Remembering IFRS with Mnemonics

Hi all,

Most of you average guys like me will have trouble remembering the various IFRS Concepts. I had this trouble when doing CA, I still have it now. Over these years, I have come to understand that unless u study & learn to use memory techniques, nothing is ever going to stick to your mind. and CA is (like it or not) a memory based profession (for the most part). 

 

 

Some memory techniques are (1) Mnemonics (2) Memory Palace (3) Major system (4) Mind Maps (5) Peg system and so on.... The diligent student has to first learn these techniques. Then with experiencem he will slowly learn to identify which technique to apply for a particular situation. .

 

 

That said, while going through various IFRS materials, I have come across mnemonics, mind maps that help us to remember the details. 

 

 

I would like to share with you some of these. I ALSO WANT ALL OF YOU TO SHARE YOUR MNEMONICS, METHODS YOU HAVE USED TO REMEMBER THIS STUFF so that we all can benefit (the student and the professional)

 

 

It doesnt matter how silly it sounds (more the silliness, easier to remember), how off colour it is (the indecent ones easily jump to mind)...ALL THAT MATTERS IS REMEMBERING>>>>>>>>PLEASE SHARE>>>>>>>>>>>>>>>

 

 

Replies (3)

INTANGIBLE ASSETS - RECOGNITION - HOW TO REMEMBER CRITERIA 

 

P I R A T E (as in PIRATES of the Caribbean) 

 

 

P ---- Probable Economic Benefits

 

I ---- Intention to complete & use / sell the Asset 

 

R --- Resources adequate & available to complete, use & sell the asset 

 

A -- Ability to use / sell the asset 

 

T --- Technical feasibility of completing asset for use & sale 

 

E --- Expenditure can be measured reliably 

 

CREDIT ---- BPP ACCA Preparation Books - Paper F7

CAPITAL LEASE - CLASSIFICATION - HOW TO REMEMBER CRITERIA 

 

OWNS 

 

O --- Ownership transfers at end of lease 

 

W --- Written option for bargain purchase 

 

N --- Ninety % of leased Property 

 

S -- Seventy Five % of asset economic life is committed in lease term

 

CREDIT ---- CIMA Learning system 

Nice smart study

keep sharing

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