P&l - bs

Forgive me people, having woken in a funk and coming to read on here I am still surprised to find that people are still referring to the old style of Profit & Loss and Balance Sheets.

For those of us who have tutors that have either not informed us, or those of us that have forgotten....
Income Statement and Statement of Financial Position

Just saying :) - I'll go and hide now :p

Comments

  • janwal
    janwal Registered Posts: 1,189
    Hi Mark

    Our tutors are old school but the way they get round it is everytime they say the old terms we have to correct them with the new, been a great way of remembering.

    Jan
  • Kirsty83
    Kirsty83 Registered Posts: 57 ? ? ?
    Haha....I think I might still be old school then, as I keep referring to the IS and SFP as the P&L and Balance Sheet!!

    This only continues to highlight the fact that I'm getting olderrrrr......ugh!
  • stevef
    stevef Registered Posts: 258 ? ? ?
    But in my defence, in local government world the statement of accounts consist of

    Movement in Reserves Statement, Consolidated Income and Expenditure Account and Balance Sheet (plus cash flow statement of course)
  • MarkT
    MarkT Registered Posts: 302
    janwal wrote: »
    Hi Mark

    Our tutors are old school but the way they get round it is everytime they say the old terms we have to correct them with the new, been a great way of remembering.

    Jan
    Our college has the same idea I'm certain, though there are some that are getting better
    Kirsty83 wrote: »
    Haha....I think I might still be old school then, as I keep referring to the IS and SFP as the P&L and Balance Sheet!!

    This only continues to highlight the fact that I'm getting olderrrrr......ugh!
    eh??? If the 83 in your user name refers to year of birth - I'd gladly swap!
    stevef wrote: »
    But in my defence, in local government world the statement of accounts consist of

    Movement in Reserves Statement, Consolidated Income and Expenditure Account and Balance Sheet (plus cash flow statement of course)
    There's always one!!! :p
  • KaySarah
    KaySarah Registered Posts: 215 ? ? ?
    MarkT wrote: »
    Our college has the same idea I'm certain, though there are some that are getting better

    eh??? If the 83 in your user name refers to year of birth - I'd gladly swap!

    There's always one!!! :p

    I'll swop too :-)

    AP1 on Monday. The weekend will be filled with Study!!
  • Dcollins
    Dcollins Registered Posts: 179 ? ? ?
    The reason you'll continue to hear P&L and balance sheet is that your tutors are probably working with them. While the AAT syllabus covers IAS, UK GAAP is still legal, widely used in many organisations, and is current. For anyone interested, the relevant legislation is the Companies Act S 396. Don't forget that outside of the AAT syllabus international standards are not applied to all UK companies (yet - we'll see what happens).

    Hopefully everyone is capable of understanding both sets of terminology, especially those who are working in small companies and studying. It shouldn't cause too much confusion.

    Have to say, though, I often shorten titles to their first letters when naming excel workbooks, and SFP is a little less colourful than BS.
  • Kirsty83
    Kirsty83 Registered Posts: 57 ? ? ?
    KaySarah wrote: »
    I'll swop too :-)

    AP1 on Monday. The weekend will be filled with Study!!

    Good luck Kay! :)

    PS. I sent you a message last week, but don't know if you got it......:/

    YES Mark - the 83 in my username IS my year of birth!
  • MarkT
    MarkT Registered Posts: 302
    KaySarah wrote: »
    I'll swop too :-)

    AP1 on Monday. The weekend will be filled with Study!!
    Mine is week after next, still a few niggles that need ironing out... Hope that you did well!!
    Kirsty83 wrote: »
    Good luck Kay! :)

    PS. I sent you a message last week, but don't know if you got it......:/

    YES Mark - the 83 in my username IS my year of birth!
    Thought so - you got years left in ya - not old yet, by a long shot :D
  • MarkT
    MarkT Registered Posts: 302
    Dcollins wrote: »
    The reason you'll continue to hear P&L and balance sheet is that your tutors are probably working with them. While the AAT syllabus covers IAS, UK GAAP is still legal, widely used in many organisations, and is current. For anyone interested, the relevant legislation is the Companies Act S 396. Don't forget that outside of the AAT syllabus international standards are not applied to all UK companies (yet - we'll see what happens).

