The ACCA P2 (Corporate Reporting) syllabus contains many IFRS, and also consider the relevance of ethics for an accountant. It is however true that the ACCA P2 examination is predictable like any other ACCA examination. The broader guidelines issued by the ACCA suggest what is likely to be tested in different sections, especially the mandatory question on Consolidated Financial Statements. A few areas are commonly tested, thereby making the students exam ready with more focus on few must know topics, rather than know it all.
It may not be too much to ask from the ACCA to make the examination unpredictable and somewhere control its P2 pass rates, by increasing the level of the examination. After all, ACCA is significantly an accounting qualification as considered by most of the people. Many accounting standards are also tested through P7, Advanced Auditing paper that is a tougher one to crack assuming that the ACCA members are likely to be conducting audit, if in practice.
An approach that ACCA may consider is to increase the pass marks for P2 paper. However, this is certain to bring inconsistency among different papers, and create confusion. Probably, making the examination tougher (either in making or in assessing answer sheets), could bring a better quality result, rather than too many students close to 50 marks.
It may be recommended to remove Professional Ethics and test those under the new Paper (P1 / P3 merged paper) and rather create more scenarios under the P2 examination. Better still, to may be remove the optional questions under P2 and make the questions mandatory. This is likely to get the prospective students prepare more rigorously for the examination so that they are able to understand and apply IFRSs practically with a better insight.
Not being too critical of the ACCA P2 examination, it certainly includes new areas of development in accounting and makes a point to test this in most of the exam sittings, and therefore the value of the profession is maintained well.
Disclaimer: The views presented above are of the author and do not mean to bring disrepute to any Institution or qualification.