Whats the hardest part about Financial statements?

Hi everyone,

Started Financial statements last week and got through several chapters of the Osbourne book.

As i see alot of posts about how difficult it is, what is the toughest part about the paper?

Any advice would be appreciated.


  • bubs
    bubs Registered Posts: 41 💫 🐯 💫
    Hi James

    I wouldn't say that FNST is tough but there is a lot of content to remember and so my advice is to practice, practice, practice. I used flash cards etc., to remember all of the standards and really practiced them by asking myself lots of questions and writing the answers. The key is to be able to articulate your answers so practice writing them instead of just memorizing them in your head.

    Don't forget to get a good understanding of the ratios not just memorize them.

    All the best. When is your exam.

  • SarahJS
    SarahJS Registered Posts: 273 Dedicated contributor 🌟 🐵 🌟
    I found the hardest part was how unpredictable the exam was! Nothing really stood out as 'I really hope that doesn't come up' bad, but there was a lot to learn and some IAS/IFRS's I understood but didn't feel hugely confident on explaining. Maybe now the syllabus has been chopped slightly they have removed some of the awkward ones!

    Good luck :)
  • Spamkebab
    Spamkebab Registered Posts: 233 🎆 🐘 🎆
    Since AAT have now dropped more than a third of the information that was required to pass the exam pre October, and having read the new content, i would say that it isn't that bad to study for. BUT you do need to study for this one. It's basically a LOT of memorising, make sure you know your ratios.

  • James Patterson
    James Patterson Registered Posts: 281
    Cheers guys!

    I've looked at the IAS's and an initial start of the book so the rules like going concern etc which i know from level 3. I do intend to do lots of reading but i guess i will try to write it down as advised to help memorise/ articulate it correctly.

    My exam isn't for a month but i figured i would start early with revision
  • Steve Collings
    Steve Collings Registered Posts: 997

    I do encourage students of FNST to read this article that I wrote concerning FNST. Many have complained about the difficulty level of this paper, but in fairness in my opinion this paper is set at the right level for a final level AAT Technician level financial reporting paper.

    I wish you good luck in your studies.

  • Dsindle
    Dsindle Registered Posts: 39 💫 🐯 💫
    They have chopped a third of the info out?

    Wow thats not fair on us poor souls who had to sit it a couple of times before passing last year due to the amount of info which needed to be memorised.....hmpf....
  • James Patterson
    James Patterson Registered Posts: 281
    Well at least your knowledge will go further than mine i suppose, but yeah it does seem to be harsh. But its the same with all exams i suppose
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