IAS for DFS

neuroticprincess

Hello

Can someone please help me with the IASs that I need to know for DFS. Are there key points I need to know or do I need to learn the whole thing? There seems to be a lot in the text book for a question that tends to have a two line answer.

If anyone could point me in the direction of a summary that would be appreciated.

Thanks very much

Np x

twinmeister

I sat and passed DFS in December and spent loads of time trying to cram IASs. In the end, I knew the numbers and the basic outline of each, but the question that came up asked for a bit more detail than i could remember ( something along the lines of at what point is an asset recognised on the balance sheet).

Quite a few people in my class decided to shelf learning IASs altogether and took the calculated risk that the extra marks weren't worth the effort required to know them inside out. They concentrated on the calcs for the other sections and didn't get flummoxed by the IAS question.

Their waffle was apparently as good as mine, as we all passed.

Your choice, but cramming IASs may well be a waste of time at this stage, unless you have a photographic memory. You can pass without them as long as your calcs are spot on.

taskey

twinmeister wrote: »

You can pass without them as long as your calcs are spot on.

oh you say that so easy lol, i know the calculations and am fairly confident with that side, but i am going to have a read tomorrow night and see if any stick

jewels.p

I tried reading them last night but if you asked me a question today I probably wouldnt know the answer. Maybe if they were writted in plainer English it would stick better!

Rinske

I used my own summary of the standards, it's 14 pages long and I just read it twice a day. Whatever sticks, sticks and all the rest I'll just make up as I get along tomorrow...

It's completed based on the needs from the words document on the website and I just added all the points I need to know, copied the information from my book, Steve's articles and the site with all IFRS standards currently active for Europe.

Esme

tommorrow!!? Do you mean Thursday?

taskey

defo thursday , just panicked and checked the timetable lol

Andypandy

These are the ones we need to know
IAS 1 - presentation of financial statements
IAS 2 - inventories
IAS 7 - cash flow statements (statement of cash flow from December 2009 sitting)
IAS 8 - accounting policies, changes in accounting estimates and errors
IAS 10 - events after the balance sheet (statement of financial position from December 2009
IAS 12 - income taxes
IAS 16 - property, plant and equipment
IAS 17 – leases
IAS 18 - revenue
IAS 23 - borrowing costs
IAS 27 - consolidated and separate financial statements
IAS 28 - investments in associates
IAS 33 - earnings per share
IAS 36 - impairment of assets
IAS 37 - provisions, contingent liabilities and contingent assets
IAS 38 - intangible assets
IAS 40 - investment property

Steve Collings

Don't forget IFRS 8!!

CrazySexyCool

is that a hint?

HayleyM

Steve Collings wrote: »

Don't forget IFRS 8!!

IFRS 8 is not in the Unit 11 guidance notes and doesn't seem to be in my textbook! Help!! Please can someone explain this one to me?!

Thanks

Steve Collings

Hi,

IFRS 8 'Operating Segments' became examinable from December 2009 so I am surprised it is not in the guidance notes.

I haven't written about this standard, other than in my IFRS book but I have dealt with the subject on the 'Steve's Q&A' on AccountancyStudents which looked at the difference between IFRS 8's predecessor, IAS 14 and IFRS 8. I have reproduced the thread:
..........................................................................................................................
Question
What is the difference between IAS 14 (Segment Reporting) and IFRS 8 (Operating Segments)?

Steve’s Reply
IFRS 8 has been issued for quite a while though (issued in November 2006). In practice, it is not mandatory until accounting periods beginning on or after 1 January 2009. IFRS 8 replaced IAS 14.

IFRS 8 itself is based on the US Standard SFAS 131 (Disclosures about Segments of an Enterprise and Related Information). It has to be said, however, that IFRS 8 is very different from that of IAS 14.

The basic difference between IFRS 8 and IAS 14 is that IFRS 8 is based primarily on the information provided to management - in particular the ‘key operating decision maker’. IAS 14 was more prescriptive in terms of the segmental information that needed to be provided - for example the ‘primary’ and ‘secondary’ reporting formats.

IFRS 8 is based on the logic that the same type of information should be provided to external users of accounting information (such as shareholders) as is provided internally, albeit that such information cannot be expected to be in as much depth (for obvious reasons)!! The definition of an operating segment is dependent largely on the internal reporting factors as opposed to more objective criteria.

IFRS 8 requires an entity to report the financial and descriptive information about its reportable segments. Operating segments are components of an entity where financial information is available that is evaluated regularly in deciding how to allocate resources and assess performance. Reportable segments could be individual operating segments, or combinations of operating segments where there are sufficient similarities between the segments to make aggregation acceptable.

Students should note that there are detailed qualitative and quantitative rules on when operating segments may be amalgamated for the purposes of financial statements.

IFRS 8 also requires a reconciliation of total reportable segment revenues, total profit or loss, total assets and other amounts disclosed for reportable segments to corresponding amounts in the reporting entity’s financial statements.

Additionally, IFRS 8 also requires an explanation of how segment profit or loss and segment assets are measured for each reportable segment.
...........................................................................................................................

I cannot check the guidance notes but IFRS 8 is a disclosure standard and the above should contain what you need to know. Ignore the IAS 14 bits - just concentrate on the IFRS 8 bits.

Regards
Steve

HayleyM

Thanks Steve!

IAS14 is in the guidance notes so that would explain it a little bit.
I downloaded your book off your website a few weeks back and didn't think to look in there!

Thanks for your help!