Ca final financial reporting nov 2013 review


06 November 2013  
How was paper of CA final Accounts in Nov 2013 ? Appraisal report by CA Parveen Sharma Examination paper of Accounts( Financial Reporting) in Nov 2013 was best paper asked by ICAI till now. It had all aspects which a CA final student should be tested for. Briefly it had following points 1. Questions were from all major topics 2. Questions were from points generally left by students 3. Questions were regarding drafting of policies and on revised schedule VI thereby testing practical internship exposure of candidate 4. Paper was lengthy to test stress levels of candidates. 5. Questions related to Modern accounting practices thereby affecting students those who don't update themselves. Students who suffered most were those who did topics broadly or those who followed trends and past patterns. Also students who had not updated themselves with new points like ESOP with CASH ALTERNATIVES. I remember when I taught this point Ist time in May 2012 batch, students said to me that I am unnecessarily teaching this point and this is not relevant for exams but I still taught them. It's a matter of satisfaction that there was one question on this point in Nov 2013 and furthermore no other teacher had taught it in their classes. This has given me further confidence that I should continue to update my lectures and introduce most modern accounting concepts in my coming batches. Our upcoming batch will have references to old and new companies act provisions. Tip: ICAI had asked questions on modern practices, keep updating yourself. Refer most latest class notes, books and question bank. Old edition books,notes CDs are not going to work. Now let us deal each question Question 1 was compulsory and was having 4 parts of 5 marks each It's part 'a' was from AS 15 and it was a question similar to question in our book. Part 'b' was on Guidance note on tax treatment on interim financial statements. ICAI had rarely asked question from this topic. Our book had five similar questions but students generally leave it considering to be not important. Tip: Always cover all topics done in class. Don't leave anything based on past trends or patterns Part 'c' was a simple question on AS 9 based on sale and repurchase point covered in class as an example. Point was also in book under heading sale and repurchase. Question also asked for drafting of accounting policies which we teach in topic ' Corporate Financial Reporting'. Students who remember class notes on how to draft policies must have benefited in this question. Tip: Do all points which are covered in classes. Part d was based on AS 13. It was in reference to definition of investments. I always put thrust on definitions. This questions has given me further confidence that I should continue my approach and enhance knowledge of students. I got numerous calls thanking me on this issue. Tip: Should always understand definitions and logics. Understanding helps in exams. Cramming strictly not allowed Question 2 was a very simple question of amalgamation done by almost all my students correctly. Tip : Students must practice a lot on topic of amalgamation Question 3 was ESOP with cash alternative which I have discussed above. Question 4 was from Holding company accounts. Question was similar to question done in class in our book. We had names of companies 'Bat and Ball' but ICAI question had names 'Cat and Rat'. Otherwise all points in question were same as in our book Tip : Students must practice a lot on topic of Consolidation Question 5 was from topic called valuation of Goodwill. It was a very very simple question Question 6 was having two parts Part a was based on calculation of bonus in value added statements covered in our classes and books. A simple question and well attempted by my students. Part b was brand valuation topic. We had done in class valuation under potential earning method and question was on this method Question 7 was based on AS 30,31,32. Some teachers were spreading rumours that AS 30 to 32 are not relevant and they tried to confuse my students. I think they have got a reply from ICAI. There were questions from AS 19, AS 12,AS 24 and AS 6 which almost all students attempted it. OVERALL AN AMAZING PAPER. ALL THE BEST FOR REMAINING EXAMS PARVEEN SHARMA