Am I taking too much of a risk????

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jojo1966
jojo1966 Registered Posts: 21 New contributor 🐸
Ok - need some advice - i am really struggling with remembering any of the wording on all the IAS's - like other people I can remember the numbers and formulas but words go in through the eyes and out the back of my head immediately! but............bearing in mind that in most previous exams there are only 2 or so questions in each section on "wordy" subjects . is it worth me worrying about trying to learn them? I can do the income statement, SOFP, cash flow, consolidated balance sheet/income statements and ratios and reports , so surely this should be enough for me to pass? In other words, should i concentrate on making sure i am 100% capable on the other stuff and not worry about the ias wordy questions - or is that too risky??

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  • lisnic
    lisnic Registered Posts: 141 Dedicated contributor 🦉
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    jo jo if you know the standards just not the exact terminology this should be fine if by exam time you still cant remember it as you are allowed to describe in your own words (i posted about this a week or so ago - steve replied with a very good response confirming this)

    your ahead of me by miles if you can do all that !!! im getting there but not happy yet
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    Jojo i will say considering section two is such a small percentage 30% you will pick up a lot of marks from your interpritation of the accounts (ratios and explanations words am afraid) unlike the prevous exams.

    Simalar to you wording is hard but needed in this.

    Good luck


    Vic
  • dobbieobby
    dobbieobby Registered Posts: 231 Dedicated contributor 🦉
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    Pass an oar!!

    Jojo, I'm 100% in your boat.
    Can do cash flows/balance sheets/consolidated balance sheet etc etc etc perfect. But when it comes to remembering the standards and their meanings i struggle. I GET what a current asset/liability is and all that, can waffle about it, but if they ask for, say, the standard number for Goodwill, I'd have NO idea, but I do know what goodwill is and will waffle about that instead.
    Going to Steve's open day on DFS on Saturday in Stevenage, hopefully he'll be able to clear this up!
    Section 2 I find fairly easy (she says without trying to sound cocky) as it's really stuff we've all done before.
    I'm just worried about my wording...
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    dobbieobby wrote: »
    Jojo, I'm 100% in your boat.
    Can do cash flows/balance sheets/consolidated balance sheet etc etc etc perfect. But when it comes to remembering the standards and their meanings i struggle. I GET what a current asset/liability is and all that, can waffle about it, but if they ask for, say, the standard number for Goodwill, I'd have NO idea, but I do know what goodwill is and will waffle about that instead.
    Going to Steve's open day on DFS on Saturday in Stevenage, hopefully he'll be able to clear this up!
    Section 2 I find fairly easy (she says without trying to sound cocky) as it's really stuff we've all done before.
    I'm just worried about my wording...

    you wont need to know the standard numbers ect just what they mean for instance IAS1 is the changes in names of balance sheet ect so a good amount of this stuff you know already.

    As for steves course its really good did it a few weeks ago in manchester
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    Past sittings have seen the examiner put the standard number in the question, for example last sitting we had:

    "Define a current asset and a current liability as per IAS 1".

    You will need to write about a couple of standards in their entirety, but which ones? Only the examiner knows! It's always best to be forearmed by getting a basic knowledge of the ones he could ask you to write about - which is practically all the examinable ones, but most of them you will probably know but not realise it and under exam pressure the ink will flow onto the paper.

    Regards

    Steve
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    i really hope so Steve :)

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