PAPER 1 - FINANCIAL REPORTING ABC ANALYSIS MAY 24

- By CA Shubham Aggarwal [AIR 15 (CA Final); AIR 23 (CA Inter) & AIR 44 (CA Foundation)]

a) Past attempt exam weightage

Topic May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Nov-22 May-23 Nov-23
Introduction to Ind AS New Chapter in New Syllabus
Conceptual Framework for financial reporting 6 4 5 - - - - - 6 6 6 12
Ind AS 1: Presentation of financial statements - - 4 - - 5 4 - 5 - 5 -
Ind AS 34: Interim Financial reporting - 5 - - 6 - 5 4 - - - -
Ind AS 7: Cash flow statements - - - - - 5 - 6 - - - -
Ind AS 8: Accounting Policies, Changes in accounting - - - - - - - 5 - 5 - 5
estimates and errors
Ind AS 10: Events after the reporting period - - - 8 - 8 - - - - 5 -
Ind AS 113: Fair Value measurement - 5 - 8 - - - 4 5 5 - -
Ind AS 115: Revenue from contracts with customers 4 10 5 12 18 12 12 10 14 20 12 12
Schedule III - - 16 12 - - - - - - - -
Ind AS 2: Inventories 4 - - - - - - 5 - - 5 -
Ind AS 16: Property, Plant and equipment 10 8 - 8 - - 8 - - - 8 5
Ind AS 23: Borrowing costs - - - 8 - - - - 7 - - -
Ind AS 36: Impairment of assets - 15 - - 8 - 6 - - 8 - -
Ind AS 38: Intangible assets - - 5 - - 10 - - - - - 4
Ind AS 40: Investment property - - - - - 5 - - 5 - - -
Ind AS 105: Non current assets held for sale and - 8 - 10 - - - - 8 - 8 8
discontinued operations
Ind AS 116: Leases 12 - - - 8 6 4 10 - 8 - 8
Ind AS 41: Agriculture - - - - - 4 9 - - 6 8 -
Ind AS 20: Accounting for government grants and - 5 4 4 - - 6 - 8 - - -
disclosure of government assistance
Ind AS 102: Share based payments 10 8 8 8 5 12 5 6 - 6 - 8
Ind AS 19: Employee benefit expenses - - 5 - 6 - - - 7 - - -
Ind AS 37: Provisions, contingent liabilities and - - - - - - - - - - 4 -
contingent assets
Ind AS 12: Income taxes - - - - 6 4 - 5 - 6 - -
Ind AS 21: The effects of changes in foreign exchange - - 5 4 - - 5 5 6 - - 4
rates
Ind AS 24: Related Party disclosures - - - - - - - - - - 4 -
Ind AS 33: Earnings per share - - - - 8 - 8 8 4 8 - -
Ind AS 108: Operating segments 10 - - - 6 4 8 - - 5 16 8
Ind AS 32, 107 & 109: Financial instruments 16 20 12 14 22 19 19 17 19 17 19 19
Ind AS 103: Business Combination 10 4 - 12 8 - 5 14 5 - 20 -
Ind AS 110, 111, 28 & 27: Consolidation and 25 16 35 16 18 20 16 17 15 20 - 25
accounting for associates & JVs
Ind AS 101: First time adoption - - - - - - - 8 - - - -
Analysis of Financial Statements Mixed application of all Ind AS as studied above
Professional and Ethical Duty of a CA New Chapter in New Syllabus
Accounting and Technology New Chapter in New Syllabus

b) ABC Categorisation

CATEGORY A (55 - 60 Marks) CATEGORY B (35 - 40 Marks) CATEGORY C (15 - 20 Marks)

• Consolidation • Ind AS 36 - Impairment • Ind AS 10 - Events after reporting period

