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Financial Reporting Ca Final
The role of a chartered accountant is evolving continually to assume newer responsibilities in a dynamic environment. There has been a notable shift towards strategic decision-making and entrepreneurial roles that add value beyond traditional accounting and auditing. The causative factors for the change include globalization leading to increasing in cross border transactions and consequent business complexities, significant developments in information and technology and financial scams underlining the need for a stringent regulatory setup. These factors necessitate an increase in the competence level of chartered accountants to bridge the gap in competence acquired and competence expected from stakeholders. Towards this end, the scheme of education and training is being continuously reviewed so that it is in sync with the requisites of the dynamic global business environment; the competence requirements are being stepped up to enable aspiring chartered accountants to acquire the requisite professional competence to take on new roles. Financial Reporting CA Final
Concurrent Practical Training along with academic education: Key to achieving the desired level of Professional Competence. Financial Reporting CA Final
Under the Revised Scheme of Education and Training, at the Final Level, you are expected to apply the professional knowledge acquired through academic education and the practical exposure gained during articleship training in addressing issues and solving practical problems. The integrated process of learning through academic education and practical training should also help you inculcate the requisite technical competence, professional skills, and professional values, ethics and attitudes necessary for achieving the desired level of professional competence. Financial Reporting CA Final
Indian Accounting Standards (Ind AS): High Standards of Financial Reporting CA Final
Consistent, comparable and understandable financial reporting is essential to develop a robust economy. High standards of financial reporting underpin the trust investors place in financial and non-financial information. Thus, the case for a single set of globally accepted accounting standards has prompted many countries to pursue convergence of national accounting standards with IFRS. Financial Reporting CA Final
The Government of India in consultation with the ICAI decided to converge and not to adopt IFRS issued by the IASB. The decision of convergence rather than adoption was taken after the detailed analysis of IFRS requirements and extensive discussion with various stakeholders. Accordingly, while formulating IFRS-converged Indian Accounting Standards (Ind AS), efforts have been made to keep these Standards, as far as possible, in line with the corresponding IAS/IFRS and departures have been made were considered absolutely essential. These changes have been made considering various factors, such as, various terminology related changes have been made to make it consistent with the terminology used in law, e.g., ‘statement of profit and loss’ in place of ‘statement of comprehensive income’ and ‘balance sheet’ in place of ‘statement of financial position’. Certain changes have been made considering the economic environment of the country, which is different as compared to the economic environment presumed to be in existence by IFRS. Financial Reporting CA Final
Thereafter, the Ministry of Corporate Affairs (MCA) had notified IFRS-converged Indian Accounting Standards (Ind AS) as Companies (Indian Accounting Standards) Rules, 2015 vide Notification dated February 16, 2015, and also the roadmap for the applicability of Ind AS for certain class of companies from the financial year 2016-17. With the beginning of the financial year 2016-17, the era of implementation of Ind AS in India has also begun for the companies falling under Phase I of the MCA roadmap for implementation of Ind AS. The MCA has also laid down the roadmap for implementation of Ind AS for banks, NBFCs and Insurance Companies from the financial year 2018-19/2020-21 onwards. These developments are a significant step in achieving international benchmarks of financial reporting. Financial Reporting CA Final
Ind AS, at the Final level, involves understanding, application and analyzing of the concepts and testing of the same. The nitty-gritty of this new standard coupled with its inherent dynamism makes the learning, understanding, and application of the standards in problem-solving very interesting and challenging.
Know your Syllabus Financial Reporting CA Final
Accounts being the core competency areas of chartered accountants, at Final level, the syllabus of Financial Reporting covers select Accounting Standards, Guidance Notes, Indian Accounting Standards and contemporary topics in Accounting and Reporting. The syllabus of Financial Reporting is broadly based on Indian Accounting Standards. However, for understanding the coverage of syllabus, it is important to read the Study Material as the content therein has been developed keeping in mind the extent of coverage of various topics in compensation with 100 marks allotted to the paper. Certain Ind AS / portion of Ind AS or Guidance Notes are excluded from the study material, keeping in view the relevance of the content in the Indian scenario and also to avoid the volume of the study material. However, while discussing the relevant applicable provisions, a reference may have been made to some of these excluded Ind AS / portion of Ind AS or Guidance Notes at certain places.
