FOR CA - FINAL COURSE
QUESTION BANK
FOR I
FINANCIAL REPORTING
As per the latest syllabus of Final issued by
Board of Studies of ICAI
Volume I - 7th Edition
"IT'S TIME TO BE B
US
"IT'S TIME TO BE BUSY BECAUSE TODAY WILL
BE YESTERDAY VERY SOON"
Website:
www.cachiranjeevjain.com
E-mail :
hello@cachiranjeevjain.com
Price:
₹ 2000
Published by:
Chiranjeev Jain Classes
REMEMBER
“IN ORDER TO SUCCEED, WE MUST FIRST BELIEVE THAT WE CAN”
Dedicated to
My Father Sri Mool Chand Jain
and
My Mother Smt. Sarala Devi Jain
Think Beyond 90+ IN CA FINAL - Financial Reporting
STOP Memorizing Without Understanding the CONCEPTS
It’s Time to Learn Accounts Conceptually
PREFACE
Financial Reporting is Paper 1 in Chartered Accountancy – Final Course. It is rightly so because
Accounting is the language of business and without understanding accounting terminology, it is not
possible to understand business and commerce. It is, therefore, essential for all CA students to possess
knowledge of Financial Reporting concepts and practices.
The approach of the book is examination-oriented problems from ICAI Study Resource and solutions
have also been included in all chapters as per ICAI Suggested solution. Examples and Illustration
(mostly selected from ICAI Study Modules) have been included in the book to understands the IND AS
concepts.
Recent question from ICAI RTP, MTP and Exam papers with answers have been included to help the
students.
Practical Question from Other Sources are also included in some of the chapters for better
understanding of the concepts. Solutions for some of these questions may not be provided for which
students may refer our class notes.
Considering the importance of the question bank and its practical implications, care has been taken to
solve almost all the problems for the benefit of the students.
We are sure the book will prove extremely useful to CA Final students.
We are Thankful to all my students to have faith on me.
Suggestions from all readers would be highly appreciated and acknowledged.
CA Chiranjeev Jain
Contact No: +91-7731007722
Email: hello@cachiranjeevjain.com
Website: www.cachiranjeevjain.com
NOTE: FOR CHIARNJEEV SIR’S LATEST CLASS NOTES
CONTACT - +91- 8766 246 684
CONTENTS
PAPER 1: FINANCIAL REPORTING (100 MARKS)
No. Name of Chapter Page
No
Chapter 1 Conceptual Framework for Financial Reporting under 1.1
Ind AS
Chapter 2 IND AS – Introduction 2.1
Chapter 3 Presentation of Financial Statements (IND AS 1) 3.1
Chapter 4 Accounting Policies, Changes in Accounting Estimates 4.1
and Errors (Ind AS 8)
Chapter 5 Provisions, Contingent Liabilities and Contingent Assets 5.1
(IND AS 37)
Chapter 6 Events occurring after the Balance Sheet Date 6.1
(IND AS 10)
Chapter 7 Valuation of Inventories (IND AS 2) 7.1
Chapter 8 Property, Plant and Equipment (IND AS 16) 8.1
Chapter 9 Intangible Assets (IND AS 38) 9.1
Chapter 10 Investment Property (IND AS 40) 10.1
Chapter 11 Borrowing Costs (IND AS 23) 11.1
Chapter 12 Government Grant (IND AS 20) 12.1
Chapter 13 Agriculture (IND AS 41) 13.1
“CA IS NOT HARD” IF U
“WORK HAR
CA Final - Paper 1 Financial Reporting
ABC & TREND ANALYSIS
May- Nov- May- Nov- Nov- Jan- Jul-
Category Chapter 18 18 19 19 20 21 21 Total
A Consolidated Financial Statement 25 16 27 10 20 16 114
A Financial instruments 16 20 12 14 6 19 19 106
A Revenue from Contact with Customers 4 10 5 12 18 12 12 73
A ANALYSIS OF FINANCIAL STATEMENTS 10 8 16 12 12 8 66
A Business Combination (IND AS 103) 10 4 8 28 8 5 63
A Shares based Payment (IND AS 102) 10 8 5 8 5 12 5 53
Total (A) 75 66 73 74 59 63 65 475
B Impairment of Assets 15 4 8 6 33
B Leases (IND AS 116) 12 8 6 4 30
B Property, Plant and Equipment 8 8 5 21
B Agriculture (IND AS 41) 4 4 9 17
B Earnings Per Share (IND AS 33) 8 8 16
Employee Benefits (IND AS 19)
B 8 6 14
The Effects of Changes in Foreign Exchange
B Rates (Ind AS 21) 5 4 5 14
Non-current Assets Held for Sale and
B Discontinued Operations 10 10
B Accounting for Income Tax 6 4 10
B FIRST-TIME ADOPTION OF IND AS 6 6
Total (B) 12 23 17 26 36 19 38 171
C CORPORATE SOCIAL RESPONSIBILITY 8 4 5 6 6 29
C Operating Segments (IND AS 108) 10 6 4 8 28
C Interim Financial Reporting (IND AS 34) 5 4 6 5 20
C Events occurring after the Balance Sheet Date 8 8 16
C Intangible Assets (IND AS 38) 5 10 15
C Presentation of Financial Statements 4 5 4 13
C Statement of Cash Flows (IND AS 7) 8 5 13
C FAIR VALUE MEASUREMENT 5 8 13
C Government Grant (IND AS 20) 5 4 9
C Valuation of Inventories (IND AS 2) 4 4 8
C Borrowing Costs (IND AS 23) 8 8
C INTEGRATED REPORTING 6 6
Framework for Preparation and
C Presentation of Financial Statement 5 5
Provisions, Contingent Liabilities and
C Contingent Assets (IND AS 37) 4 4
C IND AS – Introduction 0
C Schedule III of Companies Act 0
Accounting Policies, Changes in Accounting
C Estimates and Errors 0
C Investment Property (IND AS 40) 0
C Related Party Disclosures 0
Total (C) 22 23 22 24 29 44 23 187
Portions Deleted
15 12 12
Total (A+ B+C) 124 124 124 124 124 126 126
