Where Should You Study Accounting Standards for CA Intermediate?
Avoiding Complex Textbooks and Focusing on Simplified Learning
When preparing for the Chartered Accountancy (CA) Intermediate examination, choosing the right study material is crucial. For accounting standards, a variety of resources are available, ranging from direct study materials provided by the Institute to external textbooks. However, it's advisable to start with the official materials provided by the Institute, as these are specifically designed to prepare candidates for the exam. Here are some key points to consider:
Official Study Materials: A Solid Foundation
In my opinion, the best way to start is by reading from the Institute's material. This is often sufficient for preparing for accounting standards. The Institute usually provides comprehensive study materials, including problem and solution modules (PM), that cover all important topics. These materials are a great starting point because they align perfectly with the exam syllabus and often contain enough questions to help candidates understand and apply the concepts effectively.
Once you have completed the Institute's study material, you can enhance your preparation by referring to practice manuals. These manuals, which were applicable for the Institute of Chartered Accountants of India's (ICAI) Intermediate Professional (IP) students, contain common topics and are invaluable for additional practice. Additionally, attempting past question papers can be highly beneficial as they test your understanding of the concepts and provide insights into the examination pattern.
It's worth noting that the Institute sometimes directly asks questions from the study material during the exam. During my own attempt, I remember a question from the revision test paper appearing in the actual exam. Therefore, it's crucial to thoroughly review the study material and practice test papers to ensure comprehensive preparation.
Supporting Resources: Accounting Standards Made Easy
For a more conceptual approach, the book Accounting Standards Made Easy by Ravi Kanth Miriyala is an excellent resource. This book is known for its clear explanations and adequate use of examples, known as concept capsules, which help in understanding the implications of accounting standards. At the end of each accounting standard (AS), there is a quick chart along with previous year's exam questions and solutions, making it an indispensable tool for revision and practice.
While I don't have personal experience with other textbooks, this book has been well-received and recommended by many. It strikes a balance between simplicity and depth, making it a valuable resource for students who want to strengthen their conceptual understanding.
Stay Updated with Relevant RTPs
As mentioned by Mohit Budhiraja and ICAI, if you're registered under the new syllabus, you can refer to the study material and practice manuals for the old syllabus to brush up on your skills. For overlapping topics, the content remains the same, ensuring a consistent approach to learning.
The MCA website also provides the bare text of accounting standards, which can be sufficient for further reference. However, it's essential to stay updated with relevant RTPs (Reference Text Papers) relevant to your examination. These papers will keep you informed about any necessary amendments or changes in the accounting standards, helping you to stay prepared and informed.
In conclusion, combining official study materials with additional resources like Accounting Standards Made Easy and staying updated with relevant RTPs is a robust approach to mastering accounting standards for the CA Intermediate examination. These resources not only cover the necessary content but also enhance your understanding and application of the standards, increasing your chances of success in the exam.
Wishing you all the best in your preparation!
Mohit Budhiraja