fnst

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jojo1979
jojo1979 Registered Posts: 75 Regular contributor ⭐
I have my financial statements exam in a week and am realy panicking about it now after really all the horror stories about it on here.

I have been doing the practice cbas on here but there are only two. Does anyone know of any more around?

xx

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  • Diddy Mau
    Diddy Mau Registered Posts: 238 Beyond epic contributor 🧙‍♂️
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    Have you tried the GreenLight?
    there is some good things there for this.

    I found it too late,

    good luck
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello jojo

    You could try the old paper style exams for unit 11 (I think) which was DFS.

    Here is a link http://www.aat-interactive.org.uk/aat/past_exam_papers/

    Good luck :)


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • tara07960
    tara07960 Registered Posts: 2 New contributor 🐸
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    Diddy Mau wrote: »
    Have you tried the GreenLight?
    there is some good things there for this.

    I found it too late,

    good luck

    hello diddy
    please can you post the link for this green light.

    thanks
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello

    If you are after the greenlight resources and practice CBA exams try this link posted by another helpful student (MarkT) http://forums.aat.org.uk/showthread....670#post240670

    alternatively...

    Level 2 https://services.aat.org.uk/myaat/elearn/level2/

    Level 3 https://services.aat.org.uk/myaat/elearn/level3/

    Level 4 https://services.aat.org.uk/myaat/elearn/level4/

    Practice CBA https://services.aat.org.uk/myaat/pa_lsb/#level2BAI


    Good luck.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • wajoda2002
    wajoda2002 Registered Posts: 28 Regular contributor ⭐
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    Hi,

    I took this exam in December and failed and am due to re sit 19th April. I am no longer studying this unit as this is the only exam I have left to take. Does anybody know if anty of the standards have changed that could come up in the exam?

    thank you
  • welshwizard
    welshwizard Registered Posts: 465 Dedicated contributor 🦉
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    Resources

    I would be looking to work through the relevant IAS/IFRS E-learning materials here

    Hope this helps
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    My best advice about FNST is simply not to panic about it. Undeniably it is a challenging exam, but it is the final level financial reporting paper at AAT, hence should test the higher skills needed.

    Many students tend to get bogged down in the consolidations/IASs/IFRSs, but it is important to make sure that you cover all the syllabus adequately. When I used to teach the old DFS it was not uncommon for students to come on my lectures who had sat this exam several times unsuccessfully which was mainly due to the weighting they placed on section 1 and section 2 - often section 2 was neglected.

    Try not to panic about the 'horror stories' - focus on what you CAN do as opposed to what you CANNOT and during revision concentrate on those areas you feel more weaker on as some students tend to concentrate mainly on their stronger points.

    All the best
    Steve
  • GreenMousey
    GreenMousey Registered Posts: 154 Dedicated contributor 🦉
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    I'm currently studying FNST and have tried to download the answers to the second practice CBA however it keeps giving me the answers to the Budget exam, can anyone else help with a copy of the answers please?

    Thank you
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello GreenMousey

    I have them and also just tried to download again to see what happened... it downloaded FNST CBA 2 answers.

    Have another go or feel free to PM me your email and I can send them over to you.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • GreenMousey
    GreenMousey Registered Posts: 154 Dedicated contributor 🦉
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    Oh, I shall give it another go tomorrow then, thanks, it wouldn't download to just open I had to save it to open it which was rather odd. Probably operator error ;)

    Thank you =)

    How'd the exam go?
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    How'd the exam go?

    I sat FNST a while ago and some aspects of it were hard going but I wasn't expecting it to be easy. I put in the hours and was rewarded accordingly. Good luck when your time comes.

