How to start study for CA final FR?

Asvita | Last updated: 19 April 2021

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Quick Summary

The CA Final Financial Reporting syllabus can be daunting, with over 2500 pages of content. To tackle this challenge, create concise handwritten notes focusing on key exam points for quick revision and better retention. Practice is crucial; solve as many problems as possible from the study material, past papers, mock tests, and RTPs, ensuring you complete each question thoroughly from start to finish.

Earlier for the CA Final old syllabus, financial reporting paper was quite sorted as there were few chapters like consolidation a sure shot question of 16 marks and limited AS. Well, we cannot comment on ICAI's difficulty level of question papers to judge FR to be so easy. But FR in new syllabus is a nightmare for most of the students and the vast syllabus is what fearing them, the content of 2500+ pages. Many students are unable to go through the syllabus once, thus to score an exemption becomes Mission Impossible in FR

How to tackle it?

An appropriate strategy will help you to be in a win-win this subject:

Concise Handwritten notes:

In your first reading start preparing your notes in a very concise manner, only note down the key points which are mandatory to write in exams, which will help you grab the attention of the examiner and as well as catch up the marks easily. This will help you to remember and retain the concept for a long time, also help you to revise very quickly in 1-2 hours a particular chapter. For very small IND AS like 8,10,40,41,36, this will be very much helpful and for other IND AS like 110,102,103 which is asked as sure shot questions in exams this will help you to remember adjustments as well. Keep the notes handy with you so that it can help you to retain it for a longer time with your cumulative revision or record your voice narrating the whole revision of the notes and hear it again and again.

Practice and Practise:

Well, for the theoretical content self notes is there for the rescue, but for the practical question solve as much as you can and don't go for other author's book unless and until you have finished with the study material thoroughly concerning preceding 3 attempts, questions are asked from there only and along with that try to solve past papers, mock papers and don't forget the RTP's. RTP's of FR paper will always loose out the confidence in you but don't worry exam paper is quite easy than what it appears in RTP's.

Don't just only try to solve the questions, but finish it from start to end. If it is a consolidation sum then practice the sum along with preparing the balance sheet in a proper format tallying the whole sum. Also, don't jump on the solutions easy as we do after reading the question, Solve it on your own and check for the mistakes and mark those to make your preparation much stronger.

Click here to view / enroll the subject on Financial Reporting (CA Final New)

FAQ :

The new syllabus for CA Final FR is considered a nightmare by many students due to its vastness, with over 2500 pages of content, making it difficult for students to even go through the syllabus once.

When creating notes, focus on concise key points that are essential for exams. This helps in retaining concepts longer, allows for quick revision (1-2 hours per chapter), and captures the examiner's attention.

Concise notes are very helpful for smaller IND AS like 8, 10, 40, 41, and 36, as well as for remembering adjustments in larger IND AS like 110, 102, and 103, which are often sure-shot exam questions.

Students should solve as many practical questions as possible from the study material, preceding attempts' papers, past papers, mock papers, and RTPs. It's important to finish questions from start to end, such as preparing a complete balance sheet for consolidation sums.

No, students should not go for other authors' books until they have thoroughly completed the study material, as questions are primarily asked from there concerning preceding attempts.

While RTPs for the FR paper might reduce confidence, the actual exam paper is usually easier than what appears in the RTPs. It's important not to jump to solutions but to solve them independently.