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Study material solution differs

CA Saba Naaz (Chartered Accountant) (8487 Points)

27 August 2015

Sometimes , we find that the solutions provided by the institute's study material or practice manual differs from the solutions provided by any of the faculties in practical subjects like financial reporting. Which one should be followed then ??? Study material solution ? Please advice.

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3 Replies

KRISHNAPRASAD IYER (B.Com , CA Final) (657 Points)
Replied 27 August 2015

Based on assumptions made for each question, the solution may change. Therefore, there can be multiple solutions to the same question. So whichever one you follow, remember to pen down the assumptions in the exam.

MOHIT MATHURAN (STUDENT) (334 Points)
Replied 28 August 2015

In Financial reporting some chapertes like valuation of goodwil & shares or Some of the accounting Standards , there are questions which are either incomplete or are drafted in such a way that can have different solutions. Thus, to solve them we are allowed to take RATIONAL assumptions.

NOTE : Assumptions should be based on concepts & should be relevant , always try not to assume any neumeric figures in exam like we canton assume tax rate to be 35 % if not given in question, rather it is better to avoid tax rate in the calcution, & most importantly as said by Mr Iyer in above post , always pen down your assumptions