
The journey of writing "Advanced Financial Reporting with Nepal Financial Reporting Standards (NFRS) and Nepal Accounting Standards (NAS) for students and members under the Institute of Chartered Accountants of Nepal (ICAN)" has been one of perseverance, passion, and a deep commitment to improving the educational landscape for Chartered Accountancy (CA) students in Nepal. It was not just a professional endeavor for me; it was a personal mission rooted in the challenges I faced during my own CA education. This book, the first commercial publication on this subject in Nepal, represents more than five years of dedicated effort, stretching from the beginning of 2019 to mid-2024.
The Motivation
The idea for this book was born out of a significant gap I experienced firsthand as a CA student. At that time, there were no reference materials or textbooks of domestic origin specifically designed for Nepal Financial Reporting Standards (NFRS). The resources available to us were limited to the bare NFRS standards issued by the Accounting Standard Board (ASB). These documents, while essential, were dense and difficult to interpret, especially without the guidance of experienced tutors. Unfortunately, there were no tutors available who could teach the NFRS as comprehensively as needed. This lack of support made the learning process not only challenging but also frustrating.
Despite these obstacles, I completed my studies with a resolve to address this gap for future generations. The seed of writing a book that could serve as a reliable, comprehensive, and practical resource for CA students began to take root in my mind during my academic years. However, it wasn’t until I accumulated significant professional experience and deepened my understanding of NFRS and NAS that I felt equipped to take on this monumental task.
The Writing Process
The journey from concept to completion was long and demanding. Starting in early 2019, I devoted countless hours to researching, drafting, revising, and refining the content. My goal was to create a book that not only covered the theoretical aspects of NFRS and NAS but also provided practical insights and examples that students could relate to and apply in real-world scenarios. This was a challenge, but it was also a labor of love. I wanted to ensure that this book would be an invaluable resource, something that would have made a significant difference during my studies.
The Coverage
This book meticulously covers all the provisions of Nepal Financial Reporting Standards (NFRSs), Nepal Accounting Standards (NASs), International Financial Reporting Interpretations Committee (IFRICs) interpretations, and Standing Interpretations Committee (SICs) pronouncements. It presents these complex concepts in a teach-yourself style, using interactive language that makes learning engaging and accessible. Additionally, the book addresses all non-standard chapters as prescribed by the CAP-III syllabus of the Institute of Chartered Accountants of Nepal (ICAN). To further aid students, the book includes NFRS-related past examination questions and Revision Test Papers (RTPs) with detailed solutions under ICAN. It is enriched with numerous examples and real-life practical illustrations, providing a solid foundation for understanding the material. Moreover, it offers ethical guidance on the use of management judgment, particularly in situations where there may be ambiguity in implementing standards.
A Heartfelt Thank You
This book would not have been possible without the unwavering support and encouragement of many people. I am deeply grateful to my teacher, who inspired and guided me with their knowledge and wisdom. My colleagues played a crucial role in providing feedback and sharing insights that helped shape the content. I cannot overstate the importance of my family’s support, as they offered the love and motivation that kept me going even when the task seemed overwhelming. Lastly, I extend my heartfelt appreciation to my students, whose enthusiasm and eagerness to learn were a constant source of inspiration.
A Resource for All
Although this book is primarily designed for students pursuing Chartered Accountancy, it is by no means limited to them. Practicing Chartered Accountants, Registered Auditors, and other non-auditor accounting practitioners and job holders will also find this book to be a valuable reference. I aimed to create a resource that is not only academically rigorous but also practically useful across the broader spectrum of the accounting profession in Nepal.
Conclusion
Completing this book has been one of the most rewarding experiences of my professional life. I hope that "Advanced Financial Reporting with NFRS and NAS" will ease the learning journey for CA students and become a trusted companion for professionals in the field. The time, effort, and dedication that went into this project were immense, but the result is a quality reference book that I believe will make a lasting impact on the accounting community in Nepal.
Book is available at the following places for convenience of the students:
1) All branches of Prime CA, Kathmandu.
2) Mohan Stationery Satdobato (In Front of ICAN)
3) Authors Booking and Delivery team.
Contact No: 984-1082686 Email: nfrsbook@gmail.com
Thank You!
CA Kshitiz Adhikari (ICAN)
Author: Advanced Financial Reporting with NFRS and NAS.