DFS bpp book

taskey

Afternoon all,

i am a bit annoyed. i bought the above book and have just noticed that it is for exams in december 2008 and june 2009.

where can i look for the updated standards that i need? or does anyone have a list they can email me.

i presume everything else is the same, i have printed off the unit 11 guidance and have made a note on the name changes of things.

hope someone can help me.

PM me if you want my email address.

Thanks in advance

Tracy

sdv

Don't worry

that book is still valid for DEC 2009 exams

please double check with AAT but at our college we have been informed that the new changes will not come into effect until June 2010 exams

In DFS DEC 2009 both old (IAS2006) and New terminologies (IAS 2009) will be used side by side

Ask your tutor and they have received this notification form AAT in their monthly newsletter issued to all tutors.- we were shown an extract of this on our white board.

taskey

phew, thanks for that.

I have printed off the guidance and it says about the old terminology and what standards will be needed.

As i am distance learning, i will email BPP and see if they have anything for me that will help.

Thanks again

Tracy

lisnic

im using this book too

i got the materials from bpp after the june 09 exams and asked them about it then when i received it or i would have sent it back and they said was fine

taskey

i started reading it over the weekend and the first few chapters are just going over stuff we know anyway. it is the ending of the book where i think i will have to cross reference with other stuff.

we shall see

Tracy

anniem

sdv wrote: »

In DFS DEC 2009 both old (IAS2006) and New terminologies (IAS 2009) will be used side by side

Do we have to know the IAS2006 stuff too, or is it OK if we just work with the new terminologies?

It doesn't make any sense to learn obsolete information!

Anna

sdv

There are about 19 (IFRS/IAS) accounting standards that a DFS student need to learn.

I have managed to get an extract from AAT in their news letter which says the following:


Drafting Financial Statements (unit 11) – next exam sittings

Here is a summary of the changes to the DFS paper:
DFS December 2009

The layout of the pro-formas used in the December 2009 will be the same as those used in previous sittings.

However, there will be a change in some of the terminology used.

The balance sheet will be referred to as the 'statement of financial position'.
Other terminology changes that also come into effect for papers subsequent to and including December 2009
are:
‘Minority interest’ will be termed 'non-controlling interest'.

The ‘cash flow statement’ will become the 'statement of cash flows'.

Any new terminology used in the December 2009 exam will have the old terminology inserted next to it in brackets (see examples below) to assist those not familiar with the latest developments.

Though the income statement also becomes the ‘statement of comprehensive income’, it is permissible to continue to use the term ‘income statement’ if a company wishes to do so and this is the approach that the DFS unit will take.

So the financial statements will be headed as follows:

Income statement
Statement of financial position (balance sheet)
Statement of cash flows (cash flow statement)
and in the consolidated statement of financial position (balance sheet) minority interest will be shown as 'noncontrolling
interest' (minority interest)

So, to reiterate, the changes for this sitting are all terminological. There is no change to the layout of the statement of financial position.



DFS June 2010

The pro-forma of the statement of financial position (balance sheet) will, however, change in June 2010. It will become:

‘Total assets (non-current + current) = Total equity + Total liabilities (non-current + current).’

Any new terminology used in the June 2010 exam will not have the old terminology inserted next to it in brackets.

Two examples of the new statement of financial position are available to show how the unitary ‘statement of financial position’ (Unitary Ltd) and the ‘consolidated statement of financial position’ (Parent plc) will appear.

These are attached as Appendix 1 to this newsletter. Please ensure that you make it clear to your students that these will not apply to the December 2009 exam.

3 Companies Act

A few tutors have asked whether the requirements of Companies Act 2006 can be expected or whether any possible exam questions on this topic will still be based on the requirements of Companies Act 1985.

The answer is that the changes in the Companies Act 2006 will be assessable from, and including, the December 2010 sitting.

A-Vic

So ....for anyone sitting DFS December 2009 and using this is what you need to know.

IAS 1
IAS 2
IAS 7
IAS 8
IAS 10
IAS 16
IAS 18
IAS 37
IAS 38
IAS 12
IAS 17
IAS 23
IAS 33
IAS 36
IAS 40
IFRS 5
IAS 27
IFRS 3
IAS 28
IFRS 8 (examinable for the first time this December).

From another post hope it helps - but as advised dont spend loads of time trying to remember them all you will be suprised that you already know this stuff

taskey

thanks, would you have any web addresses i can go onto and print them off?

Thanks

tracy

lisnic

avic what do you mean in terms of know these ifs?

titles and definitions or more?