Detailed guidance – From starting FR to scoring an exemption!

FR is a practical paper in CA Final, and for most of the students, practical subject is easier to score than the theory ones. So why not make full use of this plus point and score as much as you can in FR?

Doing so, will not only be an achievement in itself but can also give a push to those subjects which you are not so confident about (like audit).

In this blog, we are going to help you clear out all the obstacles that may come in your way for scoring an exemption in FR. Just read on!

Phase 1: Self-study VS Classes? (3 – 4 months)

It’s a no brainer question, really! Although, very few people might have this query in mind for whether to take FR classes or go for self-study, but for those who are still questioning the classes, let me clarify that FR is not just the first exam but also a very conceptual one. The kind that should not be taken lightly.

It has the power to either make you or break you!

What’s so special about FR?

You are going to become a Chartered Accountant soon. Accounting is a core for CA. This is the area which will act as a base for even Auditing and Taxation as well. Moreover, you will be studying Ind AS for the first time which is very different from the AS that you study in CA Intermediate.

Also, the level of questions that the institute is asking since recent attempts further clarifies that CA final students are expected to be at their best when it comes to FR.

Pitfall alert! Preparing for FR on your own could be a very big risk which you might regret taking later on!

Don’t lose sight of these facts while taking the classes:

• FR classes are quite lengthy and it would take around 3-4 months (up to 350 hrs – 400hrs) to get completed. Therefore, plan to take FR classes along with a theory subject (Law/Audit).

• Since FR is preferred as one of the first subjects for which students take classes, the problem arises in retaining this subject till the exams. But don’t panic, I am here to guide you on how you can overcome this hurdle without breaking much sweat!
• The best way to retain the concepts is to revise on a daily/weekly basis. I know, now you will think, so what’s new, but trust the power of ‘Roz ka kaam Roz’ and you’ll see that most of syllabus will be on your tips without you even realizing.

• Another golden tip is to complete your class note book with all concepts and solved questions. This will ultimately serve as your self-study and revision material for exam time.

Phase 2: Self Study after classes (20-25 days)

Now, how to move ahead once the classes are over? Netflix and chill? No bruh, such things don’t suit a CA student.

The best strategy to follow after you are done with your classes is to start self – study.

What self-study requires? A lot of patience and discipline.

What self-study gives you in return? Sets the tone for the future revisions and make your subject ‘smooth like butter’!

Why FR is noteworthy?

It is a very scoring subject. If the first paper goes smoothly, it will automatically boost your confidence for the next exams as well!

Fresh and hot preparation techniques from the Ranker’s way!

• Start with the small Ind AS. They are easier to understand and will boost your confidence to take on the Big Ind AS such as consolidation and Financial Instruments.

• Ind AS such as Ind AS 16, 40, 38 are very similar in their accounting treatment. Thus, go with the flow that your faculty followed!

• A written practice of all ICAI Module illustrations, examples and back questions in the first read is something you can’t procrastinate. Shortlist the questions for the first revision then and there!

• Although, there are theory questions as well but there is no need to write and practice them, just going through them would be enough.

How to Study? A million-dollar question!

• You will find a lot of techniques for this problem but the best way to study FR is to go through the concept first and then practice a question. This way the concept gets engraved in your mind!

• Prepare a format for long 12–16-mark questions.

For e.g.: Format for the loan amortization, repayment schedule, depreciation table, pre and post consolidation profit distribution etc. Refer the Institute’s format, and stick to it while solving questions. The reason being when you will practice this again and again, you will get more and more comfortable with the solution’s layout that the ICAI expects, and then there will be no chance for the examiner to cut out any marks in presentation area.

PRO TIPS TO YOUR RESCUE!

• Try to write 1 answer each day (at least on those days when you are preparing FR). Focus on presentation of the answer because we fail to present answers in our paper. 

• After writing, evaluate your own paper and note down the mistake that you did, or the areas of improvement in a separate piece of paper.

• The most difficult aspect is to finish the huge syllabus on time. Keep a check on your time and ensure that daily targets are achieved.

