Financial Statements (AQ2016) or AQ2013

Sineadp
Sineadp Registered Posts: 67
in AAT Level 3 (Level 6 in Scotland)
Hello

I am currently studying Financial Statements, is there any tips or key things to remember for this exam.

Comments

  • Adele69
    Adele69 Registered Posts: 320
    I noticed they added in a bit of professional ethics into AQ2016, a bit mean if that was the hardest part of L3 imo. Task 8 is interpretation of financial statements and the exam can be more vague and difficult than any of the practice assessments so worth going over the results when presented with only a small extract of ratios and a few notes.

    I did the AQ2013 version yesterday and could have done with 5 more minutes. Not allowed to talk about exam content though the bits I wish I'd done right was learning some of the IAS flash card info as I went week by week studying instead of assuming I would have it all in my head by exam date. Also had to cram the definitions for elements, not asset and liability as they were quick to learn the others, and objective of reporting, fair value, goodwill
  • Sineadp
    Sineadp Registered Posts: 67
    What would you recommend for the IAS I cant find a way to learn them so that I know them so well.
  • Adele69
    Adele69 Registered Posts: 320
    Write out what you know. There isn't a lot of space on a flash card so this is more for revision. On a single side of A4 write out the definition (if there is one) or purpose, scope, recognition and measurement, any criteria when met, for instance IAS 10 has Adjusting and Non Adjusting events, IAS 17 has a list of what would constitute a Finance Lease, IAS 18 has a few variations on recognition for Goods, Services or Interest/Royalties/Dividends.

    IFRS at a Glance is quite good at getting a lot of this
    https://www.bdo.global/en-gb/services/audit-assurance/ifrs/ifrs-at-a-glance

    On the AAT side the Case Studies have a short breakdown of several of the IAS which are also useful. The main IFRS site has too much detail.

    The flash cards should prompt what you've learned from earlier more detail study on your A4 layout of all the required details, though I took a gamble on what would be more likely to be written questions, though I put too much on my flash cards, summarised the IAS on A4 sheets late in revision, and realised this is not the best way, I should have done that bit earlier.

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