    Hopefully everyone is capable of understanding both sets of terminology, especially those who are working in small companies and studying. It shouldn't cause too much confusion.

    Have to say, though, I often shorten titles to their first letters when naming excel workbooks, and SFP is a little less colourful than BS.

    I guess that they're not implemented as yet, but most certainly over time and newer accountants coming in and being taught the new IAS's its only a matter of time before the new language takes hold.

    I think that taking the BS out of accounting can only be a good thing... Actually, that's going in the sig line :D
  • Joe Barraclough
    Joe Barraclough Registered Posts: 69 ? ? ?
    they are referred to as both, just because your tutor refers to them one way doesnt mean the rest of us do, i am P+L and balance sheet, i dont even understand why you made this thread, its ridiculous THEY ARE THE SAME THING
  • MarkT
    MarkT Registered Posts: 302
    They are referred to as both, just because your tutor refers to them one way doesnt mean the rest of us do, I am P+L and balance sheet, I dont even understand why you made this thread, its ridiculous THEY ARE THE SAME THING
    Wow, just, wow.. I thank you for your big capital letter shout and attempt to belittle me.

    Firstly, when talking about yourself, it is I, not i. Secondly, when starting a sentence, use a capital.

    I'll edit your post for you

    ITS THE LITTLE THINGS - have a nice day ;)
  • Joe Barraclough
    Joe Barraclough Registered Posts: 69 ? ? ?
    FIRSTLY, you quite frankly were not worth the effort of taking a while to write a fully fledged and grammatically accurate message.

    SECONDLY, if you feel like correcting (attempting to correct) my message then take a look at your own, sentences end with full stops. When looking to leave a pause in a sentence (Which in itself is incorrect) then its ... not .. OK? i would also appreciate it if you used plurals where appropriate and to finish your sentences correctly, e.g 'capital letter' not just 'capital'.

    I'm not the one who has created a post to try and inspire the students by writing a pointless and potentially confusing post. I especially would not have created it if i had only passed one exam, you are not an expert, and from the lack of sense in this post you are clearly very far from one, don't post threads when you do not know or understand what you are saying. People use these forums as a place to get information not listen to some big headed student who thinks he can inspire the masses with his false and blurred opinions.

    P.S. THE CORRECT GRAMMAR IS "IT'S" NOT "ITS"

    KINDEST REGARDS
  • janwal
    janwal Registered Posts: 1,189
    Whether peoples grammer is right or wrong really isn't an issue.

    However I see nothing wrong with the original post, we keep getting told at college all the time that the AAT will pull the plug eventually as referring to the Balance Sheet and Profit and Loss and will start using the international meanings instead and therefore I don't see anything wrong with Mark reminding people of the International names.

    Joe - as you pointed out a lot of people use this site and even if he only reached 1 that didn't know, they do now.
  • welshwizard
    welshwizard Registered Posts: 465
    If you intend to go into practice, be prepared to use IAS, UK GAAP and terms that many people forgot in the 19th Century!

    I try to keep my handouts and other materials updated with the new terminology but I also ask my students to maintain their own glossary just in case I slip back to the 'old terms'. It's then up to them to ensure they are comfortable with the usage. Think of colours Red is Red - or is it scarlet, magenta, burgundy... do you see the problem?

    If people stopped picking holes in tutors' work and spent more time working on their own acquisition of skills and taking ownership of their own learning, everyone would be happier! Please remember that in the last 18 months many tutors have had to completely rewrite their material to meet the Revised Accounting Qualification and then we are told that terminology is changing (indeed work is underway to completely erase UKGAAP, SSAPS and FRS's in favour of IAS/IFRS). New assessment methods demand new practice materials for our students. It is certainly not a case of copy and paste as most questions have changed on appearance and nature. 1 hour teaching for me = at least 1 hour preparation - I teach 24 hours a week so that's another 24 hours preparation before you talk about completely redesigning materials such as pratcice assessments, homework questions, classwork. Then there is marking and assessment marking (WEAF, CMPA, SPSW, CRMC, ICAS) each student's assessment can take up to an hour to assess and process through LearnPlus - I have 50 students over 2 levels - that's another 50 hours to find during the year.

