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Corporate Financial Reporting

Corporate Financial Reporting

CMA Final - Paper 17: Corporate Financial Reporting

ICMAI has introduced this paper Corporate Financial Reporting at the CMA Final level where you will learn how to prepare an entity’s financial reports in accordance with Generally Accepted Accounting Standards as well as recognising, measuring and disclosure of Financial information for various cases like consolidation, combination and restructuring.  
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More about Corporate and Financial Reporting

What is “Corporate Financial Reporting”? 
  • Preparation of Entity’s Financial Reports in accordance with Generally Accepted Accounting Standards 
  • Recognising, measuring and disclosure of Financial information for various cases like consolidation, combination and restructuring. 
Why has ICMAI introduced this paper, Corporate Financial Reporting, at the CMA Final level?
  • Enabling the finalisation of accounts which helps in preparation of Financial Statements 
  • Preparation of Financial Statements in a credible format that supports the users in Strategic Decision Making. 
What are the topics covered in Corporate Financial Reporting at CMA Final Level? 
  • Accounting Standards, Overview of IND AS and relative view of AS Vs IND AS Vs IFRS shall have a dominant role in both exam and practical usage. 
  • Accounting of Business Combinations & Restructuring and Consolidation of group Financial Statements involves large number of concepts 
  • Valuation of entity, goodwill, business and share price can be learnt at bird’s eye view level 
  • Share based accounting, Cenvat/VAT Accounting, reporting through XBRL and Government Accounting are the small multiple concepts which can be learnt fast but useful in scoring in examinations 
   What is the best approach to study Corporate Financial Reporting paper? 
  • Start as soon as possible: Start your study early and quickly. The syllabus is of a practical nature. So, you cannot mug things up a couple of weeks before the exam and hope to pass 
  • Work things out practically: This is quite a practical field and so the best way to understand the content is to work out and solve practical problems. Try solving the problems before seeing the solution. The motto is to practice, practice and practice! 
  • Solve past exam papers: Solve past exam papers to get an idea of what kind of questions will appear in the exam 
  • Keep up with updates: Accounting standards keep changing from time to time. So, you need to keep up with the latest changes. It is a good idea for you to keep visiting the ICMAI website for any notifications and amendments 
See how CA Chinmaya Hegde teaches this paper Corporate and Financial Reporting
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