• Business Combination • Ind AS 33 - Earnings per share • Ind AS 12 - Income taxes
• Financial Instruments • Ind AS 105 - Non current assets held for sale • Ind AS 34 - Interim financial reporting
• Ind AS 115 - Revenue • Ind AS 21 - Effects of changes in forex rates • Ind AS 23 - Borrowing costs
• Ind AS 102 - Share based Payment • Ind AS 41 - Agriculture • Ind AS 38 - Intangible assets
• Ind AS 116 - Leases • Ind AS 20 - Accounting for govt grants • Ind AS 2 - Inventories
• Ind AS 113 - Fair value measurement • Ind AS 7 - Cash flow statements
• Ind AS 16 - Property, plant & equipment • Ind AS 8 - Accounting policy, change in Ac estimates
• Ind AS 108 - Operating segments • Ind AS 40 - Investment Property
• Ind AS 19 - Employee benefit expenses • Ind AS 101 - First time adoption
• Ind AS 37 - Provisions, Contingent liability & assets
• Ind AS 24 - Related Party disclosures
•Ind AS 1 - Presentation of financial statements
• Conceptual Framework for financial reporting
• Schedule III
• Introduction to Ind AS
• Analysis of Financial Statements
• Professional and Ethical Duty of a CA
• Accounting and Technology

c) Tips for preparation:

1. In FR, most of the questions are repeated from ICAI publications only (i.e. SM, RTP, MTP or Past exam), so do solve all of these questions while revising. (For MTP, RTP and Past
exam, refer past 3 attempt questions only)
2. Do writing practice of questions as much as possible. (Preferably in 1:10 ratio).
3. No need to draw any format of any statement with scale and pen. Just mention headings and solve the question.
4. The main marks in FR is for final answer, ensure that it is clearly visible.
5. Make proper working notes in every answer as they are also the part of main answer and also carry marks.
6. Before starting any question, always introduce the topic on which the question is based in a few lines.
7. Question paper of FR is always lengthy, so maintain writing speed from the very beginning only.
 PAPER 2 - ADVANCED FINANCIAL MANAGEMENT ABC ANALYSIS MAY 24
- By CA Shubham Aggarwal [AIR 15 (CA Final); AIR 23 (CA Inter) & AIR 44 (CA Foundation)]

a) Past attempt exam weightage

Topic May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Nov-22 May-23 Nov-23
Financial Policy and Corporate Strategy 4 - - 4 8 4 4 - 4 8 4 4
Risk Management 12 4 4 4 4 4 4 4 4 4 8 -
Advanced Capital Budgeting Decisions New Chapter in New Syllabus
Security Analysis - - - 8 4 8 - 4 12 - 10 8
Security Valuation 18 28 24 - 15 10 24 24 24 24 17 8
Portfolio Management 10 8 8 24 8 14 24 12 16 32 8 24
Securitization 8 4 4 8 4 8 4 4 4 4 4 4
Mutual Funds 10 8 8 10 14 8 8 8 16 8 12 8
Derivative Analysis and Valuation 9 8 16 6 8 8 8 8 8 - 20 12
Foreign Exchange Exposure and risk management 8 24 24 8 12 24 8 20 8 16 13 16
International Financial Management 8 - - 12 16 8 8 16 - 8 - -
Interest Rate risk management 8 4 - 8 8 - 8 - 12 4 12 14
Business Valuation 9 12 8 16 4 8 8 8 - - - 8
Mergers, Acquisitions and Corporate restructuring 8 12 8 8 12 12 8 8 8 8 8 10
Startup Finance 4 4 4 8 7 8 8 8 8 8 8 8

b) ABC Categorisation

CATEGORY A (55 - 60 Marks) CATEGORY B (35 - 40 Marks) CATEGORY C (15 - 20 Marks)

• Portfolio Management • Mutual Funds • Financial Policy and Corporate Strategy

• Derivative Analysis and Valuation • International Financial Management (Theory)
• Foreign Exchange Exposure and risk • Interest Rate risk management • Risk Management (Theory + VAR)
management • Business Valuation • Security Analysis
• Advanced Capital Budgeting Decisions • Securitization (Theory)
• Mergers, Acquisitions and Corporate • Startup Finance (Theory)
restructuring • Security Valuation

c) Tips for preparation:

