FNST Exam and IAS's/IFRS's

stephleedz

Hi everyone,

I have my exam in 2 weeks and 6 days and I was just looking for a bit of assistant from those that have recently sat their FNST exam. I was just wondering of anyone could remember approx how many questions they were given in part 2 on the IAS's/IFRS's and if they were multiple choice, written or a bit of both? Also those who have sat this exam were you ok for time given you get 2 1/2hrs?

Thank you in advance

Steph

NicF

Steph, the exam is laid out very much like the two practise assements on the AAT website. It's been a month or four since I did mine so I can't remember exactly, but I think there was a written question in section 1 about the standards, along with various multiple choice and numbers type questions. I think section two had three questions, can't really remember the first one but the second was a ratios question where you had to calculate some ratios and then write about them and the third question was another written question on an aspect of the standards. Like I said though, the exam was laid out very much like the practise exams.

Nicola

NicF

Forgot to mention I had plenty of time to do all the questions, go back and check all my answers and still leave before the end of the two and a half hours. I wasn't confident because the written questions on the standards were on things I couldn't remember very well, but I couldn't think of anything else to write so there didn't seem any point in staying in the exam room. I must have written enough though as I passed it.

stephleedz

NicF,

Thank you for taking the time to reply to my query I really appreciate the information you have provided. I am expecting a written type question at the end of section 1, I am happy with the ratio's and kind of happy on the written part of the ratio's (will make sure I am 100% on this before the exam) it was really just the other type of questions in section 2 as I was kind of hoping to mainly get multiple choice questions in section 2.

Really glad you found you had enough time and were happy (relatively happy) when you left. I intend to make sure I feel prepared so that when I leave the exam if I feel like I have done my best then I'll be happy. There is a lot of negative comments firing around at the minute which is unfortunate as I believe this can really hinder a person's performance on the day.

Anyway thank you very much. Good luck with any up and coming exams you may have?

Steph

Morpheus1980

stephleedz wrote: »

There is a lot of negative comments firing around at the minute which is unfortunate as I believe this can really hinder a person's performance on the day.

Agreed!

Looks like we're in the same boat - I have my FNST exam a few days before you. Can I ask how you're learning the IAS's (and I'd like to open that question out to anyone who has taken FNST recently, or about to take it)? Just interested to know what approach people are using and if it works because there's quite a few to take in.

stephleedz

Hi Morpheus1980 ,

I printed of the factsheet from the AAT website and I also purchased the book written by Clare Finch 'a students guide to international financial reporting standards'. The factsheet I am hoping covers everything the AAT may/will ask adn the book is really good and so much easier to understand than the textbook. I would highly recommend it.

Steph

stephleedz

Flakie,

Can I ask what 'written War and Peace part two on the standards' is?

I tend to leave the greenlight questions to the last week/couple of days before the exam, along with the AAT CBT's. I also have put together flashcards which I blue tac to my PC at work, am doing the Kaplan revision kit over and over and over again and will attempt the kaplan mock a little nearer the time.

Nice to hear how everyone revises...each to their own.

NicF

To learn the standards I just read through my books (Kaplan and Osbourne) and the stuff from the AAT website. I think it's more important to understand what it is the standards are trying to achieve than learning them parrot fashion as the questions in the exam will be more along the lines of explain what is meant by, rather than, write everything you know about standard X.

I personally don't think this exam is that bad providing you can do the numbers bit and understand what the ratios are. It just seems like there is a lot to learn as you could be asked a question on any part of the examinable standards. When in the exam be careful to read the question and answer the question that has been asked. One of my questions was to briefly define one of two terms. The key term here is briefly - don't waffle for pages if the question asks for a brief definition.

smithy44

Hi Steph

I had my resit for this exam 2 weeks ago and it was much better than the first one (just hope i passed as this is my only exam result i am waiting for to qualify!!) I bought claire Finchs book which helped me a lot, i also got Kaplan revision kit which i found great lots of pratice questions on everything and also the green light area on the aat website was great to i use to do that every lunchtime at work!!! I failed last time on my writing work so make sure you practice on that as well as the numbers. Hope this helps and good luck

Veggie Sausage

Hi,
I sat FNST yesterday and fingers crossed it went ok. I finished it in about two hours and that included rechecking my answers so I think the time limit is fine.
My written IAS question involved explaining provisions & contingent liabilities and there was about 5 multiple choice questions on various other standards, similar set up to the practice tests.
Don't forget to revise about the conceptual framework as well as the standards! There was one task asking for a brief explanation of Faithful Representation or Relevance and another task about the users of Financial statements.
Good Luck!

