FAR-1 (September 2024) Revision plan CAF-01

REVISION PLAN FAR-1 SEPTEMBER 2024

Note:
1. You are advised to revise the course in the order of lectures delivered in class
(use lecture notes) and refer your class register for complete coverage of
concepts.
2. All test questions are very important, so once the topic is revised, also attempt
the test questions.
3. The lecture number mentioned in these pages is the overall lecture number.
IAS-20 • Read page 1 – 9 of book (up to the extent taught in class),

Concept building questions:

1. Lecture notes Q-1 to Q-11 (Page 13 to 18)
2. Class example in lecture 46 – A2 (Forgivable loan with interest at market rate)
3. Example-07 & 08 on page 5 (Forgivable loans)
4. Example-09 on page 5 & Class example (Benefit of loan at below market rate of interest)
5. Example-12 on page 8 (Repayment of grant related to income)
6. Example-13 on page 9 (Repayment of grant related to asset)

Practice Set:
Q-3 & 4

Past Papers:
PP-1, 2, 3, 4, 5, 6

ICAP Question Bank:

QB-2, 3 and 4

MCQs
3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15

IAS-23 • Read page 49 (LO1 and LO2 along with example-1 on page 50), LO5.1 on Page 52
(Format of Calculation of Capitalization of Rate), (LO6 along with example-8 and
example-9 on page 55), page 56 (LO7 and LO8), (LO11 on page 62).

Concept building questions:

1. Basic practice Q-1 to Q-7 (Page 57 to 58)

Practice Set:
Q-10, 11, 15, 17, 22, 23, 24, 25

Past Papers:
Q-1, 3, 5, 6, 7 and 8.

ICAP Question Bank:

QB-1, 2, 3, 4, 5, 6, 7, 8

MCQs
1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12; 13; 14, 15, 16, 17 and 18

By: Umair Sheraz Utra, ACA. Page 1

FAR-1 (September 2024) Revision plan CAF-01

IAS-16 • Read page 116-118 (Determination of cost, Including Arman Enterprises Example)
• Read page 120-126 (including all examples)
• LO5 on page 127 & 128 (Change in accounting estimate with examples).
• Go through point 3 at page 135 (Cost of new assets).
• Read page 138 (LO9: Measurement after recognition), page 139 (LO10: Disclosure/note)
Concept building questions:
1. Example on page 119 (self-constructed asset)
2. Example-1 and Page 126 (Components of cost)
3. Q-49, 50 and 51 on page 159 and160 (Preparing asset account at Book value)
4. Q-68, 69 on page 166 & 167 & and (Preparing PPE note with disposal of a revalued
asset)
5. Q-71 & Q-74 (Revaluation at mid of year & revaluation with reducing balance method)
on page 167.
Practice Set:
Q-35 & Q-36
Past Papers:
Q-1, 4, 7, 8, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19
ICAP Question Bank:
Q-2, 3, 4 (Given in Test), 5, 8, 11, 13
MCQs
3; 4; 5; 6; 8; 9; 10; 13; 14; 15; 21; 22; 23; 24; 25; 27; 28; 29; 33; 34; 36; 39; 40; 41; 42; 43; 44; 45

IAS-40 • Very important: Read page 293 – 301 of book (up to the extent taught in class)
Concept building questions:
Q-1 and 2 on page 302
Practice Set:
Q-3 and 4
Past Papers:
Q-1 & Recent attempt question (Synthesia Limited).
ICAP Question Bank:
Q-1
MCQs
2; 3; 4; 5; 6; 7; 8; 9; 11; 12; 13; 14; 15; 16;17.

IAS-36 • Read theory on page 317 – 326 of book (up to the extent taught in class), table of
indicators (page 319) and table of future cash flows (page 320) are important. Do
Example 6,7,8,9 and 10
• LO4 (Concept of Reversal of impairment is important).
Concept building questions:
Q-1,2,3 & 4 on page 327 and 328
Past Papers:
Q-1,2, 3, 4, 5 and 6
ICAP Question Bank:
Q-1, 3, 4, 5 and 6
MCQs
6; 8; 9; 10; 12; 13; 17; 19; 20; 21; 22; 23; 24; 25; 26; 27; 29; 30; 31; 32; 33; 34; 35; 36; 37; 38;
39; 41,42 and 43.

