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Dear Sir,
Is it important for my “Statement of Financial Position” to balance either single(reporting) or consolidated(group consolidation)?
I have been doing many questions but every time few small errors messes it up and even thought doing enough practice is not helping me balance them. =(
What shall I do?
NO! It’s not at all important!
As one of my former students said to her friend (both now qualified) when her friend complained that her balance sheet didn’t balance in the exam question, “it’s not meant to balance!”
Well, of courses it’s meant to balance but as I say to students time and time again, the marks are in your workings.
There are literally thousands of now qualified accountants who never balanced a balance sheet in an exam question.
It is, seriously, of no consequence. The marks are in your workings!!!!
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