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How to self study for ca final fr for new syllabus may 2018?

seeta (student) (74 Points)

27 November 2017

I really want an honest advice regarding how to study by my self for CA final Financial Reporting. I am registered under the new syllabus for May 2018.

Please tell me whether I should refer any refernce book or study material of ICAI is enough for conceptual understanding? Please please clear this doubt of mine. I really am looking forward to a lot of replies and best advice.

Thank you in advance. :)

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9 Replies

Luvish Jain (Tax Consultant) (507 Points)
Replied 27 November 2017

see it depends on student to student. if u can understand and study the ICAI large amount of study material then its absolutely perfect and best provided you include PMs too.

but if need some only required things in syllabus and want to study point to point then go for some books like Paduka, Etc. which are in my opinion best only.

SHUBHAM GARG (Student CA Final) (122 Points)
Replied 27 November 2017

Hello,

The syllabus of Financial reporting under the new scheme is largely based on Ind-AS which covers major portion of the syllabus i.e. Module 2-6 of the ICAI study material. Module 1 and Module 7 of the study material covers the remaining topics. As of now, there is no reference book available, which is published specifically for the new course Financial Reporting paper. Further, there is no Practice Manual released by ICAI as of now (some people say ICAI may release Practice Manual in the near future). Therefore, the only material for self study which is available right now is the ICAI study material.

kartik (student) (989 Points)
Replied 27 November 2017

Study material of ICAI is good enough for understanding. But I myself have used reference books so will advise you accordingly. I have used M P Vijay Kumar for the subject and D S Rawat for Accounting Standards. Both are excellent books, the best you can get for Financial Reporting. The 2 main reasons to use these books are that they are self explanatory and they contain plenty of practical problems, including those from the study material and practice manual. D S Rawat has already published a book for May 18 based on Ind AS. M P Vijay Kumar hasn't till now but it should be released in due course. You may substitute D S Rawat with the book by Ravi Kant Miriyala which has been getting some very good reviews (though May 18 edition hasn't yet been released). There is no substitute for M P Vijay Kumar.

1 Like

seeta (student) (74 Points)
Replied 28 November 2017

Thankyou ! Some are saying Padhuka, and some MP Vijay Kumar :/ Which one to pick?

Luvish Jain (Tax Consultant) (507 Points)
Replied 28 November 2017

Originally posted by : seeta
	Thankyou ! Some are saying Padhuka, and some MP Vijay Kumar :/ Which one to pick?

see every author is quite execellent, i studied paduka so praised it n so others. the key point is this that stick to one only whether any of them thts it.

kartik (student) (989 Points)
Replied 28 November 2017

I would go for MPV. Padhuka is not bad per se but MPV is better for self study.

sanjeev agrawal (fdfvd fb ) (52 Points)
Replied 03 February 2018

hii seeta how did you study FR??? i also wanna do FR self study for may 2018 attempt please suggest how i should do it.....pls reply soon

Sandip Goyal (Risk Advisor) (499 Points)
Replied 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!

Rohan Deshmukh (Tax analyst) (638 Points)
Replied 24 May 2020

Self-study means learning by yourself through books, notes, internet etc. without anyone’s direct supervision. It also helps in enhancing learning experiences and with this students are able to go beyond simple learning. CA-Final is the last stage in the CA-course and in such period students have to undergo 3 years of articleship. Students often miss their classes due to office workload or they face difficulty in managing studies with office. Hence, in my opinion, the best option to crack exam is self-study.

Few tips for effective self-study:

SET TIME TABLE: Foremost important tip to clear CA-Final is to set your time table and to timely start your studies. After clearing your IPCC/Intermediate, you have enough time to complete the syllabus. So set your time table according to your office work so that you can focus on your self-study at least one hour daily. Always figure out a proper plan and allocate proper time to each and every subject. Doing self-study will help you to cover your syllabus and also reduce last minute burden.
STRONG CONCEPTS: Always try to keep your concepts strong as it is the base of your study. By doing self-study you will be able to focus more on your concepts rather than mugging it. Always understand each and every topic deeply because if your concepts are not clear it will be difficult for you to clear your exams. Self-study enhances your learning experiences as it will help you to push yourself for learning new things.
SUMMARY NOTES: Preparing your own summary notes is important part of your study, as it is impossible to revise your syllabus from your books. While doing self-study always try to write down your notes regarding important concepts, terms, theories etc. as this will surely help you later on at the time of revision. And it will be more helpful for you if you make notes in form of pie charts, diagrams etc.
DISCIPLINE: When you decide to go for self-study you have to follow proper discipline as nobody will force you to sit and study. Highest level of discipline will help you to gain more and more knowledge in less time also it will help you to gain control over your actions so that you can progress well in your studies.
SELF-CONFIDENCE: Suppose you go out and tell people that you are doing self-study for CA-Final, the obvious reaction would be are you going mad? Don’t you feel you are over-confident? And the biggest challenge while doing self-study is to ignore negative vibes, remember, with self- confidence you can easily win over these things.
PROPER STUDY MATERIAL: It is very important to have proper study material while doing self-study since you are not taking coaching you wouldn’t have guidance to select your study material. The best book for self-study is ICAI CA Final study material which has covered every topic. Only refer external material when you cannot find an explanation in the ICAI material. Rest always stick to the ICAI Study Material.
MOCK TEST PAPERS: While doing self-study make sure you will solve more and more mock test papers because this will help you know about your weak points and strong areas. You will get to know more about types of questions, weightage of topics and answering patterns from the same. There are plenty of mock test providers in the market. I personally recommend PREPCA test series because they not only provide excellent test papers but also give an Answer wise detailed assessment report (ADAR) which is infinitely helpful for someone doing self-study.