Its the things that are being dropped from financial reporting.
Somethings I can understand like why should AAT people need to have anything to do with Financial Instruments also Operating segments is only applicable to larger entities so I can see dropping that one.
But the list of assessable standards is now reduced to this :
IFRS 3 Business Combinations IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 10 Events after the Reporting Period IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets
And of those that remain assessable they have really cut down the knowledge base requirement especially for IAS36, 37 and 38.
Just look whats missing...
Accounting Policies, changes to accounting estimates, Government Grants, Foreign exchange rates, capitalisation of borrowing, construction contracts, Employee benefits, Related Parties, share based payments, sale of non current assets... That's not a complete list.
Also, the standards that they are teaching are not up to date (IAS27 has the old name (it no longer covers consolidation which has moved to IFRS10) and also IFRS9, 10, 11, 12 and 13 are all missing from the AAT documentation).
What are they going to be doing next, giving AAT level IV away once you've collected enough lids of cornflakes packets.
I'm actually thinking of writing a strongly worded letter to the AAT and PQ about this as to me cutting out what they have seems to seriously devalue one of the most important of the level IV modules which will leave people unprepared to move up to the higher qualifications and is leaving big important gaps in the knowledge base of those seeking to use the qualification in employment including self employment.
Really annoyed at this move by the AAT which to my mind is a seriously backwards step for them.
Right, rant over. Feeling better already!
all the best,
Shaun.
-- Edited by Shamus on Thursday 4th of April 2013 10:49:56 AM
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Hiya
I've completed the AAT and am looking for something else to add to my cv lol. I looked at cima but it is just too expensive
I like the look of the ATT and it will come in handy when I set up my own bookkeeping business.
I was just wondering if any body on here had completed it and how they found it. I'm hoping to study with Kaplan via the online classroom.
Thanks
Rob, (Robh) was ATT and always recommended it as THE qualification that people should gain.
Certainly considering clients views that accountants are just about tax and compliance that would fall in nicely with Robs appraisal.
Personal view is that ATT is highly respected and a great stepping stone towards becoming a chartered Tax advisor if you decided to go that route. If not it's just a really good qualification to have under your belt and definitely one of the more useful ones for the real world.
Be warned though, tax is hard. One gets lulled in with personal tax / payroll / etc. and then you find that the courses are full of the dark side of the subject matter such as Taxation of Trusts.
Good luck with the course. Don't forget to keep us all informed of your experiences.
kind regards,
Shaun.
p.s. congrats of completion of AAT. From the look of the new syllabus looks as though you got it just in time before the qualification gets dumbed down at level IV in September.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
They're restructuring the qualification again, but that's in a year time I think. For this year, they're cutting half of the financial standards required for Financial Statement module. I'm not sure about the other exams.
Shaun your 'rant' is like a breath of fresh air!!! Please do send your thoughts to AAT! I sent my rant on the day of the announcement. I have quite a reputation for speaking my mind and I feel I'm the only one sometimes!
I don't know what it is about qualifications over the last few years but they seem to be constantly moulded to customer 'demands' and to achieve good results.
Sonya, since i sat the FNST exam in March should i feel a little put out by the fact that other students will gain the same qualification as me after only having studied 2/3 of the module?
Personally i am glad i studied for all 21 (and then some) standards. I did mention to Shaun that i would be a prime example of how passable the exam was before dumbing it down:-
I am a 40 Y/O Auto Electrician with no friends or family working or involved in bookkeeping and accounts studying via distance learning. Passed FNST first time, my heart did beat a little
faster than usual while awaiting the result but i think thats something i'll never get the hang of, if this post sounds like i'm "bigging" myself up, i think i have the right to now lol.
If AAT have done this because they don't think that Accounting Technicians will use or come across the deleted standards then thats fine, as long as they realise that they are creating the
same situation when moving to a chartered qualification as going from A level to University did when dumbing down A levels.
I think that the AAT need Michael Gove in charge of their qualifications Neil!
I think that the approach that you adopted of studying ACCA to pass AAT was the perfect approach in the if you want a puppy start out by asking for a horse vein. The only fear there being that those doing the marking don't realise that your answers are more correct than the ones that you were supposed to give according to their marking sheet.
Looking at the updated syllabus for FNST (nope, not telling you where I got it from) I think that you are being very generous at suggesting that 2/3rds of the previous qualification remain.
In all seriousness I think that the updated syllabus will create a situation where AAT post September 2012 will cease to be a sought after qualification by employers who will instead opt for students who have gone down the FIA or full ACCA routes.
Traditionally chartered practices have pretended to know nothing of the CAT qualification due to the history there between AAT being the product of ICAEW / CIMA etc. Where CAT was the ACCA's response to not playing ball with the rest of the kids in the playground (so they went and got their own ball).
Well, CIMA have left the party and chartered practices no longer have the dominance on the high street that they once did so combined with AAT being left with a loaded revolver and looking at their feet I think that in the future we may see FIA (CAT#2 the revenge of) replacing AAT as the qualification of choice by employers which will push AAT into the ICB / IAB territory as great for self employment but not very good if you are after employment.
