I am CA Manoj Kumar Bothra (all India Ranker in May 2014 Exam). I am here to discuss how to prepare financial reporting (CA Final). I think that you have gone through my article “How to crack CA Final in first attempt”, if not go to this…
As we are going to be chartered accountant, so financial reporting is the best thing we have to study and understand as it is going to be part of our day to day life after being Chartered Accountant. Moreover institute is also expecting expert knowledge at this particular point of time.
Let’s come to the subject in details…
First thing that is required to prepare list of topic which are in our syllabus like indexing. Instead, You can go to “”practice manual topic wise distribution of marks” page.
Now when actual preparations start keep following things in mind while preparing –
1. While starting, you can go to practical topic like corporate restructuring i.e. merger, amalgamations, internal restructure, take over, sale, spin off etc, consolidated financial statements, share based payments etc. But never ignore or try to underweight Accounting Standards, these cover 20- 30 percentage of exam paper in paper 1 “financial Reporting” as well as paper 3 “Auditing and Assurance”.
2. Each and every Accounting Standard is important. You should understand it conceptually. Never try to categorize some standards as most important that’s only you are going to do for exam and skip rest of AS.
3. For first time study, you will have to devote good amount of time to prepare like 10-12 days.
4. Rate questions which you solved as per *,** or ***. This rating is going to help you at the time of revision.
5. Try to solve each problem on your own (by yourself), in spite of just audit solution from notebook or study material.
6. Don’t try to skip, preparation of Balance Sheet in revised schedule format with notes.
7. Go through each and every topic thoroughly and understand conceptual points supporting each topic.
8. Try to solve as many questions as you can and also go through Practice Manual.
9. Topic to be focused Consolidated Financial Statements, Amalgamation and Restructuring, Share Based Payments, valuations.
10. Don’t underweight topics like Value Added Statements, Human Resource Accounting, Mutual funds, NBFC etc
11. Go for a mock text at the end of preparation.
12. Try to manage some time for a quick and through revision for subject before examinations.
Doubts and problems are always welcomed.
You can also communicate with me @09782322113 after 8 pm