DFS Theory Questions

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mi|kshake
mi|kshake Registered Posts: 70 Regular contributor ⭐
Hi,

Just working my way through the past papers and have a question on the theory tasks.

The theory questions generally ask you for definations etc from IAS/IFRS. I assume these answers should be the ones given in the text book, rather than putting it into your own words. The answers to the past papers are always the exact defination from IAS/IFRS.

Just wanted to check as some of these definations etc are quite wordy and not easy to remember at all! Hope this post makes sense.

Thanks!

mi|kshake~

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  • lala2009
    lala2009 Registered Posts: 95 Regular contributor ⭐
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    Hi, my tutor says it's not necessary to know the word for word definition but we must know the key elements of the definition, eg purpose of financial statements "financial position, financial performance and changes in financial position, useful to a wide range of users in making economic decisions"

    Good luck with the exam! :)
  • Bookworm55
    Bookworm55 Registered Posts: 479 Dedicated contributor 🦉
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    Hi, my tutor says it's not necessary to know the word for word definition

    Indeed we don't. A few months back I reeled off the exact definition of 'asset' from the IASB, verbatim, to my lecturer. He was both impressed and horrified that I had committed the exact wording to memory. He relaxed a bit when he realised I understood what I had just said, and didn't simply repeat it parrot fashion!
  • CelticStar
    CelticStar Registered Posts: 142 Dedicated contributor 🦉
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    That's handy to know, thank you folks. I am teaching myself and was wondering exactly how much I had to commit verbatim to memory, rather than understanding the meaning and explaining it in my own terms.
  • mi|kshake
    mi|kshake Registered Posts: 70 Regular contributor ⭐
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    That's great - thanks for the tips guys!

    I'll put it into my own words but insert a key phrase or two. Does that sound right? At least I'll start to understand what it all means. It's all be going right through me, and without writing it down in my own words I don't understand a thing!

    mi|kshake~
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
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    Hi Milkshake,

    http://www.aat.org.uk/students/content/item1370/#Technician - It contains tips to the written answers for DFS. I found it quite handy to read through!

    Hope it helps
  • mi|kshake
    mi|kshake Registered Posts: 70 Regular contributor ⭐
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    Oh, brilliant! Thanks for that cs 1988!

    mi|kshake~
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