2. Recording Financial Information

3. 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

4. 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

5. 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