Can we use PV / FV / LY / YE in paper

This topic has 7 replies, 3 voices, and was last updated 7 months ago by Kim Smith.

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September 3, 2021 at 7:27 am #634064
parthbhanushali
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Can we use short forms in the exam. For example:-
1) FV = fair Value
2) PV = Present value
3) LY = Last Year
4) YE = Year end
September 3, 2021 at 8:24 am #634088
Kim Smith
Keymaster
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It is ok to use SOFP, TCWG after writing out in full first, and I think FV is acceptable too – I don’t think you should use the others. (And we would generally say “prior year” rather than last year.)
September 3, 2021 at 10:08 am #634108
parthbhanushali
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Okay! I will not use the short forms for current/prior year.

For others, eg, FV , PV(present value) , TCWG, SOFP, SOPL, SOCF, SOCIE, do I need to mention their full forms in the end or at start of the briefing note?
September 3, 2021 at 10:24 am #634113
Kim Smith
Keymaster
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You should always state in full before using abbreviation. I think the number of occasions you might have to refer to present value that it is hardly worth introducing an abbreviation for it.
November 23, 2021 at 1:22 am #641346
Noah098
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can we use such abbreviations in section A too within the briefing notes, after introducing the abbreviation once? Or we would end up losing one mark for lack of professionalism in writing?
November 23, 2021 at 8:13 am #641357
Kim Smith
Keymaster
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It’t OK for common usage abbreviations such as you might come across in wider reading – but you shouldn’t make up new ones and you should avoid ones which could have alternative meanings (even if you do write them out in full). Ones to avoid in particular are “NCA” (could be net current assets as well as non-current) and “AR” (.e.g for analytical review or auditor’s report).
November 24, 2021 at 3:02 am #641417
Noah098
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that makes it clear! I will not risk using any other abbreviations apart from SFP, SPLOCI and SCF! and will also make sure I introduce them once at the start of my answer! Thank you:)
November 24, 2021 at 7:20 am #641434
Kim Smith
Keymaster
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I would also use TCWG
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