Paper 1 :

Financial Reporting

Financial Reporting

Part I: Company Law
01   Ind AS on Presentation of Items in the Financial Statements

 

Lecture icon  4 Lectures                Know More

04   Ind AS on Measurement based on Accounting Policies

 

Lecture icon  5 Lectures                Know More

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

 

Lecture icon  3 Lectures                Know More

08   Ind AS 41: Agriculture

 

Lecture icon  Lectures                Know More

10   Ind AS on Items impacting the Financial Statements

 

Lecture icon   6 Lectures                Know More

12   Accounting and Reporting of Financial Instruments

 

Lecture icon   9 Lectures                Know More

14   Consolidated Financial Statements

 

Lecture icon   21  Lectures                Know More

03   Ind AS 115: Revenue from Contracts with Customers

 

Lecture icon  8 Lectures                Know More

05  Other Indian Accounting Standards

 

Lecture icon  7 Lectures                Know More

07  Ind AS on Assets of the Financial Statements

 

Lecture icon  26  Lectures                Know More

09  Ind AS on Liabilities of the Financial Statements

 

Lecture icon  6 Lectures                Know More

11  Ind AS on Disclosures in the Financial Statements

 

Lecture icon  7 Lectures                Know More

13  Business combinations and corporate restructuring

 

Lecture icon  15 Lectures                Know More

17  Corporate Social responsibility reporting

 

Lecture icon   2 Lectures                Know More

Part I: Business Economics
01   Indian Contract Act, 1872

 

Lecture icon  17 Lectures                Know More

05  Acceptance of Deposits by Companies

 

Lecture icon  3 Lectures                Know More

02  Negotiable Instruments Act, 1881

 

Lecture icon  10 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 Santosh Mehra
CA Amal Paul
CA Amal Paul
CA Chinmaya Hegde
CA Chinmaya Hegde

Resources

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