Financial Statements Revision

wajoda2002wajoda2002 Feels At HomeRegistered Posts: 28
Hi Everyone,

Just got 2 exams to do (after failing both!) So have decided a different revision tactic. See attached my financial statements revision so far. Please feel free to comment/add other working you have and all help each other. I will be updating it as I progress and will move onto financail performance (failed 3 times!!!!!)

Good Luck :)

Comments

  • Dipak ThankiDipak Thanki Well-Known Registered Posts: 135
    Wow! Really nice! I have fnst left and then I will be done, I will definatley be using these notes for the IAS questions!
  • katsutlieffkatsutlieff Trusted Regular Registered Posts: 459
    Thank you for this it is really useful. I am currently studying LCA and trying to revise SoCI and SoFP as its been a long time since I did FRA. Many thanks
  • wajoda2002wajoda2002 Feels At Home Registered Posts: 28
    I have copied and pasted from previous exams and will upload more once I have done it :)
  • geek84geek84 Trusted Regular MAAT Posts: 502
    Hi wajoda2002

    Many thanks indeed for that. Your attachment will be most useful. If I ever meet you, I will buy you a pint, or two!!

    Anyway, I have got my financial statements exam next week. Could someone be kind enough to give me an idea of which IAS's to mostly concentrate on - there seems to be about 20 of them, and I don't know whether I need to learn them all by heart!

    By the way, how long is the exam?

    Thank You.
  • niccham79niccham79 Settling In Nicely Registered Posts: 16
    Thanks

    Thanks Wajoda, that's really helpful! I have my 3rd attempt at FNST on 19th so wish me luck! I have the Kaplan pocket notes for this as well and I find them useful too.

    The exam is 2.5 hours and they test you on any number of the IAS's i'm afraid - there isn't a set rule to it, in my last 2 attempts i've been tested on about 4 different ones...
  • Miffy3QEMiffy3QE Feels At Home Registered Posts: 25
    I've got my re-sit tomorrow having failed this exam in June.......I guess you should learn them all really...everyone in my original class seemed to be tested on different standards, so there is no 'favourite' one......but be sure to revise the section on 'non-realised profit' and inter-company transactions as that REALLY made a mess of me last time!!! :(
  • Steve CollingsSteve Collings Experienced Mentor Registered Posts: 997
    Miffy3QE wrote: »
    I guess you should learn them all really...:(

    I cannot over-emphasise the importance of revising all the examinable IFRS/IASs. Whilst revising accounting standards is inherently boring, there is no other way. The way to think about it is "what if an IFRS/IAS came up that I had not studied, how would I feel in the exam?" The answer is pretty dismal! The only way to avoid this is to get your syllabus, look at what the examinable accounting standards are and get a sound knowledge of how they work.

    If you go onto further professional qualifications (e.g. ACCA) you have no choice but to revise all examinable standards (which crank up in difficulty the further on you get), so getting into the habit now is a good way to handle the next level of difficulties.

    Kind regards
    Steve
  • gaffa_02gaffa_02 New Member Registered Posts: 9
    Thanks for this! got my 2nd resit on Monday, seem to be struggling with this unit. This is my last unit to pass. Found your document really helpful.

    Thanks again!
  • geek84geek84 Trusted Regular MAAT Posts: 502
    Hi Folks


    I have got my assessment coming up next week & have got about 20 different !AS's to learn !!

    Can someone suggest a quick way of learning them, because most of it is going over my head !!

    Once I learn one standard, I tend to forget the standard(s) learned previously!!

    Thanks
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,526
    Hello Geek

    Not going to sound very helpful unfortunately... I don't think there is a quick way to learn them. If I recall correctly, your CBA is on Thursday? This gives you 4 days in which to read and digest the key points of each IAS. Get some paper... write the IAS number and some bullet points for each. You won't need to know all the fine detail of each IAS. You can then use your notes for revision between now and exam day.

    I wish you all the best for your CBA - do let me know how you get on.

