For financial reporting students (esp FNST ones)

Steve Collings · February 2012

Hi guys

Ordinarily I don't 'explicitly' advertise my books directly on the forums, but I wanted to let you know that my IFRS For Dummies book which is scheduled for publication on 20 April 2012 has been slashed by 51% on Amazon, so rather than pay £19.99, they are now selling it for £9.80!

The link is here. I am not sure how long this offer will last as I was only told about it today, but just thought some of you studying for forthcoming FNST exams might feel the benefit.

All the best
Steve

reader · February 2012

I know that I'm going to get absolutely shot down by someone on here (thank god I'm posting anonymously) but here goes:

1) Does IRIS and VT Final Accounts automatically comply with IFRS?

2) What standard has the ultimate authority? I.e. are Companies Acts more important than IFRS, IAS, FRS, SSAP, and UK GAAP? I.e. broadly where does IFRS fit into the current 'ocean' of standards. (I'm just trying to work out how important learning IFRS is), and

3) Finally, and most importantly, does the book help with notes to the accounts, i.e.
Director's transactions/loan account notes, related party transaction/disclosure notes, ultimate controlling party notes, foreign currency notes, turnover notes, deferred tax notes, prior year adjustment notes, exceptional items notes, etc. This is the area I really struggle with the most at work and need the most help with.

Apologies in advance for these stupid questions.

Jo Clark · February 2012

Hello Steve

Many thanks for this. I pre ordered your book back in January following another discussion specifically about your new book. I am glad to say that Amazon are keeping to thier price promise as I checked my account and it is now showing the reduced price as mentioned by you.

I also wanted to send my thanks to you for writing this book. I'm sure I and many other students will receive a lot of benefit from it and that it with help us all with whatever professional exams are being taken.

All the best.

JC

Steve Collings · February 2012

@reader: Why would you get shot down - the forums are here for you to ask questions and they are not stupid questions!

1. IRIS does produce IFRS accounts - I think you can select which GAAP, so no problem there.
2. Companies Act requirements always take precedence over a standard. In the UK, IFRS is mandatory for listed companies and PLCs, other companies are going to go over to the new GAAP (scheduled for 2015), very small companies will continue to use FRSSE but the ASB are going to potentially align FRSSE with the new UK GAAP. Have a look here at an article I wrote about the new UK GAAP

http://www.accountingweb.co.uk/article/future-uk-gaap-update/523814

3. My book does cover some disclosures (there is a chapter on the relevant disclosures in 'The Part of Tens'), but it isn't a disclosure checklist as such. If you struggle in this area, I would strongly advise a disclosure checklist (I also regularly advise this throughout the book).

@Jo Clark

Thank you very much for your kind words and I am glad Amazon are living up to their promise. I sincerely hope you find it useful

Best wishes
Steve

janwal · February 2012

Thanks Steve

I have placed my order and look forward to reading it.

Jan

Glynis · February 2012

I have ordered it as well now. I am doing ACCA F7 and F8 in June and hope it gets me a pass in F7.

Steve Collings · February 2012

Glynis wrote: »

I am doing ACCA F7 and F8 in June and hope it gets me a pass in F7.

A book doesn't get you passes in exams - hard work and a positive attitude does that!

For financial reporting students (esp FNST ones)

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