Home For AAT student members AQ 2013 AAT Level 4 (Level 8 in Scotland)
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Remembering IASs for FNST exam

SpamkebabSpamkebab Well-KnownRegistered Posts: 233
Hi gang,
I have read through quite a lot of posts on here and would like to say thanks to everyone, your info is priceless.
However, i am struggling with how much of each IAS (or how well) i will need to remember for the exam. I'm trying my hardest to remember everything but it seems like the only way to answer any questions about IASs correctly is to memorise the full study book.

Has anybody any knowledge or experience of how 'in depth' or how much of each IAS i need to know to be able to answer a question sufficiently?

Can anybody remember any IAS questions from their exam as an example for me to work with?

Any help would be greatly appreciated.

Thank you,

Neil.

Comments

  • acorrentiacorrenti New Member Registered Posts: 14
    What a good question....
    I'm currently studying FNST & would like to know as well.
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,525
    Spamkebab wrote: »
    Can anybody remember any IAS questions from their exam as an example for me to work with?

    Neil.

    Hello Neil

    I can't remember the question exactely as it was a while ago that I sat FNST. Have you tried answer the questions from the practice CBA:-

    Elm plc will be undertaking some research and development activities in the near future. The directors of Elm plc understand that such activity may result in the recognition of an intangible asset.

    Prepare brief notes for the directors of Elm plc to answer the following questions:

    What is meant by an intangible asset according to IAS 38 Intangible assets?

    What would Elm plc have to demonstrate about an intangible asset arising from development activities before it can be recognised as an intangible asset in the financial statements?


    I'll have a look throught my study notes at the weekend and if I can find some more questions I'll put them on here for you.

    When are you sitting the exam?

    Good luck.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,525
    Valuation of stock - IAS2.

    What must be displayed on a set of financial statements as per IAS1?

    Describe the key components and purposes of a cash flow statement - IAS7.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,525
    Last one for now....

    State how, according to IAS36, an impairment loss is calculated and which two figures are needed. Explain what is meant by each of these figures. State how an impairment loss is to be treated in the financial statements.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • lisaloftylisalofty Settling In Nicely Registered Posts: 15
    fnst

    Had mine this am and could kick myself am so convinced i've failed :crying: worked really hard but feel i've not written enough.

    Someone needs to take note and make this a longer exam or give handouts with info needed not scroll up and down for data.

    Paper based last year had 3 hours hows that fair we only have 2 1/2:mad2:

    Not only do we have to learn new terminology stock now inventory etc , but new layouts as in cashflows etc, consolidated accounts, ratios and if that doesn't take you overboard lets throw in some IAS to top it off :confused1:

    So good luck everyone hope yours goes better than mine !!! x
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,525
    lisalofty wrote: »
    Someone needs to take note and make this a longer exam or give handouts with info needed not scroll up and down for data.

    Hello Lisa

    I know how you feel regarding the scrolling as it was like this when I sat FNST. However, I thought that FNST now had pop up windows for the financial statements so that there was no need to scroll up and down?


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • SpamkebabSpamkebab Well-Known Registered Posts: 233
    Thank you very much Jo, I sit the exam in 2 weeks and apart from a little more revision i think i am ok with the statements and ratios. I was looking for some examples of questions and the ones you have provided i can answer quite competently (thank you very much for those) the thing thats throwing me is that i'm trying to remember every part of each IAS right down to the notes to the accounts but i feel there is going to be no way of me memorising all that information. Using Kaplan study text there is a definition for operating segments with no information apart from geographical location and business type. (I have acopy of Clare Finch but it is 4 years old)
    Them pop up windows are always in your way and you end up closing them then having to scroll back up to open them again, dragging them around the screen is a pain in the bum.
  • lisaloftylisalofty Settling In Nicely Registered Posts: 15
    hi jo

    yes they were pop up for soci and sofp but totally threw me, did lots of practice papers supplied by tutors but wished i'd done the aat practice ones sooner so I could of prepared myself better for the format :001_unsure: practice 1 and 2 are different and you will be allocated either one.

    Really hoping I get it but still doubting think I should of wrote more !!

    If not will be the first one i've failed in 3 years so not bad looking at it that way as hubby and kids keep telling me x
    not bad for an older student thou lol

    So am trying to stay positive doesn't help that we will of had 3 exams this month !!!
  • SpamkebabSpamkebab Well-Known Registered Posts: 233
    Hi Lisa,
    Was your exam similar to the AAT practice ones then?

    If not, how different was it?

    Neil
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,525
    lisalofty wrote: »
    Really hoping I get it but still doubting think I should of wrote more !!

    Hello Lisa

    I felt this way too... and then managed to forget about it till the results came in. It was a fantastic feeling when I passed :) I don't think you need to worry about writing more. I don't think it is the quantity of what you write, but the quality/content of what you write that gains the marks. Are you moving onto your next module to take your mind off the results or was this your last level 4 module?


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • lisaloftylisalofty Settling In Nicely Registered Posts: 15
    hi jo

    Many thanks for the kind comments will keep my fingers crossed :001_smile:

    Ive still got a few to go till I finish, my next exam is the 29th this month which is the 2nd part of credit management.

    Then I have Financial Performance and Budgeting in june. Our college has us studying 2 modules together one am then the other subject after lunch.

    We studied Personal Tax along with Credit Management part 1 passed those aswell as studying Financial Statements which is the biggest for me remembering everything number work seemed fine just wrting may of let me down oh well positive positive :001_smile:



    hi spamkebab

    yes exam is very similar to practice assessment and I would advice to practice both :001_smile:
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