DFS query

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:26AM in AAT student discussion
I have been studying all week on the accounting standards and i am still struggling to get to grips fully with the questions. is anyone else struggling ?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    Majorly.

    I am finding the numerical tasks ok but i just cannot get to grips with the standards, they are all just blurring into one!!!

    Anyone out there with any DFS standard related tips please help as the future is looking very very bleak a the mo!!!

    Thx

    Stacey
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    Hi guys

    The only advice I can give so close to the exam is to try to understand what the IAS is about rather than learning the exact number or words to the standards.

    For example, IFRS 3 Business Combination and Control. What does this tell you about the standard? Well, it's about "business combination" i.e. where entities are brought together into a single reporting entity. And the control refers to the acquisition of more than 50% of the shares of the investing company.

    Even if you can't remember the Standard Number, surely you'll get half a mark for understanding the standard?

    Rather than learning the exact phrasing, rewrite it into how you understand it... you may remember it a lot quicker.

    Good luck guys!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    To start with I am trying to learn the ones we have been told are more likely to appear.

    I've written the number of a piece of paper with the name on the back - I keep going through these and asking people to test me. I have learnt 12 standard numbers and names from doing this.

    Next step for me is to learn what they mean! I could probably waffle my way through them now, so long as you show some understanding that should be enough. If the standard name/number isn't correct but you explain the correct standard that would be fine.

    I'm going to write all the numbers down as soon as I open the paper - they help me to remember the titles else I'l forget them too!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    Which ones have you been told are more likely to appear?

    I am doing a home study course so tend to miss out on all of these 'hints'.

    I think it will be the standards with more to learn as there is more to question about.

    Rgds

    Stacey
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    havent IFRS been changed to IAS now? Ive been told these 5 are the most likely to come up.

    IAS 10 - Events after the balance sheet
    IAS 16 - PPE
    IAS 17 - Leases
    IAS 36 - Impairment
    IAS 38 - Intangible Assets
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    It'll be worth remembering IAS27 - Consolidated and Seperate Financial Statements alongside IFRS 3 - Business Combinations. It's basically the requirement to prepare consolidated financial statements.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    Hi,

    There are twelve altogether we have been told are more likely to crop up:

    IAS:
    1 - Presentation of financial statements
    2 - Inventories
    8 - Accounting Policies
    10 - Events after balance sheet date
    16 - Property plant and equipment
    17 - Leases
    28 - Investments in associates
    36 - Impairment of assets
    37 - Provision, contingent liabilities and contingent assets
    38 - Intangible assets

    IFRS:
    3 - Business combinations
    5 - Sale of non-current assets, discontinuing operations

    I am starting with learning these then I think there are about 8 more :?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    I am trying my best to at least 'understand' each standard so i can say a little about each one even if it is not in their 'long worded way'.

    I am finding it really difficult as there is only the June past paper. I have the workbooks which i am working through (but no answers. I AM NOT asking for them!)

    Any one else finding it difficult as there aren't many practice questions. I am hoping they may be a bit leinient on this as this is only the second exam with the new standards.

    Stacey
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    Yes I am exactly the same!!

    Ok so they have changed the exams but you would think they would prepare some practise ones as it can be a bit confusing using the old standards don't you think??

    Do you have a workbook? They are good for practising
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS query

    Is this the Osborne workbook you have?

    If you email a_m_hill@hotmail.co.uk I may be able to help...

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