Financial Statements exam changing from September??

aaron0121

Hi Everyone,

I've heard news that the FNST exam is going to be changing from the end of September,
the IAS are going to be chopped down a lot, so you won't need to study some of the IAS as
previously.

Has anyone else heard any news about other changes to the FNST exam? My classmates have given
me the job to find out, I should never have told them I'm a member in the forums

So I would recommend everyone to wait until after the changes have taken place, then sit
the FNST exam :thumbup1:

MarieNoelle

Hi,
You are right, the new guidance standards are under Level 4 "guidance & standards" on the website (the "highlighted" version shows what's been amended.)
MN:001_smile:

Spamkebab

How will making the exam easier sit with those who have recently passed it i wonder?

After reading the highlighted guidance, i think there is still enough in there to worry anybody lol.

Neil

aaron0121

Thanks for that Marie

To all those going to sit FNST definitely wait until after 29th September, even the IFRS have been chopped
down!!!! I'm not surprised tbh why AAT have done this, it was always coming.

MarieNoelle

On the website, under guidance & standards, I also came across the CBT Feedbacks for June 2012. It's a really good source of info to explain what is expected from students and where on the whole they performed well/didn't perform so well. I wish I had access to these before sitting my exams!
MN:001_smile:

aaron0121

Ditto I also wish I had access before sitting exams! It's the first time I've noticed the guidance and standards section
thanks for pointing out, looks really helpful :thumbup1:

Sean72

Is there a link to the guidance and standards section?

Does anyone know if there is a link to the section on the AAT website where the guidance and standards pages can be found? I have been looking for ages and cannot seem to find it. Thanks

aaron0121

Hi Sean,
https://services.aat.org.uk/myaat/guidance_standards/, it's inside the box 'Your study zone – access practice
assessments, e-learning resources, Green Light tests and more.'

Whirlwind

Hi Aaron,

Thank you for that link - I had never seen that section before ... made interesting reading.

Hoping you hear good news about the interview!!

aaron0121

Cheers Whirlwind, I heard great news from the interview.

Have you finished level 4 now?

Whirlwind

Thats fantastic news!! Bet you are thrilled - just goes to show what can happen with alot of determination!!

Just got my PTX results today and I passed - what a relief as I made quite a mess up of the interest calculations in the written section, realised as I was walking home from test centre!! Waiting for my feedback so I can see how each task went.

Ive got BTX and ICAS to do - I have already completed PTX & EXA so pressure slightly off for BTX. I am soooo sick of studying (self-studied 9 units) that I am really looking forward to it all being over!!

What have you got left?

Jo Clark

Whirlwind wrote: »

Just got my PTX results today and I passed

Congratulations Whirlwind.

Good luck with BTX and ICAS. You will find BTX follows on nicely from PTX.


JC

Whirlwind

Thanks Jo!!

How your ICAS project going? There is quite a few comments on the forum about it actually being the hardest unit. I keep reading PQ magazines % pass rate tables to reassure myself that it can't be too bad ... can it?!?!

aaron0121

Whirlwind wrote: »

Thats fantastic news!! Bet you are thrilled - just goes to show what can happen with alot of determination!!

Just got my PTX results today and I passed - what a relief as I made quite a mess up of the interest calculations in the written section, realised as I was walking home from test centre!! Waiting for my feedback so I can see how each task went.

Ive got BTX and ICAS to do - I have already completed PTX & EXA so pressure slightly off for BTX. I am soooo sick of studying (self-studied 9 units) that I am really looking forward to it all being over!!

What have you got left?

Congratulations on passing PTX Whirlwind

I have PTX and FNP still left to do, my PTX exam is scheduled for the 17th of October so best start reading
the PTX osborne book! I see you've done 3 of the optional units instead of 2, was that decision based on
personal interests or for further studies?

Louise89

aaron0121 wrote: »

Hi Everyone,

I've heard news that the FNST exam is going to be changing from the end of September,
the IAS are going to be chopped down a lot, so you won't need to study some of the IAS as
previously.

Has anyone else heard any news about other changes to the FNST exam? My classmates have given
me the job to find out, I should never have told them I'm a member in the forums

So I would recommend everyone to wait until after the changes have taken place, then sit
the FNST exam :thumbup1:

Now they change it! Pfft! You have to learn them for CIMA and ACCA I'm sure anyway... so it will come to you all sooner or later!!

Jo Clark

Louise89 wrote: »

Now they change it! Pfft! You have to learn them for CIMA and ACCA I'm sure anyway... so it will come to you all sooner or later!!

How is your CIMA studying going Louise?

