There go the holidays...

Usually cribbing about the lack of public holidays in Karachi, the five day weekend for Eid-ul-adha should help to satiate our appetites, literally too, with plenty of meat to sink our teeth into.

As Karachi reverts to six-day drudgery with the winter season bringing with it a healthy dose of aspirin and ibuprofen for all those running noses, this wonderful, vacation-like, last, long holiday-making stretch will be spent fully utilized in studying for the upcoming exams straight after with the kids staying home, as much as they would have loved to enjoy the changing season.

Until yesterday, the chill was hurting everywhere, since I believed I didn't have a chance at passing at least one of the exams, F2, despite hours of study and sheafs of practice more than I did for F1.

My failed attempt at getting the revision card kits delivered home may also have been a blow to my plans for revision, but the alternative of going through the practice kits instead may have been more fruitful anyway. Vows for next time now include having all preparation material available at the first possible opportunity, including: 1) CIMAstudy.com package 2) practice kits 3) Revision kits and 4) Text books for ready reference.

The F2 elusive calculations generally leave me dazed and confused and my brain , so I could guzzle down no more than the surface chapters, not daring to go into much more depth. I decided to leave out a good porting of the objectives, promising myself that I will definitely start preparing earlier for the next exam and that I will ensure that I am confident in each module so I never have to be in my present situation again (see post 'Utopia' below).

But a prayer later, I attempted the specimen paper and to my surprise, I found myself working away at solving a much lighter and easier paper than I expected. Of course, most of my answers were wrong but I could actually scrape through in a similar paper as I managed self marking myself with a conservative 52 (another sign bawanma dai Syedna Aqa Maula TUS is helping me at every step) .

However, a few well-known areas that would not have been in the paper would mean a much poorer performance.

While this revelation is a lot more than I could hope for, I also have to start preparing for the other two exams unless I want to realize my worst nightmare (of being in an exam in which I can do no more than stare at the paper in disbelief) for all three papers - and thereby having wasted so much time that could have been spent with my family, watching my kids grow and enjoying these golden, precious moments.

Thank God that I have Aqa Maula TUS 's blessings, or I'd feel pretty let down that I may have made the wrong decision in pursuing this difficult journey.

So far, my requirements for F2 keeping in mind the flowing sands of time, are:

1. Re-do the worst answers from the paper and ensure that I am more confident about at least the following important parts of the syllabus:

• Equity accounting, and its appropriate use, as well as full/ proportionate consolidation, i.e. Accounting for Associates, Joint Ventures and subsidiaries
• The effect of Intra-group transactions or other internal transactions on consolidation of Assets, Retained earnings and Cost of Sales
• The effects of rising prices and accounting techniques for capital maintenance

2. Ensure that I can produce excellent quality answers in my areas of strength, without referring to my revision cards in the following critical areas:

• The purpose of financial ratios and their relationships with each other
• Concepts relating to: social and environmental accounting, voluntary disclosures, substance over form and related accounting entries
• Cash flows for operating, investing and financing activities

3. Of course, I should have a little more practice to brave any of the following parts of the syllabus, which can potentially screw me, in case I have no other choice, or play it by ear holding on to the essential theory behind:

• Piece-meal acquisitions and business reorganizations
• Pensions and share-based payment plans
• Foreign currency transactions

4. Since I am leaving out the following parts of the syllabus, I have to face the consequences of the possibility of a long answer question in the following areas:

• Financial instruments valuation and accounting
• Complex group structures

5. Attempt the May 2010 F2 paper and re-evaluate my strategy if necessary (keeping in mind that I should not get bogged down as I am more confident in the other two papers)

I will probably spend the next hour or so until Friday prayers reviewing the 'bad answers' and updating revision cards.

Once back, I think I need to look over the May 2010 paper and review my strategy to work on at the next available opportunity.

As I still have to come to terms with the reality of my preparation, or lack of, for the other two papers, I will have to work on the remaining tough requirements for F2 as soon as I am through with preparation for P2 and E2, so I can breathe a little easier.

These can start, hopefully, right after lunch today.