CA Final Financial Reporting (FR): Classes, Syllabus and Study Material

Where FR fits in CA Final

FR is the first of three Group I papers; the other two are Paper 2: Advanced Financial Management and Paper 3: Advanced Auditing, Assurance and Professional Ethics (ICAI FAQs, Q 4.3). It is a closed-book paper (Q 4.8), and since the May 2026 exam CA Final has been held twice a year, in May and November (ICAI announcement, 6 April 2026).

In the November 2026 exam, FR is the opening paper: Monday, 2 November 2026, 2 PM to 5 PM, with 15 minutes' reading time from 1.45 PM (ICAI Guidance Notes for Final, November 2026; exam announcement of 2 May 2026). The CA Final exam dates guide has the full timetable. FR follows the same pass rules as every Final paper: 40% in each paper and 50% in the group aggregate, with a paper exemption for 60% or more if you fail the group (Q 4.10 and Q 4.11); CA Final subjects under the new scheme explains them in full.

What CA Final FR classes cover

A good FR class follows ICAI's Final syllabus for Paper 1 section by section. ICAI groups the syllabus into eight sections and gives each a weightage range, issued on 26 October 2023 and applicable from the May 2024 exam until ICAI changes it.

Objectives of the paper

ICAI's syllabus sets four objectives for the paper:

• solve problems in practical scenarios on Ind AS, to decide the right accounting treatment and frame suitable accounting policies;
• recognise and apply the disclosure requirements of Ind AS when preparing and presenting financial statements;
• prepare financial statements of group entities, including subsidiaries, associates and joint arrangements; and
• understand certain Accounting Standards (AS) and solve practical problems where the treatment differs between the standards.

Syllabus topics and weightage

Source: ICAI, Section-wise Weightage, Final (issued 26 October 2023).

The syllabus adds that new or amended Ind AS enter the syllabus from a date ICAI notifies, and that the specific inclusions and exclusions in each topic are set every year through ICAI's Study Guidelines. Both affect what a class should teach for your attempt.

Amendments and exclusions to check for your exam

Ind AS amendments issued in 2025

ICAI's Study Guidelines for the May 2026 exam made the limited revisions to Ind AS issued by the Ministry of Corporate Affairs on 7 May 2025 and 13 August 2025 applicable from that exam. Part I of the FR Revision Test Paper for November 2026 covers the same two amendments:

• G.S.R. 291(E), 7 May 2025: Ind AS 21 now covers a "lack of exchangeability", that is, how to assess whether a currency can be exchanged into another and how to estimate the spot rate when it cannot. It applies to annual periods beginning on or after 1 April 2025.
• G.S.R. 549(E), 13 August 2025: classification of liabilities as current or non-current, and non-current liabilities with covenants (Ind AS 1); disclosure of supplier finance arrangements (Ind AS 7 and Ind AS 107); and the Pillar Two model rules (Ind AS 12).

If you use recorded lectures, check that they cover these changes. ICAI's Compendium of Indian Accounting Standards (2025-2026) includes both amendments, if you want the bare text.

Topics excluded from the syllabus

For the May 2026 exam, ICAI's Study Guidelines excluded:

• Appendix B of Ind AS 16 (stripping costs in the production phase of a surface mine);
• Appendices A and B of Ind AS 37 (decommissioning, restoration and environmental rehabilitation funds; waste electrical and electronic equipment); and
• Ind AS 29 (hyperinflationary economies), Ind AS 106 (mineral resources), Ind AS 114 (regulatory deferral accounts) and Ind AS 117 (insurance contracts).

The same document explains that a newly notified Ind AS becomes applicable for the exam only one year after its notification, and that Ind AS 117, notified on 12 August 2024, is excluded as an industry-specific standard. Accounting Standards (AS) are not part of the syllabus, but questions on the differences between Ind AS and AS 7, AS 9, AS 19 and AS 22 may be asked.

BoS's study material list for November 2026 says to read the material with the Study Guidelines for November 2026. We could not find that edition on the BoS Knowledge Portal on 6 October 2026, so check the portal for the Study Guidelines of your own exam before relying on the list above.

