CA Final FR Paper Review Nov 2026: Question-wise Analysis
CA Final FR paper review, Nov 2026, in short: the Financial Reporting paper held on Monday, 2 November 2026 was doable but lengthy. Students and educators mostly called it average to moderate in difficulty and long in reading and calculation. Question 1 was an Ind AS 103 amalgamation into a new company rather than a consolidation, and Part I had 23 MCQs in place of the 15 seen in the last four papers. Below is every question, taken from ICAI's own question paper, and how it compares with ICAI's last four FR papers.
ICAI has already posted the Nov 26 paper: CA Final Paper 1 Financial Reporting, November 2026 (PDF) (opens in a new tab), listed on ICAI's website, icai.org, on its Final course question papers page (opens in a new tab). Every topic in this review is read from that PDF. What students felt about it comes from public posts, and we say whose.
CA Final FR paper review Nov 2026: how the paper went
| Nov 2026 paper | |
|---|---|
| Date and time | Monday, 2 November 2026, 2 PM to 5 PM (IST) |
| Part I | 30 marks, 23 MCQs (1 and 2 marks), three case scenarios plus 10 standalone MCQs |
| Part II | 70 marks: Q1 compulsory, then any 4 of Q2 to Q6 |
| Choice inside a question | One either/or, in Q5(c) |
| Negative marking | None |
What people said about it:
- On CA Aakash Kandoi's FR Telegram channel, a poll asking "How was Today's FR Paper?" drew about 25,300 votes. The most picked verdict was "Average + Lengthy" (34%), then "Easy + Lengthy" (15%). "Easy" and "Tough + Lengthy" got 4% each; the rest chose to see results.
- Atul and Ajay Agarwal (AIR1CA) posted on Telegram the same evening: "FR NOV 26 PAPER ANALYSIS / AVERAGE & LENGTHY".
- Careers360 reported that, according to students who appeared, the paper "was moderate in difficulty level".
- Zeroinfy, an educator site, rated it "Moderate to Challenging (preliminary)" and called it "application-heavy", with "potentially significant time pressure". It labels this its own editorial view, not student feedback.
- CA Sarthak Jain (FAST Education) said in his review that the paper "was doable but definitely lengthy" and that "1-mark MCQs were scoring".
So the honest summary is: not a shock paper, but a long one. If you ran out of time, you were not alone.
Question-wise analysis: what each question tested
Marks are shown only where ICAI printed them on the paper. Where the paper doesn't print a sub-part's marks, we've left them out rather than guess.
Part I: the 23 MCQs (30 marks)
| MCQs | Set-up | What they tested |
|---|---|---|
| 1–4 | Case scenario I, Diversified Limited | Ind AS 1 loan classification after a covenant breach (lender agreed not to recall after the year end); Ind AS 36 recoverable amount of a machine; impairment of a trademark with an indefinite life; Ind AS 12 deferred tax on a non-deductible impairment |
| 5–8 | Case scenario II, XYZ Limited | Liability part of 6% convertible debentures; a foreign-currency (Euro) embedded derivative in a coal contract; expected credit loss by provision matrix; goodwill on a US subsidiary under Ind AS 103 and 21 |
| 9–13 | Case scenario III, Aar Limited | Ind AS 103: goodwill with deferred and contingent consideration, a later change in contingent consideration, a reacquired right, settling a pre-existing relationship; one MCQ on technology for consolidation |
| 14–23 | Standalone | Automation and Ind AS 115 performance obligations; Ind AS 101 (three MCQs: statement of compliance, mandatory exceptions, optional exemptions); Ind AS 115; Ind AS 12; goodwill of a foreign operation; Ind AS 1 nature of expense; professional and ethical duties (confidential information); Ind AS 109 initial measurement of loan notes |
The big change: the last four ICAI papers (May 2025 to May 2026) had 15 MCQs of 2 marks each. This paper had 23 MCQs worth 1 or 2 marks, the same shape as ICAI's Mock Test Papers for Nov 2026. More questions for the same 30 marks means more reading, which fits what students said about length.
Part II: descriptive (70 marks)
| Question | What it tested | Type |
|---|---|---|
| Q1 (14, compulsory) | Ind AS 103: Mercury Ltd and Venus Ltd, not under common control, taken over by a new company, Planet Ltd, from 1 July 2026. Compute the purchase consideration and its discharge, then draft Planet Ltd's balance sheet. The paper says the larger entity's management takes control, so who the acquirer is matters | Computational, four data tables |
| Q2(a) (10) | Ind AS 32 and 109: compulsorily convertible cumulative preference shares; split into liability and equity, then journal entries up to conversion | Computational and entries |
| Q2(b) | Ind AS 1 offsetting, four short cases | Theory |
| Q3(a) (8) | Ind AS 40 vs Ind AS 16: can four properties (office floors let out, township flats, a hostel) all be PPE? | Application |
| Q3(b) | Ind AS 12: tax effects in P&L and OCI of revalued land, an advance taxed on receipt and a closure provision | Discussion |
| Q4(a) | Ind AS 37 onerous contract | Short computation |
| Q4(b) | Ind AS 41: goats bought, revalued, sold and slaughtered; journal entries on five dates | Entries with working notes |
| Q5(a) | Ind AS 115: a product plus two services, with a significant financing component | Computational |
| Q5(b) (5) | Ind AS applicability to an unlisted parent and its subsidiaries by net worth | Theory |
| Q5(c) (4) | Either how Indian Accounting Standards are developed, or factoring with recourse under Ind AS 109 and the Conceptual Framework | Theory |
| Q6(a) | Cybersecurity measures in accounting | Theory |
| Q6(b) | Ind AS 116 lessee accounting with a residual value guarantee | Computational |
| Q6(c) (4) | Ind AS 10: four cases, including a covenant breach waived after the year end | Application |
Chapter weightage: this paper vs ICAI's last four
Our CA Final FR chapter-wise weightage post counted ICAI's May 2025, Sep 2025, Jan 2026 and May 2026 papers. Here is how Nov 2026 lines up against that list:
| Area | Last 4 papers | Nov 2026 |
|---|---|---|
| Group accounting (Ind AS 103, 110, 111, 28) | 4 of 4, always Q1 | Yes: Q1 (14) plus six MCQs on business combinations; no consolidated balance sheet |
| Financial instruments (Ind AS 32, 109) | 4 of 4 | Yes: Q2(a) (10), four MCQs and the Q5(c) option |
| Ind AS 115 | 4 of 4 | Yes: Q5(a) and two MCQs |
| Ind AS 101 | 4 of 4 | Yes: three MCQs |
| Ind AS 12 | Once | Bigger: Q3(b) plus two MCQs |
| Ind AS 41 and Ind AS 40 | Small or once | A full sub-question each |
| Ind AS 116 | Once (May 2026) | Again: Q6(b) |
| Technology and ethics | Q6(a) every time | Q6(a) cybersecurity, plus MCQs |
| Ind AS 19, 33, 20, 102 | B list | Not asked |
Three takeaways:
- The A list held. Group accounting, financial instruments, Ind AS 115 and Ind AS 101 all came again. Students who revised those four first had the core of the paper covered.
