Ind AS for Nov 2016 Final exam
This query is : Resolved
19 September 2016
I am preparing for my ca final exam.. I am so confused what to study and how to study Ind AS... also in rtp specifically said Ind AS 32,107,109 is applicable... How do i prepare for Ind AS ????
20 September 2016
Dear Sri,
Kindly refer the supplementary study issued by icai for ind as
01 August 2024
Preparing for Ind AS (Indian Accounting Standards) for your CA final exam can indeed be challenging, but with a structured approach, you can manage it effectively. Here's a comprehensive guide to help you study Ind AS, especially focusing on Ind AS 32, 107, and 109, which are specifically mentioned in your RTP (Revision Test Papers).
### Step-by-Step Approach to Study Ind AS
1. **Understand the Basics:**
- **Ind AS 32: Financial Instruments: Presentation**
- Focus on the principles of presenting financial instruments as liabilities or equity.
- Understand the criteria for offsetting financial assets and financial liabilities.
- **Ind AS 107: Financial Instruments: Disclosures**
- Study the disclosure requirements for financial instruments.
- Pay attention to the qualitative and quantitative information about risks arising from financial instruments.
- **Ind AS 109: Financial Instruments**
- Learn the principles for recognizing and measuring financial assets and liabilities.
- Study the impairment of financial assets and hedge accounting.
2. **Refer to Study Material:**
- **ICAI Study Material:** Start with the ICAI study material and practice manual for Ind AS. They provide detailed explanations and examples.
- **Ind AS Compendium:** If available, use the Ind AS compendium published by ICAI for a comprehensive understanding.
3. **Use RTPs and MTPs:**
- **RTPs (Revision Test Papers):** Go through the latest RTPs to understand the pattern and type of questions asked.
- **MTPs (Mock Test Papers):** Practice with mock test papers to get a real-time exam experience.
4. **Practice with Past Exam Papers:**
- Solving past exam papers helps in understanding the exam pattern and frequently asked questions.
5. **Follow a Study Schedule:**
- Allocate specific time slots for each Ind AS topic.
- Regularly revise what you have studied to reinforce your understanding.
6. **Use Additional Resources:**
- **Online Lectures:** There are many online platforms offering lectures on Ind AS. These can be useful for visual and auditory learning.
- **Reference Books:** Books by authors like D.S. Rawat and CA Parveen Sharma can be beneficial for in-depth study.
### Key Areas to Focus on for Ind AS 32, 107, and 109
1. **Ind AS 32:**
- **Definitions:** Financial asset, financial liability, equity instrument.
- **Classification:** Criteria for classifying instruments as liabilities or equity.
- **Compound Financial Instruments:** How to account for instruments with both liability and equity components.
- **Offsetting:** Rules for offsetting financial assets and liabilities.
2. **Ind AS 107:**
- **Disclosure Requirements:** Information to be disclosed about the significance of financial instruments.
- **Risk Disclosures:** Qualitative and quantitative disclosures about credit risk, liquidity risk, and market risk.
3. **Ind AS 109:**
- **Classification and Measurement:** Classification of financial assets and liabilities into amortized cost, fair value through profit or loss (FVTPL), and fair value through other comprehensive income (FVOCI).
- **Impairment:** Expected credit loss model for impairment of financial assets.
- **Hedge Accounting:** Types of hedging relationships and accounting treatment.
### Study Plan Example
**Week 1-2: Ind AS 32**
- Day 1-2: Introduction and definitions
- Day 3-4: Classification of financial instruments
- Day 5-6: Compound financial instruments
- Day 7: Offsetting rules
- Day 8-9: Practice questions and revision
**Week 3-4: Ind AS 107**
- Day 1-2: Introduction and significance
- Day 3-4: Disclosure requirements
- Day 5-6: Risk disclosures
- Day 7: Practice questions and revision
**Week 5-6: Ind AS 109**
- Day 1-2: Classification and measurement
- Day 3-4: Impairment
- Day 5-6: Hedge accounting
- Day 7: Practice questions and revision
**Week 7-8: Comprehensive Revision**
- Revisit all key concepts
- Solve past exam papers and RTPs
- Clarify any remaining doubts
### Tips for Effective Study
- **Make Notes:** While studying, make concise notes of important points for quick revision.
- **Discuss with Peers:** Group study or discussions with peers can help in better understanding and clearing doubts.
