlikely Q4 would have a spreadsheet however as it is usually entirely narrative. If no spreadsheet is provided it is because the calculations can just as easily be typed in the same way as a student would have approached the exam when it was paper based – they are important but not overly complex. In this case the calculations form part of the narrative explanation and should be integrated as such. However if it is something like a lease calculation we may feel a spreadsheet would be appropriate – the student would ensure they clearly cross reference any workings back into the word processing response area where they would provide their narrative explanations. Please note a student can choose whether or not to use a spreadsheet if it is provided, but is not required to.
- Do you know if past DipIFR exams will be uploaded onto the microsite for students to practice with?
Yes, these will continue to be published on the ACCA Global website