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How to Prepare for Global Financial Reporting Standards: CA Final Subject – wise Tips

Financial Reporting Standards

For those struggling to find some insights on CA Final Electives, our series on subject-wise tips and tricks for all CA Final electives will surely come to rescue! For those wanting to know how to prepare for Global Financial Reporting Standards, the first and foremost step is to understand the reason for this subject to be included in the courseware.

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The objective of this elective paper is to help students develop an understanding of the key concepts and principles of International Financial Reporting Standards in practical scenarios- after all, the ICAI wants to create accountants who can employ best practices in varied real-life scenarios.  

The Global Financial Reporting Standards examination will be an open book examination with a duration of 4 hours.

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In this article, you’ll get to know about –

  1. How to study CA Final Global Financial Reporting Standards
  2. How to score well in the CA Final Global Financial Reporting Standards
  3. Online Resources to prepare for CA Final Global Financial Reporting Standards

How to study CA Final Global Financial Reporting Standards

  • You need to prepare this subject when you have completed Financial Reporting since it involves the application of concepts of financial reporting.
  • In Financial Reporting, study Ind AS thoroughly. This is a very crucial topic for this elective
  • This subject will check your conceptual clarity of financial accounting, consolidation and related reporting practices. So, ensure that your foundations are strong
  • Understand comprehensively the difference between IFRS and GAAPs and apply the same in practical cases
  • Also, pay attention to the differences between Ind AS and IFRS
  • The following material will be provided in an examination hall:
    • Bare text on all Ind AS as mentioned on Ministry of Corporate Affairs website
    • Difference between Ind AS and IFRS as on ICAI’s website
    • List of IFRS corresponding to Ind AS with list of IFRICs/SICs included in Appendices to Ind AS

Familiarize yourself with these. Make sure you can locate important information.

  • As students are allowed to take their notes in the examination hall, there is significant importance of well-made notes. Crisp and well-structured notes can definitely help you to score well.
  • The study material comprises six case studies and their solution. While studying, try to understand the way in which answers have been structured and presented. Also, make tiny notes of any key points you encounter while reading.
  • While practicing mock papers, try to analyze the questions first, understand the problem, figure out the bottlenecks, refer to the books and then answer the question
  • The question paper will consist of case studies. Each case study, 20 marks are allocated to MCQs and 30 marks to descriptive questions. The case study may comprise of more than one independent or related case for broader coverage of the syllabus.
  • Do not completely depend on an open book. Your basics should be strong
  • Approximately 40% weight-age will be on objective type questions and 60% weight-age on descriptive and numerical type questions.

How to score well in CA Final Global Financial Reporting Standards

There will be a total 3 case studies out of which you will need to attempt 2. To decide which case study to attempt- go through all three case studies in the first reading. Now, based on your strengths, once you’ve narrowed down the two case studies which you will attempt, give them a thorough second reading

Here’s a step-by-step procedure to attempt the questions:

  • Step 1: Read and understand the case study properly and make a note of the topics and subtopics that it refers to
  • Step 2: Pay attention to the problem statement and figure out the bottlenecks
  • Step 3: Refer to the relevant topic and subtopics from your study material and books for anything including formulae, laws, section, etc that you would need while solving the case study. Underline them for quick reference
  • Step 4: Answer multiple choice questions first
  • Step 5: Answer the other questions while maintaining your originality

Attempt all multiple-choice questions first

Working notes should be part of your answer

State clearly the assumptions you make for solving the questions

Try to answer like a professional accountant by applying knowledge of IFRS in the presentation of financial statements of multi-national entities

Do not copy from the reference material. Just refer it

If possible, try to give an alternate solution along with your first solution

Online resources to prepare for CA Final Global Financial Reporting Standards

List of IFRS corresponding to Ind AS: https://resource.cdn.icai.org/49175bos32920ifrscorresindas.PDF

Significant differences between IFRS and US Gap: https://resource.cdn.icai.org/48696bos32691a.PDF

Major differences between Ind AS and IFRS: https://resource.cdn.icai.org/48697bos32691b.PDF

Question papers:

Suggested answers:

Revision test paper: https://resource.cdn.icai.org/48721bos32721p6.pdf

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Mock test paper:

Case Studies and Solution: https://www.icai.org/post.html?post_id=15602

You can watch a few demo lectures by SuperProfs for CA and see if you would want to consider subscribing to our video series for a better shot at clearing the CA CPT examination.

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Also Read:

CA final Preparation strategy -A month before exam: Revision Guide

How to prepare for CA Foundation: Quick Tips to Clear CA Foundation

 

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