By: Umair Sheraz Utra, ACA. Page 2

FAR-1 (September 2024) Revision plan CAF-01

Correction • Read page 366 – 374 of book (12 types of errors are very important)
of errors.
Concept building questions:
1. Practice Q-10 – Q-14 (page 374 – 375)
2. Q-3, 4 and 5 on page 376 along with Q-10 (Page 379)
3. Q-6 on page 376 (for discounts)
4. Q-i; ii; iii; iv; v and vi on page 377 (for markup / margin)
5. Q-i and ii on page 377 (for bad and doubtful debts)

Past Papers:
Q-4, 5, 6, 7, 8 and 9

ICAP Question Bank:

Q-2, 3, 4, 5, 6 and 7

MCQs
7; 11; 12; 16; 17; 18; 22; 28; 33; 34; 36; 45; 48; 49; 50; 51

Statement • Read page 431 – 438 of book (up to the extent taught in class).
of changes Practice Set:
in equity. Q-2

Past Papers:
Q-1 & 2.

ICAP Question Bank:

Q-2, 3, 5 and 6.

MCQs
1; 2; 3; 5; 6; 7; 8; 9; 10; 13; 14; 16; 17; 18; 19; 20; 21; 22; 27; 29; 30; 31; 32; 33

Conceptual • Read page 462 – 473 of book (up to the extent taught in class), memorize the highlighted
framework definitions and flow charts (Trees) drawn in class.
for
financial Past Papers:
reporting. Q-2; 4; 5 and 6

ICAP Question Bank:

Q-1 and 2.

MCQs
5; 8; 18; 20; 23; 24; 25; 26; 27; 28

IAS-08 • Read page 488 – 494 of book (up to the extent taught in class)

Practice Set:
Q-1 and 8.

Past Papers:
Q-1; 2; 3, 4,5,6 & Recent attempt question (Bard Limited) (given in test and solved in class)

ICAP Question Bank:

Q-1; 2; 3; 4; 5; 7; 8; 9 and 10.

MCQs
4; 5; 6; 7; 8; 10; 11; 12; 13; 14; 15; 16; 18; 21; 22; 23.

By: Umair Sheraz Utra, ACA. Page 3

FAR-1 (September 2024) Revision plan CAF-01

IAS-33 • Read bullet 2.1 (Preference shares tables) on page 541

• Read bullet 2.2.6 (Retrospective adjustments) on page 550
• Read bullet 3.1 and 3.2 (Dilution / anti-dilution definition)
• Read LO4 on page 556 – page 557 (Very important)
• Read LO5 on page 558 (Usefulness and limitations are very important)
Concept building questions:
1. Q-5 and 6 on page 560
2. Q-8, 8A, 8B and 8C on page 561
3. Example 16; 17; 18; 19; 20; 21 and 22 starting from page 551 till page 557
Practice Set:
Q-18; 20 and 24, 28
Past Papers:
Q-1 (Akkadian Limited), Q-2 (Ray Limited)

ICAP Question Bank:

Q-1; 2; 3; 4; and 5
MCQs
2; 3; 4; 8; 11; 12; 13; 14; 15; 16; 19; 20; 21

IAS 7 • Read bullet 1.2 (Definitions along with example 1, 2 and 3) on page 648 – page 649
• Read bullet 2.2 (Interest, dividend, and taxation table) on page 651
• Read bullet 2.3 (Non-cash transaction along with example 5) on page 652
• Read bullet 3.4 (Presentation of bad & doubtful debts along with example 9) on page 655
• Read LO5 (Usefulness) on page 660 and 661.
Past Papers:
Indirect method:
Q-3; 8; 10; 12; 14; 15; 16; 17; 12; 6; 13; 9 and Jalib Industries question
Direct method:
Q-3; 11 and Jalib Industries question
ICAP Question Bank:
Indirect method:
Q-7
Direct method:
Q-2; 9
MCQs
1; 2; 3; 7; 8; 10; 11; 13; 14; 15; 16; 17; 20; 21; 22; 23; 24; 25; 28; 29; 30; 31; 32; 33; 34; 35; 36;
37; 38; 39; 40; 41

Ratios • Read LO1 (Users and their financial information needs) (important) on page 780
• Read LO2 (Other aspects) on page 793 and 794
• Read and memorize 4 pages for interpretation on page 795 – 799.
Practice Set:
Q-6; 7(b); 9 and 10.
Past Papers:
Q-1; 4; 6; 7; 8; 9; 10; 11; 12 & 13
ICAP Question Bank:
Q-5
MCQs
2; 4; 6; 16; 18; 19; 21; 22; 23; 24; 28; 30; 31; 32; 33; 34; 35; 36; 37; 38; 39; 40

By: Umair Sheraz Utra, ACA. Page 4

FAR-1 (September 2024) Revision plan CAF-01

Accounting • Read page 864 to 882 of book (up to the extent taught in class)
for NPOs
Practice Set:
Q-13; 14; 18

Past Papers:
Q-8; 9; 13; 18; 19; 7; 12; 16; 14; 17

ICAP Question Bank:

Q-10

MCQs
4; 11; 18; 19; 20; 21; 22; 27; 28; 29; 30; 31; 32; 33; 34

BEST OF LUCK

By: Umair Sheraz Utra, ACA. Page 5