Dfs/pev

msami4
msami4 Registered Posts: 17 Dedicated contributor ? ? ?
Hello people, I'll be taking DFS in this December and will be resitting PEV in December too, can you guys give me some good tips for practicing and getting things right with these two subjects ??

Thanks in advance :)

Comments

  • lilac_angel
    lilac_angel Registered Posts: 66 ? ? ?
    I'm retaking both these in December and as i have finnished my year at college am on my own. Luckily a work collegue who has completed her AAt has offered to help me and we have 2 hours a week together to go other everything.
    I have found this to really help me having teaching on a one to one basis and now i understand the subjects better. Especialy DFS which i really struggled to get my head round.
  • Steve Collings
    Steve Collings Registered Posts: 997
    In terms of DFS:

    Practise consolidation techniques until you can do a consolidated statement of financial position and a consolidated statement of comprehensive income statement stood on your head!

    Ensure you print off the Unit 11 Student Guidelines and make sure you cover all the syllabus.

    Remember IAS 1 (revised) kicks into play in December 2009 for DFS students so:

    Balance sheet = statement of financial position
    Income statement = statement of comprehensive income
    Minority interests = non controlling interests
    Cash flow statement = statement of cash flows

    Do not get too bogged down with the accounting standards - I always say 'remember the paper is called "Drafting Financial Statements" - not "Drafting Accounting Standards"'. That doesn't mean you can ignore the standards completely - you will be asked to write about some in their entirety - the big question is 'which ones?' so ensure you cover all the assessable ones.

    Don't forget section 2! Students often get bogged down in the accounting standards, consolidations, cash flows and single entity financial statement prep when there is a report writing section and ratio analysis to conquer in section 2! Lots of students failed in June 2009 on section 2.

    In terms of section 2 - this only comprises 30% of the entire paper, so the scope for failure in section 2 is much wider!

    If you have a good study regime between now and the exam (taking into account other exams and commitments) you will get through! Just stick to the plan!

    Students tend to focus and practice on those areas they are good at. If you are particularly good at consolidated financial statements, but absolutely hate ratios then make sure you try to strengthen your weaknesses in ratios! Don't focus too heavily on those bits you are good at - tackle those areas you are weak on as priority!

    Regards

    Steve
  • lilac_angel
    lilac_angel Registered Posts: 66 ? ? ?
    Thanks Steve,
    Thats really helpful. How do i know which accounting standards to revise as that is one of the main things i'm struggling to study now i'm not at college i just can't remember what ones i really need to look at and what ones i can ignore.
  • Steve Collings
    Steve Collings Registered Posts: 997
    If you look at the Unit 11 Guidance Notes there is a list of examinable standards which tells you what the examiner is looking for in candidates.

    I tried to attach a link to them for you but the AAT website is having problems. Go to the homepage and type in Unit 11 DFS Guidance in the search box and it will bring up the guidance notes for you.

    Regards

    Steve
  • elging
    elging Registered Posts: 17 Dedicated contributor ? ? ?
    Dfs

    I agree with Steve about section 2. The best advice I got on a revision day for this paper was that although section 2 is only 30 % of the paper, you still need to get 70% or over on that section to pass!

    I don't think I would have passed if I hadn't known that going in.
  • msami4
    msami4 Registered Posts: 17 Dedicated contributor ? ? ?
    Thanks a lot for the comprehensive post regarding revision Steve :).I agree over the section 2 thing which you pointed out.But I am already done with section 2, sturggling in section one with the consolidated balance sheet :S
  • Lyn32
    Lyn32 Registered Posts: 85 ? ? ?
    Dfs

    Thanks all your advise Steve?

    I have 2 exams in Dec BTC and DFS.DFS I don't have problem with all the calculation ( F/P, I/S Cash flow , etc) my concern is IAS it doesn't stick into my head I don't like memorising words I regerets that I always scape it when I do the past papers and that's my big challenge now.
  • messedup89
    messedup89 Registered Posts: 1,281
    Lyn32 wrote: »
    Thanks all your advise Steve?

    I have 2 exams in Dec BTC and DFS.DFS I don't have problem with all the calculation ( F/P, I/S Cash flow , etc) my concern is IAS it doesn't stick into my head I don't like memorising words I regerets that I always scape it when I do the past papers and that's my big challenge now.

    thats what a lot of us seem to be struggling with on DFS, the standards. ur not alone by far
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