1. Do not ignore theory portion. Go through the topics and learn the headings (No need to learn the content under headings).
2. Make proper working notes. They are part of main answer and also carry marks.
3. Ensure that the numbers are clearly visible. Attempt the paper in a legible handwriting.
4. Try to attempt the paper to maximum extent possible.
5. In SFM, generally the questions are new so focus on conceptual clarity (rather than mugging up the questions).
6. Of all the papers of CA Final, SFM has a pretty less syllabus and scoring as well.
 PAPER 3 - ADVANCED AUDITING, ASSURANCE AND PROFESSIONAL ETHICS ABC ANALYSIS MAY 24
- By CA Shubham Aggarwal [AIR 15 (CA Final); AIR 23 (CA Inter) and AIR 44 (CA Foundation)]

a) Past attempt exam weightage

Particulars May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Nov-22 May-23 Nov-23
Quality Control
General Auditing Principles & Auditors Responsibilities
Audit Evidence 23 29 13 19 19 14 30 9 19 20 24 24
Completion and Review
Reporting
Auditing Planning, Strategy and Execution - 4 - 5 - - - - - 4 - -
Materiality, Risk Assessment and Internal Control 4 13 5 5 - 10 10 5 5 4 - -
Specialised Areas New Chapter in New Syllabus
Related Services New Chapter in New Syllabus
Review of Financial Information New Chapter in New Syllabus
Prospective Financial Information & Other Assurance
New Chapter in New Syllabus
Services
Digital Auditing and Assurance - 4 5 4 - - - 5 4 5 5 4
Group Audits 5 5 - - 5 5 - 5 5 5 - 5
Special Features of Audit of Banks & Non-Banking
4 4 4 10 10 5 9 9 5 10 5 9
Financial Companies
Overview of Audit of Public sector Undertakings 4 4 5 5 - 5 - 5 - - - 5
Internal Audit - - - - - - - - - - 5 4
Due diligence, Investigation and Forensic Accounting 9 - 5 4 4 5 9 5 5 8 4 5
Emerging Areas: Sustainable Development Goals (SDG)
New Chapter in New Syllabus
& Environment, Social & Governance (ESG) Assurance
Professional Ethics & Liabilities of Auditors 18 18 14 14 12 17 8 12 12 13 14 8

b) ABC Categorisation

CATEGORY A (50 - 55 Marks) CATEGORY B (25 - 30 Marks) CATEGORY C (10 - 15 Marks)

• Quality Control • General Auditing Principles & Auditors • Auditing Planning, Strategy and Execution
• Audit Evidence Responsibilities • Review of Financial Information
• Specialised Areas • Completion and Review • Prospective Financial Information & Other
• Related Services • Reporting Assurance Services
• Special Features of Audit of Banks & Non-Banking • Materiality, Risk Assessment and Internal Control • Overview of Audit of Public sector Undertakings
Financial Companies • Digital Auditing and Assurance • Internal Audit
• Professional Ethics & Liabilities of Auditors • Group Audits
• Due diligence, Investigation and Forensic Accounting
• Emerging Areas: Sustainable Development Goals
(SDG) & Environment, Social & Governance (ESG)
Assurance

c) Tips for preparation:

1. Attempt all the questions to the best possible extent. Don't leave any question unattempted.
2. Do writing practice as much as possible. Write 1-2 answera daily and then compare them with ICAI suggessted answers.
3. Focus on learning the keywords under every topic. The examiner will only look for these words in your answers.
4. Do not ignore topics other than SA and PE. In every question, you have to attempt atleast 1 question from other topics.
 PAPER 4 - DIRECT TAX LAWS AND INTERNATIONAL TAXATION ABC ANALYSIS MAY 24
- By CA Shubham Aggarwal [AIR 15 (CA Final); AIR 23 (CA Inter) and AIR 44 (CA Foundation)]

