IAS used in DFS instead of FRS ??

George Tse
George Tse Registered Posts: 241 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Hello

I was just wondering if IAS, international accounting standards are used in the DFS papers instead of FRS, financial reporting standards.

cos Ive looked at the old past exam papers n they refer to FRS's ??

Help on this issue would be great

Kind Regards

Comments

  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
    As far as I am aware all DFS papers should be examined using IAS. Certainly in recent sittings this has been the case.

    How far have you gone back when you say "old" papers?

    Kind regards
    Steve
  • George Tse
    George Tse Registered Posts: 241 Dedicated contributor 🦉
    Hello

    Well I looked from, I think, the 2005 to the 2003 papers I see questions refering to FRS but from 2006 up till 2008 papers questions refer to IAS.

    So I am confused if FRS's are still being used in the next sittings of this unit ?

    Regards
  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034 mod
    IAS apply now and will apply in the forthcoming DFS exams.

    IAS apply now and will apply in the forthcoming DFS exams.
    Sandy
    sandy@sandyhood.com
    www.sandyhood.com
  • abiolawale
    abiolawale Registered Posts: 4 New contributor 🐸
    Ifrs Is Taking Over From Ias

    Hi,
    I Just Went Through Ur Mails About Ias Issue. To My Own Understanding As An Aat And Also An Aca In Audit Practise Ifrs Is Taking Over From Ias. But I Will Still Advise U To Stick To The Examiners Trend But In Practise Ifrs Is The New Ias. Thanks.
  • SandyHood
    SandyHood Registered, Moderator Posts: 2,034 mod
    look at this link

    http://www.aat.org.uk/servlet/file/Unit_11_DFS_Guidance_Notes_from_Marketing_July_08.doc?ITEM_ENT_ID=1654&ITEM_VERSION=1&COLLSPEC_ENT_ID=125&download=1

    Here is a quote from page 2
    The requirements of the UK’s SSAPs and FRSs are not assessable

    It is very clear, there should be no doubts about it.
    Sandy
    sandy@sandyhood.com
    www.sandyhood.com
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
    abiolawale wrote: »
    Hi,
    I Just Went Through Ur Mails About Ias Issue. To My Own Understanding As An Aat And Also An Aca In Audit Practise Ifrs Is Taking Over From Ias. But I Will Still Advise U To Stick To The Examiners Trend But In Practise Ifrs Is The New Ias. Thanks.

    IFRS isn't taking over from IAS - IFRS are in addition to IAS and are both issued by the International Accounting Standards Board.

    IFRS = International Financial Reporting Standards
    IAS = International Accounting Standards

    IFRS/IAS are taking over from FRS in the UK, is that what you meant?

    Steve

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