How to score exemption in CA Final Financial Reporting (FR)?

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CA Final exams are round the corner and feeling jittery about completing the humongous syllabus is normal. Some students are preparing for both the groups while others are appearing for single group.

Financial Reporting being the first paper holds immense importance as far as building confidence is concerned. If this exam goes well, the nervousness gradually goes down.

Here are a few tips that you may incorporate in your preparation for FR.

  • Smart Study: Of course, it goes without saying that covering the entire syllabus is important. But not everybody has that much time to cover it entirely. What you may do is- cover all the chapters and Accounting standards except Consolidation of Financial Statements. This would mean you have left a chapter which could fetch 16 marks but still you are safe as far as scoring an exemption is concerned. If you are already thorough with this chapter, go for it.
  • PM & SM: When you are already running short of time, go through the class notes and refer only PM and SM provided by ICAI.
  • Less is more: Chapters like Value Added Statement, Economic Value Added, NBFC etc are easy to cover and scoring too. Start your preparation with these chapters and you will be good to go.
  • Last week is crucial: This is your first exam and the only exam where you can decide how many days you want to devote for preparation just before the exam. I would suggest you to chalk out a plan of at least 5 days and dedicate this time only for FR. 
  • Accounting Standards: Students find AS tough but if you do them well, exemption is sure shot. Everyday try doing at least 2 Accounting Standards. This way you will not feel burdensome and by the time the last few days are near, you would have already done majority of AS already.

Financial Reporting is easy and scoring. It might seem a bit lengthy but definitely worth trying for exemption.

Hope this helps.

 

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