Assessment guidance for next generation BTEC Firsts in Business
We’d like to provide some important guidance and clarification to teachers following the first results release for Unit 2: Finance for Business 20498E.
Guidance on Unit 2: Finance for Business 20498E onscreen, on-demand test content
As part of a vocational qualification this introductory unit must prepare learners for their progression both to higher study and into the workplace where they will meet a range of financial terminology, depending on the scenario, including:
International Financial Reporting Standards (IFRS) and
UK Generally Accepted Accounting Practice (UK GAAP) terms.
Most UK sole traders use GAAP - and it is correct to do so - while listed companies are required to use IFRS. Therefore both terminologies should be taught. However, to follow the precedent set out in our Sample Assessment Materials (SAMs), we will always use both terms for document titles, for example ‘Statement of Financial Position (Balance Sheet)’ the first time it appears in a question.
We’d also like to remind you that this test is designed to stretch and challenge learners capable of achieving GCSE grade A-C, and is unlikely to be suitable for Year 9 learners.