DFS Exam potential format

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reddwarf
reddwarf Registered Posts: 528 Epic contributor 🐘
in AAT Level 4 (Level 8 in Scotland)
I'v done the past 6 papers and they all had the same or very similar format;

Part 1
Journal
TB - Income statement and SoFP
Consolidation - SoFP
Cash flow either reconcilliaton and analysis or rec and statement of cash flow
Theory question

Part 2
Ratio analysis and report
Theory queston

Short of adding the statement of comprehensive income and statement of changes in equity can we expect any other variations on the format above?

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  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    I have come to the conclusion that we should predict nothing and expect the unexpected!
  • reddwarf
    reddwarf Registered Posts: 528 Epic contributor 🐘
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    Wise words.

    Okay so what would be your worst paper? I tell you mine if you tell me yours!!
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    Do any of the past papers have statement of changes in equity?
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    Esme wrote: »
    Do any of the past papers have statement of changes in equity?

    not as far as i can remember but i have no notes on it either - please help lol cos guarenteed it will come up

    Tracy
  • Rinske
    Rinske Registered Posts: 2,453 Beyond epic contributor 🧙‍♂️
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    Statement of changes in equity and the comprehensive income are new this year isn't it?
    Which would explain why it hasn't been tested before.

    I used the posts from Steve here to study the layout and also the changes in unit 11 file on the site.

    I've practiced a few papers by setting up my own statements for comp income and statement of equity, but I can't say they really sunk in yet... Let's hope for a proforma!
  • Tinkerbell007
    Tinkerbell007 Registered Posts: 64 Regular contributor ⭐
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    The DFS changes notes say the following pro-formas will apply - statement of comp income, SFP, statement of changes in equity and statement of cash flows so fingers crossed!
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    i have just read the changes document again and i am hoping they are provided, i think i will be able to cope if they are (cope or fudge - not quite sure lol)

    also when did minority interest become non controlling interest?? my bpp book is useless ha ha ha
  • Rinske
    Rinske Registered Posts: 2,453 Beyond epic contributor 🧙‍♂️
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    taskey wrote: »
    i have just read the changes document again and i am hoping they are provided, i think i will be able to cope if they are (cope or fudge - not quite sure lol)

    also when did minority interest become non controlling interest?? my bpp book is useless ha ha ha
    I've wondered about that myself. I picked it up from here somewhere, but before at some point Steve was referring to Non-controlling interest and I was like, oh maybe he uses slightly different terminology.... To then find out that's the new term.

    Not a huge difference though.

    With regards to the proforma's that Tinkerbell mentioned, does that mean we won't get one for (consolidated) income statements/ SoFP etc? I thought those were still provided as well, am I wrong?

    I thought we did and not that it makes a huge difference, it just helps to know what to expect.
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    How can you practise the statement of comprehensive income bottom bit without the relevant info?
  • Tinkerbell007
    Tinkerbell007 Registered Posts: 64 Regular contributor ⭐
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    I was wondering that too - whether we still get the consolidated IS and SFP one like on all the past papers??!! It does say on the notes that it is a summary of the changes so everything else may well still be as it is on the past papers? I hope so!!!!
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    The following pro-formas will be applicable to the June 2010 sitting and to subsequent papers:

    1. Statement of comprehensive income
    2. Statement of financial position
    3. Statement of changes in equity
    4. Statement of cash flows

    is what it says

    who knows what will be provided :)
  • Rinske
    Rinske Registered Posts: 2,453 Beyond epic contributor 🧙‍♂️
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    I just used the previous exam questions and dropped the known items in there (profit from operations), then as there are no other things, I wrote down (well typed) the other names that could come up, like gains on the revaluations etc and tax on it and then a big zero behind it, just to get myself used to the layout.