    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • uknitty
    uknitty Registered Posts: 591 Epic contributor 🐘
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    Welsh Wizard that link is really helpful. Thanks for sharing :)
  • Spamkebab
    Spamkebab Registered Posts: 233 Beyond epic contributor 🧙‍♂️
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    Hi,

    I sat FNST yesterday and was quite surprised with myself lol. I actually enjoyed the exam and was thinking, heh ive got this sussed. That was until the final question of section 2, my mind just went blank. If i have failed to complete an entire written task in section 2 (where there are only 3 tasks anyway) do you think that would be a fail?

    God, i hate waiting for results...........................

    Thank you

    Neil.
  • guinea pig
    guinea pig Registered Posts: 402 Dedicated contributor 🦉
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    Hi Neil,
    Just try and think positive, I know its difficult. I was dreading FNST, so much to learn, then in the exam I couldn't get two main calculations to balance, and struggled with it all. I felt very depressed waiting 4 weeks for the results, but amazingly I'd passed!
    I'm now on my last unit, FNPF, and its horrendous, I have a complete mental block with the variances, and so much else to learn too in a month, I want my weekends back!
    Good luck,
    GP
  • Spamkebab
    Spamkebab Registered Posts: 233 Beyond epic contributor 🧙‍♂️
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    Good morning GP

    Thanks for the kind words. I just can't help thinking that this task was a major part of section 2, i filled the ratios and report correctly as far as i know and everything balanced in task 1 but it's just this last question. The thing is, i knew what to write as soon as i was on my way back home but during the exam i was a total blank. I gave myself an extra 15 mins of reading the question over and over again but just couldn't form the words for an answer.

    I'm going to crack on with budgeting for now.........

    Neil.
  • NicF
    NicF Registered Posts: 108 Beyond epic contributor 🧙‍♂️
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    Neil my final question of section 2 was a bit the same, although the question was to briefly define one of two terms. I couldn't for the life of me remember the definitions for either but wrote a few words about what I thought one was. I also struggled with the written question in section one and I was convinced I failed, but I just found out yesterday I passed. You just have to hope you did enough with the other questions to get a pass.

    Good luck.
    N
  • bubs
    bubs Registered Posts: 41 Regular contributor ⭐
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    Hi Steve

    I am currently studing FNST and I'm a little confused with IAS 27 and IFRS 3. They seem to be in partnership and I can't quite grasp what the individual objective of each standard is. I have read the Kaplan Study guide, and the Obsorne book and the Clare Finch book and they all appear to contradict each other.

    For instance, which one of these standards actually specifices the basic details of dealing with goodwill, non-controlling interest etc., IAS 27 or IFRS 3?

    Please can you help?

    All the best

    Barbara

    Maybe I am being over obsessive here and perhaps I need to focus more on the techniques of complete a set of consolidated financial statements
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    jojo1979 wrote: »
    I have my financial statements exam in a week and am realy panicking about it now after really all the horror stories about it on here.

    I have been doing the practice cbas on here but there are only two. Does anyone know of any more around?

    xx


    How did your exam go jojo?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • bubs
    bubs Registered Posts: 41 Regular contributor ⭐
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    Hi All

    This is my first post so here goes.

    I am currently studying (self home study) FNST and IAS 27/IFRS3 combined. I have no problem working out the calculations for goodwill, NCI, intra-company transactions etc., but I am so confused as to the actual specific objective of each of these standards. I have read the Kaplan study book, Osborne book, Clare Finch book and I cannot find a clear definition of the objective of each standards. It seems to me they are both addresssing the same issues!

    Does IFRS 3 relate to the specific accounting techniques used for preparing consolidated financial statement for business combinations? Come to think of it so does IAS 27 and so this is were my confusion lies. Maybe I have over-read the standards so Im hoping one of you could enlighten me.

    I wait with great anticipation as it is driving me crazy. I could perhaps sit the exam and pass without knowing this stuff but I'm obsessed in finding the answer now so if someone could put me out of my misery I would be very grateful.

