FNST Cannot get my head around the drafting

AATnovice

Cannot get my head around the drafting the statement of comprehensive income and the statement of financial performance!!

Any advice please?

basically on the aat exams tasks 1.1 and 1.2

Jo Clark

I know that this is going to be obvious advice and probably not that helpful.... however all I can suggest is to practice, practice, practice! Is there anything in particular that you are struggling with in respect of the preparation of statements? Have you completed your studies and are in the revision phase?

Nps

I think you might have to be a bit more specific about which bits you are struggling with. You've mentioned quite a large subject......

Your easy marks will always come from the bits with no adjustments, a lot of your lines will just be simple additions so can be done with very little knowledge. Once you've done those, your missing lines will look a lot less daunting, and you can concentrate on the adjustments.

AATnovice

It's the adjustments I cannot get my head around, I struggle knowing whats goes where and whats added or deducted from what. Really panicking me

Nps

That covers so much of the syllabus it's impossible to sum up any advice in one post.

Why not work through some examples and get us to walk you through the bits you get stuck on.

anniebabe

have you tried recapping level 3 adjustments and progressing from there?

Steve Collings

Is this the CONSOLIDATED SoCI and SoFP?

If so, the starting point would be to gain an understanding of WHY you are doing this. The purpose of the consolidated financial statements it to show the results of the group as if it were not a group - i.e. as if it were a single, trading entity. The consolidated financial statements will simply show the results of trade with the outside world.

As others have said, it is an area that does require a LOT of question practise to ensure you develop the skills in this area. Just keep going and learn from your mistakes rather than get despondent about them - we learn from mistakes and in FNST you're bound to make some so don't worry too much. Just make sure you keep tackling the problematic areas and devote more time to the areas which you feel particularly weak in.

All the best
Steve

anniebabe

If I remember rightly consolidation was task 1.5 - so I think AATnovice means just the basic drafting of the statements.

anniebabe

have a look if this link helps you

http://www.youtube.com/watch?v=iLyYCX2uKTk&list=PL284A3040FD4643E7