CA Final Financial Reporting Important Points for Exam

CA FINAL, CA Final G1, P1: Financial Reporting Leave a comment

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We are Sharing With You CA Final Financial Reporting Important Points for Exam . So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your upcoming Exams.

CA STUDY NOTES

FR Important Points –

  1. Ind AS 116 – Whether Lease Payments are to be considered at Year Beginning or Year End?

Lease payments are considered at year end except in following 2 cases where it is considered at year beginning:
(i) Specifically mentioned in question.
(ii) Hint given in question regarding the same like
–> Lease incentive payable at beginning
–> Payment is due at beginning date (eg. 1st January in case of calender year)

  1. Mainly Ind AS 116 & 109 – Where to use Revised Discounting Rate & Original Discounting Rate?

In whole FR, Revised Discounting Rate is used except in following 4 cases where Original Discounting Rate is used:
(i) Ind AS 109: Modification of FA [Step 2]
(ii) Ind AS 109: Modification of FL [Step 1]
(iii) Ind AS 116: Case B Modification [Step 5 – Gain/loss due to decrease in lease term]
(iv) Ind AS 116: Insignificant Remeasurement

  1. Mainly Ind AS 116 & 109 – Format for calculation of PV when there are same cash flows in each period

It can be done either

  1. Using PVAF or
  2. Making full table & taking separate PV factors
    Both formats are allowed (minor round off difference can arise, which is allowed in exams)
  3. Ind AS 109 – Whether Convertible Instrument is Compulsory Convertible or Convertible at Option of Holder/Issuer?

It is assumed as convertible at option of holder unless specifically mentioned in question

💁‍♂By CA Ajay Agarwal

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