✅ Summary of IND AS 115 – Revenue from Contracts with Customers

👨🏻‍🎓 By CA Divyesh Vaghela

═══════ ♢.✰.♢ ═══════

🔗 FR Important Questions List for Nov 24
https://t.me/Divyesh_Vaghela/1477

1. If the variable consideration is constraint then don’t include in transaction price. If the Variable consideration is not constraint (That is there Is High probability that significant reversal will not Occur) then we will include it in the transaction price.

2. The consideration for the goods which will be returned will not be recognised.

3. Discount rate to be taken In case of significant financing component

- The rate that would be applied if a separate financing transaction was done (INCREMENTAL BORROWING RATE)
- If not available then IRR.

4. Non cash consideration (that is in case of barter) Lacks commercial substance - NO REVENUE RECOGNITION

Has commercial substance-

- FAIR VALUE of consideration received
- If not available then STANDALONE SELLING PRICE OF ASSET GIVEN UP

5. Subsequent changes in the fair value of the non cash consideration due to change in its form cannot be adjusted to its transaction price

6. In case of sale and repurchase revenue should not be recognised

- If repurchase price > selling price : Loan (Since we are paying back more it will be considered as paying back the loan along with the interest )

- If repurchase price < selling price : Lease (Since we are paying back less we will assume that we have given it for lease so we are deducting lease rent and only balance security deposit we are giving back)

7. In case of discount voucher or points we need to credit LIABILITY ON CUSTOMER LOYALTY PROGRAM account and transfer to revenue only when it is redeemed or when the voucher has expired.

8. In case of contract acquisition cost - recognise as an asset and amortise over the period of the contract (including renewal period)

9. In Case of contract fulfilment cost

- If covered under other Ind as - as per other Ind as
- If not covered-recognise as an asset and amortise over the period of the contract (including renewal period)

10. Service concession (Eg toll road)

- If unconditional right to receive cash-Financial assets
- Right to operate or collect toll-Intangible asset

⬅️ AFM IMP List, Theory Notes, Chapterwise Trend Analysis, BOS MCQs

═══════ ♢.✰.♢ ═══════

𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️

ĦΔPP¥ ŞŦỮĐ¥ Ҝ€€P ŞĦΔŘIŇG

✅ 56 Marks FR Questions were asked from Important List provided

Very limited number of questions given in list & then also exact same questions came 😍

➡️ Check that Important Questions List
https://t.me/Divyesh_Vaghela/1477

══════ ♢.✰.♢ ══════

📍 Q.1 - Ind As 110 (14 Mark) - drafted from TYK 5

📍 Q.3a - Ind As 40 (8 Mark) - TYK 8

📍 Q.4a - Ind As 16 (6 Mark) - Similar to Illustration 13

📍 Q.4b - Ind As 102 (8 Mark) - Similar to Illustration 10 & TYK 8

📍 Q.5a - Ind As 115 (5 Mark) - RTP May 19 - Q.4

📍 Q.5c - Ind As 1 (4 Mark) - TYK 9

📍 Q.6b - Ind As 16 (5 Mark) - TYK 9

MCQs Case Study - Tara Ltd. (6 Mark)
Below Same Questions were asked
IND AS 37 - TYK 1
IND AS 115 - Illustration 65
IND AS 108 - TYK 4


Remaining question concepts were also covered in Imp, but only questions with the exact same wording are listed here.

Note - I haven't given 300-400 imp questions. Very limited number of questions were given as highly important from each chapter.

Download AFM All Resources
📍 AFM IMP Questions List
🔗 AFM MCQ Booklet
⬅️ Chapterwise Marks - Trend Analysis
🔗 Theory Colorful Notes

══════ ♢.✰.♢ ══════

𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️

ĦΔPP¥ ŞŦỮĐ¥ Ҝ€€P ŞĦΔŘIŇG❤️

✅CA Final | AFM Other Chapters Newly added Theory in ICAI SM 2024 :

👨🏻‍🎓 By CA Divyesh Vaghela

It is advisable to Focus on pure theory chapters only as all questions will be from them. Just one theory question can be asked from other chapters, so for other chapters, focus more on practical.

