Recommend books

Financial Reporting - M.P. Vijay kumar. Sfm - S.d. Bala. Audit- class notes or Paduka. Clal- munish bhandari. AMA(Costing+QT) - paduka Only. isca- madan, (if u r from hindi medium then wait for my written book better than Madan). DTL- T.N. Manharan or Singhania. Idt- yogendra bangad.

For final mafa - i am using padhuka only. The author name is saimukundan sir. he is also a faculty. very good book. you can attend.


Also Deepak sir, i used Bhandari law book (the small one)...but the book is incomplete in many areas. A small risk is their while using it. Some lines of law is not their.

But saravana prasath final law book i am also using which is very big also. What to do?

munish bhandari textbook is much better than handbook i personally didnt get any confidence after reading handbook but the mainbook is too good no doubt.

aashish take classes for fr sfm cost dt n idt if there is no issue for finance atleast take claases for pratical subjects because some concepts are not cleared while doing self study.

Financial Reporting - Dont follow books, if possible -- Only refer class notes of any good teacher, arrange class notes from your friend (atleast for Holding, Amalgamation and Valuation). Better arrange Praveen Sharma Class Notes (For miscellaneous topics and AS You may refer M P Vijay Kumar/Padhuka) .......

SFM - J B Gupta book with DVD Lactures. ..........

Audit - Padhuka for important and practical topics (For other portion you may refer surbhi bansal) ........

Law - Munish Bhandari Handbook (Plus Padhuka for detailed study, if you have suffcient time)........

AMA - P C Tulsian plus Study Material and Practice Manual (It is better prepare your own notes for theory portion).........

ISCA - Manish Valechha ISCA Book plus and Practice Manual (The best book ever released for this subject, The book is a short version of study material, covers all, topics.. also includes examples, diagrams, memory codes....) refer Study Material if you have sufficient time but not actually reuired. Use with practice manual only, .......

Direct Taxes - T.N. Manoharan Plus Summary Module of Vinod Gupta (Prepare notes for lengthy and typical portion, if possible)...........

Indirect Taxes - N S Govindan for Concepts (Padhuka or Banger for detailed Study and past exam questions)

PREPARING FOR CA FINALS

 

(Especially for Self Preparing Students)

 

| CA DHIRAJ RAMCHANDANI |

 

INTRODUCTION

 

I know, many of us are always confused regarding our exam preparations. Either our doubt is how to start or what to start or if we start studying then at later stage we find short of time to deal with remaining part or any other such confusion. But after exams, it’s just a relief, no one likes to remember how much hard work one has put on or what strategy one has followed. It’s the time all of us want peace and freedom from studies.

 

Generally, it does happen with almost all of us, after our PCC exams, we tend to relax and deal with our routine. Hardly anyone thinks about what to prepare or what not to prepare (at that time) for FINALS. And “dekhte hi dekhte” one and a half years elapse, and our finals exam becomes due. Then we realize the real value of time, and we regret for not preparing from the begging only (i.e immediately after clearing PCC). So, I think, lets share this with you all, because, I too went through the same phase. Here, I just want to share the strategy that should be followed for preparations for FINALS with the available time.

 

GENERAL INSTRUCTIONS

 

Many members of CCI do ask me what is the perfect time to start with preparations or what is the minimum time required for finals preparations. Or something like, how much months’ leave they should get and they can prepare to clear the finals.

 

But friends, the fact is that there is NO RIGID METHOD of preparing for the exams, and it can never be. Because the moment you consider any rigid method for studies, that very moment you assure blockage of your mind. There are many circumstances, which can affect your preparations, not just one. So never try to prepare any hard & fast study plans. Rather prepare, flexible plans, so that you should not face any problem at last moment.

