Financial Statements Frustration!

Claire1705 · March 2013

I have now been studying FS for about 6-8 weeks and my distance learning training provider has suggested I book in for the exam. However, I am not feeling 100% confident that I will pass and as my exams cost a shocking £75 a sitting I cant afford to take the risk! I have done assignments set by my training provider and managed them fairly OK. I am mainly struggling with drafting the financial statements - more so the consolidated ones and statements of cash flows to the point that if I got mostly those in my exam Id crumble! I've done the green light stuff on the AAT website and also the Osborne e-learning tests and I'm done some revision cards for myself but when I come to attempting the practice assessments my mind goes blank because Im trying to remember so much stuff thats not in any particular order because of the shear volume. Does anyone have any tips on trying to remember everything to include in the statements or even know of any other revision tools/resources? There's just so much to remember!!

Nps · March 2013

I found the BPP question bank books very good. Lots of FS preparation practice.

Claire1705 · March 2013

Someone on here said the same for FNPF - I went on to the BPP website once before and couldn't seem to find where to buy any of their books individually rather than as a package of materials. Do you know how much they are and whether they have any 'online' material?

Jo Clark · March 2013

Hello Claire

Try this link - http://www.bpp.com/learning-media-filter/filter/2150

The various publications are listed and if you click on the title it loads another page where you can order the book online. Alternatively you could phone and place an order, or even search eBay/Amazon.

Hope you find what you want.

JC

Nps · March 2013

I've never bought anything direct from BPP and trust me, I've bought a lot of BPP books! I used to use Amazon, but then discovered www.foyles.co.uk who are usually cheaper (plus a 20% discount with the code BPPFOY2). I've just recently found www.thebookdepository.co.uk who are cheaper still for some BPP books.

I usually copy the ISBN of the book I want from the BPP website, paste it in to google and then check the prices of all the hits. Doing it that way also ensures that you are buying the exact book (ie. not an older version), as sometimes the pictures are stock photos so its difficult to tell what exam periods they are for.

I've also sold all my BPP AAT books back to Amazon using their market place trade in scheme so presumably Amazon also sell second hand copies.

Jo Clark · March 2013

Thanks for the website addresses and info NPS.... I've not needed to buy the books as mine were included as part of my overall tuition package through work.

Claire1705 · March 2013

Thanks for the links and advice about how to find the most recent versions rather than those from years ago - very useful tip! Foyles and Book Depository look to be the cheapest I've seen the books. Many thanks for your help.

omega man · March 2013

Claire - You will need to be able to do the financial statements standing on your head i am afraid.
The most difficult part of this exam is not those but the IAS standards.

billdoor · March 2013

Are we expected to know what all of the different IAS standards represent? As in, by number?

Claire1705 · March 2013

There will mostly likely be a combination of written/multiple choice questions assessing the IAS standards and in the question they usually give the number and the name of the standard. You should be able to find a list of the 'assessable' ones - I am using Osborne books which gives a list in the back of the tutorial. I am due to sit this exam in a couple of weeks but found out today that the AAT have rationalised the list so probably best to check this out to avoid spending too much time on those that most likely won't be assessed. The practice assessments on the AAT website give a good idea of the way the standards are assessed.

billdoor · March 2013

Thanks Claire, I'll have a look then.

The BPP book comes with a notice when you order it which basically says that the AAT altered the guidelines for FNST after BPP had published the textbook, and advises the sections which don't need to be studied, and there are plenty of them. So I should only have studied the standards that are relevant. I hope.:001_smile:

omega man · March 2013

Billdoor - Almost, you will still need to look at IAS 33 earnings per share. Although this is not a written question you could still get this as a ratio question and so you still need to know it.

billdoor · March 2013

Thanks omega, I'll make a note of that!

anniebabe · March 2013

Yeah - thats a defo, I had it confirm the other week with AAT.

omega man · March 2013

Well took my FNST today and the everything went well except the written parts, i got all the calculation questions to balance so i am hoping i am ok. I just have to wait for BTX and FNST result and get my ICAS passed 2nd draft being marked now.
It is just the waiting now and my nails are already very short.

anniebabe · March 2013

Morning, I am sure you did really well.
Its the written parts that I am dreading the most too.
I am really struggling to remember everything - but seem ok with the statements, and ratios.
Fingers crossed.

SamiH · March 2013

I hate written parts, so all my FNST questions got bullet point answers. I "met" those so I must have given them the information they needed.

nightshade · March 2013

There is something truly awful about this module I'm finding.
For anyone else struggling like mad with - I share your pain! There's just too much quantity to remember.

anniebabe · March 2013

I know what you mean, just grateful that they have removed some stuff.
Are you a distance learner nightshade?

nightshade · March 2013

yeah, distance learning and stuck with BPP. I wish I could find the note of which parts were removed! Anyone still got it?

anniebabe · March 2013

I can tell you which standards have been removed if thats any good?
IFRS 5, IAS 8,20,23,33,40
re - IAS 33 - you still need to be able to work out earnings per share ratio
If you look for the standards guidance on the AAT website, that should help you.https://services.aat.org.uk/servlet/file/FNST_Guide_Sep_2012_version_with_changes_highlighted.doc?ITEM_ENT_ID=222682&download=1

billdoor · March 2013

nightshade wrote: »

yeah, distance learning and stuck with BPP. I wish I could find the note of which parts were removed! Anyone still got it?

Think this is what you need:

http://www.bpp.com/carbon-content-1.0-SNAPSHOT/resources/ECMDocument?contentName=Financial%20Statements%20supplement.pdf

Best part of this module has been putting lines through all the parts of the book that I didn't need to read!

nightshade · March 2013

Thank you very much.

I'm off to get a marker!

SarahJS · March 2013

That list makes it look like the syllabus has been gutted! Wish I'd taken the exam after these changes, so of the stuff removed was awful to memorise!

Good luck

Financial Statements Frustration!

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