- Group accounting changed shape. It came as an amalgamation and business combination MCQs, not as a consolidated balance sheet. Students who practised only consolidation format had to think on the spot.
- Low-weight standards took real marks. Ind AS 41, 40, 37 and 10, all on the weightage post's C list, each had a sub-question. Ind AS 40 and 37 sit in Section III, ICAI's widest range (15%–25%).
What was new vs the RTP and MTPs
The Nov 2026 cut-off covered the Ind AS changes of 2025: Ind AS 21 lack of exchangeability, Ind AS 1 covenants, supplier finance disclosures and Pillar Two (details in CA Final FR amendments Nov 2026).
- Ind AS 1 covenants did appear, twice: MCQ 1 (a loan whose covenant breach the bank waived after the year end) and Q6(c)(iv) (the same idea as an Ind AS 10 event). Students who knew the amended rule on breach and waiver timing had an edge.
- Lack of exchangeability, supplier finance and Pillar Two were not asked in this paper.
- Pattern: the 23-MCQ format matched ICAI's Nov 2026 MTPs. CA Sarthak Jain said "almost all MCQs resembled what we practised". We have not seen any source compare individual questions with the RTP line by line, so we don't claim any question was "from the RTP".
Questions students flagged: in his review, CA Sarthak Jain listed points he found ambiguous, including the 1% loan notes MCQ, an option in the trademark impairment MCQ, the current vs non-current classification and the amendment, and an Ind AS 10 case. Only ICAI's suggested answers will settle these, so don't spend your study time on them now.
What to do now
If you still have Group I papers: FR is done. Audit is on Friday, 6 November 2026. Don't recalculate FR answers with friends; it changes nothing and costs hours. Use the evening for Audit's must-do list in CA Final Audit important questions. Group II follows on 9, 11 and 13 November, as per ICAI's Guidance Notes for Final, November 2026 (PDF) (opens in a new tab).
After the exams, for your own marks: ICAI publishes suggested answers for each paper on icai.org some weeks after the exam. When the Nov 2026 FR answers are out, check your own attempt against them the way how to check your answers with ICAI's suggested answers explains, and remember that ICAI gives marks step by step: a right method with a wrong figure still earns marks, as explained in step marking in CA exams.
If you write FR again: this paper is your best guide. Revise the A list first, but don't stop at consolidation: practise one amalgamation, one business combination with contingent consideration, and one long question each from Ind AS 12, 40, 41 and 116. Then write full papers against the clock, because length was the real test this time. ICAI's past papers are on our CA Final past year question papers page, and our CA Final FR preparation strategy has a week-by-week plan.
Frequently asked questions
Was the CA Final FR Nov 2026 paper tough?
Most students and educators called it average to moderate, but lengthy. In a Telegram poll on CA Aakash Kandoi's FR channel with about 25,300 votes, "Average + Lengthy" was the most chosen answer (34%). Only 4% voted "Tough + Lengthy".
Was the CA Final FR paper lengthy in Nov 2026?
Yes, that's the most common view. Part I had 23 MCQs instead of 15, with three long case scenarios, Q1, Q2(a) and Q4(b) needed long workings or entries, and Q3 had two long application questions.
Where can I download the CA Final FR Nov 2026 question paper?
From ICAI's website: the Paper 1 FR, November 2026 PDF (opens in a new tab) is listed on ICAI's question papers page for the Final course (opens in a new tab).
Was there a consolidation question in CA Final FR Nov 2026?
No consolidated balance sheet was asked. Group accounting came as Q1, an amalgamation of two companies into a new company under Ind AS 103, plus business combination MCQs on goodwill, contingent consideration and reacquired rights.
When will ICAI release the suggested answers for Nov 2026?
ICAI hasn't announced a date. It posts suggested answers on icai.org some weeks after each attempt; for the last attempt, see CA Final suggested answers May 2026.
Next: Audit, then Group II
FR is behind you. Put tonight into Audit, and read our CA Final AFM paper review Nov 2026 only after the exams if you want the full Group I picture. Whenever you next practise FR, the best practice is a full paper written by hand in 3 hours: CA mock tests on ICAI's latest pattern, with every line of your answer sheet checked, are on our CA Final FR test series page, and every paper of our CA test series is on the home page.