FR & AFM Summary Notes – How to Make and Revise Them

FR & AFM Summary Notes – How to Make and Revise Them

📚 1. Purpose of Summary Notes:
For both Financial Reporting (FR) and Advanced Financial Management (AFM), my summary notes serve as quick revision tools — not just for last day, but also for weekly touch-ups. They help cut through the bulk and bring focus to the core concepts, formulas, adjustments, and presentation style.

📝 2. How I Make Them:
🔹 FR:

• For each Ind AS, I note down key concepts, recognition criteria, measurement bases, and important presentation/disclosure points.
• For big chapters like Business Combination or Consolidation, I make structure-based summaries (step-by-step formats, workings, and common adjustments).
• I also add past tricky adjustments, ICAI’s favorite twists, and common errors to avoid.

🔹 AFM:

• I summarize formulas and assumptions chapter-wise (especially for topics like Forex, Derivatives, Portfolio).
• Include shortcut approaches, examiner-favorite twists, and ICAI-style adjustments.
• I maintain a separate section called “AFM Quick Traps” – things that can confuse during the exam if not kept fresh.

🔄 3. How I Revise Them:

• Every 7–10 days, I do a 30–45 min recap per subject using these notes.
• Before starting a new chapter, I take 5 mins to brush up the related past topics via my notes – helps with continuity.
• During test papers or mock solving, if I fumble on something, I update my summary notes to reflect what went wrong.

📦 4. Tools I Use:

• Colored pens for classification (Concepts, Exceptions, Disclosures).
• Sticky tabs for Ind AS summary pages.
• Digital copy (PDF/Notability/OneNote) + physical notebook for FR, while AFM is mostly in a formula flashbook.

⏳ 5. Final Tip:
Your notes should think for you – not just repeat the module. If they help you guess what the examiner might twist, you’re on the right track.