CAF 7 – Financial Accounting and Reporting – II (Regular/March 2021)
By Hasnain R. Badami
Financial Accounting and Reporting – II (CAF-7) 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.
ICAP’s examination require analytical approach to conquer the examinations. The basic problem of the majority students is that they want repeated situations and root learning which create hardship to achieve the goal. Financial Reporting papers require understanding as well as application of IFRS so that they can face any practical scenario of corporate world. For this purpose we have designed a examination focused course that will not only develop understanding but it will enhance your analytical skills to apply IFRS.
1. 45 hours examination focused course that will cover all the relevant topics of syllabus.
2. Special focus on key areas that will help to pass exams
3. Time management by introducing the concepts of smart workings
4. Question Bank that will cover pastpapers and MCQ’s
5. Separate whats app group for queries.
6. Last day help (Announced Later)
Hasnain R. Badami
Hasnain Raza Badami is a qualified Chartered Accountant with cumulative experience of 11+ years in the profession. He also holds a master’s degree in Philosophy – with critical thinking as his area of research interest. His particularly versatile academic background from humanities and business is what makes his classrooms a thoroughly intriguing experience.
Hasnain believes in learning through experience and stories. His real life stories come from his equally diverse experience working in large local and multinational organisations, as well as from training professionals, teachers, and students. More specifically, he has worked with Ernst & Young (Karachi, Dubai and Jeddah offices) and also with Internal Audit function at Engro Polymer before he finally quit Engro to pursue his passion for learning and development work. Presently, he is the co-founder and Director of Ingenium Business solutions that is working in leadership, finance, and digital learning space.
Preparation of Financial Statements in accordance with the Companies Act 2017 and IFRS
- Preparation of financial statements of limited companies in line with the
requirement of the Companies Act, 2017 and International Financial
Reporting Standards (excluding liquidations, reconstructions and mergers)
- Preparation of consolidated financial statements (one subsidiary)
· IFRS 3 Business combinations (goodwill and cost of investment)
· IFRS 10 Consolidated financial statements (Preparation of consolidated statements of financial position and comprehensive income)
· IAS 28 Investment in associates and joint venture (Equity method
and test of one associate)
- Accounting policies, changes in accounting estimates; and errors (IAS8)
Accounting for non-current Assets
- IFRS 9 Classification, recognition and measurement of financial assets and liabilities Other than derivatives -Financial Instruments
- IFRS 16 Leases (Excluding modification, sale and lease back and reassessment)
- IAS 38 Intangible assets Recognition, de-recognition, measurement, amortization and measurement after recognition of non-current
assets (including SIC 32 Intangible Assets – Web Site Costs)
- IAS 41 Agriculture
Ethics and other areas of IFRS
· Fundamental principles (sections 100 to 150 of the Code of Ethics for
· An understanding of ethics relating to preparation and reporting
of financial information (Section 320 of Code of Ethics for Chartered
- IFRS 8 Operating Segment
- Events occurring after the reporting period (IAS-10)
- IAS 37 Provisions, contingent liabilities and contingent assets (including
IFRIC 1 changes in existing decommissioning, restoration and similar
- IAS 12 Income Taxes (other than Business combination)
- IAS 21 The effects of changes in foreign exchange rates (foreign exchange transactions)