Financial Statements Q & A with Caroline Warburton from iCount

Good evening everyone, and welcome to the latest ASN FREE Q & A session on Financial Statements with Caroline Warburton (AAT Tutor of the Year) from iCount. If you have any questions, please post as a comment below. Please be aware, if any questions are left unanswered, then they will be answered at a later time. And thank you all for participating…..now over to you, who has the first question?

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Natasha Everard Caroline welcome and thank you

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Caroline Warburton Hi Everyone, looking forward to all your questions! 🙂

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Tracey Hunter I’m currently studying and struggling with financial performance, should I do statements next whilst it’s fresh in my head or is it something totally different

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Caroline Warburton Hi Tracey Hunter, Financial Performance is a management accounting paper, whilst Financial Statements is looking more at the Financial Accounting, its a step up from Accounts preparation at Level 3. It is a very different paper, but there are some cross over parts. The ratios for example feature in the Financial statements paper as well as Financial Performance

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Tracey Hunter Oh no more dreadful ratios lol

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Caroline Warburton They get easier…I promise!!!! 🙂

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Natasha Everard Caroline are they any additional resources you suggest for this unit?

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Adrianne Knowles (Kind of related to financial performance I think!) what order would you study the level 4 units in? I know a lot of people attempt either personal tax or financial performance first, I just wondered if this was because f.p leads on to everything else? Pure curiosity from a near-finishing level 3 student!

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Caroline Warburton I would definitely suggest using the AAT Green Light tests, and most definitely familiarise yourself with the AAT sample papers to get used to the layout of the paper. Doing a set of statements on the computer in your exam and showing your workings can be very different to doing them on paper when you are revising!

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Tracey Hunter 🙂 that was my next question, what level 3 should I go over to assist with this module 😉

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Caroline Warburton Hi Adrianne Knowles, Financial Performance is usually studied after completing the Budgeting paper as Budgeting is Management accounting as well, so a lot of students tend to start on Budgeting, then progress onto Financial Performance and then move onto Financial Statements

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Adrianne Knowles Thanks for your help!

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Rita Lees Hi, I dont start financial statements for quite a few months yet at college but just wondering if theres any particular topics you suggest to pre-read and get familar with (any that take a lot of learning or that students struggle with) I have got an osborne textbook already & will get a kaplan one at college when we start it.

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Natasha Everard IAS how much detail do you have to know?

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Caroline Warburton Hi Rita Lees I would definitely suggest going over the Accounts Preparation (ACPR) and Prepare Final Accounts (FSTP) at Level 3. There are some adjustments which you are expected to be able to do as part of Financial Statements…remember Accruals and Prepayments?!

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Rita Lees Gotta love them :p

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Caroline Warburton They are definitely referred to again throughout Financial Statements! Also where the elements of the accoutns sit, for example profit and Loss holds the income and expense accounts and Statement of Financial Position the Assets, Liabilities and Capital

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Caroline Warburton IAS’s…they dont need to be learnt in full word for word, what you have to understand is what we refer to as the ‘Spirit of the standard’ so as long as you can apply them, and I also suggest try explaining them to other people, if you can do that you are well prepared to explain them in the exam.

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Caroline Warburton You can get written questions, multiple choice, and numerical questions to demonstartae your knowledge on the IAS’s

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Natasha Everard Thank you

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Natasha Everard What is your best advice on the written sections?

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Suzanna Rich Good evening.How has the unit changed for the 2016 standards?

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Caroline Warburton Hi Suzanna, There arent vast changes to this paper, the ethical principles are now making an appearance under the new standards, and the code of professional Ethics as well!