a) Past attempt exam weightage

Particulars May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Nov-22 May-23 Nov-23
Basic Concepts - - - - - - - - - - - -
Incomes which do not form part of Total Income - - - - - - - - - - - -
Profits and Gains of Business or Profession 22 28 22 22 26 22 18 14 14 14 14 22
Capital Gains 7 - - - - - - 4 - - 4 3
Income from other sources 6 - - - - - - - 4 - 4 -
Income of Other persons included in assessee's total
- - - - 6 - - - - - - -
income
Aggregation of Income, Set off and Carry forward of
4 - - - - - - 4 - - - -
losses
Deductions from Gross Total Income 11 - - - - 6 - - - 8 6 -
Assessment of Various entities - - - - - - - - 8 - - -
Assessment of Trusts and institutions, political
4 8 8 8 10 8 8 8 8 8 8 8
parties and other special entities
Tax Planning, Tax Avoidance & Tax Evasion - - 4 - - - - - 4 - 4 -
Taxation of Digital Transactions - - 3 - - - - 4 6 - 6 6
Deduction, Collection and recovery of tax 13 10 8 8 4 14 8 8 8 8 8 8
Income tax authorities 3 3 - - 4 - - - - 7 - 4
Assessment Procedures 9 10 8 - 2 8 8 12 4 4 4 6
Appeals and revision 4 10 - 8 - - - - - - 4 -
Dispute resolution - - - - - 4 - - - - - -
Miscellaneous Provisions - - 8 4 4 4 12 4 8 4 8 -
Provisions to Counteract unethical tax practices 6 5 - - 4 4 - - - - - 4
Tax Audit and Ethical Compliances New Chapter in New Syllabus
Non resident taxation 9 33 6 12 13 6 18 18 6 5 6 3
Double Taxation relief 6 6 - 4 6 - - 2 6 12 - 6
Advance Rulings 3 - 3 - - - - - - - - -
Transfer Pricing 12 6 12 6 5 12 6 10 6 6 6 6
Fundamentals of Base erosion and profit shifting - - - - - - 4 - - 4 - 9
Application and Interpretation of tax treaties 3 - 6 2 4 - 6 - - 6 3 -
Overview of Model tax conventions 3 - - 4 - - - - 6 2 3 -

b) ABC Categorisation

CATEGORY A (50 - 55 Marks) CATEGORY B (25 - 30 Marks) CATEGORY C (10 - 15 Marks)

• Profits and Gains of Business or Profession • Deductions from Gross Total Income • Basic Concepts
• Assessment of Trusts and institutions, political • Assessment Procedures • Incomes which do not form part of Total Income
parties and other special entities • Double Taxation relief • Advance Rulings
• Deduction, Collection and recovery of tax • Capital Gains • Application and Interpretation of tax treaties
• Transfer Pricing • Taxation of Digital Transactions • Income of Other persons included in assessee's
• Non resident taxation • Aggregation of Income, Set off and Carry forward of total income
losses • Fundamentals of Base erosion and profit shifting
• Provisions to Counteract unethical tax practices • Tax Planning, Tax Avoidance & Tax Evasion
• Tax Audit and Ethical Compliances • Income tax authorities
• Appeals and revision
• Dispute resolution
• Overview of Model tax conventions
• Miscellaneous Provisions
• Assessment of Various entities
• Income from other sources

c) Tips for preparation:

1. Don't put excess focus on topics like PGBP and Capital Gain. Try to complete them in a timely manner.
2. Go through amendments separately as they always carry 10-15 marks in the exam.
3. Target to score good marks in International Taxation as it is much easier and pretty scoring.
4. Give a proper heading to any statement you make like "Computation of total income of Mr. X for AY 23-24", "Computation of Income tax payable by A Ltd for AY 23-24" etc.
5. No need to draw proper lines from scale and pencil for any statement.
6. DT has a very vast syllabus, so plan properly to complete it in 1.5 days.
 PAPER 5 - INDIRECT TAX LAWS ABC ANALYSIS MAY 24
- By CA Shubham Aggarwal [AIR 15 (CA Final); AIR 23 (CA Inter) and AIR 44 (CA Foundation)]