    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • wajoda2002wajoda2002 Feels At Home Registered Posts: 28
    Hi Everyone,

    Not managed to update the notes yet. Received my results today and I failed so they obviously didn't help me!!!! Got my re sit 23rd Feb so tonight I am back to it with my head down. This is the only exam I have left to sit to finish. If I had of passed first time on my exams then I would have been finished in September, however I'm still here. Feeling very unmotivated at the moment, especially as I have no feed back to go off.

    Good luck everyone

    Joanne x
  • nicd1981nicd1981 Well-Known LiverpoolRegistered Posts: 213
    Hi Joanne,

    your tutor can get feedback on the aat website, its in the tutorzone which we have no access to but he can print it of for you.
    It tells you which areas you met, did not meet, borderline or exceeded.
    At least youll know why you failed and what to concentrate on for your resit,
    I have financial statements next and i am terribly worried how im going to remember everything

    good luck

    nic x
    Nicola Donnelly ,MAAT, MIP, CIMA Dip MA

    Email: donnellynicola7@gmail.com
    Facbook Page: MEND Accounting
    Blog: http://wannabeanaccountant.blogspot.co.uk
    Twitter: @AccountantLive
    Website: http://www.mendaccounting.co.uk
  • guinea pigguinea pig Trusted Regular Registered Posts: 402
    Good luck to everyone taking this exam, I found it incredibly challenging. To help learn the IAS , I got a pack of index cards, and wrote each IAS, on a separate card, with a few details, I then read them through constantly, learning abbreviations for each to help. I had them on my desk at work, and when I had a spare minute would look at one!

    I'm now strugggling with Financial Performance, and cannot get my head around the variances, any tips please? I've only two units left, and am so looking forward to getting my weekends back after nearly 3 years studying!
    GP
  • nicd1981nicd1981 Well-Known LiverpoolRegistered Posts: 213
    hia

    i did financial performance exam the 24th jan, still waiting on my results but im definitely sure i failed.

    Ive got to say i think it was the hardest exam ive ever sat, Although the written parts on this one where pretty straight forward.

    Ive got tonnes of notes on the variances etc if you need anything scanning and sending on let me know

    nic x
    Nicola Donnelly ,MAAT, MIP, CIMA Dip MA

    Email: donnellynicola7@gmail.com
    Facbook Page: MEND Accounting
    Blog: http://wannabeanaccountant.blogspot.co.uk
    Twitter: @AccountantLive
    Website: http://www.mendaccounting.co.uk
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,526
    guinea pig wrote: »
    I'm now strugggling with Financial Performance, and cannot get my head around the variances, any tips please?
    GP

    Hello GP, I have my FNPF exam in a few days. I would advise, if you have not already done so, going on greenlight and also the practice CBAs. I think it is just a case of practice and trying to relate each to a real life example if you can.

    When are you sitting this CBA?

    Feel free to E Mail if you like.

    Good luck


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • fahi1fahi1 AAT Student, AATQB Posts: 11
    Hi yea @nicd1981
    Please Could you post the nosy for variences?
    Thanks
  • nicd1981nicd1981 Well-Known LiverpoolRegistered Posts: 213
    Hi Fah, I did Financial performance back in 2012 so 5 years ago. I don't have any notes now I'm sorry . However , I'll help anyway I can I'm qualified now , and half way through cima :)
    Nicola Donnelly ,MAAT, MIP, CIMA Dip MA

    Email: donnellynicola7@gmail.com
    Facbook Page: MEND Accounting
    Blog: http://wannabeanaccountant.blogspot.co.uk
    Twitter: @AccountantLive
    Website: http://www.mendaccounting.co.uk
  • fahi1fahi1 AAT Student, AATQB Posts: 11
    Hi @nicd1981
    Thanks for responding I was just readind for ideas on how to pass exams and found these comments. I am doing financial statement now and then financial performance so getting a heads up as they seems to be taking a lot of time to prepare self!