Do I need to learn IAS numbers?

owenpitt
owenpitt Registered Posts: 3 New contributor 🐸
in General discussion
I am taking DFS and MAC next week. Can anyone tell me if I will need to be able to refer to which particular IAS applies to what?
In other words, can I answer that International Accounting Standards require a certain format for Financial Statements or will I need to say that it it IAS 1 or whichever number applies?
If so, is there an easy way to remember them??

Comments

  • deborahcarpenter
    deborahcarpenter Registered Posts: 161 Dedicated contributor 🦉
    owenpitt wrote: »
    I am taking DFS and MAC next week. Can anyone tell me if I will need to be able to refer to which particular IAS applies to what?
    In other words, can I answer that International Accounting Standards require a certain format for Financial Statements or will I need to say that it it IAS 1 or whichever number applies?
    If so, is there an easy way to remember them??

    I am doing DFS on Wednesday and have been told by my tutor to learn them all as any of them could come up!!! I have been using flash cards and post its all over my house, so wherever i am i can see them. I have been learning them for weeks and i think i have got them all and the 'wording i need to use for each one' I recommend using flash cards as you can carry them wherever you are. Good luck for the exam.
  • katz568
    katz568 Registered Posts: 93 Regular contributor ⭐
    It is possible yes, I know in DFS last year we were asked to explain elements of IAS 2 etc.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    a good thread to read

    http://forums.aat.org.uk/showthread.php?t=28508&highlight=standards
  • owenpitt
    owenpitt Registered Posts: 3 New contributor 🐸
    Thankyou

    Thanks for that. An interesting thread. I get the impression that marks may be lost for not knowing the specific numbers, but are minimal as long as you you can demonstrate corrct methodology and practice.
    I've decided that I've left it too late to worry about now, but if I have to resit in June, (heaven forbid), I will make sure I have them under my belt.
    Thanks again.
    Owen
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    Owen trust me concentrate on the other aspects of the exam also most of the standards you will already know.

    Best of luck


    Vic

    P.S this is coming from someone that made a hash of the standard question but still managed to pass :)

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