Study Strategy for CA Final - Financial Reporting



Hello,
Hope the one’s whose leave is pending got theirs. The one’s who didn’t, it’s okay. Nothing is lost. If you are having attempt in May 2018, I urge you to start your preparation today. I am writing this article on the basis of certain assumptions. These include that you have at least completed your coaching/tuition/ video classes or you have completed coaching/classes for at least 6 subjects of coaching. If you are going to do self-study then you should have completed at least one reading. I am going to write about strategy for all subjects for old syllabus. Since I haven’t read the new syllabus it might take time for me to read and create a strategy for the new.
One must remember there is no single/universal strategy either for the whole syllabus or single subject. It has to be dependent upon one’s strengths. But I will give certain points based on which you can prepare a strategy of your own.
For Financial Reporting we can analyse the syllabus and start preparation. The major portion of the syllabus is Accounting Standards. The recent trend is 30 marks. Usually the trend in question papers has been that the questions are from Study Material, Practice Manual and latest three RTP’s. The material which is issued by your institute most probably contains these questions. If you are referring to your coaching material as well as SM/PM/RTP you must remember the basic principle “Avoid Redundancy”. Mark off the questions which are repetitive with in the coaching material and repeated in SM/PM/RTP.
Newly introduced Ind AS carve in/outs are worth 4-12 marks. Though the trend is fluctuating, it is suggested not to leave them. Financial instruments also tend to be fluctuating the same way. I suggest that one should read these along with carve ins/outs. The trend is that these questions are coming from SM/PM/RTP. Any additional questions may be avoided if time is scarce.
Valuation though appears to be easy there are various assumptions involved in the problem and it is suggested that careful reading be given to them. Further prepare some short notes compulsorily. These weigh usually 16 marks.
Corporate restructuring is the high scoring area. It compulsorily weighs 16 marks. It is a relatively easier topic compared to others. However, in examination it is suggested that amalgamation be attempted after all the other questions. It is suggested so because of the time factor. No of working notes to be prepared shall be based on time available.
Consolidation is one topic which I suggest to leave. But it is suggested that smaller problems be concentrated upon. The problem is that if one is going to attempt 16m question on CFS, it eats away the time available in the exam. Hence, I suggest that this question be left as choice in exam. However, in exam 8m or 4m questions may come. Hence preparation may be made on such basis.
Other topics include value added statements, financial institutions etc. These are the most easy and scoring of all.   If you decide to avoid CFS then these are compulsory.
The order of concentration is Other topics, Amalgamation, Accounting Standards, Ind AS and Financial Instruments, Valuation and CFS.

Hope this is helpful. But please make amends to the above plan based on your strengths. Will provide the plan on other subjects later. Please visit again for plan on other subjects and will also provide the schedule of preparation. You may use the plan to aid you in preparation.


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