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

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.

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. 

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.

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

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.

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

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

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!