A WORD ABOUT STUDY MATERIAL
The paper of Financial Reporting in the Final Course concentrates on aspects of preparing and analyzing financial statements. Students are expected to acquire advanced knowledge in this paper. The importance of the subject of financial reporting is growing over the years due to various factors like liberalization, flow of cross-border capital, emergence of global corporations and movement towards better corporate governance practices. Standardization of accounting policies and financial reporting norms are significant aspects that make the subject more interesting in the recent years. Various new Accounting Standards and Guidance Notes have been formulated by the Institute of Chartered Accountants of India keeping in mind the growing importance of financial reporting in the corporate scenario.
The students are required to develop understanding of the Accounting Standards and the relevant Guidance notes and gain ability to apply the provisions contained therein to practical situations. The last decade has witnessed a sea change in the global economic scenario. The emergence of transnational corporations in search of money, not only for fuelling growth, but to sustain ongoing activities has necessitated raising of capital from all parts of the world. When an enterprise decides to raise capital from the foreign markets, the rules and regulations of that country will apply and the enterprise should be able to understand the differences between the rules governing financial reporting in the foreign country as compared to that of its own country. Thus translations and reinstatements of financial statements are of great significance. Therefore, chapter based on overview of Indian Accounting Standards, International Accounting Standards/International Financial Reporting Standard and US GAAPs has also been included in the Final Course curriculum.
The Study Material is divided into three volumes for ease of handling by the students. Volume I contains Chapters 1 – 7 and Volume – 2 contains Chapters 8 – 10. Appendices containing text of Accounting Standards and Guidance Notes have also been included in Volume II. Volume III of the Study Material comprises of Practice Manual. Care has been taken to present the chapters in the same sequence as prescribed in the syllabus to facilitate easy understanding by the students. Small illustrations have been incorporated in each chapter/unit to explain the concepts/principles covered in the chapter/unit. Another helpful feature is the addition of self-examination questions which will help the students in preparing for the Final Course Examination. Students are also advised to update themselves with the latest changes in the area of financial reporting. For this they may refer to academic updates in the monthly journal ‘The Chartered Accountant’ and the Students’ Journal ‘The Chartered Accountant Student’ published by the Board of Studies, financial newspapers, SEBI and Corporate Law Journal , published financial statements of companies etc.
The students are expected to cover the entire syllabus and practice on their own while going through the Volume III ie. Practice Manual. The main aim of this Practice Manual is to provide guidance as to the manner of writing answers in the examination. The Practice Manual will serve as a useful and handy reference guide while preparing for Final Examination. Further, it will enhance the understanding about the pattern of questions set and the manner of answering such questions. It will enable solving the problems in the best possible manner and guide the students to improve their performance in the examinations. It will also help them to work upon their grey areas and plan a strategy to tackle theoretical as well as practical problems.
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