Fnst

angie2101

Hey guys,

So i have my FS exam tomorrow, I think I am fairly confident with all the maths, ratio's and interpretting them but just worried about the IAS. For anyone that has already taken it, what IAS did you get?
Just trying to see what the most common ones are as I'm struggling to remember a few!

Also has anyone received their results that overall passed but that failed the IAS and 2.3 (IASB Framework), wondered if it was possible? Surely it is?

Loz1234

Hi angie2101

I had my FNST exam this morning (3rd attempt) of which I am pretty sure I've failed. As just looked at a few of my notes and I know I got a couple of questions wrong.

I got a question on IAS 10 and IAS 17. Nothing too major just multiple choice questions. I've had written questions before though on some IAS's but cannot remember which ones.

I think this exam is so hard and its the last one I need to pass and then I've finished AAT. To be honest I'm thinking of giving up if I fail this one as I'm currently pregnant (due end of march) and not sure I can take it anymore.

Good luck for your exam, get plently of rest tonight and just try not to rush through it.

Let us know how you get on.

angie2101

Well im back from my exam (2nd attempt) and my last exam! I think I did alot better then my 1st attempt. I think I've done enough to pass but we will see, if there is anything i think i may have lost marks on is probably 2.3 (Conceptual frame work) It asked for the primary users of financial reports I put lenders, investors and couldnt think of anymore so i put employees but then looking on the aat website it says suppliers, shareholders and lenders and investors but hopefully I'd at least of got half the marks for putting two!

Possibly lost few marks on 1.3 I didn't get an IAS question despite spending about 10 hours revising them last night (annoyed!) I got something about Statement of cash flows and defining operating, financing activities etc i just explain what it contained :S but think you had to give an actual definition!

It is a hard exam, i think it tests more on your memory than understanding. Im sure if you wanted to know an IAS at work you'd look it up on the net! Anyway fingers crossed that we've both passed!

Let me know when you get your results!

Clintm15

Hi Angie,

Employee's would also be a correct answer to the question. They often want to look at financial statements for job security and to make sure the company is in a position to pay them.

I'm sure you've aced it anyway.

Loz1234

Hi Angie

Sounds like you got some similar questions to me.

I got something about investing activities, financing activies and oeprating activities and also who would use the financial statements.

Yes definately fingers crossed (toes and legs aswell!!) I think I'm going to keep reading my books just in case I do fail then I can book a resit straight away but if I pass then YAY!!!!!!

Let us know when you get your results.

angie2101

I passed woooooooohoo How did you do Loz? xx

SamiH

Loz1234 wrote: »

Hi Angie

Sounds like you got some similar questions to me.

I got something about investing activities, financing activies and oeprating activities and also who would use the financial statements.

Yes definately fingers crossed (toes and legs aswell!!) I think I'm going to keep reading my books just in case I do fail then I can book a resit straight away but if I pass then YAY!!!!!!

Let us know when you get your results.

yep those sound familiar to me too. Only sat the exam on 21st Dec.... still.... still waiting to be put out of my misery!

jjones

Hi,

Does any one know what IAS written question they had. I am revising all the standards, but don't think I can remember them all. I am trying to narrow them down to half in detail and half in summary form.

Any info would be gratefully received.

I have my exam in a couple of weeks and I am starting to panic with the volume that you have to remember.

Many Thanks

Steve Collings

Hi

You are not expected to know every examinable standard inside out. This is where some students tend to trip up in trying to get the IFRS/IAS committed to memory in such a way that they try to recite the wording of the standards verbatim. This is not what you need to do. For example IAS 2 Inventories - make sure you know the bedrock principle which is 'lower of cost/net realisable value'. Get a sound understanding of what constitutes 'cost' e.g. purchase cost, irrecoverable taxes, shipping and such like. Understand what net realisable value means and be prepared to be able to explain what costs are not included in inventories (general admin, advertising etc).

Pull out the main technical content of the standards and write them out in bullet points and try to apply the technical contents to questions. Don't also forget that FNST is not just about accounting standards, so don't neglect other important syllabus areas.

I wrote this article which directly relates to FNST which I would advise you to read as it flags up some key points that students need to know when tackling this paper.

Good luck in your exam.

steve