 

The most important factor at FINALS level is conceptual clarity. At CPT/PCC/IPCC levels, we used to solve more and more sums to get practice in practical subjects. While in theory subjects, we used to learn or remember the answers and solve more of case studies in AUDIT and LAW. But at FINALS, this is not the criteria to deal with the subject. You may solve 100 sums of CONSOLIDATION in accounts at final stage, you’ll find 101^st type of sum in your accounts exam. So here what matters is your own intellectual and interest in subject. Because at the end, vital is your thorough knowledge regarding subject, which you need to obtain after proper understanding every topic in detail. After all it’s not the la-la land but kind of battle ground. So if any of you consider that practicing more sums in any practical subject assures good attempt in exam, forget it. Its ICAI, nothing is impossible here.

 

TIME ALLOCATION

 

Generally, I believe, 5-6 months time is sufficient for any average student as well to prepare for FINALS exams, without any previous coaching. Mind it, I’m suggesting 5-6 months of complete hardcore studies, no laziness is allowed. [I’ll suggest how to utilize these 5-6 months completely after a while in this article only].

 

Now, many students also find it tedious job to study for 5-6 months at a stretch. So for them, I suggest, they should start preparing theory subjects after their PCC/IPCC results. That means, they should contribute 2 hours daily towards theory subjects alongwith their articleship. In this case, I believe students will be able to do with AUDIT & LAW atleast, before they go on leave for FINALS exams. So that means, in their leave period, they need to prepare for only 6 remaining subjects.

 

I would still prefer that 5-6 months preparations, as I can concentrate in that method only. In that case, one should study for just 6 hours daily for first month, then 7-8 hours in the second and third month. Finally should sit for even 10 hours a day in last two months. “Sixth month should be the revision month, and trust me, proper revision is a must required or else you’ll end up messing your preparations”.

 

Anyways, lets switch over to individual subjects and see how they are to be dealt. Hereby, I’ll be considering as 5 months of studies and 1 month for revision. So that means in all 6 months of study plans. And I personally feel, 5 months are more than enough, and especially all the time allocations mentioned below are really sufficient for every subject.

 

First Group (2.5 months, i.e approx. 75 Days)

 

1. Financial Reporting – 25 Days
2. Strategic Financial Management – 20 Days
3. Advanced Auditing – 10 Days
4. Laws – 20 Days

 

Second Group (2.5 months, i.e approx. 75 Days)

 

1. Costing – 25 Days
2. ISCA/MICS – 10 Days
3. DT – 25 Days
4. IDT – 15 Days

 

And if at all, anyone feels that he/she should take two subjects a day and don’t want to go with above strategy of finishing off one subject first and considering other later. Then in that case, go by HOUR-SYSTEM. For e.g., in group I, audit and law takes in all 30 days. So u can finish off these both subjects in just one month on hourly basis, i.e divide your every day in 3 parts on hourly basis and allot one part to audit and 2 parts to law.Like if you studying 6 hours a day, then study audit for two hours and law for remaining four hours, and accordingly finish both the subjects within one month.

 

Anyways, let us concentrate on group wise preparations.

 

FIRST GROUP:

 

As such, result of this group is always better than the second group (similar to PCC). And reason is very obvious, ACCOUNTS-FM are meant to be scoring subjects, and AUDIT-LAW, though are theoretical, case studies in each subject becomes scoring.

 

These subjects are not so difficult, as we have basics of each subject from PCC/IPCC. So it becomes comparatively easy to prepare for this group.

 

So, I suggest all of you to concentrate more on this group as :

 

• This group has greater chances of higher results, and
• It is comparatively easier than the other group.

 

 ≈ FINANCIAL REPORTING (ACCOUNTS) ≈

  

• Read the latest edition of Taxmann (D.S. Rawat) for Accounting standards (June 2011 Edition for Nov 2011 attempt). It will be useful for Advanced Auditing Paper also.
• Read Suggested answers from ICAI Compilation for Advanced Accounting (May, 1996 – November, 2006)
• Do all problems given in ICAI Material ( Some problems will be covered in Padhuka)
• Reference book for the practice sums, you can ask your seniors. My seniors suggested Padhuka for this.

