Tutorial "Tips" for December Exams - a word of warning!

Steve Collings

I undertake revision courses around the country for Unit 11 (DFS) and the courses I have been running for the December 09 sitting have revealed some alarming instances where tutors have been giving "tips" to students on various topics to study and these tutors claim that the examiner has given them the "inside info" on what is going to come up.

In one instance, a student was given "tips" from their tuition provider on which they (understandably) relied. Not only did the standards not appear on the paper in June 2009, the student concerned was told by their tutor that they would be "fine" by citing the definition of an asset/liability as defined in the IASB 'Framework Document' even though the question asked for the definition of a current asset and a current liability as per IAS 1 (note - the Framework Doc is not even a standard - see June 2009 DFS).

I have been horrified by some reports that tutors are saying that the examiner discusses the paper with them and what is going to appear - the fact is they don't!

Students need to discount tuition providers "tips" and certainly NOT rely on them. Some students on my courses are saying that a candidate needs to learn FIVE standards in their entirety. Clearly tutors who are advising this have not looked at past papers because the paper has never assessed FIVE accounting standards in their entirety in one session!

I would implore all students to take tutorial "tips" with a hefty pinch of salt and make sure you work to the guidelines laid down in the syllabus rather than relying on hearsay!

Good luck for December!

Regards

Steve

A-Vic

Thanks for a really good day revision steve now drinking coffee with the guffey look even aviotor agrees

jilt

Yeah Steve thanks for another invaluable day! Just had a long soak in the bath with accounting standards lol

SandyHood

I echo Steve's point.
Last May a student attending one of my PEV revision days in London told me that his tutor (who is at one of the very reputable private training colleges) had told him to expect a question on ABC. This was quite the opposite to the chief assessor's own statement at a masterclass for lecturers (which was already in the public domain).
Needless to say, ABC was not tested in the June PEV paper and I venture to suggest it will not be in the Nov 30th paper either.

A-Vic

IFRS1 fustration

Sandy and Steve

Leading to complete fustrations with college can i confirm that the above standard is examiable this sitting as college tutor has said 5 times today that this wont be untill June 2010 and when i did ask said he was sure it isnt??????

Steve Collings

Hi,

Do you mean IAS 1??

I would print off the Unit 11 Guidance Notes. The examiner has been explicit in the Guidance Notes that the revised IAS 1 will be examined from December 2009. Go to MYAAT and type in 'Unit 11 DFS Guidance' in the search box. This will bring up a word document (February 2009) and if you look under 'Assessment Strategy' it states that the 'Balance Sheet' is termed 'Statement of Financial Position' from December 2009 sitting. Other professional bodies such as ACCA have been examining under this revision for a few sittings now and AAT have confirmed it is examinable from December 2009.

I fail to see how a tuition provider can not be aware of such a fundamental change.

Regards

Steve

A-Vic

Yep sorry IAS1 we had another whole lession with balance sheets and P/L ect ect ect i think am gonna just try and practise with the changes.

Thanks Steve

A-Vic

Clearly staited !!!!!

Range statement
The range statement makes it clear that the financial statements that are drafted under this element are the:
• income statement
• balance sheet(statement of financial position from December 2009 sitting)
• Statement of recognised income and expense [formerly Statement of total recognised gains and losses (STRGL)]
• Supplementary notes required by statute (but includes disclosures required by IAS and other relevant pronouncements)

Element 11.1 requires that the financial statements be drafted from appropriate information. This might include a trial balance or an extended trial balance and might include other information about balances or transactions relating to the period under consideration. The range statement makes it clear that these financial statements might be unitary or consolidated. In other words, students may be asked to draft financial statements for single companies or consolidated group accounts. Performance criteria D makes it clear that the drafting of cash flow statement(statement of cash flow from December 2009 sitting)s is also included in this element. These may be drafted from the other financial statements of a company in conjunction with further relevant information

Julia

Hello

Steve's advice as always is completely first class. As a BPP tutor I discourage reliance on tips but it is a fact that students tend to rely on them. They should not rely on them, they should use them to structure their revision!

Steve is also spot on ref the IAS 1 revisions. It is definitely december 2009 so you should use the new terminology.

Julia (BPP)