Financial statements - guidance on international Accounting Standards (IAS's)

zippi

Could someone please shed a light on these International Accounting Standards? Our tutor is currently off sick, so we have different ones each time. I think as a part of learning Financial statements, we are required to learn all the IAS's and IFRS's but looking at the book of Financial statements, for e.g. IAS 1 is on page 74 of (AQ 2014 for assessments from September 2014 book). Could someone please tell me how far down do we have to learn from page 74? Is it just the 'components of financial statements ' or do we need to learn everything on page 75 which includes 'fair presentation' as well. It would be good if someone could state which ones to learn (Requirements by AAT) and also how far the definitions have to be covered. I don't understand IFRS's too. I understand what abbreviation stands for just don't know what they mean by saying learn them too.

wabisabi

Hi Zippi

You haven't told us which books you are using (Osborne, BPP, Kaplan).

Anyway, if you look at the study and assessment guide for this unit you will see what you have to understand for each IAS and IFRS (Appendix 1) https://www.aat.org.uk/system/files/study_resources/14_Level 4_FSTM_study_and_assessment_guide_AQ2013_0.pdf

hope this helps

zippi

I use BPP books, thanks will have a look at it when I get a chance.

zippi

Hi Wabisabi, I read the link you provided here but don' t understand the number in displayed next to A question in for e.g. appendix 1 saying purpose of financial statement (9). What does 9 relate to? Appreciate your help.

wabisabi

Hi zippi
It explains it at the top of the appendix:
"The numbers in brackets after each item identify the paragraph numbers in the IFRS Blue Book (2013) to which the text relates."
I wouldn't worry about that too much - try to find the relevant section of your BPP book for the explanation.
I also found this quite useful for revision as it has one page visual summaries of all the IAS and IFRS http://www.bdointernational.com/Services/Audit/IFRS/IFRS at a Glance/Documents/IAAG.pdf
Best of luck

zippi

Thanks Wabisabi, for all the information and links provided perhaps doesn't make much sense to me as we have covered only few chapters IAS 1 and 7 only but may become clearer as I go along. Also don't know any IFRS blue book ( 2013) but will try and find relevant section in my BPP book. Appreciate all your help, thank you one again.