If you have entered MICS in March, we hope you are enjoying the case ‘BILD’ as much as we are...

Our lead tutor on MICS is Kate Williams, our P2 specialist tutor. P2 is the lead paper for the MICS course.  If you want to hear her debrief the case from a P2 perspective have a look at her recording… it can be watched on any smart device (including a smart TV!):

MICS: Debrief of pre-seen (1 hour) - password HTFTFREE

From a F2 point of view, BILD is a civil engineering company and therefore undertakes construction contracts. IAS 11 ‘Construction contracts’ has moved into the F2 ‘new 2015’ syllabus and it is likely to be a trigger on one of the exam days.

It is important you have a full understanding of the standard, so you are ready to discuss the implications?; maybe a contract is starting to ‘go bad’?; costs out of control?; losses are looming?; Are you 100% ready to give a strong technically correct and ethically driven answer?

Remember ethics in financial reporting has also moved onto the F2 syllabus - professional competence is expected from CIMA members - if you don’t know your IAS 11 you could be on a sticky wicket here.

Clare Finch, author of ‘A students guide to IFRS’ and the HTFT F2 tutor debriefs the standard in full in bite size chunks… have a watch (password HTFTFREE):

Video 1: Introduction (10 mins)

Video 2: Accounting treatment (14 mins)

Video 3: Apply your knowledge 1 (10 mins)

Video 4: Apply your knowledge 2 (7.5 mins)

Video 5: Loss making contracts (6 mins)

Video 6: Apply your knowledge 4 (4 mins)

Video 7: The SOFP (16 mins)

Video 8: Apply your knowledge 6 (3 mins)

Video 9: Subsequent accounting periods (8 mins)

Good luck in the exam!