Changes to DFS syllabus

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Dear All,<BR><BR>I read yesterday that from June 2006, the DFS exam will include International Accounting Standards.<BR>Does anyone know if this will be instead of FRS/SSAPs or will we have to learn all of them? I don't yet know if I will be taking DFS in Dec 05 or Jun 06 but don't want to end up with more work than necessary if it will get easier but if I take it in Dec 05 and fail and have to resit in Jun 06, I don't want to have to learn a whole new syallbus too! <BR><BR>I'm also doing MAS, CMCC and PTC and don't think I have time to do DFS as well - but just don't know what to do! <BR><BR>Any advice would be much appreciated.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Changes to DFS syllabus

    International Financial Reporting Standards are becoming mandatory from 1 January 2005 for public listed companies who have to report their results using IFRS. Smaller companies (i.e. Ltd's) will have the option to report under IFRS until (at present 2008) when the DTI are looking to make it compulsory for all companies. The chances, therefore, you will have to learn both FRS and IFRS (but not the whole of lot of them). The AAT should give guidance via the range statements of examinability of IFRS and FRS.<BR><BR>Syllabus contents will change to reflect the fact that the UK will, inevitably, report Financial Information using IFRS, though at the moment the "phasing in" process is still underway. The UK GAAP (i.e. FRS, SSAP etc etc) is more or less consistent with IFRS anyway. The syllabus has to change because the reporting standards are going to change. IFRS will only require as much learning as, say, current FRS. Please don't take this as gospel, but you can only be examined on a FRS if it has become a reporting standard, i.e. not a FRED or a UITF - the same will apply to IFRS.<BR><BR>Your college/training centre will amend their tutoring material to reflect the relevant IFRS that could be examined from June 2006. I wouldn't panic too much - the IFRS are more or less the same as the FRS you have come across in your studies with, obviously, a couple of changes but my general advice is don't worry about it.<BR><BR>Best regards<BR>Steve

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