 

Compulsory questions in the Examination:

 

One question each from 2 chapters, namely -

• Consolidated Financial Statements and
• Accounting for Amalgamations and Reconstructions

Almost 36-40 marks are covered by these two chapters

 

Other Important topics:

 

• Value added Statement (generally given in Nov. Attempt)
• Economic Value added statement
• Human Resource Accounting and Environmental Accounting (Theory)
• Important Accounting Standards – 9, 10, 11, 12, 16, 17, 18, 19, 20, 22, 26, 30, 31, 32 (These ASs are also important for Auditing Paper. Generally problems from ASs in thick letters will be given in Accountancy paper) Also go through IFRS notes in the same book, i.e D S RAWAT [AS 30-32 are most most important].

 

Important Guidance Notes:

 

• Guidance note on Accounting for Equity Index and Equity Stock Futures and Options
• Guidance Note on Treatment of Expenditure during Construction Period
• Guidance Note on Accounting for Investments in the Financial Statements of Mutual Funds
• Guidance Note on Accounting Treatment for Excise Duty
• Guidance Note on Accounting Treatment for MODVAT/CENVAT
• Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961

 

 ≈ STRATEGIC FINANCIAL MANAGEMENT (SFM) ≈

  

• Read the latest edition of Snow white (V. Pattabhi Ram)
• Do Problems given at the end of Chapters 1 and 2 in ICAI Material
• Read Suggested answers from ICAI Compilation for Advanced Accounting (May, 1996 – November, 2006)
• Read compulsorily Theory questions given in the past examinations (Min. 15-20 marks)

 

Important Chapters:

 

• Mergers & Acquisitions
• Dividend
• Portfolio Management
• FOREX (Foreign Exchange Management)
• Capital Budgeting alongwith Leasing
• Valuation of Bonds
• Mutual Funds

 

≈ ADVANCED AUDITING & PROFESSIONAL ETHICS ≈

 

• Read the latest edition of Padhuka. Read compulsorily past examinations questions given in that book. Reading other questions is your choice.
• Read Suggested answers from ICAI Compilation for Advanced Accounting (May, 1996 – November, 2006)

 

One can safely ignore the following chapters -

Liabilities of Auditors, Internal Control, Audit Planning

  

Important Chapters:

 

 Professional Ethics (16 Marks)

• Audit Report
• CARO, 2003 including Statement on the Companies (Auditor’s Report) Order, 2003 given in ICAI Material
• Special Audits (including Peer review and Listing Agreement i.e. Clauses 32, 41, 51 and 49 including Clause 49 vs.Sec.292A)
• Important Standards on Auditing : SA 230, 260, 315, 330, 450, 500, 505, 530, 550-580, 600-620, 705, 706, 710, 800, 805 & 810. One can refer D S Rawat for audit standards as well, it’s a detailed book, but very helpful (Audit standards in bold letters have effective date of 01.04.2011, so they are the most important for 2011 exams).

 

≈ CORPORATE & ALLIED LAWS ≈

 

• This is Scoring Subject in Group 1
• Read the latest edition of Bestword (Munish Bhandari). This book is ultimate book.  Read compulsorily all the CA examination case studies given in it.
• No need to read even suggested answers, if your sincerely follow the above mentioned book

 

Important Chapters:

 

• Directors (on an average 20 marks)
• Inter Corporate Loans and Investments (Very Imp chapter)
• Compromises, Arrangement and Amalgamation
• Prevention of Oppression and Mismanagement
• Producer Companies (One of the most important chapters)

 

Recent Changes:

 

• Competition (Amendment) Act, 2007
• Securities Contracts (Regulation) (Amendment) Act, 2007

 

SECOND GROUP:

 

This group is little odd (as per my view), as I hate ISCA and IDT too I find boring. So this group really needs more attention of students and cannot be neglected or taken for granted like group 1. I can’t suggest much in over here, as I’m myself preparing it for MAY

 

≈ ADVANCED MANAGEMENT ACCOUNTING ≈

  

• Read V.K. Saxena
• Do all problems given in ICAI Material
• Read Suggested answers from ICAI Compilation for Advanced Accounting (May, 1996 – November, 2006)
• Read compulsorily theory questions given in the past examinations (on an average 20 marks)
• Do not over-concentrate on Quantitative techniques at the cost of other chapters.

