Drafting Financial Statements (Unit 11) - Changes
use of IAS terminology
For the December 2009 examination paper, both the traditional and the IAS titles of financial statements will be acceptable and will be shown:
- ‘balance sheet’ and its IAS equivalent ‘statement of financial position’
- ‘cash flow statement’ and its IAS equivalent ‘statement of cash flows’
- 'minority interest' and its IAS equivalent 'non-controlling interest'
In the June 2010 examination only the IAS terms will be used and will be shown. The term ‘income statement’ will be used in both examinations.
statement of financial position (balance sheet) format
In the June 2010 examination the format of the statement of financial position has changed: it will balance total assets (top half of the statement) against the total of liabilities plus equity (bottom half of the statement). The December 2009 examination requires the traditional format of ‘assets – liabilities = equity’.
Osborne Books ‘Limited Company Accounts (IAS) Tutorial’ – second edition
In August Osborne Books published a new edition of its DFS text ‘Limited Company Accounts (IAS) Tutorial’ (ISBN 978 1905777 235) to cover the requirements of the June 2010 exam. Students taking the December 2009 exam will find that this new text has been designed to cover their requirements: there is a supplement at the end of the book showing the balance sheet format required for the December exam and notes in the text directing them to this supplement.
The Unit 11 Workbook continues in its existing form for the December 2009 examination and is supplemented by a free download from the Resources section of this website for students sitting the June 2010 exam.
