We do not foresee any challenge to CA Final students in approaching standard on inventory. You have already learned such accounting at intermediate level. If you note following distinguishing points, you can find yourself in a comfortable position to write answer of any question on inventory.

1. Inventories are service provider are now dealt with under Ind AS 2. You can imagine inventory accounting of a chartered accountant who is offering audit service to auditee and raising bill of the same in subsequent financial year.
2. Inventories of agricultural producers (for example inventory of mango farmer) are partially excluded from Inventory Measurement. This is because, we have new standard that offers guidance on such measurement. This new standard is Ind AS 41 Agriculture.
3. You need to note difference between Fair Value and Net Realisable Value.

Traditionally, PPE has been a most favoured topic of IFRS students and faculties. This standard offers guidance on accounting of specific fixed assets such as machines, tools, land, building, motors etc. This is quite a logical standard and hence we do not see students facing challenges in learning this topic.
You need to note following under this chapter:

1. Revaluation Model. Please note that revaluation is now taken to Other Comprehensive Income. Depreciation on such revaluation is taken to retained earnings (and not to profit or loss).
2. Major inspection/ overhauls need to be capitalised and depreciated separately.
3. You need to have integrated understanding of Ind AS 16 PPE and Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets to appreciate concept of accounting for cost of dismantling, removal and site restoration. For example, in a forging industry, we have been capitalizing all directly attributable costs to bring in furnace to its workable location as intended by management. But we have not been capitalizing the present value of future cost required to remove the furnace.

You can read our blog on decommissioning liability – click here

There are two types of leases – operating and finance lease. Typically, we can observe lease arrangements in airline and automobile industry. We would love to offer live case studies of concord and indigo airline in our live batches.
You need to followbelow mentioned approach while honing your skills in to leases:

1. Accounting in the books of LESSOR – Operating and Finance Lease
2. Accounting in the books of LESSEE – Operating and Finance Lease

Additionally, you need to note ‘Accounting by Manufacturer or Dealer Lessor’. You can observe such leases in case of ‘Mercedes’ that offers cars on lease. Let we make you wait to understand these practical case studies until you join us in our batch.
We are also known for our exciting way of explaining ‘Sale and Lease Back Transactions’. You also need to note accounting for ‘Initial Direct Costs’. We know that not many others have detailed guidance on this standard as we do. And we claim it because we carry pride in guiding Executives of Oil India while they account for their pipeline which they used to supply crude oil to Indian Oil. While we did that we encountered with lease standard. Let us continue this story when we meet in person.