Morpheus1980

Thanks for all of your feedback, guys. Very interesting to find out the different methods that people use to crack this module!

Sounds like you aced the exam Veggie Sausage. It's nice to get some positive feedback on FNST for a change! When I came to do my BGT exam, I felt under-prepared but with this one, I'm feeling like I could actually nail it (all being well on the day). I kind of know well the key-points of 6 standards, only another 15 or so to go through! I shall take your advice and go through the conceptual framework - I got the feeling there would be a few questions on it, as they tend to crop up on every test paper/practice CBT I've seen. Thanks for all of your advice :001_smile:

Morpheus1980

Oh, and good luck Steph! Sorry to have hi-jacked your thread!

louisethomson

Hey ive got my exam on Friday and have just come across this link ... ive personally found it helpful
http://www.stevecollings.co.uk/preparing-to-pass-aat-paper-fnst/
Good Luck

stephleedz

Hi louisethomson,

Thank you.

Good luck for your exam Friday, let us know how you feel you got on?

Steph

Neela xsx

Fnst

Hi Steph,

First bit of 'help' i would give is just to get into the exam and breathe!!

I too bought the Claire Finch book very helpful but do be aware some of the standards have since been updated so make sure you pick up the updated ones!

My written task was based in IFRS Business Combinations which also talks about negative goodwill. The AAT handout only really mentions thiis as a standard not actually what it means so make sure you are up to date and brushed up on ALL the standards to some extent.

I found doing mind maps for each standard help and picking out key words in order to remember as many points as i could.

The multiple choice Q's were fairly straight forward I remember having leases, inventory, policies and something about property.


Good luck!!

Morpheus1980

So, FNST exam tomorrow! Am currently wandering around in a weird kind-of limbo hoping that all of the standards, explanations of the accounting ratios, and elements of the IASB framework that I've learnt won't fall out of my head.

After two months of hard work and saying bye bye to my social life, I simply cannot wait until it is all over :001_smile:

nicd1981

Good Luck Morpheous, let me know how you got on?
My resit is the 23rd July, and im determined this time ill pass!!!



Hope all goes well for you and everyone who is sitting it this week

Nicola xx

Morpheus1980

Thanks Nicola. I'm beating myself up a little bit over it as I couldn't get my cash flow statement to balance, but other than that, I think it went OK. I'm sure the AAT wouldn't take 30% of my marks off for not being able to balance the cash flow statement, so really, really hoping that I've done enough!

aaron0121

Hi Morpheus,

My cash flow never balanced and i still passed it first time, don't beat yourself up about it, you can still get marks
even though the cash flow never balanced :001_smile:

Morpheus1980

Thanks Aaron. I can't believe it didn't balance, I did so many practice questions, but must admit that I concentrated more on learning the standards and bits about the Framework so really shouldn't be that surprised that I fell down on this part.

Last year, my extended trial balance for one of the modules I took didn't balance and I somehow managed to pass.

Oh well! :001_smile:

aaron0121

Let us know how you get on :thumbup1:

Morpheus1980

Thanks Aaron, only another 5 weeks until I find out!

Hoping that Steph's FNST exam goes well this morning...let us know how it went, Steph!

stephleedz

hey Lisa,

Well exam and over and done with and I don't know if that is a good or bad thing? I had I/S and SOFP, was then asked to calculate only the Goodwill and NCI of the consolidated SOFP...I know weird right, then asked to complete I/S for consolidated accounts, got the usual multiply choice question, my written question is section 1 was on inventories. The ratio written question in section 2 was really sh1tty the 3 ratios I got were Total Assets, Interest cover and earnings per share. Which if I am honest I don't have a clue how this bit went because not 1 revision question I did (and I did a lot) was earnings per share or total assets. I think the calculation side of the exam went ok?? I honestly don't know how I have done but for the time being I am glad it's over.

Fingers and toes crossed I have done enough to pass because I would love not to have to sit this exam again!

Steph