IAS Standards - Financial Statements

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emuratty
emuratty Registered Posts: 66 Epic contributor 🐘
About to sit the financial statements exam in just over a week.

I'm confident with all the calculations for the relevant statements and consolidated statements, and I'm ok on the calculation and interpretation of ratios. Basically I get all the numbers stuff.

However, I'm struggling with the written questions in relation to the standards. I understand the standards when I read them, but I find it difficult to churn out the information parrot fashion and sometimes struggle to remember all the relevant information to include.

Did any one out there manage a pass without doing very well on the standards questions?

And does anyone have any tips on how to remember all the relevant stuff, I have read and re-read the statement information quite a few times now, but it just doesn't seem to want to stick in my brain.

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

    Have you tried making notes/bullet points for each of the IAS of the key points? You won't be expected to write pages and pages on this area but do need to demonstrate that you know the IAS being tested and how it is applied etc.

    I'm not sure anyone can say whether they managed a pass without doing very well on the standards questions.

    The standards can be tested in part 1 of the exam in multiple choice format or part 2 in an extended written question.

    Have you completed your studies for FNST? If so, have you looked at the practice assessments on the AAT website?

    Good luck.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Steve Collings wrote an article on Preparing to Pass FNST which you may find useful if you haven't already read it:

    http://www.stevecollings.co.uk/preparing-to-pass-aat-paper-fnst/
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • emuratty
    emuratty Registered Posts: 66 Epic contributor 🐘
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    Hi JC, thanks for your reply.

    I've done everything you suggest above. I think it's just the way my brain works, I have no problems really remembering how to do calculations it's just this kind of stuff that doesn't stick. I've done all the practice assessments and it tells me I've passed, but I realise it can't mark the written questions on the CBTs.

    I do mostly ok on the multiple choice, it's really when it's a written question and I struggle to remember all the key points for all the standards.

    Completed all my studies at college for this unit. I have the Kaplan pocket guide and read and re-read it whenever I have spare time and I have read and re-read the Kaplan tutorial. I think because my brain is really good at remembering things to do with numbers, I just struggle to retain this sort of information.

    Maybe I'm just having a confidence wobble. I convinced myself that I had failed my FP exam and when I got my feedback and I got exceeded or met for every question.

    I suppose what I am really hoping is that if I can just do "OK" on the standards questions and I can do really well on the statements etc that that will carry me through.
  • omega man
    omega man Registered Posts: 283
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    I feel the same way as you emuratty. I sit mine on 14th March
  • anniebabe
    anniebabe Registered Posts: 595 Epic contributor 🐘
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    Good Luck with the exam omega man.
    I am not looking forward to this one either.
    Seem to be ok with the major calcs - remembering the rest is a different story.
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    omega man wrote: »
    I feel the same way as you emuratty. I sit mine on 14th March

    Good luck omega man - hope the snow stays away for you!

    Anniebabe, good luck to you also. When are you sitting the FNST CBA?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • anniebabe
    anniebabe Registered Posts: 595 Epic contributor 🐘
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    Hi Jo
    Hope your well.
    Have you started ACCA yet?
    My exam has changed to Monday 13 May, So I have time yet for some more to sink in - I am ok with the statements and ratios. Its remembering all the definitions and other fiddly bits for the IASs.
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello Anniebabe

    No, I'm not going to be undertaking ACCA.

    Good luck for the exam in May, I'm sure you'll be fine.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
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