Financial Statements

EmilyThomson

Hi,
I am resiting my financial statements exam this week.
My memory is rubbish and i am really starting to panic about the IASs, Does anyone know if there are particular IAS's that come up or if i fail this section will i fail the whole exam?
Thank you

wabisabi

I'm sitting it on Friday (my first at L4). I can't see anything to indicate you have to show competency in every question to pass - the guidance just says 70% overall. Maybe someone with more experience can give an authoritative answer.

In terms of revision strategy I'm focusing on the numerical questions, financial ratios and conceptual framework as this covers 6 out of the 8 questions with presumably lots of marks. That just leaves one written question on one of the IASs plus a multi-choice question covering several of them.

SandyHood

Dear Emily and Wabisabi

I am assuming you are self-studying without the direction of a tuition provider.
Classes are given the direction you have not received, the link here takes you to the guidance notes written by the examiner
https://www.aat.org.uk/study-support/resource/file/49236
You will need to log in to your MyAAT account to access them.
Page 6 shows how many marks are available for each of the
Of the total 150 marks on the exam 45 are for human marked tasks

If you are going to pass you will need to make a reasonable attempt at these "wordy" parts.

All the assessable IFRSs and IASs are listed in the appendix with the added assistance of showing which aspects of each standard can be included in the exam.

As you both already know 70% in the whole exam is enough to pass. So you do not have to pass every task. But make a reasonable attempt at all of the tasks. The word fail is ambiguous. Task 8 is worth 23 marks, making 16.1 marks the pass mark, but if you got 15/23 you'd have over 65% and so long as your marks are over 70% in enough of the other tasks then you're exam will pass.
You need 105 or more out of 150 to pass

wabisabi

Thanks, Sandy - really helpful. Believe it or not I have had the guidance notes printed and on my desk for months but hadn't seen the section you referred to!

StuartW

Hi @Wabisabi - further to Sandy's helpful advice, you might find these articles useful:

Steve Collings' top tips for studying AAT Level 4 Financial Statements

Further tips for studying Financial Statements:

- part one
- part two

Best of luck.

wabisabi

Thanks @stuartw

clareyc83

hi, I took the FNST paper today and was wondering if anyone knows if you will still get marks if you use the wrong profit figure but follow it through the financial statements and made it all balance. To cut a long story short, I filled the SOCI and SOFP in and all workings and I was £4992 which was a gain on revaluation of £5000 and previous year overstated tax liability. I couldn't work out what I had done wrong and then removed the £5000 revaluation in other income and added the £8 in there instead. Something told me this was wrong but everything balanced because I had taken the profit from all comprehensive income as opposed to profit after tax. Unfortunately it wasn't until leaving the exam that it twigged, so everything was overstated by £5000. Will I still get marks for showing me workings etc even though I took.the wrong figure? I can't believe I did this and I know it too, aaagghhhh! I really hope I pass as this is my final exam and if I fail I will have to take the whole year again as I was on the old NVQ route which transferred to AQ2010. Needless to say if I fail I will not be re-taking the whole year again. Any advice/guidance would be much appreciated :-)

SandyHood

Clareyc83
This response is similar to my earlier response. I assume you are self-studying as classes would invariably know that the computer marked exams have suitable code within the marking scheme to apply the "own figure rule".
Own figure rule means exactly what you asked. The correct use of an incorrect figure is marked as correct. Obviously the first error is penalised, but subsequent use of an incorrect value is marked as correct if your process is right.
From your example, I am going to make a guess: your other comprehensive income value error will be marked as wrong, but the subsequent (socie if there was one and) SoFP would be correct.

Wait and see. 70% to pass means that you can have up to 30% wrong and pass.

titi

Hi there
Can you help me how to calculate the financial statement assessment 1 Task 1.5 section B and C can you please show me the workings.
thanks