Whirlwind

aaron0121 wrote: »

Congratulations on passing PTX Whirlwind

I have PTX and FNP still left to do, my PTX exam is scheduled for the 17th of October so best start reading
the PTX osborne book! I see you've done 3 of the optional units instead of 2, was that decision based on
personal interests or for further studies?

My boss is funding my studies and felt that all three would be useful - most definitely not personal interest!! He is an auditor (FCA) and I moaned like mad about how boring EXA was. Tax is coming in handy already - helping with a clients tax comps today.

All the best with the last two!! And especially when you start the new job!!

Jo Clark

Whirlwind wrote: »

Thanks Jo!!

How your ICAS project going? There is quite a few comments on the forum about it actually being the hardest unit. I keep reading PQ magazines % pass rate tables to reassure myself that it can't be too bad ... can it?!?!

ICAS has been uploaded for the assessor. I am expecting to have some changes to make, but hopefully not too many, then onto ACCA maybe CIMA after a break! I wouldn't say ICAS is hard but would recommend leaving it till the end as you can draw on all your knowledge from the other modules to use in the report.

Do you know if you will be doing a case study or work based report?

Whirlwind

I'm not sure how the whole thing works ... I purchased the online package which starts beginning of October. I have received all the paperwork but not sure what follows. Guess once its nearer the start date I should get an email or info on my 'learn bpp' page (thats where the other courses appeared - API, APII, FNST & SPSW).

I was planning to us a case study purely because of the % needed to pass.

The break between studying is well deserved!! Have you decided on which to study next? I think AAT will be enough for me, as Im soooo sick of studying - was only planning to do API, APII & FNST but got abit carried away!!

Jo Clark

Whirlwind wrote: »

I'm not sure how the whole thing works ... I purchased the online package which starts beginning of October. I have received all the paperwork but not sure what follows. Guess once its nearer the start date I should get an email or info on my 'learn bpp' page (thats where the other courses appeared - API, APII, FNST & SPSW).

I was planning to us a case study purely because of the % needed to pass.

The break between studying is well deserved!! Have you decided on which to study next? I think AAT will be enough for me, as Im soooo sick of studying - was only planning to do API, APII & FNST but got abit carried away!!

I did ICAS with BPP and my tutor has been fantastic. I can't believe the three months has flown by. You will have access to an online forum and receive emails weekly/fortnightly as you progress through the project. I am quite sad that I have nearly completed this qualification. Just remember to enjoy the project and don't let it stress you out

I am thinking I will probably do ACCA but nothing is decided yet

aaron0121

Louise89 wrote: »

Now they change it! Pfft! You have to learn them for CIMA and ACCA I'm sure anyway... so it will come to you all sooner or later!!

theres no escaping the IAS and IFRS! I'm guessing in ACCA f7 they would probably crop up:)

aaron0121

Jo Clark wrote: »

I wouldn't say ICAS is hard but would recommend leaving it till the end as you can draw on all your knowledge from the other modules to use in the report.

I do agree with this Jo but in some situations you may want to consider doing the ICAS at the beginning of level 4,
especially if you're going to be doing ACCA/CIMA straight after. As the project can take up to 2-3 months to be
marked and verified (dependant on your training provider), you don't want to be approaching the end of July
having passed all level 4 exams but can't claim exemptions for the ACCA/CIMA papers as you're still waiting for
your ICAS project to be assessed or verified.

Jo Clark

aaron0121 wrote: »

I do agree with this Jo but in some situations you may want to consider doing the ICAS at the beginning of level 4,
especially if you're going to be doing ACCA/CIMA straight after. As the project can take up to 2-3 months to be
marked and verified (dependant on your training provider), you don't want to be approaching the end of July
having passed all level 4 exams but can't claim exemptions for the ACCA/CIMA papers as you're still waiting for
your ICAS project to be assessed or verified.

Hello Aaron

I do agree with what you are saying and was replying based on my eperience and a note from my tutor to our group (see below). I think it all comes down to timing, your training provider and how quickly you are wanting to move from AAT to further studies or to stop once AAT completed. When I started level 4 I decided I wanted to sit all the exams first then complete the project. Unfortunately I missed the deadline for MAAT this year but I am in no rush at the moment... looking forward to a break before ACCA/CIMA.

Below is the note from our tutor regarding knowledge for the project...

"Just had a question from a student regarding knowledge needed prior to starting the report, so in case others were wondering:

We recommend that students do this unit towards the end of level 4 as a lot of the knowledge gained from the other units will be useful when considering issues within an accounting system, internal controls that a company should have in place to prevent fraud, what potential frauds could result if you do not have the controls in place. You should be able to identify who are the Stakeholders in an Organisation - what Financial Statements they need, and what Financial information is shown eg in the Balance Sheet, the Cashflow Statement(the one done with the end of year accounts under FRS1/IAS7).