a) Past attempt exam weightage

Particulars May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Nov-22 May-23 Nov-23
Supply under GST - - - - 3 - - - - - 9 2
Charge of GST 10 8 - 8 5 5 13 4 9 8 8 6
Place of Supply 10 - - - 3 9 - 4 1 5 - 4
Exemptions from GST - - 8 13 2 - - 5 4 6 9 9
Time of Supply - 10 - - 7 - 5 - - - - 5
Value of Supply 15 15 4 4 6 5 - 9 6 - - 3
Input Tax Credit 10 17 15 4 7 10 10 6 14 9 4 7
Registration 10 5 - 4 4 - 5 4 2 8 - -
Tax Invoice, Credit and Debit Notes - - - - - - - - - - - -
Accounts and Records, E-way Bill - - 10 - - 7 4 4 6 - 4 4
Payment of Tax - 5 9 3 4 8 4 4 7 7 2 5
E-Commerce transactions under GST New Chapter in New Syllabus
Returns 5 - - - - - - - - - - -
Import and Export under GST - - - - - 5 - - - 2 - -
Refunds 5 - 5 5 - - 4 9 - - 5 -
Job Work - - - - - - - - - - - -
Assessment and Audit 5 10 - - 4 - 5 - - 5 5 5
Inspection, Search, Seizure and Arrest - - - - - - - - 5 - - -
Demand and Recovery - - - 5 5 - - - - - - 4
Liability to Pay in certain cases 5 - - - - - 4 - 4 - - 4
Offences & Penalties & Ethical aspects under GST 10 5 4 13 - 4 5 5 - 9 9 5
Appeals and Revisions 5 5 4 - 5 4 4 4 5 - 4 -
Advance Ruling - 5 - - - - - - - 4 4 -
Miscellaneous Provisions - 5 - - - - - 5 - - - -
Levy and Exemptions from Custom Duty 5 - - - - 5 - - - - - -
Types of Duty - - - - - - - - - - - -
Classification of Imported and Export goods 5 - - - 4 - 5 - - 5 - -
Valuation under the Customs Act, 1962 5 5 10 15 5 5 5 10 12 10 15 10
Importation and Exportation of Goods 10 15 5 5 10 5 - 5 8 5 5 5
Warehousing 5 5 5 - - - - - - - - 5
Refund - 5 - - - 5 - 5 - 5 - -
Foreign Trade Policy 5 - 10 - 5 - - - 5 - - -

b) ABC Categorisation

CATEGORY A (50 - 55 Marks) CATEGORY B (25 - 30 Marks) CATEGORY C (10 - 15 Marks)

• Charge of GST • Supply under GST • Tax Invoice, Credit and Debit Notes
• Exemptions from GST • Time of Supply • Accounts and Records, E-way Bill
• Place of Supply • Registeration • Returns
• Value of Supply • Refunds (Under The CGST Act, 2017) • Import and Export under GST
• Input Tax Credit • Appeals and Revisions • Job Work
• Payment of Tax • Importation & Exportation of Goods • Demands and Recovery
• Offences & Penalties & Ethical aspects under GST • Warehousing • Liability to pay in certain cases
• Valuation under The Customs Act, 1962 • E-Commerce transactions under GST • Advance Ruling
• Inspection, Search, Seizure and Arrest • Miscellaneous Provisions
• Levy and Exemption from Custom Duty
• Types of Duty
• Classification of Imported and export goods
• Assessment and Audit
• Refund (Under The Customs Act, 1962)
• Foreign Trade Policy

c) Tips for preparation:

1. Attempt all the questions to the best possible extent. Don't leave any question unattempted.
2. Go through amendments separately as they always carry 10-15 marks in the exam.
3. Target to score good marks in Customs as it is much easier and pretty scoring.
4. Give a proper heading to any statement you make like "Computation of eligible input tax credit of Mr. X for the month of August" etc.
5. No need to draw proper lines from scale and pencil for any statement.
6. Make proper working notes for every answer. They also carry marks.