CAF-7 Financial Accounting and Reporting – II

By Ammad Ali
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)


Ammad Ali

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 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

  • Ethics
    · Fundamental principles (sections 100 to 150 of the Code of Ethics for
    Chartered Accountants)
    · 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)


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