Then those with the AAT qualification are faced with the issue of where do they put themselves if their qualification has only taught them a small part of what they need to know to offer their services to the SME market? Do they then realign themselves as bookkeepers rather than accountant.
The question that employers now really need to ask themselves is that there are 260,000 ACCA students (plus 110,000 members) out there. Many desperate to enhance their experience on the back of a qualification that requires study of all of the financial reporting standards... So why after these changes would they be looking at AAT students?
There is a lot of personal opinion in the above. In reality there will I assume be no immediate issue for anyone holding or working towards the AAT qualification. But I do feel that the AAT in true lemming fashion are running merrily towards the edge of a cliff with the way that they are taking the qualification.
And here was me thinking that I was all ranted out!
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
In all seriousness I think that the updated syllabus will create a situation where AAT post September 2012 will cease to be a sought after qualification by employers who will instead opt for students who have gone down the FIA or full ACCA routes.
If this happens shaun, i can't see employers looking for pre September 2012 AAT people, they would probably dump us all in the same basket.
I was doing so well too.
If i fell in a bucket of boobies i'd come out sucking my thumb.
unlike training companies employers don't really stay abreast of changes in the Syllabus so the dumbing down of the qualification will take time to filter though.
Decisions made now will take five years plus to be fully felt in the market place so there are no worries in relation to your qualification.... And anyway, when my evil empire expands Northwards your down as first to come across to the dark side although I fear I may end up fighting with Tim to see who gets to employ you (not saying whether you go to the winner or loser there though, lol).
Anyway, by the time that the issues with the AAT qualification become real you'll be ACCA anyway (You know that you will, stop fighting against your destiny young padawan).
Shaun.
p.s. love the bucket of boobies analogy.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Anymore talk like that and you'll find yourself with a lodger Shaun, and because of your "fair pricing policy" i do believe that your income will be exempt from tax lol.
Doesn't that mean that they're not doing it right! (joke...ish)
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Neil congrats and be proud to be an AAT student. AAT have a very strong brand. Like Shaun said many employers just recognise the qualification and the brand. Many actually have little knowledge of the syllabus! Ultimately employers are also int. In experience and self development too.
At eagle we too get very frustrated! Our first time exam pass rates is 94 percent across all levels in 2012. We don't have an issue with FNST. But many colleges do so..............Hmmm??? We're also astonished at the change in the level 2 WEAF assessment. A 4 hour written assessment reduced to a 1.5 hour assessment which took me 15 mins to do???? Practically multiple guess. How is that fair?
Im off to the next distance learning meeting in October so I'll add this to my list of things to 'rant' about. I really do feel they're getting fed up of hearing from me. I must sound like a broken record. Next year when they introduce the revised Qual I hope they'll take on board feedback like this :)
Nope, not fed up at all. Its always great to have quality discussion on the site.
Glad that we're on the same wavelength Sonya.... 15 mins to do a 1.5 hour exam... Wish the ACCA set them with those sort of ratios. Not simpler exams but would be nice to actually have the time to finish a paper once in a while.
Probably get lynched by other stuents but I've asked in the past that the professional level exams be moved up to 4 hours and even at that it would still be time pressured.
Always great to hear things from the trainers perspective.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Four hours feels like one and a half under exam conditions Shaun. I wouldn't be surprised if 99% of the students are in agreement with you on the lack of time for completion.
I'd go as far to say that some of them wouldn't mind the exam actually being stretched to two or three days lol.
...................although I fear I may end up fighting with Tim to see who gets to employ you (not saying whether you go to the winner or loser there though, lol).
lol, I know - he'll have to do an 80 hour week - half in the midlands, half in manchester. Some daft employers out there can't see star candidate when they interview one. Neil I'm sure your fears over private practice will evaporate the further you get with your studies.
Some daft employers out there can't see star candidate when they interview one.
The number of people that I've interviewed for others who have absolutely no get and an go but think that I owe them the job because they condescended to turn up for the interview is ridiculous.
Then people like Neil who study ACCA level materials to pass AAT get passed over at interview... Go figure.
If I were in a position to employ him now I would have no qualms about it and would be quite happy to tell others that... Oops, actually I just did. Neil, just print this and take it to the interviews
p.s. This is be nice to Neil day. You only get it once a year. Normal service will be resumed tomorrow.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I think the fact that i look more like a petty career criminal than an ambitious student "Accountant/Bookkeeper" goes against me lol. And many Accountants look like Mafia bosses. Hey, new nickname, Don Kebab
But, hey you guys, you say the sweetest things................
Invoice is in the post
Neil.
P.S. off out now to shove my little print out in peoples faces.
P.P.S. Just read the table of contents for F1 on Amazon, I want me mam.
If you go down that path you know all the right people for advice Neil. Also, you might want to do them in the order F3, F2, F1, F4 as an easier move from your existing learning from AAT accross to the dark side.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
You must have put it in my mind, Shaun. Yes, last night I went and got us a one of those mysterious lumps of salt, fat and a bit of lamb and I didn't even have the excuse of having been to the pub first. My good lady had the sense to stick to the chicken tikka. Still, I didn't wear the pin-striped suit and spats as people tend to be intimidated :o)
