Question for DaveIOW - DFS Frameworks and IASs

twinmeister

DFS - Framework and IASs - Question for DaveIOW

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Posted this to the wrong thread- sorry.

Bit concerned about previous comments about IASs and Frameworks.

Our tutor waffled on a bit about these and I've used the Osborne book to learn as much as I can, but the model answers for past papers seem to refer to sub-sections of the IASs or sections of the Framework that I just don't have the detail to.

Where do you get this detail from, especially for the framework?

Also, I was unaware of the controversy about section 2 asking about the IASs, when it should only ask about the framework. How do you know what should be asked where???

Do you really have to shine at all IASs and framework questions to pass???

Not convinced?

twinmeister

DFS Guidance

Just found the AAT Unit 11 Guidance notes. Some areas of general panic:

1. Not liking the phrase - 'Simple equity accounting for associated companies is assessable.'
or likely tasks including 'calculating the amount at which an interest in an associate is to be included in consolidated financial statements'.

Gave up understanding the brief section in Osborne on IAS28 as I thought it wouldn't be assessed. OMG - better have another look!!!

2. What does this mean 'Students need to grasp the effect of contributions from owners and distributions to owners on the balance of ownership interest' - is this to do with non-controlling interest???

3. Not in anyway liking the two likely tasks:
a)explaining the UK regulatory framework of financial reporting including the bodies involved and their respective roles
b)explaining the reason for the adjustments by reference to company law, accounting concepts and accounting standards
Surely these won't come up??????

4)'drafting a statement of recognised income and expenses for a limited company' Latest Osborne book states this direct statement of cashflow won't be assessed, so I ignored it!!!!

OMG look at all of the detail in the IFRSs and IASs we're supposed to know???? The course books just don't cover all of this stuff. Bit blooming late to find this out the night before the exam.

I want to complain that my tutor hasn't taught us this detail already and I haven't even sat the exam yet!

Is it really this complicated??????????????

jilt

twinmeister wrote: »

DFS - Framework and IASs - Question for DaveIOW

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Do you really have to shine at all IASs and framework questions to pass???

Not convinced?

Ypu need a broad and basic knowledge of the standards and framework. Obvously only certian ones will be tested in the exam, but which ones is anybody'es guess.

Good luck tomorrow

twinmeister

Delighted!

ema192

and there was me thinking i might actually finish early tonight!! cheers ha ha!! :-S

DaveIOW

Although it is only a few questions it could be the difference between pass & fail. I believe, if you read the guidance & the bits about the written sections that just covering all the numerical stuff & not doing the written bits will lead to a fail.

However, most of the questions in past papers are quite leading, they give you the number & name of the IAS and what they want to know. Now if your competent in all the numerical stuff you shouldnt have too much difficulty in writing a certain amount. Basically think what the question asks you, then write down in words what you do or how you treat it when it comes up as a numerical question.

The Framework you do need to know in a little more detail. What it means / its objective, the underlying assumptions, qualative characteristics, the elements, recognition & measurements of the elements. You can find all that info here.

http://www.iasplus.com/standard/framewk.htm

The site also has an outline of the IAS's & IFRS's if you click on the standards tab, though unless you plan an all nighter it will be impossible to get through them all!

Cyfarthfa

The bit i'm finding hard to remember is to define current assets and liabilities when it goes on about collection,sale or consumption.

Has anyone got any simple definitions for these that they think will be adequate?