    Barbara
  • uknitty
    uknitty Registered Posts: 591 Epic contributor 🐘
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    Hi Barbara

    My understanding is that IAS 27 states that consolidated statements must be prepared for groups, and sets out the rules for identifying if a company can be considered a subsidary. IFRS 3 sets out the manner in which the consolidation should be performed once it has been identified that there are subsidiaries. In simple terms IAS 27 is what should be consolidated and IFRS 3 is how it should be consolidated.

    The main sorts of questions that will get asked around these standards is the reason for preparing consolidated accounts.

    From an exam perspective the main point you need to get across is that consolidation is performed to show the group as a single economic entity, although in strict legal terms the companies are separate legal entities. The single economic entity concept is applied to the group accounts as the financial statements must demonstrate "substance over form" (e.g. in form the companies are separate entities, but in substance they are all part of the same group)

    Consolidated statements demonstrate the parent's ownership and control of the subsidiaries resources.

    I'm revising this area of my studies right now as part of the AAT/ACA top up paper so also slightly obsessed with these particular standards :D

    Hope that helps and good luck with FNST !
  • bubs
    bubs Registered Posts: 41 Regular contributor ⭐
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    Thanks so Much uknitty. Could you tell me what books you are using?

    Barbara
  • uknitty
    uknitty Registered Posts: 591 Epic contributor 🐘
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    For FNST I used the same ones you mention in your initial post. Osborne and Clare Finch's Student's Guide.

    I actually found Clare's book to be much more helpful in learning the "technique" required to carry out consolidation. I found it really useful following the 5 step approach, as it gave me a structure to follow to answer pretty much any question. I found the Osborne method of setting out the workings to be a little bit messy and I was more likely to miss out an adjustment as there was no step by step approach to adhere to.

    When I sat FNST the Kaplan pocket notes were my best friend ! They cover pretty much all the main learning points in concise manner (and one of the biggest problems I encountered with FNST is the volume of material to read and digest) If you don't already have a copy I'd highly recommend getting them and just reviewing a standard a day in "dead time" such as waiting for a bus, or for the kettle to boil.

    The "little and often" approach has worked really well for me throughout my studies as I find I can get overwhelmed by information if I try and take in too much at once.
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    Hi

    The main objective of consolidated financial statements under IAS 27/IFRS 10 is to show the results of a group of companies as one, single, reporting entity.

    IAS 27/IFRS10 standards exist to dictate to preparers how such consolidated financial statements have to be prepared. It stipulates what you should do for things like intra-group trading and investments in subsidiaries.

    The major objective of the standards is to show the results of the group as if it were one single company. The standards also require intra-group trading (and the effects thereof) to be eliminated because sales of goods from one group member to another are merely transfers of goods for consolidation purposes - they are not 'realised' (ie turned into a receivable or cash) until they are sold to the outside world - hence why IAS 27/IFRS 10 requires the elimination of all intra-group trading. If the standards did not require such elimination then clearly the user would be misled because revenue/expenses and assets/liabilities would be distorted, hence the standards requiring consolidated financial statements showing the results of the group's trading with the outside world.

    All the best and hope that helps

    Steve
  • bubs
    bubs Registered Posts: 41 Regular contributor ⭐
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    Thanks so much uknitty. I do have a copy of the Kaplan pocket notes which I read religously every day. They are a blessing. You are so right, the "little and often" approach works well for me too.

    Thanks again, you have been so helpful.
  • bubs
    bubs Registered Posts: 41 Regular contributor ⭐
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    Hi Steve

    Thanks for your reply.

    Did you mean to quote IFRS 10. My understanding is that IFRS 3 relates to business combinations which is closely related to IAS 27 (at least that is what the study materials are saying)?

    Barbara
  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    Hi Barbara

    Sorry if I have confused you! IFRS 10 is the new standard (which may not be examinable yet at FNST level) which deals with consolidated accounts. The revised IAS 27 will only deal with separate financial statements from 1 January 2013 as all the consolidation guidance has been moved from IAS 27 into IFRS 10, but as I say I don't think IFRS 10 is examinable as yet.

    All the best
    Steve
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