DFS - International Accounting standards

carla030698

Hi! Is anyone else having real trouble remembering all of the International accounting standards??? Im realy not remembering them and the ones that I do remember, there is no way I am going to be able to recite the definitions!

Has anyone got an easy way of remembering them??? :001_unsure:

definite.studies

I found it quite useful to write the key points and definitions for each standard on 125x75mm index cards, so that I could carry them around easily and regularly swot up on the definitions whenever I had a few spare minutes.

It is also useful to practice remembering the key points by reading the definition, then putting the book down and writing down what you remember. Once you have done this about 5 to 10 times for each phrase, it usually becomes burnt into your memory. :001_smile:

carla030698

Thanks, iv tried writting them down but theres so many of them that they over phase me and seem to go in one ear and out the other! :crying:

definite.studies

Probably there are some definitions you have more of a problem with than others.

If you can test yourself repeatedly on a few at a time, then you can find out which ones you are OK with and which ones need more practice.

You could break it right down to learning one sentence at a time, until you remember it correctly, then moving on to the next one. The important thing is not just copying, it is practicing the recall involved in writing it down a short while after closing the book.

If you don't do too many at the same time, there will be less of a tendency to mix them up in your head.

PS I have seen the book "Student Guide to IFRS" by Claire Finch recommended, but I haven't actually read it myself.

Richard

definite.studies wrote: »

PS I have seen the book "Student Guide to IFRS" by Claire Finch recommended, but I haven't actually read it myself.

I can recommend this book, I have a copy and have used it alongside the Osborne IAS tutorial book.

If you download the Unit11 Guidance Notes, it gives you a breakdown of which parts of each standard is assessed. I worked down this list, and wrote one or two sentances for each part, and therefore condensed the information into just a few pages of notes.

carla030698

Thanks for your help!

mark130273

im in the same boat. cant remmebr them ....find it hard to revise them too...

but i just going to get the rest right first and then come back to them ?

carla030698

They are awful, its just so much to remember! Iv tried the writing it down and it just dosnt sink in! Iv got to the stage now where I can remember the first 8 by writing them down in order but still cannot explain the definitions!
Thats what im going to do too, at least then the majority of the paper will be answered! :crying:

mark130273

welll i think there is only 2 or three you will have to rememebr .....i think it will be ifa 7 ....business combos....impoairment ?
plus maybe a couple of others ?

carla030698

I have actually managed to remember the first 8 of the IAS's now, and I can write a brief sentance on them, surely enough to get a few marks if nothing else! :thumbup:

Tiffers81

You really dont have to remember all of them.

Concentrate on inventories, intangiable assets and the definitions of an assest liability and equity in accordance with the preparation and presentation of financial statement framework. If you look over the past papers and their answers this is all that is needed.

I failed this in June due to trying to remember all the IAS and I didn't concentrate on the basics. Even if you don't know what number the IAS is at least think of the definition of it and how it is used in the presentation of financial statements.

You also dont have to balance you consolidated balance sheet or income statement or even get your cash flow statement perfect, if you show all your workings and can identify where you have gone wrong but cant put it right you will pass the first section. Write down everything! I passed the first section but failed the second due to trying to cram too much in, I forgot the basics!

peugeot

Not entirely sure I agree with the advice above by 'Tiffers'. IFRS 3 came up a couple of sittings ago which asked for definitions of a business combination which seemed to knock the wind out of some students. Similarly last sitting a couple of students seemed disgruntled at the fact that IAS 38 (Intangible Assets) was tested (even though it is examinable!)

You do need a basic understanding of all the examinable standards because the examiner is quite within his rights to test any of the examinable standards whether students agree or not! DFS has followed a trait, I agree, but I also think students should be aware that this trait might not necessarily continue and the examiner can examine any accounting standard that is examinable in any manner he wishes - the change in style of DFS could well happen in December. If it does, you need to be prepared.

Concentrating on the standards that appear to be a regular feature in exams is dangerous (this is called question spotting) and is most definitely not to be encouraged! What will you do if the recognition and measurement criteria of a non-current asset under the provisions of IAS 16 (Property Plant and Equipment) is tested and you haven't revised for it?

Good luck in your studies.

Kind regards
STeve