jerry (ca) 20 October 2019
After completing Articleship training, due to some family issues I had to leave CA for 4.5 years. Now, I want to continue my CA Final and will try for May 2020 Attempt Group-1. So I need your guidance and suggestions.
Is it possible to prepare FR (old course) without taking any paid coaching classes? Just self-study and free Online materials like youtube videos and notes. If yes, then please suggest me.
For other subjects, I am thinking to go for:
SFM: Nagendra Sir Pen Drive Classes.
LAW: Munish Bhandari Sir Pen Drive Classes.
AUDIT: Surbhi Bansal Mam Book & Notes.
Bharat Bohra 20 October 2019
see first of all i would suggest you to opt for New syllabus. The reason being since you have previously not taken any classes of any subject it will not matter whether you opt for old or new. Infact new syllabus will have the following advantage to you
1. new syllabus is designed as per industry requirements and in future whether you do practice or do job, Time demands latest knowledge which new syllabus provides. specially in Job, in interview you will have to face questions related to latest developments taken place in industry for e.g IND AS..
2. the second one is after Nov 20 or may be after a few attempt compulsory every students have to take new syllabus so it's better to take new course at the beginning itself .
(don't take my advise otherway, hope you understood what i mean)
now coming to FR if you are opting for Old syllabus then do refer M.P.VIJAY KUMAR material along with Institute material
and if In case you opt for New syllabus then you can refer D.S.Rawat along with Institute material..
but one more suggestion i would like to give if u opt for New syllabus then for FR better to take classes since IND AS requires proper understanding which i personally belive will not be sufficient just by referring material ..
hope above suggestion will help you..
in case of any confusion feel free to ask me..
all the best :)
Sandip Goyal (Risk Advisor) 14 March 2020
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!