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How To Get Exemption In Financial Reporting

  • 27 Jun 2022

Here we are providing success tips to prepare CA Final Financial Reporting so that students can get pass marks 60+ marks in CA Final Financial Reporting which helps to crack CA Final. By using these study tips, you can pass the CA Final Financial Reporting exam very easily.

Section

Weightage

Content

1

10%-15%

Framework for Preparation and Presentation of Financial Statements

Application of Indian Accounting Standards

Ind AS on First time adoption of Indian Accounting Standards

Ind AS on Presentation of Items in the Financial Statements

Ind AS on Measurement based on Accounting Policies

2

10%-15%

Ind AS on Income Statement

3

15%-25%

Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

4

15%-20%

Ind AS on Items impacting the Financial Statements

Ind AS on Disclosure in the Financial Statements

Other Ind AS

5

10%-20%

Indian Accounting Standards on Group Accounting

6

10%-20%

Accounting and Reporting of Financial Instruments

7

5%-10%

Analysis of Financial Statements

Integrated Reporting

Corporate Social Responsibility Reporting

 

Revise the Accounting Standards mentioned in Category A first, then focus on certain minor topics such as the Value-Added Statement, NBFCs, and Share-based Accounting. After that, you'll have more trust in the subject. Then finish the issue in Category B and C: valuation of goodwill, amalgamation, corporate restructuring, and accounting standards.

After then pick the Holding Chapter and spread it over a week, say if you have 70 questions in the chapter solve only 10 questions in a day and at last complete the rest of the remaining syllabus.

Accounting Standards can be developed on a daily basis (more time for difficult AS such AS 22,15,19, and so on), along with practical case studies on AS. Don't put too much emphasis on the IPCC level AS.

The exam paper for Financial Reporting is entirely practical. As a result, you must practise answering a large number of questions on each topic. Rather than auditing solutions from a notebook or study material, try to solve each problem on your own (by yourself). So, make it a habit to practise on a regular basis. Don't look up a solution in your notebook or elsewhere.

Answer the questions with due emphasis on the provisions of Accounting Standards.

Always leave a page on the left for workings, assumptions, and notes. Workings are required for a proper answer and should be quite detailed. Present them in a line with the question. For rough work, use the booklet's last page.

As part of your exam strategy, tackle consolidation in the end, after you've completed all of the other questions, as consolidation can take 45-60 minutes. Best advice is to leave consolidation as an option if you are able to tackle other questions. Most students are unable to complete this paper because they devote too much time on consolidation and then blame a lack of time or claim that the paper is too long.

You have to complete all the topics in the subject as it is final and no one can’t predict what will come and what will not. But up to a certain extent, we can modify our way of studying and decide what to read on a priority basis and what to read at last and achieve the heights of success.