ICAI CA Final Paper 1| Financial Reporting

Paper 1 :

Financial Reporting

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Financial Reporting

Series 1

Series 2

01 Ind AS on Presentation of Items in the Financial Statements

4 Lectures Know More

03 Ind AS 115: Revenue from Contracts with Customers

8 Lectures Know More

04 Ind AS on Measurement based on Accounting Policies

5 Lectures Know More

05 Other Indian Accounting Standards

7 Lectures Know More

06 Ind AS 101: First-time Adoption of Ind AS

3 Lectures Know More

07 Ind AS on Assets of the Financial Statements

26 Lectures Know More

08 Ind AS 41: Agriculture

2 Lectures Know More

09 Ind AS on Liabilities of the Financial Statements

6 Lectures Know More

10 Ind AS on Items impacting the Financial Statements

6 Lectures Know More

11 Ind AS on Disclosures in the Financial Statements

7 Lectures Know More

12 Accounting and Reporting of Financial Instruments

9 Lectures Know More

13 Business combinations and corporate restructuring

15 Lectures Know More

14 Consolidated Financial Statements

21 Lectures Know More

17 Corporate Social responsibility reporting

2 Lectures Know More

01 Indian Contract Act, 1872

17 Lectures Know More

02 Negotiable Instruments Act, 1881

10 Lectures Know More

05 Acceptance of Deposits by Companies

3 Lectures Know More

About Financial Reporting

Financial reporting is the essence of accounting in any kind of organisation. It essentially covers various areas on the disclosure of financial information to the various stakeholders about the financial performance and financial position of the organisation.This financial information forms the basis for many economic decisions like investing, lending, providing credit etc.

Being an aspirant of the Chartered Accountancy profession, achieving expertise in the field of various reporting standards is a necessity as well as a great opportunity.You would have studied fundamentals of accounts in CA foundation level, accounting and advanced accounting at intermediate level. These were aimed at providing working knowledge of these concepts. At the CA Final level, you are expected to obtain proficiency in various financial reporting standards, Indian as well as international.You are also expected to develop skills and knowledge to solve complex areas in the field of financial reporting by practically applying various accounting policies.

The topics covered in the Financial Reporting paper at the CA final Level

Accounting standards which were not covered in intermediate level are covered here such as AS 15, AS 23, AS 27, etc.
Guidance notes on topics such as derivatives, Preparation of carve out financial statement etc. However, the main focus at the CA Final level is on Indian Accounting standards (Ind AS) because of its relevance in the context of Convergence to International reporting standards(IFRS).

About 70-80% of the chapters covered at the CA final level is Ind AS covering various elements of financial statements.
The remaining part of the paper covers emerging trends in the field of accounting and financial reporting such as carbon credits, accounting for e-commerce, integrated reporting, etc.

The best approach to study the Financial Reporting paper

Start early: Considering the volume of syllabus of the paper, it is highly recommended to start your preparation much earlier to exams (at least 14-16 months before).
3 Cs Concepts, Consistency and continuity: There is big difference between knowledge and application. Try to understand every topic from its substance and concepts and not just about remembering it. Also, it is better to study for a few hours daily rather than studying for many hours during the last few days.
Study content: There are many books available in the market as well as various books recommended by ICAI. However, from the point of view of exam and to conceptually understand the entire syllabus, study materials given by ICAI is highly recommended. Cover the ICAI syllabus in detail and don’t indulge in any selective coverage of syllabus.
Practice, Practice and practice: Financial reporting being a application paper, more practice is required than just reading the theory. Also, try to understand the concepts from different points of view. It is more effective to solve one problem in 10 different ways than solving 10 problems of same kind.
Updates: Recently Financial reporting has become a very dynamic subject. This is like a treadmill. To stay where you are, you must keep running. Keep visiting the ICAI website for notifications and amendments applicable for your exam.

Faculty

CA Santosh Mehra

CA Ashish Lalaji

Resources

Question Paper May 2019

Question Paper Nov 2019

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