Use of correction fluid and AAT unit 11: Drafting Financial Statements

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Hi all,

gGt this through my tutor and thought you'd all find it useful to know. OMG no tippex, my paper will be a mess lol!

Two AAT annoucements to make this week:

1. Changes to Unit 11 DFS for June 2010 exam.

2. Use of correction fluid and pencils in assessments[/B]

1. Unit 11 (DFS) - latest changes for June 2010 examination.

Premier Training would like to draw the attention of tutors students to an article in AAT's Summing Up for February 2010 (page 5). This states that:

"The Statement of comprehensive income will consist of an income statement, where expenses will be analysed by function, and a separate statement of comprehensive income, which begins with the profit or loss for the period and shows the components of the entity's other comprehensive income. Candidates may be asked to draft one or both of these statements in respect of individual companies but only the income statement for groups of companies."

This is a change from the guidance in September 2009's Summing Up (page 2) which states:

"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."

The Osborne Books tutorial text 'Limited Company Accounts (2nd edition)' was published to implement the changes announced in September 2009. Tutors and students should therefore pay special attention to these further changes made in 2010. Full details can be found at:

2. Use of tippex and pencils in assessments.

With immediate effect, students will no longer be alowed to use correction fluid in AAT assessments. This includes exams and AAT simulations. Students must complete all answers , including workings in pen rather than pencil. The AAT states that these measures are being introduced to cut down on malpractice - not by Premier Training students though!
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