- **Stay Updated:** Keep track of any amendments or updates in Ind AS from ICAI notifications.
- **Practice Regularly:** Regular practice of questions, especially case studies and practical scenarios, is crucial for mastering Ind AS.
By following this structured approach and focusing on the key areas, you can prepare effectively for Ind AS in your CA final exams. Good luck!
### Step-by-Step Approach to Study Ind AS
1. **Understand the Basics:**
- **Ind AS 32: Financial Instruments: Presentation**
- Focus on the principles of presenting financial instruments as liabilities or equity.
- Understand the criteria for offsetting financial assets and financial liabilities.
- **Ind AS 107: Financial Instruments: Disclosures**
- Study the disclosure requirements for financial instruments.
- Pay attention to the qualitative and quantitative information about risks arising from financial instruments.
- **Ind AS 109: Financial Instruments**
- Learn the principles for recognizing and measuring financial assets and liabilities.
- Study the impairment of financial assets and hedge accounting.
2. **Refer to Study Material:**
- **ICAI Study Material:** Start with the ICAI study material and practice manual for Ind AS. They provide detailed explanations and examples.
- **Ind AS Compendium:** If available, use the Ind AS compendium published by ICAI for a comprehensive understanding.
3. **Use RTPs and MTPs:**
- **RTPs (Revision Test Papers):** Go through the latest RTPs to understand the pattern and type of questions asked.
- **MTPs (Mock Test Papers):** Practice with mock test papers to get a real-time exam experience.
4. **Practice with Past Exam Papers:**
- Solving past exam papers helps in understanding the exam pattern and frequently asked questions.
5. **Follow a Study Schedule:**
- Allocate specific time slots for each Ind AS topic.
- Regularly revise what you have studied to reinforce your understanding.
6. **Use Additional Resources:**
- **Online Lectures:** There are many online platforms offering lectures on Ind AS. These can be useful for visual and auditory learning.
- **Reference Books:** Books by authors like D.S. Rawat and CA Parveen Sharma can be beneficial for in-depth study.
### Key Areas to Focus on for Ind AS 32, 107, and 109
1. **Ind AS 32:**
- **Definitions:** Financial asset, financial liability, equity instrument.
- **Classification:** Criteria for classifying instruments as liabilities or equity.
- **Compound Financial Instruments:** How to account for instruments with both liability and equity components.
- **Offsetting:** Rules for offsetting financial assets and liabilities.
2. **Ind AS 107:**
- **Disclosure Requirements:** Information to be disclosed about the significance of financial instruments.
- **Risk Disclosures:** Qualitative and quantitative disclosures about credit risk, liquidity risk, and market risk.
3. **Ind AS 109:**
- **Classification and Measurement:** Classification of financial assets and liabilities into amortized cost, fair value through profit or loss (FVTPL), and fair value through other comprehensive income (FVOCI).
- **Impairment:** Expected credit loss model for impairment of financial assets.
- **Hedge Accounting:** Types of hedging relationships and accounting treatment.
### Study Plan Example
**Week 1-2: Ind AS 32**
- Day 1-2: Introduction and definitions
- Day 3-4: Classification of financial instruments
- Day 5-6: Compound financial instruments
- Day 7: Offsetting rules
- Day 8-9: Practice questions and revision
**Week 3-4: Ind AS 107**
- Day 1-2: Introduction and significance
- Day 3-4: Disclosure requirements
- Day 5-6: Risk disclosures
- Day 7: Practice questions and revision
**Week 5-6: Ind AS 109**
- Day 1-2: Classification and measurement
- Day 3-4: Impairment
- Day 5-6: Hedge accounting
- Day 7: Practice questions and revision
**Week 7-8: Comprehensive Revision**
- Revisit all key concepts
- Solve past exam papers and RTPs
- Clarify any remaining doubts
### Tips for Effective Study
- **Make Notes:** While studying, make concise notes of important points for quick revision.
- **Discuss with Peers:** Group study or discussions with peers can help in better understanding and clearing doubts.
- **Stay Updated:** Keep track of any amendments or updates in Ind AS from ICAI notifications.
- **Practice Regularly:** Regular practice of questions, especially case studies and practical scenarios, is crucial for mastering Ind AS.
By following this structured approach and focusing on the key areas, you can prepare effectively for Ind AS in your CA final exams. Good luck!
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