BOOKS FOR ADVANCED ACCOUNTING

TOP 10 RECOMMENDED BOOKS FOR ADVANCED ACCOUNTING

Did you know that 80% of accounting students feel overwhelmed by advanced concepts?  Getting stuck in the complexities of accounting is very easy, and it can also make you feel unprepared. We have listed ten books that will be beneficial in your preparation for CS, CA, and CMA. Choosing the right books makes all the difference between struggle and success. Advanced accounting covers key topics like consolidation, mergers, acquisitions, and international standards. 

Thus, it requires resources that explain these topics with clarity, depth, and practical examples. The mentioned books give detailed explanations of complex transactions such as inter company elimination, goodwill calculation, and foreign currency translation. It is important to learn the rules of IFRS and GAAP for global compliance. These ten books help you to understand real-life situations and manage advanced accounting concepts. 

Here are 10 top recommended books that have been known to every CA and CS. These continue to guide students through the challenges of advanced accounting, even in 2024. 

1. Advanced Accounts – Vol. 1 & 2 by M.C. Shukla, S. C. Gupta and T.S. Grewal

First, we have Advanced Accounts by M.C. Shukla and others. This textbook is the foundation for Indian accounting students. It gives you a clear understanding of every important topic like corporate accounting, amalgamation, and consolidation. The authors bring deep explanations, making complicated topics very easy so that each student can grasp the concept easily. Each chapter has practical examples and exercises that will help you understand real-world scenarios. This book is commonly used for professional courses like CA and CMA, and it is really reliable material as it clears every concept of the subject. This book helps the students to get ready for the CA exams. Its structured format allows students to study the topics effectively and understand them better.

2. Taxman Student Guide to Accounting Standards by  Dr D.S. Rawat

This is the best-advanced accounting book that covers all 21 accounting standards relevant to CA exams. This book structure includes a career introduction to accounting standards and their importance. It details sections relevant to paper 1 (accounting) and paper 5 (advanced accounting) of the CA syllabus. The topics range from the framework for preparing financial statements to specific standards like AS-1 and AS-22. Each chapter includes questions from past exams to help students in their preparation. Dr Rawat is an experienced chartered accountant and has taught CA students for over 35 years. He is also involved in aligning Indian accounting standards with International Financial Reporting Standards (IFRS).

3. Advanced Accountancy I by R.L. Gupta and M. Radhaswamy

Advanced Accountancy I by R.L. Gupta and M. Radhaswamy covers a comprehensive range of topics essential for mastering accounting principles. The first section focuses on financial accounting and financial statements, including foundational concepts like accounting, principal double entry, bookkeeping, and income measurement.  Students can learn about the preparation of financial statements such as balance sheets and trial sheets. This book also includes bank reconciliation statements, inventory valuation, bills of expense exchange, and final accounts. The second section contains advanced accounting topics, exploring complex areas such as depreciation, accounting, investment accounts, departmental accounting, and accounting standards. The final section addresses partnership accounting, covering key concepts related to profit sharing, admission of partners, and dissolution of partnerships. The whole book is detailed with explanations, illustrations, and numerous exercises to enhance student understanding of both theoretical and practical aspects of advanced accountancy.

4. Corporate Accounting by S.P. Jain and K.L. Narang

This book is crucial for aspiring Chartered Accountants at the primary level. Each chapter discusses concepts and details meeting the syllabus requirements of various universities and professional institutes. The book also integrated new problems and illustrations based on recent examination questions. Each of the chapters has graded problems, including objective type, short and long answer type questions to clarify complex topics.

5. Financial Accounting by P.C. Tulsian

This well-structured book is authored by CA & Dr. P.C. Tulsian, Tushar Tulsian, and CA Bharat Tulsian. The book is an essential requirement for B.Com students who aspire to be CA or CMA someday. It has an introduction to fundamental accounting concepts, principles, and processes in simple language. The key topics in the books are revenue recognition and accounting for property, plant, and equipment. It also includes financial statements. The authors have taken up a "teach yourself" approach to help you understand complex topics by dividing difficult topics into small manageable parts that help the students  understand the whole explanation. 

6. CA Ravi Kanth Miriyala Accounting Standards Made Easy

This comprehensive accounting book is made for CA Inter students. The book is divided into that way that each student can understand the concepts easily and they can access it easily. It covers large numbers of topics crucial for mastering advanced accounting, including partnership accounts, company accounts, and various accounting standards. Each chapter is structured to facilitate gradual learning, initiates with fundamental concepts and progresses to more difficult topics. The book covers illustrations and practical examples to help in understanding and retention of information.

7. Financial Reporting and Financial Statement Analysis for Calcutta University

This comprehensive book by Mohammed Hanif and Amitabha Mukherjee has it all. The content is organized systematically, covering theory, illustrative examples, and empirical problems. This book covers various topics on business and economics Including personal finance, finance, and corporate finance. Each chapter in this book includes the previous years questions with solutions and problems from recent professional exams. This structured book is hand-written for professionals and students in CA, CS, and CMA scenarios.

8. Dr. D.S. Rawat Taxmann Students Guide to Accounting Standards

This is the best for CA exams as it covers all 21 accounting standards. This book structure includes a career introduction to accounting standards and their importance. It details sections relevant to paper 1 (accounting) and paper 5 (advanced accounting) of the CA syllabus. The topics range from the framework for preparing financial statements to specific standards like AS-1 and AS-22. Each chapter includes questions from blast exams to help students in their preparation.

9. First Lessons in Accounting Standards by M.P. Vijay Kumar

This book brings the foundational test for students and professionals aiming to understand the essential principles of accounting practices. This book covers critical subjects like AS2, which focuses on the valuation of inventories and the Revenue Recognition principle. The text also highlights the importance of the IFRS Foundation in promoting global standards for financial transparency and accountability. Kumar work provides an important resource for gaining a clear understanding of these concepts. It covers various accounting standards that guide the preparation and presentation of financial information.

10. Padhuka Students Handbook On Advanced Accounting

The book was released on January 1, 2021, providing a complete understanding of the concepts of advanced accounting. It focuses on conceptual understanding and also on practical application, covering complex topics such as mergers and acquisitions. It also includes solved past year questions.

Conclusion 

In conclusion, it is important to choose the right books to prepare for the CA, CS, and CMA exams. The books mentioned above provide a unique lens on complex topics like consolidation, mergers, and international standards. If you do not follow the whole book carefully, then make sure you keep remembering the main principles in your mind. You will find that these methodologies can improve your knowledge in different ways. Do not forget the journey of becoming CA has not ended yet. You may discover something next that could change the course of your accounting career.