DFS Exam Tomorrow

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi Guys,

Just want to wish all those sitting DFS tomorrow the best of luck. Remember to set any balance sheet/profit and loss accounts on one page and show the workings on another page. Same with cash flow statements - main cash flow on one page and the workings on another page and always cross reference workings. Also, if you are asked to do a report or a memo on ratios, read what format it has to be (eg memo, report, letter), comment on the variances but always set the variances out as an appendix. If this type of question comes up you won't be asked to just simply calculate them you will have to comment on them as well. Comment on them in the main body of the report/memo/letter and cross reference to the appendix.

Good luck and let me know what comes up on the paper.

Regards
Steve

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Thanks!! Its always good to be reminded of the little bit thats you forget!

    Best of luck everyone!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Please advise on the differences in presentation of
    Report
    Memo
    Letter

    i just know this one,


    To :
    From:
    Date:
    Subject:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Report is:
    To:
    From:
    Date:
    Subject:

    Main body of the report has sub-headings as Introduction (what the report is for), Main Findings (the main body of the report) and a Conclusion (always reach a conclusion e.g. Company A is worth investing in - don't sit on the fence) and always include an appendix showing workings.

    Memo is:
    Informal document headed up: To: From: Date: Subject
    (The chances are this won't come up!)

    Letter:
    Dear Sir/Madam ends Yours faithfully
    Dear Mr or Mrs ..... ends Yours sincerely
    (I know this is probably stupid - you will all know this but you get marks for doing this).
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Thanx Peugeot,

    cracking on with the standards! I must get through tommorow. Im not entirely sure with how you quote the standards weather you just mention that(just an example)
    if asked why you amortise and how,
    do i just quote FRS11 or has to mentin what it is and exactly what it says or just refer to it as im explaining.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Don't wanna frighten you but FRS 11 is not amortisation - it's impairment and relates to things like if an asset has diminished in value - amortisation is covered under FRS 10 - Intangibles.

    My experience is that they can approach it in different ways. They could ask you direct about, say FRS 8 (Related Parties) and the disclosures required e.g. amounts involved, who was owed at the year end etc etc. or they could give you a scenario such as incorrect accounting treatments and you might have to comment on such. FRS 12 (Provisions) is a regular on the sittings so make sure you know when to provide for a liability/asset and when not to and when to disclose a contingent liability. The other FRS which comes up all the time is FRS 1 Cash Flow Statements - remember the layout as an acronym (never really thought cima exams much fun) never = net operating cash flow reconciliation, really = returns on investment, servicing of finance, thought = taxation, cima = capital expenditure/disposals, exams = equity dividends paid much = management of liquid resources fun = financing. I'm going to post this separately as it always comes up.

    Don't panic too much about the detailed FRS's SSAP's as long as you know the basics and what the question is gearing to - you'll be fine.

    Regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Sorry to contradict, but FRS 19 is actually about deferred tax. FRS 10 is goodwill and intangible assets. Also, remember that pro formas are given for P&L, BS and Cash flow statement, so you don't need to remember the main headings - you DO need to know what goes under each.

    I do agree with the comment about FRSs and SSAPs - don't go too deep, just try to remember the main principles and objectives.

    Best of luck,

    Andrew Harrington
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Thanks for spotting the typing error Andrew - I was rushing that post to get it on before everybody went to bed prior to the exams!!

    Regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Exam Tomorrow

    Thank you Steve. Thank you so much for having the time to help. The acronym for Cash Flow is lot easier that way.
    Thank you too too Andy. You guys help us a lot.

    How can you explain what an Associate is and
    How do i distinguesh Expetional and Extraodinery items?

    Im just winding up the revision, i think i will be okey and ready if you help me with the above.

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