PAPER – 1: FINANCIAL REPORTING
(One paper – Three hours – 100 Marks)
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1. Application of Existing Accounting Standards 15, 21, 23, 25, 27 and 28. (The
students will also be required to apply other Accounting Standards if applicable in any of
the questions). As per Notification all these standards are not part of syllabus for Nov.
2019 and onwards. See Notification under step 2.
2. Application of Guidance Notes issued by ICAI on specified accounting aspects.
Some Guidance Notes Ommitted Now…See notification below.
3. Framework for Preparation and Presentation of Financial Statements in accordance
with Indian Accounting Standards (Ind AS).
4. Application of Indian Accounting Standards (Ind AS) with reference to General
Purpose Financial Statements
5. Consolidated and Separate Financial Statements (as per Ind AS)
6. Application of Industry specific and Transaction Specific Indian Accounting Standards
(other than Business Combination, Financial Instruments and Share Based Payment)
7. Business Combinations and Accounting for Corporate Restructuring (including
demerger) (as per Ind AS)
8. Accounting and Reporting of Financial Instruments (as per Ind AS)
9. Accounting for Share Based Payment (as per Ind AS)
10. Analysis of Financial Statements : Common defects in financial statements of
11. Accounting for Carbon Credits – Now Ommitted …See Notification below
12. Accounting for E-commerce – Now Ommitted …See Notification below
13. Emerging trends in Reporting
(i) Integrated Reporting
(ii) Corporate Social Responsibility Reporting
(iii) Human Resource Reporting – Now Ommitted …See Notification below
(iv) Value Added Statement – Now Ommitted …See Notification below
Step 2 : Now have a look over this Notification
Final (New) Course Announcement Modifications in the scope of syllabus of FR
I. Exclusion of topics from the scope of syllabus [To be effective from November,
2019 Examination onwards]
1. Application of existing Accounting Standards i.e., AS 15, 21,23, 25, 27 and 28
2. Application of Guidance Notes issued by ICAI on specified accounting aspects
3. Accounting for Carbon Credits and related Guidance Note
4. Accounting for E-commerce Business and related Guidance Note
5. Human Resource Reporting
6. Value Added Statement
7. Expert Advisory Committee (EAC) Opinions
8. The Guidance Note on accounting for expenditure on Corporate Social
Responsibility activities falling within the scope of topic 13 of Syllabus Contents
continues to be applicable.
3. Study Plan and Strategy
Do the chapters in following sequence:
i. Business Combination ( Ind AS 103)
ii. Consolidated Accounts as per Ind AS 110
iii. Ind AS 110, 111, 28
iv. Share Based Payments ( Ind AS 102)
v. Corporate Social Reporting
vi. Integrated Accounting
vii. Now do all the Ind AS .
viii. Accounting Framework
ix. Financial Instruments (Ind AS 107, 109, 32)
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