Accounting Standard

[StuartB]

Dear all,<BR><BR>Help!!!<BR><BR>Does anyone have a sure fire, 100% guaranteed-or-your-money-back way or remembering the FRS's and SSAP's?<BR><BR>Why we have to learn them I don't know, but it's only 5 weeks to the CA's, and I can't remember them for love or money.<BR><BR>Thanks in advance for any help offered,<BR><BR>Stuart.<BR>(stuartblyth@hotmail.com)

[Melanie]

I wish I did Stuart, 'cos they pop up time and again. All I can suggest is that you keep going over them time and again, and if you do hear of a &quot;a sure fire, 100% guaranteed-or-your-money-back way&quot; then let me know ;)<BR><BR>Try not to get too bogged down in the detail of them and concentrate on who they apply to and what they try to achieve. They generally concentrate on what qualifies and how it should be reported, so if you feel fairly confident about the layout of a set of accounts, then some parts will be easy for you.

[Frankymo1e]

Is it just what they cover, ie the subject matter or titles, or the detail of their procedures?<BR><BR>With SSAP subjects, our tutor always came up with a humorous or memorable mnemonic for each number, eg SSAP13 being 13 &quot;unlucky for some&quot; so it covered Research and development which may or may not have a useful result (outcomes of applied research being unknown). Stuff like that, simple memory association. 5 was roman numeral &quot;V&quot; so it's about VAT accounting, etc...

[Andy]

Sure fire, 100% guaranteed or your money back, eh? Don't ask much, do you?<BR><BR>Different things work for different people, but I think it's usually a mistake to try and learn things like this by rote, word for word.<BR><BR>Most of the standards you need for AAT do have a common-sense approach at their heart, and are also usually based around basic concepts such as prudence and accruals. Try to think about why the standards are needed (i.e. what problem/issue/conflict does the standard try to deal with?), and that should lead on to what the standard says.<BR><BR>For example, SSAP 13 deals with a conflict between prudence and accruals - accruals says that R&D is done to improve future profits, so the cost should be carried forward to match with future revenue, but prudence says there is too much uncertainty about the future so the cost should be written off. The rules are a compromise - generally write off, but you can carry forward development costs in limited circumstances.<BR><BR>Hope that helps,<BR><BR>Good luck!

[Charlie]

<BR>Just learn the basis ones that always come up! I sat DFL in December and there were two questions both on fixed assets. I think as long as you know what you are talking about you can wing it without quoteing a SSAP number. I have been told never quote a number unless you are a 100% sure, if you get it wrong you will fail. But if you put a good explantion which shows you understand the question you will get some marks! It worked for me. Also I have found if you are weak in one area really go to town on your strong areas you can get extra marks for good clear workings