DFS- FRS's

carla030698

Hi, I am a homestudy student and iv just been going back looking at old past papers to see which of the IAS's have come up in the past. and I have found some FRS's such as FRS 18 (Going Concern) and FRS 12 (provisions), but I havnt got any of thses in my books, do we need to know these aswell as the IAS and IFRS's????? :confused1:

sarah_d

i think going concern has come up in a framework document question before, such as list and or explain the two concepts in the frame work document, going concern and accruals.

Provisions is the criteria that has to be met in order to make a provision. it has to be probable and economic outfolw will occur, with a reliable estimate (got to love that reliable esitmate one, crops up in nearly all the standards, if in doubt, write reliable estimate and economic in/out flow ) hmmm there is probably more to it than that, which i can't remember, time to hit the books!

carla030698

Oh my god im never going to get these standard questions! Theres just too much to learn! Iv noticed that most of the chief assesors reports say that most candidates didnt do that well in this question, possibly due to the "standard overload" but if I completely cock it up will I fail??? :crying:

Richard

Hi Carla,

If you are using past papers, don't use any earlier than June 2006 as the accounting standards have changed, so you will be practising out-of-date, and non-examinable methods.

Full details of the current examinable IFRS/IAS' can be found on the Unit 11 Guidance Notes that can be downloaded from the link below.

http://www.aat.org.uk/servlet/file/Unit_11_DFS_Guidance_Notes_from_Marketing_for_web_July_08.doc?ITEM_ENT_ID=7610&download=1%20

You may also find this article useful for advice on the written questions.

http://www.aat.org.uk/servlet/file/DFS_and_written_tasks.doc?ITEM_ENT_ID=11245&download=1

carla030698

Thanks, iv got all that info already just cant remember it all! Its impossible to remember every definititon surely!!! :crying:
Is there any suggestions as to the main ones that might come up in the written question(s)???? :confused1:

peugeot

Only the examiner knows that!

You will be examined under IFRS/IAS.

I wouldn't panic too much about the actual word-for-word definitions. As long as you know how to define assets, liabilities, equity etc. in the IASB's Framework Document and you know the 'core' areas of the standards you will be fine. By 'core' I mean, for example, IAS 37 'Provisions etc' as long as you know what gives rise to a provision i.e. legal/constructive obligation, probable flow of economic benefits to discharge the obligation and the amount can be reliably estimated then that's all you need to do.

Don't get too bogged down with the standards - remember there's section B to pass as well!

Good luck
Steve

carla030698

Thanks for the advice! think il be fine with section 2, I did MAC on Monday and had all of the ratios cracked for that! Just these standards that im not at all sure on!
If I cant get any marks for it, will I fail???

fpettifer

My theory (i'm guessing) the big mark questions will be the the financial statements and consolidating so don't worry too much if you can't answer the little questions perfectly, just ace the big ones.

i've given up revising now, my mind is fried!!! good luck :thumbup:

sarah_d

if nothing else, just remember to state which way the economic benifit is flowing, in or out, say their needs to be a reliable estimate, them two crop up in nearly all of the standards, and definitions.

mark130273

thanks for them 2 frs's didnt have them

as long as they dont test us ? should be fine ?lol