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CA Final Syllabus under ICAI New Scheme 2023

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Paper 1: Financial Reporting (100 Marks)

PAPER 1: FINANCIAL REPORTING (100 MARKS)

Objective

  1. To acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards (Ind AS) for deciding the appropriate accounting treatment and formulating suitable accounting policies.
  2. To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards (Ind AS) while preparing and presenting the financial statements.
  3. To develop the expertise to prepare financial statements of group entities which includes subsidiaries, associates and joint arrangements based on Indian Accounting Standards (Ind AS).
  4. To develop understanding of certain Accounting Standards and solve problems in practical scenarios where treatment is different in both the standards.

Contents

  1. Introduction to General Purpose Financial Statements as per Indian Accounting Standard (Ind AS)
    • Statutory provisions: Applicability criteria
    • Division II of Schedule III to the Companies Act, 2013 and Guidance Note thereupon
  2. Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS)
  3. Application of Ind AS with reference to General Purpose Financial Statements
    • Ind AS on Presentation of Items in the Financial Statements
      • Ind AS 1 “Presentation of Financial Statements”
      • Ind AS 34 “Interim Financial Reporting”
      • Ind AS 7 “Statement of Cash Flows”
    • Ind AS on Measurement based on Accounting Policies
      • Ind AS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”
      • Ind AS 10 “Events after the Reporting Period”
      • Ind AS 113 “Fair Value Measurement”
    • Ind AS on Income Statement
      • Ind AS 115* “Revenue from Contracts with the Customers”
    • Ind AS on Assets and Liabilities of the Financial Statements
      • Ind AS 2 “Inventories”
      • Ind AS 16 “Property, Plant and Equipment”
      • Ind AS 116* “Leases”
      • Ind AS 23 “Borrowing Costs”
      • Ind AS 36 “Impairment of Assets”
      • Ind AS 38 “Intangible Assets”
      • Ind AS 40 “Investment Property”
      • Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”
      • Ind AS 19 “Employee Benefits”
      • Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets”
    • Ind AS on Items impacting the Financial Statements
      • Ind AS 12* “Income Taxes”
      • Ind AS 21 “The Effects of Changes in Foreign Exchange Rates”
    • Ind AS on Disclosures in the Financial Statements Ind AS 24 “Related Party Disclosures”
      • Ind AS 33 “Earnings per Share” Ind AS 108 “Operating Segments”
    • Other Ind AS
      • Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance” Ind AS 102 “Share Based Payment”
      • Ind AS 41 “Agriculture”
    • Ind AS on Financial Instruments (it includes Ind AS 32, Ind AS 109, Ind AS 107) Financial Instruments: Scope and Definitions
      • Classification and Measurement of Financial Assets and Financial Liabilities Financial Instruments: Equity and Financial Liabilities
      • Derivatives and Embedded Derivatives
      • Recognition and Derecognition of Financial Instruments Hedge Accounting
      • Disclosures
  4. Ind AS on Group Accounting
    • Business Combinations (Ind AS 103)
    • Consolidated and Separate Financial Statements (it includes Ind AS 110, Ind AS 111, Ind AS 27, Ind AS 28, Ind AS 112)
  5. First time adoption of Indian Accounting Standards (Ind AS 101)
  6. Analysis of financial statements (as per Ind AS)
  7. Ethics with Accounting Concepts
  8. Technology and Accounting

Notes:

  1. *Discussion on AS 7, AS 9, AS 19 and AS 22 will be given along with corresponding Ind AS 115, Ind AS 116 and Ind AS 12.
  2. If either a new Ind AS or Announcements and Limited Revisions to Ind AS are issued or the earlier one is withdrawn or new Ind AS, Announcements and Limited Revisions to Ind AS are issued in place of existing Ind AS, the syllabus will accordingly include / exclude such new developments in the place of the existing ones with effect from the date to be notified as decided by the Institute.
  3. The specific inclusions / exclusions in any topic covered in the syllabus will be affected every year by way of Study Guidelines.

Paper 2: Advanced Financial Management (100 Marks)

PAPER 2: ADVANCED FINANCIAL MANAGEMENT (100 MARKS)

Objective

To acquire the ability to apply financial management theories and techniques in strategic decision making.

