Since the introduction of 2010 professional syllabus, F1 has consistently had a global pass rate of over 50%, with some areas having a success rate of above 60%.

F1 is probably a delight for students from an accounting background or who have an interest in the science of financial accounting, because its learning outcomes cover a lot of financial accounting.

For those who didn't pass in November - don't be disappointed as you now have exam experience and the examiner`s comments to learn from.

The obvious issue which the examiner pointed out was question spotting. Examiners and learning specialists have always stressed that question spotting is not advised in this paper as most learning outcomes are covered in each examination.

Question 1 was not as well answered this time as in previous diets. Some candidates missed out some MCQs altogether. Many candidates struggled to score more than half marks.

Some candidates were not well prepared for 2(c) tax bases; question 2(d) concepts of capital and capital maintenance and question 2(e) materiality. 

Question 3 produced some very good answers with some candidates scoring full marks.

Question 4 was not well answered by candidates in some centres. Some common errors in this question were:

Not including the fair value adjustment in the goodwill calculation. Including the excess depreciation arising on the fair value adjustment in the goodwill calculation.

Trying to calculate goodwill in the associated entity and calling the result investment in associate.

Using the cost of the associate as the investment in associate.

Candidates either knew how to prepare a consolidated statement of financial position and scored fairly high marks, or didn’t really know what they were doing,  suggesting that some had been question spotting and had not prepared for a consolidated statement of financial position

Overall, well prepared candidates with a good exam technique were able to distinguish themselves. There were many excellent scripts presented.

All of these can help you succeed in your March exam. After reading the attached post exam guide, you should be able to identify areas you need to work on.