Your DFS Exam Today

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I know you probably might want to forget this ever took place today - but can someone let me know what came up please? I know FRS 18 came up (ouch!).

Thanks in advance
Steve

Comments

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

    Consol accounts P+l + BS + Standard single company P+L + BS...FRS 10+11. Net cash flow but just the rec the statement was done for you. Accounting policies. Lots of Ratios 8 I think there was... compared to June it was an ok paper. I did ask to keep my question paper but they would not allow it. Can't remember much more.... my mind is already going blank.

    Yvonne
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Sounds like a reasonably fair paper - FRS 18 (Acctg policies) might not have been expected (but examinable) and also I've had a separate email saying that they went a little over the top with the ratios.

    I'll have a go at the paper when the AAT upload them.

    Best regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today
    peugeot wrote:
    Sounds like a reasonably fair paper - FRS 18 (Acctg policies) might not have been expected (but examinable) and also I've had a separate email saying that they went a little over the top with the ratios.

    I'll have a go at the paper when the AAT upload them.

    Best regards
    Steve

    I wouldn't say they went over the top, but they expected you to define and evaluate as opposed to working out ratios (they gave you only the easy ones anyway).

    Also FRS 18/Statement of Principles seemed to overlap, questions on the same thing in both sections, was quite weird. The exam really wasn't that difficult, but I fear that if I didn't get near 100% on that second section I'll fail because there wasn't many places to lose marks.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    oops - duplicated this answer
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Oops! triplicated this answer. wotz going on!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Sec 1
    - A consolidation with only one acquisition adjustment to make- no post acquisition adjustments, no unrealised profit. No amortisation made it unusal. Comment was then required as to whether not amortising goodwill was a good idea! FRS 10, bla bla
    - A published profit & loss and bal sheet with about 6 straight forward journals
    I think it was after this we did the waffle on FRS 18, going concern, accruals and 4 objectives (per ASB Stmt of Principles Ch3).
    - A Reconciliation of operating profit to net cash inflow. (Balance Sheet & CF were supplied). A letter to the directors in respect of the CF was then required.
    No funny little recs. No notes to the accounts. No obscure Standards. No obscure transfers to deferred tax a/c.
    Sec 2
    - Usual ratios, although rather alot of them, and this time we were given the results (good plan, examiner!), asked what the formulas were and asked what it all meant. (2 pages of waffle later!!)
    Couple of other small questions after this - I think users of accounts.
    On the whole, couldn't have asked for a kinder simpler paper which begs the question - how high will the pass mark be?????
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    They have overlapped because sometimes they can examine the same thing in a different context.

    Don't worry about getting 100% in section 2 - it is a competency based exam and you will pass on merit rather than %age. As I have said before, as long as you have the basics, you won't have a problem.

    Best regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Overall I think this paper could have been a fair paper (bear in mind I've not seen it yet). June's paper received so much negative feedback and even when I looked at the paper a few days after they were uploaded I thought some of June 05 was a little cruel of the examiner.

    I wonder how many bottles of wine and cans of beer are going to be consumed this week following completion of the exams???

    Here's to the hangovers!

    Best regards
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Hi steve, your comments made me feel a little better! have you completed AAT? I made a silly error somewhere on a balance sheet which didnt balace, but to be honest didnt really worry too much because the other sections balanced and i didnt carry any mistakes forward as it was the last balance sheet for that task. Loads of explanations on ratios was pretty much straight forward, i think i covered most of the issues raised. If they are going on merit rather than percentage then fingers crossed!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Glad they made you feel better. Yes, I have done AAT and ACCA so am quite well versed when it comes to exams.

    Don't worry about the little mistakes - nobody's going to get the whole paper right and as long as you've done the basics you shouldn't have a problem.

    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    I thought we only had to do a consolidated BS? There was only a pro-forma for a BS?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Your DFS Exam Today

    Thanks Steve! Just completed PTC this morning, was simpler than i planned although AGAIN made silly mistakes.....

    Im now considering my career and whether or not to go onto CIMA..... not too sure yet.... still pondering.. .exams whacked me out!

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