Is there a Big Gap between FRA and DFS

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
I am currently studying AAT Intermediate Level,
I was thinking of entering for the DFS exam.

Is there a big difference between FRA and DFS.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is there a Big Gap between FRA and DFS

    You'll have to relearn some things that change for limited company accounts e.g. Sales is now called Revenue, the P&L is renamed the Income statement but overall, it's not so much of a step-up as more like a logical progression. The gap is probably about the same as that between foundation PLB and intermediate FRA.

    Oh, and forget your SSAP's and FRS'es - they're now called IAS'es with a whole new bunch of numbers to learn!

    It's certainly much more interesting and stimulating than those damn boring partnership accounts in FRA!

    Robert
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is there a Big Gap between FRA and DFS

    I did my AAT years ago, but from what I understand they now introduce group accounts in the technician level. I also don't know how far down the route of complexity the AAT goes with group accounts, but they can get pretty complex.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is there a Big Gap between FRA and DFS

    It starts off recovering old FRA ground with the balance sheet and P&L (renamed the income statement). Then you cover some regulatory groundwork, cash flow statements, several of the new International Accounting Standards (previously SSAP and FRS but for PLC's and probably soon for Ltd companies too), ratio analysis and consolidated group accounts.

    The group accounts part covers what definitions are applied to parent companies, subsidiaries, investment interests etc as well as consolidating the balance sheets/income statements and calculating goodwill upon acquisition.

    Regards,

    Robert
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is there a Big Gap between FRA and DFS

    Ok, I will start studying for this subject and concerntrate on Consolidation Accounts, Ratio Anyalsis, Cash Flow Statements, Limited Company,
    International Accounting Conventions. Preparing for Realisation Accounts for Partnerships i.e sale of partnership business.

    Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Is there a Big Gap between FRA and DFS
    blobbyh wrote:
    It starts off recovering old FRA
    The group accounts part covers what definitions are applied to parent companies, subsidiaries, investment interests etc as well as consolidating the balance sheets/income statements and calculating goodwill upon acquisition.

    Regards,

    Robert

    Not to bad then by the sound of it. It can be a nightmare. You face death itself in the form of foreign currency translations, joint ventures, "d-shaped" multiple level groups etc etc.

    Oh the joys of complex group accounts. :cry:

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