Standards
System
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I haven't done enough revision for this DFS paper at all but nevertheless I'm giving it a shot!
One concern I have is on the standards side, e.g. I don't know what IAS 7 means etc. I can put them into practice but I have no knowledge of what standard say Inventories is.
Will this be a big problem in the exam? I'm just looking at past papers and notice questions have been asked on this subject but the Q generally makes it obvious what the standard would be. The speciman paper for the new standards has nothing like this in.
One concern I have is on the standards side, e.g. I don't know what IAS 7 means etc. I can put them into practice but I have no knowledge of what standard say Inventories is.
Will this be a big problem in the exam? I'm just looking at past papers and notice questions have been asked on this subject but the Q generally makes it obvious what the standard would be. The speciman paper for the new standards has nothing like this in.
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Comments
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Re:Standards
the specimen paper does ask ask questions where they want you to include a reference to an IAS0 -
Re:Standards
IAS 7 is relevant to an entity and its ability to raise cash and cash equivalents
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Re:Standards
I don't think you have to know the numbers of each standard. Obviously you get marks if you do but if you can explain the meaning of the standard they are asking about then that is good.
As far as I know they have never asked 'Explain standard number X', they usually give you the name or subject. I don't know if that will change with the new International Standards.
I didn't have time to learn the standards very well in December, but I had learnt everything else really well so I passed.
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