Still if you want for other chapters theory you can refer only newly added topics as high chances that icai can test from it.

First Must Refer this 5 Main Theory Chapters Notes
https://t.me/Divyesh_Vaghela/1435

Analysis of Que Asked in May 24 Exam

✅CA Final | AFM Theory Colorful Notes :

👨🏻‍🎓 By CA Divyesh Vaghela

☑️ Coverage

➨ Covered 5 Main Theory Chapters
➨ Bolded Imp points & Keywords
➨ All Possible Variations that can be asked given in question form with topic as 'OR'
➨ Newly added theory specifically written

Nov 24 RTP & MTP Everything covered

📍It's not summary or only headings notes. it have Exhaustive coverage in a well-presented, formatted, & concise manner.

AFM All resources
📍 AFM IMP Questions List
🔗 AFM MCQ Booklet
⬅️ Chapterwise Marks - Trend Analysis

✅ 68 Marks AFM Paper Questions were asked from Important List provided

Here i have covered only those question which were same from Limited imp given - other questions were also manageable if you have covered all imp bcz it was of similar concept only.

➡️ Check that Important Questions List
https://t.me/Divyesh_Vaghela/1468

═══════ ♢.✰.♢ ═══════

📍Q.1b - Derivative (4 mark) - Illustration 5

📍Q.1c - Financial Policy & Corporate Strategy (4 mark) - Q.2 in Theory booklet

📍Q.2a - Mutual Funds  (6 mark) - TYK 14

📍Q.3a -  IRRM (6 mark) - TYK 1

📍Q.3b - FOREX  (8 mark) - TYK 51

📍Q.4a - Derivative  (6 mark) - Similar to TYK 13

📍Q.4b - Business Valuation (4 mark) - TYK 10

📍Q.4c - IRRM (4 mark) - TYK 5

📍Q.4c Startup Finance (4 mark) - Q.4 in Theory booklet

📍Q.5a -  International Financial Mgt (6 mark) - TYK 1

📍Q.5b - Security Valuation   (4 mark) - TYK 18

📍Q.6b - Forex  (6 mark) - TYK 50

📍Merger Case Scenario (6 Mark) - TYK 5

Other MCQ Case Scenarios were also from imp & study material but it was drafted differently.

Note - I haven't given 300-400 imp questions. Very limited number of questions were given as highly important from each chapter.

══════ ♢.✰.♢ ══════

𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️

ĦΔPP¥ ŞŦỮĐ¥ Ҝ€€P ŞĦΔŘIŇG❤️

✅CA Final | Audit Chapterwise Marks - Trend Analysis | for Nov 24

👨🏻‍🎓 By CA Divyesh Vaghela

May 24 Chapterwise Weightage
& Included ICAI New Course Weightage also

══════ ♢.✰.♢ ══════

⬅️ Audit Priority Topics
🔗 Common Keywords to Write
👁 May 24 Paper Analysis

➡️ Some Common Keywords to be used in Audit Paper 

👨🏻‍🎓 By CA Divyesh Vaghela

═════ ♢.✰.♢ ═════

- Limitation on scope of audit due to circumstances
- Inquiry of management and TCWG
- Internal control system
- Consider impact on audit opinion as per SA 705
- Alternate audit procedures
- Sufficient and appropriate audit evidence
- Compliance with laws and regulations
- Material misstatement
- Existence and completeness
- Independence, integrity, and objectivity of auditor
- Operating effectiveness of controls
- Auditor's responses to the assessed risks
- Assertions regarding transactions, balances, and disclosure
- Substantive procedures/test of details
- Compliance procedures/test of controls to be used while answering on further audit procedures
- Nature, timing, and extent of audit procedures
- Re-evaluate reliability and integrity of management
- Discuss the matter with those charged with governance
- Going concern considerations
- Analytical review procedures for financial statements and in relation to material transactions

🔗 Must Read - When to use such keywords
https://t.me/Divyesh_Vaghela/1523

⬅️ Audit Priority Topics
📍Chapterwise Marks - Trend Analysis
👁 May 24 Paper Analysis

