Ace Financial Reporting Paper this time

Last updated: 03 December 2020

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Quick Summary

This article offers personal insights and strategies for excelling in the Financial Reporting exam, especially after recent papers differed from the norm. It recommends specific resources for different learning styles and outlines crucial Ind AS topics categorised by difficulty and scoring potential. The author also provides practical exam tips, such as focusing on keywords, using provided data, and attempting every question.

The views are my own after investing money in a lot of classes and books, after researching a lot on youtube and applying myself. Nothing is meant to hurt any student or faculty. This is an opinion based on my findings. Also, it is a non sponsored article which is neither meant to defame or praise any teacher. FR As we all have seen that the papers this time were different from what Institute generally asks.

The only thing I learned from it that 'Prepare for the WORST and give your BEST'

* For Detailed understanding of every funda (suggested for those who want rank, as average student like me may get confused) - Sarthak Jain sir

* For Exam Relevant + simple understanding (suggested for those who are more than happy with exemption) - Bhavik Choksi

* Material used - ICAI SM, ALL RTPs, MTPs. I couldn't find a wholesome compiler in the market covering everything.

Important chapters / Ind AS

* Category - Simple + Scoring (mostly asked in all attempts) Ind AS 102 - 8-10 marks Financial Instrument - ACM, Compound FI sums (mostly asked) - 10 marks Ind AS 16 and related Ind AS ( 38, 40, 105) - 6-8 marks

* Category - Little Effort + Scoring (mostly asked in all attempts) Consolidated Financial Statement (All big sums) - 12-16 marks Business Combination - 10-12 marks Ind AS 116 - 8-10 marks Ind AS 115 - 8-10 marks

* Category - Rest Ind AS (some of them are asked in exams) in order of importance Ind AS 33, 19, 12, 36, 37, 10 Ind AS 20, 24, 8, 21, 23, 2, 113 Integrated Reporting, CSR, Ind AS 101, Ind AS 1, 41, 108, 7, 34

Ace Financial Reporting Exam: Tips and Tricks

Some Tips

*Do not worry too much about the language of answers in exams. Marks are awarded even if written in your own language with keywords. *Underline keywords.

*Write conclusions in case-based questions.

*ALWAYS use the PV factor given in the Question. I got 0 for not using them.

*Stepwise marks are awarded.

*Most of the questions are asked from SM, RTPs, and MTPs.

*Do not leave any question. Write either a formula or theory related to the question.

*Do not waste time in writing narration.

*Do not leave any Ind AS. Cover at least SM.

The author can also be reached at singhal.garima.blt@gmail.com