PAPER 1 - FINANCIAL REPORTING ABC ANALYSIS MAY 24

- By CA Shubham Aggarwal [AIR 15 (CA Final); AIR 23 (CA Inter) & AIR 44 (CA Foundation)]

a) Past attempt exam weightage

Topic May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Nov-22 May-23 Nov-23
Introduction to Ind AS New Chapter in New Syllabus
Conceptual Framework for financial reporting 6 4 5 - - - - - 6 6 6 12
Ind AS 1: Presentation of financial statements - - 4 - - 5 4 - 5 - 5 -
Ind AS 34: Interim Financial reporting - 5 - - 6 - 5 4 - - - -
Ind AS 7: Cash flow statements - - - - - 5 - 6 - - - -
Ind AS 8: Accounting Policies, Changes in accounting - - - - - - - 5 - 5 - 5
estimates and errors
Ind AS 10: Events after the reporting period - - - 8 - 8 - - - - 5 -
Ind AS 113: Fair Value measurement - 5 - 8 - - - 4 5 5 - -
Ind AS 115: Revenue from contracts with customers 4 10 5 12 18 12 12 10 14 20 12 12
Schedule III - - 16 12 - - - - - - - -
Ind AS 2: Inventories 4 - - - - - - 5 - - 5 -
Ind AS 16: Property, Plant and equipment 10 8 - 8 - - 8 - - - 8 5
Ind AS 23: Borrowing costs - - - 8 - - - - 7 - - -
Ind AS 36: Impairment of assets - 15 - - 8 - 6 - - 8 - -
Ind AS 38: Intangible assets - - 5 - - 10 - - - - - 4
Ind AS 40: Investment property - - - - - 5 - - 5 - - -
Ind AS 105: Non current assets held for sale and - 8 - 10 - - - - 8 - 8 8
discontinued operations
Ind AS 116: Leases 12 - - - 8 6 4 10 - 8 - 8
Ind AS 41: Agriculture - - - - - 4 9 - - 6 8 -
Ind AS 20: Accounting for government grants and - 5 4 4 - - 6 - 8 - - -
disclosure of government assistance
Ind AS 102: Share based payments 10 8 8 8 5 12 5 6 - 6 - 8
Ind AS 19: Employee benefit expenses - - 5 - 6 - - - 7 - - -
Ind AS 37: Provisions, contingent liabilities and - - - - - - - - - - 4 -
contingent assets
Ind AS 12: Income taxes - - - - 6 4 - 5 - 6 - -
Ind AS 21: The effects of changes in foreign exchange - - 5 4 - - 5 5 6 - - 4
rates
Ind AS 24: Related Party disclosures - - - - - - - - - - 4 -
Ind AS 33: Earnings per share - - - - 8 - 8 8 4 8 - -
Ind AS 108: Operating segments 10 - - - 6 4 8 - - 5 16 8
Ind AS 32, 107 & 109: Financial instruments 16 20 12 14 22 19 19 17 19 17 19 19
Ind AS 103: Business Combination 10 4 - 12 8 - 5 14 5 - 20 -
Ind AS 110, 111, 28 & 27: Consolidation and 25 16 35 16 18 20 16 17 15 20 - 25
accounting for associates & JVs
Ind AS 101: First time adoption - - - - - - - 8 - - - -
Analysis of Financial Statements Mixed application of all Ind AS as studied above
Professional and Ethical Duty of a CA New Chapter in New Syllabus
Accounting and Technology New Chapter in New Syllabus

b) ABC Categorisation

CATEGORY A (55 - 60 Marks) CATEGORY B (35 - 40 Marks) CATEGORY C (15 - 20 Marks)

• Consolidation • Ind AS 36 - Impairment • Ind AS 10 - Events after reporting period

• Business Combination • Ind AS 33 - Earnings per share • Ind AS 12 - Income taxes
• Financial Instruments • Ind AS 105 - Non current assets held for sale • Ind AS 34 - Interim financial reporting
• Ind AS 115 - Revenue • Ind AS 21 - Effects of changes in forex rates • Ind AS 23 - Borrowing costs
• Ind AS 102 - Share based Payment • Ind AS 41 - Agriculture • Ind AS 38 - Intangible assets
• Ind AS 116 - Leases • Ind AS 20 - Accounting for govt grants • Ind AS 2 - Inventories
• Ind AS 113 - Fair value measurement • Ind AS 7 - Cash flow statements
• Ind AS 16 - Property, plant & equipment • Ind AS 8 - Accounting policy, change in Ac estimates
• Ind AS 108 - Operating segments • Ind AS 40 - Investment Property
• Ind AS 19 - Employee benefit expenses • Ind AS 101 - First time adoption
• Ind AS 37 - Provisions, Contingent liability & assets
• Ind AS 24 - Related Party disclosures
•Ind AS 1 - Presentation of financial statements
• Conceptual Framework for financial reporting
• Schedule III
• Introduction to Ind AS
• Analysis of Financial Statements
• Professional and Ethical Duty of a CA
• Accounting and Technology

c) Tips for preparation:

1. In FR, most of the questions are repeated from ICAI publications only (i.e. SM, RTP, MTP or Past exam), so do solve all of these questions while revising. (For MTP, RTP and Past
exam, refer past 3 attempt questions only)
2. Do writing practice of questions as much as possible. (Preferably in 1:10 ratio).
3. No need to draw any format of any statement with scale and pen. Just mention headings and solve the question.
4. The main marks in FR is for final answer, ensure that it is clearly visible.
5. Make proper working notes in every answer as they are also the part of main answer and also carry marks.
6. Before starting any question, always introduce the topic on which the question is based in a few lines.
7. Question paper of FR is always lengthy, so maintain writing speed from the very beginning only.