Contents

  1. Financial Policy and Corporate Strategy
    • Advanced role of CFO in various matters including Value Creation
    • Strategic decision making framework
    • Interface of Financial Policy and strategic management
    • Balancing financial goals vis-à-vis sustainable growth
  2. Risk Management
    • Identification of types of Risk faced by an organisation
    • Evaluation of Financial Risks
    • Value at Risk (VAR)
    • Evaluation of appropriate method for the identification and management of financial risk
  3. Advanced Capital Budgeting Decisions
    • Current trends in Capital Budgeting
      • Impact of Inflation on Capital Budgeting Decisions
      • Impact of change in technology on Capital Budgeting
      • Impact of change in Government Policies on Capital Budgeting
    • Dealing with Risk in Investment Decisions
    • Internal and External Factors affecting capital budgeting decision
    • Methods of incorporating risk in Capital Budgeting
    • Adjusted Present Value
    • Optimum Replacement Cycle
  4. Security Analysis
    • Fundamental Analysis
    • Technical Analysis
      • Meaning
      • Assumptions
      • Theories and Principles
      • Charting Techniques – Basics
      • Efficient Market Hypothesis (EMH) Analysis
    • Equity Research and tools available
  5. Security Valuation
    • Theory of Valuation
    • Return Concepts
    • Equity Risk Premium
    • Required Return on Equity
    • Discount Rate Selection in Relation to Cash Flows
    • Approaches to Valuation of Equity Shares
    • Valuation of Preference Shares
    • Valuation of Debentures/ Bonds
    • Role and Responsibilities of Valuers
    • Precautions need to be taken by a Valuer before accepting any valuation assignment
  6. Portfolio Management
    • Portfolio Analysis
    • Portfolio Selection
    • Capital Market Theory
    • Portfolio Revision
    • Portfolio Evaluation
    • Asset Allocation
    • Fixed Income Portfolio
    • Risk Analysis of Investment in Distressed Securities
    • Alternative Investment Avenues
      • Real Estate
      • Gold
      • Private Equity
      • REITs
      • Hedge Funds
      • ETFs
      • Mutual Funds
      • Commodities
  7. Securitization
    • Introduction
    • Concept and Definition
    • Benefits of Securitization
    • Participants in Securitization
    • Mechanism of Securitization
    • Problems in Securitization
    • Securitization Instruments
    • Pricing of Securitization Instruments
    • Risks in Securitization
    • Tokenization
    • Securitization in India
  8. Mutual Funds
    • Meaning
    • Types
    • Advantages and Disadvantages of Mutual Funds
    • Evaluation of Mutual Funds
    • Role of Fund Manager in Mutual Funds
    • Hedge Funds
    • Role of FIIs in Mutual Funds
  9. Derivatives Analysis and Valuation
    • Introduction to Forwards, Futures and Options
    • Futures Market
    • Pricing of Forwards and Futures
    • Hedging using Futures
    • Options
      • Option Pricing
      • Option Greeks
      • Exotic Options
    • Credit Derivatives
    • Real Options
    • Derivative Mishaps and Lessons
    • Swaps
    • Commodity Derivatives
    • Weather Derivatives
    • Electricity Derivatives
  10. Foreign Exchange Exposure and Risk Management
    • Factors affecting foreign exchange rate
    • Role of SWIFT in Foreign Exchange
    • National and International Payment Gateways
    • Exchange rate determination
    • Foreign currency market
    • Management of Foreign Exchange Risk
  11. International Financial Management
    • International Capital Budgeting
    • Raising funds from International Sources
    • Sovereign Funds
    • International Financial Centre (GIFT City)
    • International Working Capital Management
  12. Interest Rate Risk Management
    • Benchmark Rates
    • Interest Rate Risk
    • Hedging Interest Rate Risk
    • – Traditional Methods
    • • Asset and Liability Management (ALM)
    • • Forward Rate Agreement (FRA)
    • – Modern Methods including Interest Rate Derivatives
    • • Interest Rate Futures
    • • Interest Rate Options
    • • Swaps
    • • Swaptions
  13. Business Valuation
    • Conceptual Framework of Valuation
    • Approaches/ Methods of Valuation
    • Going concern and Non Going concern valuation
    • Valuation of Distressed Companies
    • Valuation of Start ups
    • Valuation of Digital Platforms
    • Valuation of Professional/ Consultancy Firms
    • Impact of ESG on valuation
  14. Mergers, Acquisitions and Corporate Restructuring
    • Conceptual Framework
    • Rationale
    • Forms
    • Mergers and Acquisitions
    • Divestitures
    • Ownership Restructuring
    • Unlocking the value through Mergers & Acquisitions and Business Restructuring
    • Cross Border Mergers
    • Special Purpose Acquisition Companies (SPACs)
  15. Startup Finance
    • Introduction including Pitch Presentation
    • Concept of Unicorn
    • Startup Initiative of GOI
    • Sources of Funding
    • Succession planning in Business
Startup Finance, Introduction including Pitch, Succession planning in Business

Paper 3: Advanced Auditing, Assurance And Professional Ethics (100 Marks)

PAPER 3: ADVANCED AUDITING, ASSURANCE AND PROFESSIONAL ETHICS (100 MARKS)

Objective

To gain the ability to analyse current auditing practices and procedures and apply them in auditing engagements.

