CA Final Financial Reporting Frequently Asked Questions – Answered
Dear CA Aspirants, the most awaited article is here. Frequently asked questions of CA Final Students for CA Final FR has been answered
1. Who is the best faculty for CA Final FR?
It would be wrong to name any faculty as best because every teacher is famous for his own reasons and moreover the top faculties also differ from region to region. Before buying any, please go through the demo lectures
." We have made an article with all faculties Teaching FR along with their backgrounds and reviews from students – Click Here "
2. How should one Prepare for the Ca Final FR Exam?
Financial Reporting, the question paper is purely practical. Therefore, you have to practice solving a good number of questions on each topic. Try to solve each problem on your own (by yourself), in spite of just audit solutions from a notebook or study material.
Some students have been made a concept that Financial Reporting is all about Holding Company Accounts and Amalgamation. But there a slight difference if you have analyzed this paper properly. According to me, there are a lot of small topics that are easier and can be prepared with 100% accuracy in a short span of time. Rather than devoting one month on preparing Holding Company Acts (and getting it half correct in exam hall), students can easily cover small topics in a week (and score 40-50 marks with full accuracy).
3. How to start study for CA final FR?
We cannot comment on ICAI's difficulty level of question papers to judge FR to be so easy. Start preparing your notes in a very concise manner, only note down the key points which are mandatory to write in exams. Keep the notes handy with you so that it can help you to retain it for a longer time with your cumulative revision or record your voice narrating the whole revision of the notes and hear it again and again.
Well, for the theoretical content self notes is there for the rescue, but for the practical question solve as much as you can and don't go for other author's book unless and until you have finished with the study material thoroughly concerning preceding 3 attempts, questions are asked from there only and along with that try to solve past papers, mock papers and don't forget the RTP's. RTP's of FR paper will always loose out the confidence in you but don't worry exam paper is quite easy than what it appears in RTP's.
FR Resources by ICAI - Study Material || Suggested Q&A || Revision Test paper || Mock Test Paper
4. How to score an exemption in CA final Financial Reporting?
Firstly, performing better in Financial reporting paper sets the confidence level for the entire examination. Scoring exemption in Financial reporting must be your primary goal in the planning schedule of your exam preparation.
Financial Reporting is a practical subject hence needs a lot of practice. One cannot pass this subject by merely reading the formulas or formats and solving the question using a different approach. You should solve it by hand. Make sure you practice all the formats for a good presentation in the exam. Along with your own study material (be it the ICAI module or your tuition notes) Go thorough the Practice Manual at least 2–3 times and for RTP 1–2 revisions would sufficient.
Few points which can be of some use:
- Get perfect with your study material and Practice manual
- Time management.
- Good analytical skills.
- Use a calculator only when you have to.
- Focus more on the smaller chapters instead of Holding and Merger.
5. How to Self Study CA Final FR?
Generally, it depends on student to student. if u can understand and study the ICAI large amount of study material then it's absolutely perfect. The syllabus of Financial reporting under the new scheme is largely based on Ind-AS which covers a major portion of the syllabus i.e. Module 2-6 of the ICAI study material. Module 1 and Module 7 of the study material covers the remaining topics.
Well, for the theoretical content self notes is there for the rescue, but for the practical question solve as much as you can and don’t go for other author’s book unless and until you have finished with the study material thoroughly concerning preceding 3 attempts, questions are asked from there only and along with that try to solve past papers, mock papers and don’t forget the RTPs. RTPs of FR paper will always loose out the confidence in you but don’t worry exam paper is quite easy than what it appears in RTPs. Don’t just only try to solve the questions, but finish it from start to end. If it is a consolidation sum then practice the sum along with preparing the balance sheet in a proper format tallying the whole sum. Also, don’t jump on the solutions easy as we do after reading the question, Solve it on your own and check for the mistakes, and mark those to make your preparation much stronger.
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6. How to score high in CA Final FR?
Accounting is one of the core subjects in the Chartered Accountancy course. The significance of the subject can be judged from the fact that at every level of the CA course we have a paper on Accounting and that too the first paper. At the Final level, the name of the paper is ‘Financial Reporting’.
First of all revise the Accounting standards specified in Category A thereafter focus on some small topics like Value Added Statement, NBFC, Share-based Accounting. Then accomplish the topics Valuation of goodwill, Amalgamation, Corporate Restructuring and Accounting standards mentioned in Category B and C.After then pick the Holding Chapter and spread it over a week, Accounting Standards can be prepared on daily basis like ONE AS every day (Longer time for tough AS Like AS 22,15,19, etc) along with practical case studies on AS.
Financial Reporting, the question paper is purely practical. Therefore, you have to practice solving a good number of questions on each topic. Try to solve each problem on your own (by yourself), in spite of just audit solutions from a notebook or study material. So, Do practice on a regular basis. Don’t refer to the solution from your notebook or anywhere else.
CA Final FR Section-wise weightage by ICAI – Click Here
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