Financial Statements Final Advise/Tips

Clarekaye

Financial statements coming up in couple of weeks, any advise hints or tips before sitting it?

anniebabe

I have mine next week cant say I am looking forward to it - still don't feel ready -especially the written bits - but need to bite the bullet now and give it a go.

Clarekaye

I am not too worried about if I am ready as I think if I have to retake at least I will know what to expect, its my first of level 4.
I am worried about running out of time though!
When you do the questions where it has the SFP and SCI in windows do you write it all down or only the bits you need, or do you do it all from the screen?

GreenMousey

I took mine last week if I can help you at all?

anniebabe

GreenMousey
Did you get a written question on part 2 like the one on cbe 4. with part cash flow.
I have only seen a ratio question like that on the cbe - nothing in books, that i can find.

GreenMousey

Hi,

No, I didn't, I got 5 or 6 ratios to compare and advise on, no further information. It asked me to prepare the report for the new financial director and to advise what he should do, nothing specific as there are in other questions.

anniebabe

ok, thank you - that no 4 cbe got a me a bit worried.

Clarekaye

Uh oh you guys have me worried now 4 is the only one I havent done yet! Will do it tonight though.
Greenmousey, did anything catch you out or did you run out of time?

GreenMousey

Hi,

Nothing caught me out, and time wise I had plenty of spare time when I'd finished and triple checked through everything. The format was the same as the practice CBTs so when I went in I actually had a strategy of doing my exam in a different order. My thinking was, the longer I concentrate the quicker you become tired. I looked at the IAS written question and noted that down then I went and did section 2 of the exam first. I kept noting down things that popped into my head about the written IAS question and went and did that after I'd completed section 2....then went on to section 1 and completed the rest of that and checked through it a couple of times.

anniebabe

Hi GreenMousey,
That's exactly what was thinking of doing.
I started with the reports with FNPF too, and for all my exams have never run out of time, so hopefully this one will run the same, just dreading the written parts, I think ive learnt them and then when I go back its gone hopefully the questions wont be too painful.
Thanks for the advice - fingers crossed for you.

GreenMousey

Thank you I do dread the waiting, especially when you know it's going to be the 6 weeks rather than less.

Oh, just one other pointer, I got a cashflow statement and changes in equity in section 1, I think there is only one example of that in the practice CBTs so it can slip out of your mind (it did mine) so just ensure that you bear that one in mind Good luck in your exam & if you want any further help feel free to pm me.

anniebabe

ive worked through, the kaplan, bpp and osborne workbooks now and the 4 cbes - so I am feeling fairly confident.
its just remembering the ifrss. i believe its 50/50 for cashflow or sofp/soci so not too worried about that, think i am going togo with what you mentioned, look at the written questions first, do section 2 and then the rest, I have been finishing with at least an hour to spare at the moment, so hopfully all will be well.
starting my icas after this, then I will have finished, thank goodness, i seem to have been studying forever.

marvel7

I worried about FNST especially the written bits and I used the Performance Feedback for guidance thats on the AAT site on what do and what not to do based on last years exam and found it a God send , so I would recommend viewing so you make sure you are writing the correct info (especially the ratio Q)

In regard to the IAS question I suppose its luck of the draw which one you get and if you know your stuff there is plenty of time for the exam

anniebabe

Hi, just tried to find that document, but couldnt see anything, any idea what its under?

marvel7

Sorry but i've just looked on the AAT site and I cant find it anywhere. I think it may of been removed when they changed the site recently as it used be under Study Zone access which I cant see anymore