IAS's???!!!

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Oops I am a first time forum member who has just posted her message to intermediate instead of Technician!
IAS's - there are so many to learn - how in depth does our knowledge have to be. I suppose we are all in the same boat but is there any guidance out there? :shock:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS's???!!!

    You don't have to learn them all, or all of the ones you do. Im not sure where you can go to find a list of the ones you do have to know.

    Maybe only going through the syllabus is the only way.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS's???!!!

    International Standards have been on the cards in this country for years. As a result of this UK Gaap has more or less been in tangent with IAS.

    This is were the good news comes in for you guys. There isn't that much of a difference between FRS/SSAP content than that of their IAS counterparts. The only 2 major differences prevalent are:

    1. The IAS numbers. These will not be the same as the FRS e.g. FRS 8 (Related Parties) will not become IAS 8 - IAS knows this as Accounting Policies - changes in accounting estimates and errors (previously FRS 18.

    2. The primary statements will be known as:

    Balance Sheet (unchanged)
    Income statement (previously the P&L)
    Statement of changes in equity
    The notes

    Other contents of the IASs are more or less the same as the FRS/SSAP etc that you will have learnt in previous papers so from a learning perspective there won't be any more or less to learn.

    In terms of learning them all that would be impossible! As Lincs says get a broad and BASIC knowledge of the CORE ones. Refer to the Accounting Technician Magazine for articles which have been written on any IAS also take heed of your tutor's "hints".

    Hope that helps.

    Regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS's???!!!

    Many thanks for your reply - I was beginning to think there was no-one out there.
    I have a lot of revision to do as I didn't know the FRS very well but thanks anyway. :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:IAS's???!!!

    Thanks for your input - i've got loads to learn! :(

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