Financial reporting - status check on study plan - Students

Dear Final Students,

How are you all doing this week ? I had recommended a Financial reporting study plan during last month posting...If you have not seen please do have a look and those of you who have been preparing do recap the guided plan.

Its important to revisit the concepts now ( Valuation - Amalgamation (Purchase cosnideration)) Understandign types of problems till Chain holding..etc

Accounting Standards : There is a myth in students community about AS being tough. If you read it from the Original text and use additonal textbook for interprtation & understand scenarios you woudl start loving it. Every one shoudl start liking their subject to excel than memorizing it.

My recommendation for choosing AS is as follows

Revise AS 2,4,6,10 (Target to complete 18t june)

Start in Depth for AS 13,20,16,26 ( Have a target to read the standard, Understand the applicability & Refer to apst questions on type beiing tested- ) . Target to complete 23rd June.

Amalgamation - Purchase consideration

Practice the settlement,Calcualtion of no of shares to be settled, Exchange ratio & Goodwill treatment etc before worrying about the Journal entries and Schedule VI presentation. The fundamentals must be strong in terms of valuation techniques, Patience to READ THE PROBLEM for any intriacies of the adjustments.

Capture notes for every problem you solve as to what UNIQUE ADJUSTMENT you learnt and what you already know.

Time to start thinking about Consolidated Financial Statements - and start doing basic problems ..Watch out for next posting on CFS discussions to start.

Please do write to me back at tejas @ tejas.co.in.. I am based in bangalore - HSR Layout - Offerr classes on small batches for Final students. INtersted students can reach out for Aug-October batch for Fin reporting & Fin management.

Students outside bangalore and in bangalore can feel free to write to me for specific doubts in email and i will be happy to support you in shortest possible time :)

Till then HAPPY LEARNING

Regards,

Satish.

Tejas Learning Centre

"'Where knowledge is shared"

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 RTPs. RTPs 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 RTPs. 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.

Many students say that there are lot of test series, which one should they choose. I would strongly recommend them Prepca test series. Why Prepca? They will help you to evaluate your chapter wise performance in its multiple test option models, It provides the test series with ICAI level evaluation, wherein you will get to know where you are losing out your marks.

Beat the FR Horror by preparing self notes, Practising more and appearing the test series of Prepca.

Hope this answer help!