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This summary outlines the changes made to the recording of financial information, including the splitting of Outcome 1 into three new outcomes and the removal of certain requirements. It also provides information on the assessment conditions.
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Summary of changes • Content of original outcome 1 split into 3 new outcomes • Outcome 1 – books of original entry • Outcome 2 – postings to ledgers using double entry principles and extracting a trial balance • Outcome 3 – VAT Return • Can be assessed separately or combined
Summary of changes (cont) • Removed requirement for 30 – 35 transactions • Mandatory use of journal removed (but covered in Outcome 4) • Flexibility – transactions can be ‘batched’ or provided in date order • VAT Return for a minimum of one month • Removed control accounts • Removed requirement to show effect on profit of errors
Summary of changes (cont) • Statement of standards: for example ‘Figures must be accurate within a tolerance of 3 arithmetic or computational errors, with a maximum of 2 errors of principle.’ • Assessment conditions: • Outcomes 1, 3 and 4 – Open book supervised • Outcome 2 – Closed book supervised • Time for assessment is in Assessment Guidelines only and is not mandatory
