CAF 5 – Financial Accounting and Reporting – I
By Ammad Ali
Financial Accounting and Reporting – I (CAF-5) paper is one of the building block of Chartered Accountancy qualification. Beside its importance from exam view point, Accounting is very much related to practical life.
In order to conquer the ICAP’s examination, students need a detailed analytical approach to master the basic concepts. Financial Reporting is a subject that requires deep understanding of IFRS and its applications. This course is designed in a way that will equip the students with the right skillset to develop deep understanding and enhance their analytical skills.
1. Comprehensive syllabus coverage.
2. Discussion on tips & tricks to attempt the exam efficiently.
3. Detailed full length mock test with past paper coverage.
4. Live communication on WhatsApp groups to address queries/questions.
5. Special assistance available on the day before final exam.
Mr. Ammad Ali is currently faculty member of RAET of ICAP and ICMAP with 11 years of experience of teaching professional qualifications like CA & CMA. He spent his 11 years as full time teacher and approximately 35,640 floor hours on teaching the following subjects:
1. Quantitative Techniques (30 batches)
2. Introduction to Accounting (22 Batches including Module B)
3. Introduction to Economics & Finance (22 Batches)
4. Financial Accounting & Reporting 1 (22 Batches including Module B)
5. Principles Of Taxation (21 Batches)
6. Financial Accounting & Reporting 2 (21 Batches)
According to his students’ reviews, he is proficient in all above mentioned courses. Due to multi subject teaching he is able to connect the subjects and explain relationship among them.
Preparation of financial statements in accordance with IFRS and its interpretation
- IAS 1 Preparation of financial statements (preparation of statement of changes in equity only)
- IAS 7 Preparation of statement of cash flows (other than consolidated statement of cash flow)
- Interpretation of financial statements and ratio analysis including limitations of financial statement and ratio analysis
Preparation of income & expenditure account, accounts from incomplete records and manufacturing account
- Accounting for non-profit organization / Income and expenditure account
- Preparation of accounts from incomplete records
- Maintenance of factory ledger and related accounting entries and preparation of manufacturing account.
Other areas of IFRS
- The conceptual framework for financial reporting
· Recognition and measurement of the elements of financial statements
· Concepts of capital and capital maintenance
- IAS 16 Property, plant and equipment (revaluation and disclosure)
- IAS 20 Accounting for government grants and disclosure of government
- IAS 23 Borrowing Costs
- IAS 36 Impairment of Assets (other than cash-generating units CGU)
- IAS 40 Investment Property (other than lease issues)
- IFRS 15 Revenue from Contracts with Customers