For understanding the coverage of syllabus, it is important to read the Study Material along with the reference to Study Guidelines. The concept of Study Guidelines is being introduced in the Revised Scheme of Education and Training in this subject, in line with international best practices, to specify the topic-wise exclusions from the syllabus. Therefore, the Study Guidelines, contain the detailed topic-wise exclusions from the syllabus.
Know your Study Material Financial Reporting CA Final
Efforts have been made to present the multifaceted AS and Ind AS in a lucid manner. The Study Material carries 24 chapters. Care has been taken to present the chapters in a logical sequence to facilitate easy understanding by the students. Ind AS have been grouped under various categories to make you understand the areas of relevancy and application of Ind AS. The chapters have been numbered based on those categories and Ind AS falling in the same category are included in that chapter. Therefore, certain chapters on Ind AS, contain several units each unit dedicated to one Ind AS. However, for a bare text of Indian Accounting standards, students are advised to refer the notified Indian Accounting Standards uploaded on the website at the link http://ebook.mca.gov.in/Default.aspx?page=rules.
For Accounting Standards and Guidance Notes forming part of the syllabus, the bare text of the pronouncements has been uploaded on the website along with the respective chapters for reference of the students. Also Schedule III to the Companies Act, 2013, for formats of financial statements as per AS (Refer Division I) and Ind AS (Refer Division II), has been uploaded on the website. Financial Reporting CA Final
With respect to the accounting of certain contemporary topics, forming part of the syllabus, accounting both as per AS and Ind AS have been discussed, wherever possible. Financial Reporting CA Final
The various chapters/units of this subject have been structured uniformly and comprise the following components: Financial Reporting CA Final
Financial Reporting CA Final Syllabus
Components of each Chapter About the component
Learning outcomes which you need to demonstrate after learning each topic have been detailed in the first page of each chapter/unit. Demonstration of these learning outcomes will help you to achieve the desired level of technical competence. Financial Reporting CA Final
2. Chapter / Unit Overview As the name suggests, the flow chart/table/diagram given at the beginning of each chapter will give a broad outline of the contents covered in the chapter. Financial Reporting CA Final
3. Content The AS / GN / Ind AS has been explained by following a systematic approach of first discussing the objective, then the scope of the pronouncement and then extracting the underlying concepts. The concepts and provisions of AS / GN / Ind AS are explained in a student-friendly manner with the aid of examples/illustrations/ diagrams/flowcharts. Diagrams and flowcharts will help you understand and retain the concept/provision learned in a better manner. Examples and illustrations will help you understand the application of concepts/provisions.
Later, in the topics of Ind AS, the significant differences vis-à-vis AS has also been incorporated so that students appreciate and recapitulate their learning done at Intermediate level and might not face difficulty in problem-solving of questions based on AS if asked in the examination at Final level.
These value additions will, thus, help you develop conceptual clarity and get a good grasp of the topic. Financial Reporting CA Final
4. Illustrations involving conceptual understanding Illustrations would help the students to understand the application of concepts/provisions of accounting standards/guidance notes. In effect, it would test the understanding of concepts/ provisions as well as the ability to apply the concepts/provisions learned in solving problems and addressing issues. Financial Reporting CA Final
5. Test Your
This section comprises of a variety of questions which will help you to apply what you have learned in problem-solving, and, thus, sharpen your application skills. In effect, it will test your understanding of concepts as well as your ability to apply the concepts learned in solving problems and addressing issues.
After you work out the problems/questions given under the section “Test Your Knowledge”, you can verify your answers with the answers given under this section. This way you can self-assess your level of understanding of the concepts of a chapter.
Financial Reporting CA Final
Though all efforts have been taken in developing this Study Material, the possibilities of errors/omissions cannot be ruled out. You may bring such errors/omissions, if any, to our notice so that the necessary corrective action can be taken. Financial Reporting CA Final
We hope that the new student-friendly features in the Study Material make your learning process more enjoyable, enriches your knowledge and sharpens your application skills. Financial Reporting CA Final
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