 

Important Chapters:

 

• Marginal costing
• Standard Costing
• Budgetary Control
• PERT-CPM
• LLP

 

 ≈ Information Systems Control & Audit (ISCA/MICS) ≈

 

 This is Scoring Subject in Group 2.

• Read ICAI material along with ICAI Compilation for MICS (May 1996 to November 2006)
• This is the best combination. No need to read anything else
• Atleast read compulsorily all questions given in the Compilation so that you will pass in this paper.

  

≈ DIRECT TAX LAWS (DT) ≈

  

• Read the latest edition (only relevant for the attempt) of Taxmann (Vinod k. Singhania) or Bharat Law House (Girish Ahuja) [Whichever author you referred in PCC, should be referred for finals as well].
• No need to read suggested answers. Instead do past examination questions given at the end of book referred above.
• Compulsory question each from Wealth Tax (10 marks) and Taxation of Companies (16 marks)

 

≈ INDIRECT TAX LAWS (IDT) ≈

  

• Read the latest edition (only relevant for the attempt) of Taxmann (V.S. Datey) or Snow White (Vaitheeswaran) or Aadhya (Yogendra Bangar)
• Central excise - 50 marks; Customs – 35 marks and Service tax – 15 marks

  

Note:

  

• For May 2011 exam, all amendments made up to 31.10.2010 are relevant. Amendments made between 1.05.2010 and 31.10.2010 would be published in RTPs for May 2011 exams.
• For Nov 2011 exam, all amendments made up to 30.04.2011 are relevant. Amendments made between 1.05.2010 and 30.4.2011 would be published in RTPs for Nov 2011 exams.

  

≈ DISCLAIMER ≈

 

The views, suggestions, tips, etc expressed above are purely mine. These are not the perfect suggestions, rather very subjective from person to person.

 

 “So please, before following the above suggestions, take advice of your teachers, seniors or your boss as well. Because, for me these procedures were helpful, so before following any of them, do concern any expert.”

BOOKS FOR CA FINAL

 

You may go for the following options regarding books for ca final:

 

1. For Accounts: M.P. Vijay kumar or Shukla & Grawal along with Module And Compilation and for AS part go for D.S. Rawat

 

For CA Final AS preparation---Dolphi Desouza is good.

 

2. Strategic Financial Management : V Pattabi Ram

 

3.   For Adv. Auditing & Professional Ethics: Prakhar Sharma/Paduka/ V.K Agrawal Note: (MP Vijay Kumar can be used for AS reference)

4.   For Corporate & Allied Laws: Munish Bhandari and Bare Act
 

5.   For Mafa: Module and Notes of Tarun Mahajan. You may also refer A.N Sridhar.
 

6.   For Direct Taxes: TN Manoharan (Theory part), Circular, Notification, Amendments, case laws. Also refer Vinod Gupta Modules.
 

7.   For Indirect Taxes: Vandana Bangur
 

8.   For Information System control & audit: Module and Dinesh Madan
 

9.   For Costing: Saxena and vashist or Ravi M Kishore with module

 

10. For Financial Reporting: MP Vijay Kumar or Paduka

 

Also refer Scanners and Suggested Answer issued by ICAI for previous year exams and revised them properly.

 

For some good notes explore CAClubindia forum and share file section. You may also use search facility of club.
 

Also explore some CA books at the link below:

 

www.cabooksonline.com    

 

Best Regards

My personal and friendly advice for you that just take coaching of all subjects(if possible, specially practical subject) for Concept purpose and solve atleast 25 attemps qurestion papers(SCANNER AND SUGGESTED) + Rtp of last 4 attemp and Practice Manual by ICAI. No need of any book. Don't divert your energy and time in such books those level is below exam level except PADUKA.

Deepak Sir ji,

you rightly said sir. we should not use more than one book. Use only one book. padhuka is the best one in this regard.

good info!