Best Study Materials for Practical Subjects for CA-Final Exams
With so many study materials and reference books available in the market these days for the CA course, you might get confused about which one you should refer to before an exam. It is impossible to go through all, and not all are that promising that can guarantee you good results. The below list is for your additional practice to write the answers more confidently and quickly in the exam. This blog will provide you which study material or reference books you must have referred to before appearing for the CA-Final exam.
The blog is divided into four sections - the first section discusses the best study material for Financial Reporting, the second part about the best study material for Strategic Financial Management, the third section will provide the list of the best books for Strategic Cost Management and Performance Evaluation, and in the last section, you will see the list of the best reference books for Direct Tax Laws and International Tax Laws.
Best Recommended CA-Final Study Material and Reference Books
When we talk about the best study material for CA exams, it is always the study material provided by the ICAI, and you must study from the books you received from the Institute. Moreover, ICAI also provided a practice manual, Revision Test Papers, and Mock Test Papers, which are highly recommended for all the students. The books below will enhance your understanding and are for additional practice purposes.
Best Financial Reporting (FR) Books
- M P Vijay Kumar’s First Lessons in Financial Reporting
M P Vijay Kumar is a renowned Chartered Accountant, Cost Accountant, Company Secretary and serves as the Chief Financial Officer of Sify Technologies and one of the Board Directors of Sify Technologies Singapore Pte Ltd. He is a member of IFRS Advisory Council 2019-21, a SEBI Committee on Disclosures in Accounting, and a Council Member of ICAI.
This book is available in two volumes which is the latest edition of January 2021 and therefore, you can refer to the book for your November 2021 exams. The book covers the new syllabus along with more than 550 problems and case studies. The author has updated the book with the latest standards on Financial Instruments. The solved problems are given along concerning the Companies Act 2013 and Schedule III. You will also get the past exam paper questions with solutions in this book. It is an all-in-one book for you to practice questions and case studies.
- Dr. D. S. Rawat’s Student’s Guide to Ind ASs (Converger IFRSs)
Sir D S Rawat had been a synonym to the Accounting Standards. He was the senior-most partner of Bansal & Co, a CA firm. He has understandably written the books, and for most CA students, this book proves to be a savior. Accounting Standards are generally written technically when issued by the governing body. Sir D S Rawat converts the language into a simple form and offers CA students practical problems which are not readily available.
The book contains comprehensive material for the Ind ASs applicable for November 2021. The book provides an extensive explanation of each Ind ASs understandably and straightforwardly. For practice, the various provisions are explained with examples. It also explains the differences between the Ind ASs and the IFRSs. He has also provided suggested answers to the past question papers. The Book is developed with a six sigma approach to maintaining the zero error benchmark.
Best Strategic Financial Management (SFM) Books
CA(Dr) K M Bansal, CA Anjali Agrawal’s Strategic Financial Management
CA(Dr) KM Bansal is a Gold Medalist from Shri Ram College of Commerce and he secured a University Rank in his Master of Commerce Studies. He also completed his M.Phill Studies in Accounting and Finance. He is currently an Associate Professor in the Department of Commerce, B.R. Ambedkar College, University of Delhi.
The book offers a complete understanding of the course and the past exam papers, RTPs, and MTPs. It also provides the trend analysis of the last five attempts so that you can prepare accordingly. Each chapter in the book explains how much weightage it has in the exam and that additional practice problems are also provided for extra practice. For the new syllabus, this book is highly recommended.
V Pattabhi Ram and SD Bala’s First Lessons in SFM
CA V Pattabhi Ram is a CA from Chen, an eloquent speaker, writer, teacher, and ex-Deloitte employee. The writing and teaching skills are combined in a book, creating the best-recommended book for SFM. Most students refer the reader to the old syllabus. It can also be referred to for the new syllabus as the changes in the new syllabus are quite a few and do not make much difference on the conceptual clarity part.
The book covers all the chapters in a simple-to-read language. It explains the formula in the most straightforward manner, and the concepts are explained well for your easy understanding. The book is designed o consider the advanced level of knowledge expected in the exam. Hence, the inclusion of past questions, mock test papers, and revision test papers makes it a comprehensive study material.
Best Strategic Cost Management and Performance Evaluation (SCM & PE) Books
CA B. Saravana Prasath’s Padhuka
CA B. Saravana Prasath is a rank holder in all the three levels of the CA course - First rank in CA-Final, Third in CA-Inter, and Tenth rank in CA-Foundation level. He also secured the Fourth rank in his graduation studies. With such an academic record, he has put his knowledge and experience in the book to help students study more comfortably.
Padhuka’s book is highly recommended for the CA-final students as it covers a lot of practical problems and has a transparent approach to conceptual clarity. It also contains past papers’ suggested answers and additional practice problems to get hands-on sums. Its theory part is also explained quite well, and hence, it serves both purposes.
CA Sanjay Agrawal’s SCM & PE
CA Sanjay Agrawal is a veteran teacher teaching CA students various subjects. His concepts on costing are pretty straightforward, and he can explain them in a better way by publishing a book in two volumes. He makes the complex chapters into an accessible and understandable format—students who self-study for the course often select their online video coaching to grasp a concept better.
The book is available in two volumes where he covers more problems of practical applications and case studies to give the students enough practice before they appear for the exam. The inclusion of the past question papers with solutions and the mock test paper solutions are presented so that the students will quickly learn what is precisely asked and how to write the answer.
Best Direct Tax Laws and Indirect Tax Laws (DT) Books
Vinod Gupta’s Direct Tax Modules
CA Vinod Gupta has been teaching Direct Tax to CA students and ACCA students. He also teaches IFRSs and International Taxation to the students. He has his own coaching institution ‘VGLearning,’ where he also provides video lectures for his availability across the country. He explains the concepts in-depth, and students can interpret the way any practicing CA would solve.
The five modules of Vinod Gupta’s contains comprehensive study material for CA-Final students. The book is updated for the November 2021 exam to incorporate all the amendments. The entire study material is divided into five different modules - Module 1 explains Profits or Gains of Business or Profession, Module 2 is for Assessments, Penalties, and Appeals. Module 3 includes Taxation of Various Entities - Available; Module 4 explains Income from Capital Gains and Other Sources. In contrast, the last Module 5 explains exclusively International Taxation.
There are other authors whose books are quite helpful for students of CA-final. However, they have not yet published the updated books for November 2021 attempt. Below is the list of such authors whose books you can refer to once they post the latest edition books.
Student’s Guide to Income Tax Including GST (Problems with Solutions) by Dr. V.K. Singhania and Dr. Kapil Singhania
Direct Tax Compact Vol.I & II plus Compiler by CA Bhanwar Borana
Direct Tax Laws & International Taxation (Problems and Solutions) by CA V.Rahul Agrawal
Direct Taxes - A Ready Reckoner by CA G. Sekar
The above books are reviewed personally and selected based on the successful students’ recommendations. The above-listed books are being referred by many students and are sufficient for self-study and those who take assistance from coaching.