Which IAS's and IFRS's Have to Learn ???

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George Tse
George Tse Registered Posts: 241 Dedicated contributor 🦉
Hello

Right I'm on the the IAS's and IFRS's now !!! lol.

Well my question is which ones do I need to learn cos in my text book from Kaplan Financial there are 17 of them!!! lol Do I have to learn them all ???

Kind Regards

Gentle Jesus:thumbup:

Comments

  • 2cool
    2cool Registered Posts: 53 Regular contributor ⭐
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    I take it this is for DFS because I remember learnin them. I recommend you try learning them once you are confident that you know consolidated balance sheets, income statement, ratios etc as these gain you to most marks. As far as IAS's and IFRS'S are concerned they are worth learning as it just gains those extra marks but they are only a small percentage of the exam.
  • gosia79
    gosia79 Registered Posts: 25 Regular contributor ⭐
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    I agree with the previous post. Try to be confident with all the main tasks as theory won't give you too many marks.
    A tip - there is a good chance there will be something tested already- business combinations, elements of financial statements, accounting equation, intangible assets- see past exam papers and you will see that there is only a few which is actually tested.
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
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    With the IAS/IFRS you need to make sure that you get a broad and basic knowledge of all of the examinable ones. Far too often have I seen threads on here condemning the examiner for examining standards which students claim "not to be in the book" or "unfair to be examined". The fact is that the students are at fault if they "question spot" or do not get a good knowledge of all the examinable standards (as per the AAT, not your text book). The examiner can examine whatever standards he wishes, in whatever format he wishes. Be careful not to fall foul of the fact that DFS has become 'predictable' as the examiner could well change this trait......in December perhaps???

    Have a look at the support booklets for DFS on the website and ensure you get a good knowledge of all those standards that are examinable for December 08.

    Best wishes
    Steve
  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
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    2cool wrote: »
    I take it this is for DFS because I remember learnin them. I recommend you try learning them once you are confident that you know consolidated balance sheets, income statement, ratios etc as these gain you to most marks. As far as IAS's and IFRS'S are concerned they are worth learning as it just gains those extra marks but they are only a small percentage of the exam.

    I agree with this. I couldn't name any of the standards when I did the exam. But I passed. What is important is to know the topics listen above, and these will be done in accordance with the standards. So hopefully you will know the standards even if you can't list them!
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
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    You see this is where I think students are going to come unstuck by assuming a topic is going to be examined in a previous format,

    The DFS paper has become so predictable that the AAT might as well set the same exam each sitting. If you look at the past papers one literally mirrors the other.

    I remember a few years ago when the DFS paper was examined in a way which the students were not used to and there was uproar. The examiner did not test anything out of the ordinary, just in a different way. But students always, without fail, blame the examiner. Why? Because they "question spot" and I am sorry, but the DFS examiner encourages this by examining the same subjects in the same style time after time after time.

    This particular DFS examiner is, in my opinion, leading the students into a false sense of security by constantly examining the same subjects in the same style every single sitting. Look at IAS 38 - June 2008 and June 2006 -it was practically the same question!

    DFS, being a final level AAT paper should be a challenge but I think the paper is too predictabe (and students will disagree with me on this), but I think one day, there will be a lot of disgruntled students on here. So it is best to prepare for the unexpected and get a basic knowledge of all the examinable standards.

    Kind regards
    Steve
  • Poppy
    Poppy Registered Posts: 105 Dedicated contributor 🦉
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    Dfs

    Be very careful I learnt all the financial statements to the point of insanity and failed because I did poorly on the IAS and IFRS questions. Having had the appeal back I know I aced all the statements this proves you shouldn't take it for granted if you can do the statements you'll pass. As the others said I'm going to look at the past papers to help highlight some of the areas they look at. I have already learnt what an Asset, Liability and Equity are and spent some of last week looking at Ratio's as it's amazing how quickly you forget these things.

    Have to say getting worried as time has begun to fly by.....

    :crying:
  • George Tse
    George Tse Registered Posts: 241 Dedicated contributor 🦉
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    I doubt you failed cos you messed up 2 to 3 questions on the IAS's and IFRS's you must have not given enough information on the ratio question in section 2 am i right ??

    so if u aced all the statements and the ratios n totally messed up on the 2 or 3 questions about the IAS's and IFRs's you will actually pass, am i also right can some one tell me lol ??

    Regards

    Gentle Jesus
  • Poppy
    Poppy Registered Posts: 105 Dedicated contributor 🦉
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    Dfs

    I think I got two ratio answers wrong but I would still say that I failed for not getting the IFRS's right. I think best thing for all is to learn there ratios and get an idea of what IFRS's have come up in the past and how they were answered.

    Good luck to all those suffering in December....:thumbup:
  • Richard
    Richard Registered Posts: 373 Dedicated contributor 🦉
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    There was a useful article in the September edition of the AAT magazine about the importance of not just relying on the numerical answers in DFS exams.

    They gave real life examples of written answers for previous exams, and stated whether marks would have been allocated, or gave reasons for not awarding marks.
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