How FR builds on Intermediate accounting

Financial reporting is about how a company reports its performance and financial position to investors, lenders and other users who base economic decisions on it. You study Accounting in Foundation Paper 1 and Advanced Accounting in Intermediate Paper 1 (ICAI FAQs, Q 2.9 and Q 3.13); at Final, Paper 1 is about applying Ind AS to practical cases.

In its Ind AS chapters, ICAI's FR study material sets out the significant differences from the corresponding AS "so that students appreciate and recapitulate their learning done at Intermediate level". It also states that certain Ind AS, or parts of them, are excluded from the study material, and that the syllabus coverage should be read from the study material together with the Study Guidelines. Use the study material, not a coaching book, to decide where the syllabus ends.

What the FR exam paper looks like

FR has 30 marks of case-scenario or case-study based MCQs and 70 marks of descriptive questions (ICAI FAQs, Q 4.7). ICAI's Guidance Notes for the November 2026 Final exam add the MCQ rules: each carries 1 or 2 marks and has four options, all are compulsory, wrong answers lose no marks and no reasoning is needed. You mark them in the OMR portion on the cover page of the answer book.

The May 2026 FR paper, with ICAI's suggested answers, shows how this works:

• Part I (30 marks): 15 MCQs of 2 marks each. Twelve were set on three case scenarios and three were short standalone questions; the last asked which situation is not a self-interest threat for a chartered accountant.
• Part II (70 marks): Question 1 was compulsory, and candidates answered any four of the other five questions. Working notes count as part of the answer.
• Question 1 (14 marks): journal entries for a business combination under Ind AS 103, followed by a consolidated balance sheet. With group accounting at 10% to 20% of the marks, practise full consolidations in writing, not just the MCQs.

FR study material, RTPs, MTPs and past papers

All the PDFs linked below are free on icai.org or the BoS Knowledge Portal.

ICAI study material

• Edition: ICAI's FR study material page is headed "Applicable for May 2026 Examination & Onwards" and arranges 17 chapters in five modules. BoS lists the November 2024 edition (reprint August 2025 onwards) plus the November 2026 RTP for the November 2026 exam.
• Inside each chapter: learning outcomes, illustrations, a QR code that links to a summary of the Ind AS, and "Test Your Knowledge" questions with answers. According to its introduction, each module ends with practice questions and an Ind AS crossword puzzle.
• Hindi medium: ICAI also publishes the FR study material in Hindi.
• Printed copies: once you register for the Final course, ICAI emails you login details for its CDS portal, where you order the printed FR modules (FAQ, Q 4.4).

Revision Test Papers and Mock Test Papers

• RTP: the November 2026 FR RTP has two parts: Part I explains the amendments applicable for the exam, and Part II has questions and answers.
• MTP: FR opened both Mock Test Paper series for the November 2026 exam, on 9 September (Series I) and 23 September 2026 (Series II), 2 PM to 5 PM, held in physical or virtual mode. ICAI posts the question papers and answer keys on the BoS Knowledge Portal and the BoS mobile app (announcement of 10 August 2026).

Past papers and suggested answers

ICAI's Final course question papers page has six new-scheme FR papers so far: May 2024, November 2024, May 2025, September 2025, January 2026 and May 2026. Suggested answers are published separately; the May 2026 set includes Paper 1. Attempt each paper in three hours, MCQs included, before you read the answers.

Free ICAI FR classes and choosing a paid course

BoS teaches FR free of charge in live Zoom classes that come with recorded lectures, notes, assignments and MCQs, according to its class announcements. The announcements list three ways to access them: the BoS Knowledge Portal, the ICAI BOS mobile app and ICAI CA Tube on YouTube.

Paid FR coaching varies a lot: live or recorded, English or Hindi, with or without test series. When comparing courses, we suggest checking these points before the fee:

• The lectures follow the new-scheme syllabus and cover all eight sections, including ethics and technology, not just the core Ind AS.
• They are updated for the amendments in the RTP for your exam.
• The course makes you write ICAI's past papers and MTPs to time, including the MCQ part.
• Recordings stay available until your exam, and you can get doubts answered.
• If you plan to answer in Hindi, the lectures are available in Hindi too.