As a minimum we would advise you to have completed Financial Statements at Level 4 before starting ICAS, or have experience of the above in your workplace.

If any of you are have not done Financial Statements and have concerns about whether you are completing this unit at the best time in your Level 4 studies please drop me an email.

Not to worry you but past students have said that this is one of the most difficult units to complete at Level 4!"

I hope this helps students who have not yet started the project. In the end, it is personal choice when you decide to study it along with available dates from your training provider.

Have you started PTX now Aaron, if so, are you enjoying it?


JC

Folander

Hi all,

When I was studying AAT, the college I went to started ICAS in Feb, we had four classes and then told to get it done by the summer holidays, which I did. Aaron does make a good point that you don't want it to drag on too much and miss ACCA/CIMA dates. But then again you can use all of level 4 to complete the project. So it's swings and roundabouts really.

With regard to the standards, I have got away with not revising any standards for F1 & F2 in CIMA. I don't condone it I think I might have just got lucky.

JC, one thing you should be aware of in making a decision is that ACCA hold their exams during month end in June and December whereas CIMA hold their exams in the third week of Nov & May. With resits in Sept & Mar. Makes a huge difference getting time off to study. But good luck in what you pick.

Fo.

Jo Clark

aaron0121 wrote: »

As the project can take up to 2-3 months to be marked and verified (dependant on your training provider)

I submitted mine and have been advised that I need to wait 14 days for feedback. I hope it doesn't take 2 - 3 months to be marked/verified, however I am in no hurry to start next course as taking a break

Jo Clark

Folander wrote: »

Hi all,

When I was studying AAT, the college I went to started ICAS in Feb, we had four classes and then told to get it done by the summer holidays, which I did. Aaron does make a good point that you don't want it to drag on too much and miss ACCA/CIMA dates. But then again you can use all of level 4 to complete the project. So it's swings and roundabouts really.

Hello Fo

My ICAS was scheduled over a 12 week period of time with my training provider. I was also advised that it was not a good idea to study ICAS with another module as it can be quite intensive. Again, I'm sure each student has their own views.

Folander wrote: »

JC, one thing you should be aware of in making a decision is that ACCA hold their exams during month end in June and December whereas CIMA hold their exams in the third week of Nov & May. With resits in Sept & Mar. Makes a huge difference getting time off to study.

I understand and thank you for confirming the dates for me. Colleagues of mine are studying ACCA/CIMA/IIA so also another source of information there. I don't think any of them have had problems with time off to study and I guess it all comes down to negotiating with your employer.

Folander wrote: »

But good luck in what you pick.

Thanks

aaron0121

Hi Jo,

No not yet but I'll start studying PTX soon

My ICAS took about 1 month to be marked and verified, but for other students it can take a lot longer. I've seen
some threads on the forum where students have completed all exams but can't apply for the ACCA/CIMA
exemptions as they are waiting for there project to be verified. As Folander mentioned you don't want to be
missing the ACCA/CIMA dates :laugh:

Jo Clark

aaron0121 wrote: »

Hi Jo,

No not yet but I'll start studying PTX soon

My ICAS took about 1 month to be marked and verified, but for other students it can take a lot longer. I've seen
some threads on the forum where students have completed all exams but can't apply for the ACCA/CIMA
exemptions as they are waiting for there project to be verified. As Folander mentioned you don't want to be
missing the ACCA/CIMA dates :laugh:

Thanks Aaron, no risk of me missing the dates as not planning on starting for several months and if I do miss the date, there is nothing to stop me studying the material

Good luck with PTX, I am sure you will fly through it and find it really interesting, I know I did.

aaron0121

Jo Clark wrote: »

Thanks Aaron, no risk of me missing the dates as not planning on starting for several months and if I do miss the date, there is nothing to stop me studying the material

Good luck with PTX, I am sure you will fly through it and find it really interesting, I know I did.

Yes but for other students starting level 4 they should be aware on how long it takes for the ICAS to be
marked and verified etc...the training provider should point this out when your starting level 4!

Thanks Jo, I know who to ask if I need any help :thumbup1:

SarahJS

i started ICAS as my first level 4 module, and it was the last thing I was waiting for to finish! I would advise doing it as early as possible, for the information you would learn at level 4 you can look up in your books. I did both tax options and I think the other optional modules of EXA and CRMC may possibly have been more relevant.

I did the case study by the way, and found it was more to do with common sense than in depth accounting principles!

Clintm15

I'm not sure why they are changing it. I revised for 1 week for this exam and passed. There wasn't that much content. The IAS's and IFRS's are fairly simple once you break them down to bullet points.