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This is my first article in CAClubindia, hoping people will benefit from this.

I qualified in the May 14 examinations.

C.A. – These two letters imply many words like Certainly Achievable, Come Again, Colla Aayo (For my fellow Kutchhi friends) but the most famous one is CHARTERED ACCOUNTANT.

For those you who are starring in front of those Big, Fat & Colourful books and looking for an auspicious day to start studying (Mind you that’s never gonna come). It’s now or never.

I’m writing down some tips that might be of help.

Materials to refer:

a. Study Material (SM) – This is the Bible!!!

b. Practice Manual (PM) – Bible part 2!!!

c. Reference book for AS (like D.S.Rawat)

d. Revision test papers

e. Guidance notes

f. Mock test papers

g. ICAI has also launched BOS e-learning for students which is very helpful to understand concepts, apart from webcasts.

h. Student journal refer for exam updates

Financial Reporting:

This is considered one of the most scoring subject in the group. Should Aim for 60+ in this.

But never take this subject for granted, taking into account ICAI’s bouncers in the recent exams.

My advice on preparation for this subject would be as follows:

1. Complete the smaller chapters first –> Ch. 7-10.

This will cover approx 20-30 marks of your paper and is less time consuming.

It doesn’t matter if you take a bit more time to understand the concepts in deep (especially in Share based payments).

Like it was important for NaMo to perform really good in U.P & Bihar to become the next P.M, similarly your exemption passes through these chapters.

For these chapters, SM and PM should suffice.

Other Imp points:-

Ch 7 (Share based payments)- I would recommend to refer the sums mentioned in the AS 15 text of Study material relating to share based payments.

Also do the sums asked in N-13 and M-14 exams.

Ch 8 (Mutual funds, NBFC and stock markets) – Please don’t ignore the theory given in the study material. A question from theory had been asked in M-14 exam.

Ch 9 (Valuation) – A sure shot question from this chapter makes it very important.

One should practice a lot because this can be time consuming.

One will find conflicting assumptions in the ICAI module’s. But don’t worry you can write your assumptions (Eg: Relating to calculation of closing capital employed etc.), if the Question is not clear.

Ch 10 (Value added Statement, EVA, MVA)

Presentation is very important in VAS. Also refer the sum asked in N-13 exam w.r.t VAS.

EVA and MVA should not pose any problems.

2. AS and Ch 6 (Financial Instruments)

Carries around 30-40 marks in the paper (Generally Asked in the Compulsory 1st Question and last Qn)

If time permits, refer the AS text in SM to understand the nuances, otherwise SM, PM and D.S.Rawat is sufficient. (Remember just solving the questions given will not do, reading the provisions especially in AS 15 is important. In N-13 and M-14 first Qn of the paper was from AS-15 and which were relating to such provisions.

Also especially for AS 9, 26 and 28 don’t forget to read Illustrations given in the AS text in SM which is generally ignored by students.

Now coming to the Baap of all AS – 30, 31 and 32.

Generally a question is expected from these AS.

If you are attending classes, well and good but not then try to grasp it by reading the text given in D.S. Rawat and from E-Learning.

Don’t loose heart if you are not able to get the concept in the first time because you are not supposed to (Pun Intended).

I would not recommend investing much time if you don’t have much and are unable to get the required confidence.

Practice Qns given in SM/PM is the least you can do for this AS.

Depending on your comfort zone choose studying between Consolidation or Amalgamation. Definitely both of them cannot be attempted in the exam due to lack of time.

Ch 4 (Amalgamation)

A 16 marker generally comes from this chapter.

I would prefer studying this than Consolidation as you would already have the required foundation from IPCC.

From exam point of view, make as many Working notes as possible because they carry marks. (Not to mention even applies to other chapters)

Ch 5 (Consolidation)

From personal experience, touch this topic only after you are done with the above mentioned chapters.

Reason being it’s very time consuming and even if you practice 100 different questions, in the exam you will find the 101th question.

Ch 2 & 3 Identify the time in your biological cycle when you feel the most tired and then read through these chapters.

Your suggestions are most welcome.

Any help required, I am always there.

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