Unit 11

anthony_12c

I am studying Unit 11 for the upcoming diploma exams in december using the osborne books and i'm struggling to get a grip of the unit.

I usually find osborne books great but this appears to be very wordy, has anybody else found this and have any tips for the unit?

Plus, is the best thing to do learn the different ways to prepare the various statements then learn the various standard and how they apply, as well as the various ratios?

Steve Collings

I'm assuming Unit 11 is DFS (or its equivalent). I think the best way to deal with the financial statements element is to adopt a structured approach to dealing with them. This is particularly important with consolidations where a methodical approach is essential. With the single entity financial statement prep question, I always advise students to amend the figures on the face of the question paper in the trial balance as you deal with the points underneath the TB. That way you can then prepare the primary financial statements straight from the adjusted trial balance.

With the accounting standards, first and foremost, it would be a good idea to invest in Clare Finch's IFRS Guide. You should also print off the Guidance Notes from the AAT website to understand exactly what is required by the examiner in terms of accounting standards - note not all IFRS/IAS is examinable. You should also be conscious of duplicate learning - for example if you are happy with the preparation of the statement of cash flows, do not spend hours and hours trawling through IAS 7 when you are learning the standards. Also keep in mind the fact that you will only be asked to write about a couple of standards in their entirety.

I would also advise you to learn the provisions in the Framework Document as that it an important area which is often forgotten about by students.

Kind regards
Steve

anthony_12c

Thanks alot for your detailed reply, you've been very helpful.