══════ ♢.✰.♢ ══════

𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️

ĦΔPP¥ ŞŦỮĐ¥ Ҝ€€P ŞĦΔŘIŇG❤️

✅CA Final | IDT Latest MCQs & Case Scenarios Booklet :

👨🏻‍🎓 By CA Divyesh Vaghela

☑️ Coverage

➨ Chapterwise ICAI BOS MCQs
➨ RTP MTP Case scenarios also covered
(Including the latest from Nov 24)
➨ All MCQs categorized by difficulty level (S: simple, M: medium, D: Difficult)

Must refer Case scenarios, It's V.IMP.
ICAI is picking the exact same case scenarios & asking them in MTP.

📍Check other subjects MCQ Booklet
https://t.me/Divyesh_Vaghela/1135

⬅️ Chapterwise Marks - Trend Analysis

✅ CA Final | ICAI Module Index for IBS :

Take separate prints of this so that in the exam, you don't have to open bulky ICAI module again and again.

Must Read this Strategy - How to score good marks, tackle new que & Use of ICAI Index
https://t.me/Divyesh_Vaghela/1561

═══════ ♢.✰.♢ ═══════

📍 FR :
https://t.me/Divyesh_Vaghela/1554

📍 AFM :
https://t.me/Divyesh_Vaghela/1555

📍 Audit  :
https://t.me/Divyesh_Vaghela/1556

📍 DT :
https://t.me/Divyesh_Vaghela/1557

📍 IDT :
https://t.me/Divyesh_Vaghela/1558

📍 Law - Self-Paced :
https://t.me/Divyesh_Vaghela/1559

📍SCMPE - Self-Paced :
https://t.me/Divyesh_Vaghela/1560

📍IBS Compiled Case Studies :
https://t.me/Divyesh_Vaghela/1319

📍Multidisciplinary Case Study Digest
https://t.me/Divyesh_Vaghela/1315


#️⃣ Compiled ICAI Study Material
https://t.me/Divyesh_Vaghela/978

📍 IBS Latest - Case Study Digest
⬅️ Multidisciplinary Case Study Digest
(Old Course)

═══════ ♢.✰.♢ ═══════

𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️

ĦΔPP¥ ŞŦỮĐ¥ Ҝ€€P ŞĦΔŘIŇG

➡️ Must Read this for IBS Paper

👨🏻‍🎓 By CA Divyesh Vaghela

═══════ ♢.✰.♢ ═══════

First, if you see May 24 paper, ICAI had asked all questions from the ICAI module.

For practical questions, ICAI had picked same Questions from TYK & Illustrations.

So, make sure to carry ICAI module with you.

Eg. May 24 paper with reference of ICAI SM
Q1.6 - IND AS 8 - same Illustration 2 (pg 4.15)
Q1.7 - Audit Reporting - Same TYU Q.3 (pg 7.97)
Q1.8 - SCMPE Chap 4 - Illustartion 5 (pg 4.35)

Even for theory subjects also,
Avoid summary notes, because we never know from which part ICAI can ask questions, and if you have ICAI exhaustive module, then you can find all questions from it.

In the Exam, Follow this for New Theory Questions.
First, identify the subject of descriptive question, then try to find which chapter it belongs to. Then, come to the ICAI module index and search for the topic asked in the question.

Before going to the exam, have a look at the ICAI Module index for theory & for practical subject to get idea of each chapter so that you can identify the chapter names & questions (practical TYK & Illustration) quickly during the exam.

For practical subject questions, ICAI will ask same questions from TYK & Illustrations given in the Module. So, for that also, take the module. Compiled ICAI module :

If ICAI wants to repeat other question, they will do it from their IBS Case Study Digest or possibly from the Old course Multidisciplinary Case Study Digest.

Still Most of questions you will find same from ICAI Module only.

Also, take a Separate print of the ICAI Module Index so that you can quickly find the same without opening modules.
Here, I have Separately given all the ICAI Module Index.
https://t.me/Divyesh_Vaghela/1553

Law, SCMPE, Audit - Must take print of this ICAI Module index separately

I know you have to carry so many materials, but try to arrange everything in simple manner now, like you can attach the various Sticky notes for your ease.