    Not a great way of learning, but all little bits help!
  • Tinkerbell007
    Tinkerbell007 Registered Posts: 64 Regular contributor ⭐
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    Aahh stressing now!!! Got PTC on the go as well this week - can't wait til the weekend!!! :)
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    Tinkerbell007 wrote: »
    Aahh stressing now!!! Got PTC on the go as well this week - can't wait til the weekend!!! :)

    snap
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    I'm trying to do the statement of changes in equity for past exam papers..... extremely confused!! What would you put in the 'other reserves' collum?
  • HayleyM
    HayleyM Registered Posts: 63 Regular contributor ⭐
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    Esme wrote: »
    I'm trying to do the statement of changes in equity for past exam papers..... extremely confused!! What would you put in the 'other reserves' collum?

    Any gains or losses on revaluation. As this goes to a revaluation RESERVE. So you take the figure from your statement of comprehensive income and put it into the reserves column. Does this make sense? Hope I am not confusing you more...

    Good Luck
  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    I have just sent an email to my tutor to ask him to explain how to do the Statement of Comprehensive Income. I will let you all know when he gets back to me!
  • Wobbles
    Wobbles Registered Posts: 7 New contributor 🐸
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    Help ! We haven't done these at all!!!!

    Does anyone have the proforma format for these for me to look at and start crying over!!!
    thanks
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
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    Wobbles wrote: »
    Help ! We haven't done these at all!!!!

    Does anyone have the proforma format for these for me to look at and start crying over!!!
    thanks

    if you go onto myaat and go into the dfs 11, at the bottom there is a doc called changed to dfs - all of the layouts are there, tried to attach nut file is too big

    Tracy
  • Rinske
    Rinske Registered Posts: 2,453 Beyond epic contributor 🧙‍♂️
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    All other reserves would have a separate column for what I have seen in some examples online.

    I only have the share premium listed as a reserve in most cases, but reserves for contingent liabilities I would also put in there. Any money reserved for anything really.
  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    Thanks Hayley. That makes sense, it's just annoying that we can't practice the questions.

    I have emailed my tutor asking for examples of this, so will share if I receive any.
  • reddwarf
    reddwarf Registered Posts: 528 Epic contributor 🐘
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    Our tutor told us this:-

    In class last night I went through the attached example as it contains the changes to the names of the statements which I have not fully highlighted previously.
    Earlier in the year when I gave out pro-forma statements, I did not include the newly titled statement of comprehensive income and the statement of changes in equity. These will be given to you in the exam.

    PLEASE NOTE THAT THE CHANGES ARE VERY SLIGHT AND YOU ARE NOT EXPECTED TO DO ANY EXTRA CALCULATIONS.

    What used to be the income statement is now the statement of comprehensive income and it now includes, as a separate item at the bottom,
    any revaluation of non-current assets. (see example) The change now means that any such revaluation is now more formalised by inclusion on a statement rather than just being a note to the accounts.

    The statement of changes in equity simply puts the equity headings, on the statement of financial position into tabular form. The headings on the statement are those on the sfp so there is no additional calculation.
    unquote

    may help?
  • HayleyM
    HayleyM Registered Posts: 63 Regular contributor ⭐
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    reddwarf wrote: »
    Our tutor told us this:-

    In class last night I went through the attached example as it contains the changes to the names of the statements which I have not fully highlighted previously.
    Earlier in the year when I gave out pro-forma statements, I did not include the newly titled statement of comprehensive income and the statement of changes in equity. These will be given to you in the exam.

    PLEASE NOTE THAT THE CHANGES ARE VERY SLIGHT AND YOU ARE NOT EXPECTED TO DO ANY EXTRA CALCULATIONS.

    What used to be the income statement is now the statement of comprehensive income and it now includes, as a separate item at the bottom,
    any revaluation of non-current assets. (see example) The change now means that any such revaluation is now more formalised by inclusion on a statement rather than just being a note to the accounts.

    The statement of changes in equity simply puts the equity headings, on the statement of financial position into tabular form. The headings on the statement are those on the sfp so there is no additional calculation.
    unquote

    may help?

    So the statement of comprehensive income is just a little extra at the bottom of the Income Statement to include any revaluation gains etc.

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