To develop the ability to solve cases relating to audit engagements

Contents

  1. Quality Control
    • SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements
    • SA 220 Quality Control for an Audit of Financial Statements
  2. General Auditing Principles and Auditors Responsibilities
    • SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
    • SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements
    • SA 260 Communication with Those Charged with Governance
    • SA 299 Joint Audit of Financial Statements
    • SA 402 Audit Considerations Relating to an Entity Using a Service Organisation
    • (Note: Content of SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing; SA 210 Agreeing the Terms of Audit Engagements and SA 230 Audit Documentation is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)
  3. Audit Planning, Strategy, and Execution
    • SA 300 Planning an Audit of Financial Statements; (Content is covered in depth at Intermediate level, therefore, application part of
    • SA 300 may be discussed in the form of Case Study at Final level.)
    • SA 450 Evaluation of Misstatements identified During the Audit
    • SA 520 Analytical Procedures
    • SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures
    • SA 610 Using the Work of Internal Auditors SA 620 Using the Work of an Auditor’s Expert
  4. Materiality, Risk Assessment and Internal Control
    • Evaluation of Internal Control Procedures; Components of Internal Controls; Internal Control and Risk Assessment; Auditor’s response to assessed risks; Risk-Based Audit- Audit Risk Analysis; Reporting on Internal Control Weaknesses, Framework on Reporting of Internal Controls
    • SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
    • SA 330 The Auditor’s Responses to Assessed Risks
    • (Note: Content of SA 315 Identifying and Assessing the Risk of Material Misstatement through Understanding the Entity and its Environment and SA 320 Materiality in Planning and Performing an Audit is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)
  5. Audit Evidence
    • (Note: Content of SA 500 Audit Evidence; SA 501 Audit Evidence – Specific Considerations for Selected Items; SA 505 External Confirmations; SA 510 Initial Audit Engagements – Opening Balances; SA 530 Audit Sampling & SA 550 Related Parties is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)
  6. Completion and Review
    • (Note: Content of SA 560 Subsequent Event; SA 570 Going Concern and SA 580 Written Representation is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)
  7. Reporting
    • SA 700 Forming an Opinion and Reporting on Financial Statements
    • SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
    • SA 705 Modifications to the Opinion in the Independent Auditor’s Report
    • SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
    • SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
    • SA 720 The Auditor’s Responsibility in Relation to Other Information
  8. Specialized Areas
    • Basic and Overview of SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
    • Basic and Overview of SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
    • Basic and Overview of SA 810 Engagements to Report on Summary Financial Statements
  9. Audit-related Services
    • Basic and Overview of SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information
    • Basic and Overview of SRS 4410 Compilation Engagements
  10. Review of Financial Information
    • Basic and Overview of SRE 2400 Engagements to Review Historical Financial Statements
    • Basic and Overview of SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
  11. Prospective Financial Information and Other Assurance Services
    • Basic and Overview of SAE 3400 The Examination of Prospective Financial Information Basic and Overview of SAE 3402 Assurance Reports on Controls at a Service Organisation
    • Basic and Overview of SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
  12. Digital Auditing and Assurance
    • Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing
  13. Group Audits
    • Audit of Consolidated Financial Statements – Responsibility of Parent Company, Auditor of the Consolidated Financial Statements; Audit Considerations – Permanent Consolidation, Current Period Consolidation; Reporting
    • Audit of Group Financial Statements including the work of Component Auditors (SA 600 Using the Work of Another Auditor)
  14. Special Features of Audit of Banks & Non-Banking Financial Companies
  15. Overview of Audit of Public Sector Undertakings: Concept of Propriety Audit; Performance Audit; Comprehensive Audit
  16. Internal Audit : Provisions of Internal Audit as per Companies Act, 2013; Scope of Internal Auditing; Relationship between Internal and External Auditor; Basics of Internal Audit Standards issued by the ICAI; Drafting of Internal Audit Report; Audit Trail, Internal Audit as a Management Function
  17. Due Diligence, Investigation and Forensic Accounting: Due Diligence Review; Audit versus Investigation; Steps for Investigation; Types of Investigation; Procedure, Powers, etc. of Investigator; Types of Fraud, Indicators of Fraud, Follow-up thereof; Forensic Accounting- meaning, difference between Statutory Audit and Forensic Accounting, Forensic Accounting and Investigation Report, Introduction of Forensic Accounting and Investigation Standards
  18. Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance, etc.
  19. Professional Ethics and Liabilities of Auditors: Introduction of Code of Ethics as per IESBA and Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations thereunder; Application of Fundamental Principles; Application of Threats, Evaluation of Threats; Addressing Threats and Safeguards; Conceptual Framework; Important Provisions of Chartered Accountants Act,1949 and Chartered Accountants Regulations 1988