Phase 3: 1^st Revision (10-12 days)

After all the hurdles of taking classes, warming up with self-study and whatnot, the time has finally come for our very first revision! Obviously, first revision is no child’s play, and what you study here will go a long way!

Here are a few points to be kept in mind while starting the First Revision:

• The exemption is scored with just 3 things. Those are Revision, Revision, Revision!

Revise the concepts quickly, by going through your concept register first. Your focus now, should be to solve as many questions as possible at this stage. Moreover, make sure that you put your remarks next to difficult question as to what is the learning from the question (i.e., crux of the question for LDR)  

• Identify your weak points!

Take note of the adjustments that seem to be a bit tricky and mark them separately so that you can work on these areas in your second revision.

• Track your time!

Keep a note of the time you have spent on each chapter which will help you plan your 2^nd and subsequent revisions.

• Don’t mock the mock test!

Attempt a mock test paper after completing the 1^st Revision. Before you appear for the mock test, watch this video so that you don’t have wrong expectations from the mock test – https://youtu.be/eG3D1s_Hbss

Phase 4: 2^nd Revision (7 days)

Now that you have come this far, it won’t look good to just leave things here, right? Buckle up folks, it’s time for the 2^nd revision, the upgraded brother of 1^st revision.

Upgraded how? We’ll tell you don’t worry!

Firstly, the thing to be kept in mind while starting the Second Revision is-

Confidence is the name of this game!

• Be confident about the subject.
• After the first mock test, if you feel there is a lack of understanding in any concept then you must focus on those concepts while you are on your 2^nd revision.

Won’t let you leave without our beloved pro tips and tricks!

• All subsequent revisions after the first revision should be focused on bringing down your revision time, increasing your writing speed and improving your answer presentation.

• Get into a group of 3-4 students to help each other with doubts and also to motivate each other to adhere to the revision timeline (if possible).

• Refer your notes, any markings that you might have done in the Module along with the marked questions of the Question bank.

• A pro-tip here would be to write down, in short, all those “very important points” that you already marked or those that seem tricky to you on a separate sheet of paper so that you can refer all such points in one glance just a day before exam and avoid the frenzy.

• Attempt the latest mock test for the upcoming attempt under timed conditions, this will act like exam day simulation and therefore, in turn you will comparatively feel more at ease during the actual exam.

Phase 5: Last Day Revision – 4-5 days

Ultimately, it all boil downs to these days!

You must have heard – “Anything that you are not able to revise on the day before exam, you will not be able to write it in the exam”. Nahin suna kya? Oops! It’s high time for you to start watching my YT Videos. Search for Shubham Singhal.

Coming back – People who revise the entire syllabus in last 4-5 days are able to score better than the ones who do selective studying.

Pro tips coming to your rescue yet again!

• An hour-by-hour study schedule should be prepared at least a month before the start of the exams (Can also be done after the 2^nd revision).

• All resources for the revision must be ready – Concept notes and LDR Questions

• It is very important to practice ALL LDR Questions by hand. Do not just go through the questions superficially!

Resources:

• ICAI Material – Most important
• Concept Notes , if any
• Latest amended Question bank
• Past 1 attempt RTP/MTP

Key takeaways:

• Practice makes a man perfect. The more you practice and the more confident you will feel. Practice all LDR questions by hand in each revision no matter how much time it takes.
• NOTES are very important. ICAI has 4 very bulky modules for FR. Make sure to have your concept notes in place, you will never feel lost!
• Take an understanding of the theory. Generally, theory questions are asked from chapters such as IND AS 8, IND AS 10,CSR and IND AS 37
• Give mock tests and get them evaluated from an experienced source, if possible.
• Say optimistic affirmations every day before and after studying and practice gratitude. It helps us to stay focused and shoos away the “Exam Anxiety”
• Keep yourself hydrated and eat light meals till the paper
• Do regular stretching/ warm-up to avoid fatigue during those three hours

Don’t fall for the below mentioned traps:

• Do not AUDIT questions.
• The presentation of practical questions is very important. And don’t forget to prepare the working notes. Working notes are also an important part so show all the working notes properly at the end of the solution.
• Do not rely entirely on revision videos. You have to write the paper yourself, therefore make sure to revise yourself!!!