Financial Statements

emma89

Hi,

Does anybody have any tips on how I can get the IAS' and the formulas stuck in my head. Im revising for my 2nd resit and absolutely nothing wants to stay with me! I would be so grateful! I should have finished by now but for some reason this exam really does not like me! In fact any tips at all would behelpful im obviously going wrong somewhere.

Thanks Emma

Steve Collings

I think where a lot of students tend to trip up is trying too hard to remember all the information contained in the relevant accounting standards. Remember, you are not going to be asked to write 'chapter and verse' about an accounting standard. You need to have an awareness of the main thrust of the standard and how it works.

Take for example IAS 16 'Property, Plant and Equipment'. You would need to have a good knowledge of:

- the recognition and measurement criteria
- how to work out depreciable amount
- constitutions of 'cost' (i.e. purchase cost, irrecoverable taxes etc etc)
- measurements subsequent to initial recognition (depreciated historic cost vs. valuation)

The above is not exhaustive but it does give you an idea that for the examinable IASs/IFRSs you aren't expected to know the full technical content, nor are you expected to rote learn the standards so you can quote them verbatim.

On the day of the exam you will probably find you know enough to pass the question!

Good luck
steve