IAS Standards

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion
Does anyone know if these are hugely different from the FRS and SSAP ones??
Will the exam be different?? :?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS Standards

    This is my first time too so I am not sure but definately it will have some impact on the paper. I am doing ACCA 2.5 this time under these IAS but I did DFS with FRS.

    Hope this helps
    Arjun Bhandari
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS Standards

    Jeeze, i bet that throws you off a bit! Just start memorizing i think!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS Standards

    Hi,

    International standards have come in as a result of global harmonisation. UK GAAP has always been on, more or less, the same level as international standards. As a result, yes the IAS numbers are different than FRS/SSAP numbers but the objectives of them are not much different than FRS/SSAPs.

    As a direct result there are changes in the way IAS's affect financial statements for example, the primary statements will comprise, the income statement (previously known as the P&L), the balance sheet, the statement of changes in equity and the notes. You must bear in mind, you will be given proformas in the exam.

    Don't worry too much about having to learn a whole new concept of reporting - it's just a case of getting use to IAS numbers rather than FRS numbers.

    Regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS Standards

    God I wish I was given pro-formas in my exams. Remembering the international cash flow statement layout is going to be a nightmare.

Categories

Privacy Policy