FSLC Exam
AC88
Registered Posts: 44
Hi,
Has anyone sat the FSLC exam yet?
I've got mine next week and wondered if anyone has any tips for it?
Thanks.
Has anyone sat the FSLC exam yet?
I've got mine next week and wondered if anyone has any tips for it?
Thanks.
0
Comments
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Ace task 1, this has a lot of marks
Understanding the implications of IAS
Practice assessments and questions
Know the layout of the financial statements inside out (Cash Flow statement, Consolidated statements, Changes in Equity)
Make sure you read the questions carefully (For example a question may ask you to use Operating Profit instead of Profit for the Period)
Learn how to work out Goodwill
Use AIR LIA acronym to work out the movements in Inventories, Receivables and Payables. Assets Increasing Remove / Liabilities Increasing Add
Do more practice questions
Good luck with the exam!1 -
If you need any help on anything let me know.0
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Good luck!1
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@bushra
This acronym is used for the Profit to Cash reconciliation question.
As part of the adjustments you will need to remove any assets that have increased and add back any liabilities that have increased, hence the acronym AIR LIA.
Assets Increasing Remove / Liabilities Increasing Add
Hope that helps.1
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