DFS Changes from June 2010

SugarPuff

Hi

I am confused by the changes to DFS paper.

Is is simply a name change to the statements or is the layout / calculation different too.

Please help if you can......

I failed DFS paper in Dec 09 and as my course had finished I have not had any tuition since and this is the final exam I need to complete to gain qualification.

Desperately trying to revise but going round in circles any DFS help greatly appreciated.

Primble

SugarPuff wrote: »

Hi

I am confused by the changes to DFS paper.

Is is simply a name change to the statements or is the layout / calculation different too.

Please help if you can......

I failed DFS paper in Dec 09 and as my course had finished I have not had any tuition since and this is the final exam I need to complete to gain qualification.

Desperately trying to revise but going round in circles any DFS help greatly appreciated.

from what i've heard it should be similar to dec just without the old names as well as new names. but i didnt sit that paper so not sure. just make sure you know the layout of SOFP with equity above liabilities

aimeexox

I actually think the layout of the statement of financial position is alot easier to work out now because your not constantly fiddling with your assets and liabilities.

All you need to remember is:
non current assets + current assets = equity + non current liabilities + current liabilities.

SugarPuff

Thank you,

So as well as the Income statement i need to also do a Statement of Comprehensive income (another layout to remember)!

Did anyone go on the revision course? Was there any other tips given for June 10 DFS paer?

This paper is definately the hardest out of whole course ;-( rock on thursday afternoon when its over!

aimeexox

The income statement is now called the statement of comprehensive income... however you still do a 'normal' income' statement but at the bottom a little bit more is added on...

Profit for the period (the figure you have just worked out from the income statement)
+ Revaluation reserve (movement) e.g if there is a bullet point about revaluing your assets
= Comprehensive income

However when your doing you statement of financial position and your working out your retained earnings figure you still take the profit for the period not the comprehensive income figure!!