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FR Important Points - CA Ajay Agarwal (AIR 1)

1. Ind AS 116 - Whether Lease Payments are to be considered at Year Beginning or Year End?

Lease payments are considered at year end except in following 2 cases where it is considered at year beginning:
(i) Specifically mentioned in question.
(ii) Hint given in question regarding the same like
--> Lease incentive payable at beginning
--> Payment is due at beginning date (eg. 1st January in case of calender year)


2. Mainly Ind AS 116 & 109 - Where to use Revised Discounting Rate & Original Discounting Rate?

In whole FR, Revised Discounting Rate is used except in following 4 cases where Original Discounting Rate is used:
(i) Ind AS 109: Modification of FA [Step 2]
(ii) Ind AS 109: Modification of FL [Step 1]
(iii) Ind AS 116: Case B Modification [Step 5 - Gain/loss due to decrease in lease term]
(iv) Ind AS 116: Insignificant Remeasurement


3. Mainly Ind AS 116 & 109 - Format for calculation of PV when there are same cash flows in each period

It can be done either
1. Using PVAF or
2. Making full table & taking separate PV factors
Both formats are allowed (minor round off difference can arise, which is allowed in exams)

4. Ind AS 109 - Whether Convertible Instrument is Compulsory Convertible or Convertible at Option of Holder/Issuer?

It is assumed as convertible at option of holder unless specifically mentioned in question

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CA Final NOV 24 Exam Day Validity Batch (Target Exemption)

- All concepts coverage
- 100% Questions of QB are solved in Class

Link to Join -

FR - https://air1ca.com/product/ca-final-fr-nov-24/

AFM -
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AUDIT -
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DT - https://air1ca.com/product/ca-final-dt-nov-24/

IDT - https://air1ca.com/product/idt-nov-24/

Last Date for Registration - 12th October 2024

A lot of students are asking for solution of *Case scenarios given in Mock test papers* released by the ICAI for IDT

Please Note *all those case scenario are covered in the Case scenario solution videos* uploaded on YouTube (can be referred)

For your reference

1) CS-1 of MTP-1: CS 9 (Solved in 1st Part)

2) CS-2 of MTP-1: CS 7 (Solved in 1st Part)

3) CS-3 of MTP-1: CS 12 (Solved in 1st Part)

4) CS-1 of MTP-2: CS 8 (Solved in 1st Part)

5) CS-2 of MTP-2: CS 10 (Solved in 1st Part)

Kindly watch referred videos for the same

*Part-1*
https://youtu.be/SCfjfgew5E0?si=Kxo7GWOIlurpRiw_