Subsequent events again

Glynis

I have tried and tried to understand the auditor's responsibility in auditing subsequent events but I cannot seem to get any questions on this right:( The article on ACCA website says that students have to have knowledge of accounting standards tested at F3 but how the hell is this possible if you were exempt from that paper. Aaarrggghhh what do these flaming people want from us? How on earth can they say that you need knowledge of a paper many students might not have sat? Does anyone know if you will be told in the exam if something is or is not an adjusting event or will we be expected to use a crystal ball? It's so frustrating.

Richard

The link below details the standards that a student studying for F3 is expected to learn.

The reason that you are exempt from this exam is because you learnt all of these standards when you sat your AAT Unit 11 DFS exam. So if you have forgotten them, you will need to revisit your DFS notes, and refresh the standards.

http://www.acca.co.uk/pubs/students/acca/exams/f3/examinable/f3int_examdoc2011.pdf


In the exam you will not be told if an event is adjusting or not, you are expected to APPLY your knowledge to the scenarios. The clues will be there, but it is up to you to learn the knowledge to spot them.

EDIT: Have you also noticed that Pami Bahl has published an article on the website this week for F8 candidates?

Glynis

Thank you Richard. This is where I am finding Steve's article confusing because it doesn't actually say that you won't be told:(
I'm still trying to get my head around subsequent events and iron out these contradictions before I read anymore F8 articles.

Julia

Hello Glynis

I don't think Steve's article is contradictory and certainly my students at BPP have used this article as part of revision phase. The examining team do expect students to have a certain element of structure and expectations in their studies as we do as the tuition provider. You cannot expect to be told if you will see something in an upcoming paper and certainly at ACCA level
one would expect you to have adequately covered all syllabus areas and understand the learning outcomes. You also need to appreciate the overlap between accounting and auditing which is something you should get to grips with very early on in your F8 studies.

Good luck
Julia

uknitty

Interesting link to the IAS's that are examinable at F3. There are actually more standards examinable for FNST (Unit 11) than there are listed as examinable for F3 !

Bluewednesday

Believe me you make up for it in the later papers!!!!

You also do more costing than in the ACCA foundation papers which is why AAT is such a good grounding and AAT students tend to find life a little easier in the later papers.

Don't forget you are actually exempt from 3 papers which you will have taken 8 or so AAT papers to get - you're bound to have done things in a bit more detail.

PGM

Whens the exam Glynis? Good luck!

uknitty

I have absolutley no doubt that the later papers mooooore than make up for it

I think the point I was trying to make is exactly what you said... that to pass FNST/Unit 11 then you need to have studied more than you do for the paper you are claiming an exemption from.

Glynis

PGM wrote: »

Whens the exam Glynis? Good luck!

Thankyou. It's on the 8 th December and I am really frightened of it. You never know what this blasted paper wants from you. I just hope the questions are understandable.