Professional Accounting Exams First LevelWatch
Need some advice... Struggling with taxation at the professional level- test of competence (first stage).
Any ideas on how to best prepare for the exam?
The exam is with ICAS (Institute of Chartered Accountants of Scotland)
My degree was in Economics and Accountancy and I also studied accounting at A Levels. However, due to the way the syllabus at university matched my modules to do enough of Economics and enough of Accounting to be able to have a degree which holds both, I never did any taxation as part of my degree. I encountered Taxation for the first time when I studied for the first level of professional exams with ICAS.
A Level accounting never contained any taxation.
My other modules are fine ( Financial accounting, Principles of Auditing and Reporting and Finance) and I've passed the first stage for each of them.
It's just the Taxation module I'm really struggling with.
Re the structure /admin/system type questions cannot really comment, I sat the then equivalent ICAS levels in the mid 1980s when there was far less emphasis on the systems/structure of the tax system; I suspect good memory/a lot of reading carries these.
Re things like Badges of Trade and Capital/Revenue distinctions re say repairs, I would have wanted to have these pat, I would also want some case law like Law Shipping/Odeon etc
We also had an exam stage before these, Prelims, being in Mathematical Techniques/Basic Accounting/ Taxation and then at level 1 had Auditing, Financial Accounting, Taxation and Information Systems, so really hard for me to know what level/ difficulty your exams cover.
I presume you you pass and fail single papers, we had to pass all in one sitting, if you failed one you had to sit the whole lot at that level all over again, nobody got any exemptions re past University courses?
As an aside, how is the FRS102 accounting treatment re Financial assets/liabilities being adopted into say the section on Loan Relationships, I have now skim read FRS102 twice and it makes me want to retire.
Anyway I am starting to sound like the Four Yorkshiremen sketch so will depart.