Need study advice on IFRS and IAS

[Zer0]

Conceptual Framework and Accounting Standards. I studied the textbook, online resources, and my professor's Powerpoint presentations. Answered the problems in the book, and yet I very likely failed my midterms exam. Studying IAS is just too boring for me, and as someone with a poor memory. It's hard to recall the specific things a standard would require to be disclosed. I'm very much willing to put in the time and effort in studying, but I feel like I'm just doing it wrong. Any advice on what to focus on and how to make the knowledge stick? Thank you very much.

 

[Fidget]

Practice as many questions as you can, over and over, if you need to. And spend time on the answers to the practice questions as well because they're your blueprint of what your examiner wants from you.

 

[Zer0]

Practice as many questions as you can, over and over, if you need to. And spend time on the answers to the practice questions as well because they're your blueprint of what your examiner wants from you.

Yes, I've noticed it was very similar to the book even. My biggest issue is those test items where there are 4 statements and I should identify which ones are true/false. I guess all it takes is a small bit of memorization and lots of practice. Thank you so much

 

[benisme]

Yeah, I feel U! Studying accounting principles just like studying laws, you have to memorize rules and principles, my advice is simply this:

Just imagine you are an user of your accounting works, such as see yourself as an entrepreneur, the knowledge and information you have been learning are very crucial for you to make right business decisions, if you fail to understand all this, you would be in some serious troubles, for example, someone would lie to you about an investment in a bad project or such.

That is what in my mind right now and hope it would be helpful.

Good luck to you!

Ben

 

[Zer0]

I'll try to keep that in mind the next time I study. Weirdly enough, I'm fine with the law subject I have so far. It's literally just Accounting Standards I'm helpless in. Thanks for the tip!

 

[Fidget]

You might find this resource helpful:

www.ifrsbox.com

It covers all the main 'need to know' parts of the standards in bite-sized chunks, so it's user friendly.

 

[benisme]

I'll try to keep that in mind the next time I study. Weirdly enough, I'm fine with the law subject I have so far. It's literally just Accounting Standards I'm helpless in. Thanks for the tip!

You're welcome!