    Honestly, we are barely able to keep up!
  • MarkT
    MarkT Registered Posts: 302
    If you intend to go into practice, be prepared to use IAS, UK GAAP and terms that many people forgot in the 19th Century!

    I try to keep my handouts and other materials updated with the new terminology but I also ask my students to maintain their own glossary just in case I slip back to the 'old terms'. It's then up to them to ensure they are comfortable with the usage. Think of colours Red is Red - or is it scarlet, magenta, burgundy... do you see the problem?

    If people stopped picking holes in tutors' work and spent more time working on their own acquisition of skills and taking ownership of their own learning, everyone would be happier! Please remember that in the last 18 months many tutors have had to completely rewrite their material to meet the Revised Accounting Qualification and then we are told that terminology is changing (indeed work is underway to completely erase UKGAAP, SSAPS and FRS's in favour of IAS/IFRS). New assessment methods demand new practice materials for our students. It is certainly not a case of copy and paste as most questions have changed on appearance and nature. 1 hour teaching for me = at least 1 hour preparation - I teach 24 hours a week so that's another 24 hours preparation before you talk about completely redesigning materials such as pratcice assessments, homework questions, classwork. Then there is marking and assessment marking (WEAF, CMPA, SPSW, CRMC, ICAS) each student's assessment can take up to an hour to assess and process through LearnPlus - I have 50 students over 2 levels - that's another 50 hours to find during the year.

    Honestly, we are barely able to keep up!

    I do not know what I intend to do with the qualification afterwards, I have a goal of CIMA, but there are certain issues within this that I need to address first.

    I appreciate the tutors, believe me - my tutors though have not yet fully accepted that in me I have major issues each and every day that I have tried to overcome. Basically, I am severely deaf, and, this causes me to struggle to listen to a tutor who roams a class and wonders why I miss things as I mix hearing with lip-synch.

    That said, I am going to progress and I will eventually complete this course - thanks mostly, to people like you :)
  • uknitty
    uknitty Registered Posts: 591
    Basically, I am severely deaf, and, this causes me to struggle to listen to a tutor who roams a class and wonders why I miss things as I mix hearing with lip-synch.

    Are your tutors even aware that if they move around it makes it harder for you to understand ? If you are saying they "wonder why" it infers to me that you have not had a conversation to explain that if they are mobile it makes it harder for you to lip sync.

    I'm sure if your tutors were aware that their actions make things difficult for you that they would do their best to be mindful of doing those things.
  • MarkT
    MarkT Registered Posts: 302
    uknitty wrote: »
    Are your tutors even aware that if they move around it makes it harder for you to understand ? If you are saying they "wonder why" it infers to me that you have not had a conversation to explain that if they are mobile it makes it harder for you to lip sync.

    I'm sure if your tutors were aware that their actions make things difficult for you that they would do their best to be mindful of doing those things.

    They have been advised, they also have seen a hearing aid, been advised that I had to have time off late last year for surgery on my ear, saw me wearing a band over my head (bone conducting) aid. I have tried to let them know that just because I wear one, it does not automatically fix my hearing - its not like wearing a pair of glasses.

    Having said that, I deal with it, after all my asking them to stand still is going against their grain for teaching. Gone are the days that a tutor just stands at the front of a class and speaks and pupils listen - it's all about proper interaction :)
  • welshwizard
    welshwizard Registered Posts: 465
    If you are in college, you should be able to access the services of a scribe who will translate (i.e. type) when people speak (not just the tutor). This means you're fully included in each and every lesson. Ask you student services for the college policy on inclusion and disability. Hope you get this sorted.
  • MarkT
    MarkT Registered Posts: 302
    If you are in college, you should be able to access the services of a scribe who will translate (i.e. type) when people speak (not just the tutor). This means you're fully included in each and every lesson. Ask you student services for the college policy on inclusion and disability. Hope you get this sorted.
    If I was truly that in need I would, but I can hear and hold a conversation with the tutors face to face, its just when they move in the class. Its no big thing, its an issue I've dealt with my entire life and I really would not feel comfortable with the justification of such an added expense when my loss is not as severe as it was :)
Privacy Policy