Unit 11 dfs_ ias

NERDEE

does anyone have any tips or advise on how to learn/remember the international accounting standards (IAS)??? please help

DAVID LAWES

Ultimately it's like learning your times tables ; it comes down to rote learning.

That said, the way to make it easier for you is to learn them in blocks at a time, e.g.

Asset-related IASs (e.g. Property Plant & Equipment (IAS16), Impairment of Assets (IAS36), Intangible Asstes (IAS38).

Liability-related IASs (e.g. Provisions, COntingent Liabilities & Contingent Assets (IAS37), Events After Balance Sheet Date (IAS10)

Presertation-related IASs (e.g. Cash Flow Statements (IAS7))

IFRSs (e.g. Business Combinations (IFRS3))

The Osborne textbooks that I used whilst studying (I qualified as a full member in 2007) took this approach and I reckon it worked very well. I passed the June 2007 DFS paper - it was my first attempt.

Julia

That is quite true what dave has said. However you are only going to learn each standard by practicing exam style questions. In my classes we are not at that stage yet but if you are at home study you should be gearing your way to doing that.

Each standard interacts, in most cases, with another so you need to try and understand how that works but bear in mind your paper is not completely about the standards ; it is about applying knowledge.

If you are doing a taught course your tuition provider will be guiding you and you should be edging your way to completing the study phase with a view to doing exam style questions by the end of (I am telling students) April!! which brings sheer panic to their faces!!

I downloaded steve collings IFRS guide on his accountancystudents site which I have looked at and is fab!! Get that if youre struggling comes with my full approval.

Regards

Julia
Subject Specialist FR
BPP