Unit 11 (DFS) - latest changes for June 2010 examination
“The Statement of comprehensive income will consist of an income statement, where expenses will be analysed by function, and a separate statement of comprehensive income, which begins with the profit or loss for the period and shows the components of the entity’s other comprehensive income. Candidates may be asked to draft one or both of these statements in respect of individual companies but only the income statement for groups of companies.”
This is a change from the guidance in September 2009’s Summing Up (page 2) which states:
"Though the income statement also becomes the ‘statement of comprehensive income’, it is permissible to continue to use the term ‘income statement’ if a company wishes to do so and this is the approach that the DFS unit will take."
The Osborne Books tutorial text ‘Limited Company Accounts (2nd edition)’ was published to implement the changes announced in September 2009. Tutors and students should therefore pay special attention to these further changes made in 2010. Full details can be found at:
https://www.aat.org.uk/newscontent/item88535/
