How to prepare for Financial Reporting
Financial Reporting is considered as one of the highest-scoring subjects of the CA Final. A good score in this subject can be a game-changer as the group comprises two theoretical subjects: Law & Audit.
Being the first paper of Final Group 1, it should be attempted with full confidence, as it will create a road map for the performance of subsequent exams. It’s a lengthy paper as well, so you should decide which questions you need to answer first.
Sailing through professional course exams has never been easy. It requires smart work as well as hard work. But you need not worry, OnePrep is here to assist you with all your CA queries.
Right study plan for Financial Reporting
To efficiently prepare for the exam, divide all the chapters into 7 sections, and prepare section-wise as per ICAI norms. Also, check the weightage of sections. Don’t jump to another section until your first section is complete.
Rather than studying chapter-wise, study section-wise, you will be able to cover the syllabus marks-wise. When studying, make sure that you cover all the questions from RTPs, MTPs, and PYPs.
Also read: Best Faculty for CA Final
Now when you are clear with the right study plan, here are some effective tips for you to crack the Financial Reporting exam. These tips will help you expedite your exam preparation.
Tips to Crack Financial Reporting Exam
1. Do not indulge in selective studying:
Many students practice selective studying because of the vast FR syllabus. It should be avoided. At the final level, one cannot afford to leave a topic of the syllabus which has a definite weightage of 16 marks.
2. Every chapter comprises various sub-topics/concepts:
Always make a list of all the sub-topics/concepts in a chapter and attempt at least one question based on each concept.
For example, the chapter of ‘Share-Based Payments’ can be divided into the following sub-topics –
- Equity Settled Share-Based Payments
- Shared-Based Payment with cash alternatives
Treatment of each of these sub-topics is different from each other. So, practice questions on every sub-topic.
3. Thoroughly Study all Ind AS:
As a CA Final student, you can’t afford to miss even a single Ind AS. They form a major part of the examination and carry high marks weightage. Important chapters such as Accounting and Reporting of Financial Instruments, Business Combinations and Corporate Restructuring, Ind AS 116 – Leases, Ind AS 102 – Share-Based Payment, Ind AS 21 – The Effects of Changes in Foreign Exchange Rates are highly anticipated in the exams.
Time for a Pro Tip here: Make summary notes for quick revision. It will be much easier to go through these one day before the exam.
5. Note unsolved questions:
Whenever you are unable to solve any question, make it a habit to note down its question number. These questions should be taken up again in the next revision of the topic.
6. Take care of the ‘Speed’:
Speed is a very crucial factor for attaining success in the CA Final exams. Question papers are often lengthy and test the students in a time-sensitive environment. Added to this, the fact that it is the very first paper of CA Final and students have not faced many exams in the last three years after CA Intermediate, they often experience nervousness and lack of speed.
Thus, students should attempt multiple time-based mock tests to ensure proper speed in the exam.
7. Practice MTPs, RTPs & PYPs:
Attempt questions of the last 5 RTPs and PYPs as these question papers reflect the current trend of the institute and are very helpful for proper revision of every chapter. Besides these, try solving as many MTPs as you can. This will boost your confidence and will help you to prepare better for the exam.
Be it the preparation for Financial Reporting, Taxation, Strategic Financial Management, Direct Tax Laws and International Taxation, Strategic Cost Management and Performance Evaluation, or any other CA subject, OnePrep is the most comprehensive platform to prepare for the CA Exams.
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