Note: If any new legislations / Engagement and Quality Control Standards/ Guidance Notes / Statements are enacted in place of the existing legislations / Engagement and Quality Control Standards / Guidance Notes/ Statements, the syllabus will accordingly include the corresponding provisions of such new legislations / Engagement and Quality Control Standards / Guidance Notes / Statements, with effect from the date to be notified by the Institute.

Similarly, if any existing legislations / Engagement and Quality Control Standards/ Guidance Notes / Statements ceases to be in force, the syllabus will accordingly exclude such legislations / Engagement and Quality Control Standards/ Guidance Notes / Statements with effect from the date to be notified by the Institute.

Further, the specific inclusions/exclusions in any topic covered in the syllabus will be effected by way of Study Guidelines every year, if required.

Paper 4: Direct Tax Laws & International Taxation (100 Marks)

PAPER 4: DIRECT TAX LAWS & INTERNATIONAL TAXATION (100 MARKS)

Objective

  • To acquire the ability to analyse and interpret the provisions of direct tax laws and recommend optimal solutions to practical problems in a tax efficient manner; and
  • To apply the provisions of direct tax laws and the concepts, principles and provisions of international taxation to recommend solutions to issues involved in cross border transactions.

Contents

  1. Comprehensive computation of income-tax liability of companies and other entities under the alternative tax regimes under the Income-tax Act, 1961 to optimise tax liability
    • General provisions under the Act for computation of total income and tax liability of companies and other entities
    • Special tax regimes under the Act for companies and other entities
    • Optimisation of tax liability of companies and other entities through tax planning
    • Special Provisions relating to charitable and religious trust and institutions, political parties and electoral trusts, business trusts, securitisation trusts, investment funds and other funds/trusts, Anti-avoidance provisions under the Act, Provisions to address tax challenges on digitalisation
  2. Tax Administration and Appellate Mechanism
    • Deduction, Collection and Recovery of Tax
    • Income-tax Authorities
    • Assessment Procedures
    • Appeals and Revision; and Dispute Resolution
    • Provisions to counteract unethical tax practices
      • Taxation of undisclosed income under the Income-tax Act, 1961
      • Taxation of undisclosed foreign income and assets
      • Penalties and offences and prosecution
    • Miscellaneous Provisions
    • Tax Audit
  3. International Taxation
    • Taxation of cross border transactions and Non-resident taxation under the Income-tax Act, 1961, including
      • Transfer PricingN
      • on-resident Taxation
      • Double Taxation Relief
      • Advance Ruling
    • Other Aspects of International Taxation, namely,
      • Significant articles of OECD and UN Model Tax Conventions
      • Fundamentals of BEPS
      • Application and Interpretation of Tax Treaties
      • Latest developments in International Taxation

Note: If any new legislation(s) are enacted in place of an existing legislation(s), the syllabus will accordingly include the corresponding provisions of such new legislation(s) in the place of the existing legislation(s) with effect from the date to be notified by the Institute. Similarly, if any existing legislation(s) on direct tax laws

ceases to be in force, the syllabus will accordingly exclude such legislation(s) with effect from the date to be notified by the Institute.

Further, the specific inclusions/exclusions in any topic covered in the syllabus will be effected by way of Study Guidelines every year, if required. Specific inclusions/exclusions in a topic may also arise due to additions/deletions made every year by the Annual Finance Act.

A Professional is Calculating Income Tax

PAPER 5: INDIRECT TAX LAWS (100 MARKS)

PART I: GOODS AND SERVICES TAX (80 MARKS)

PART I: GOODS AND SERVICES TAX (80 MARKS)

Objective

To acquire the ability to analyse and interpret the provisions of the goods and services tax law and recommend solutions to case scenarios.

Contents

Goods and Services Tax (GST) Law as contained in the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017 including

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  1. Case studies Based On Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Classification; Exemption from tax; Place of supply; Time of Supply; Value of supply; Input tax credit; Computation of GST liability
  2. Procedures under GST including registration, tax invoice, credit and debit notes, electronic way-bill, accounts and records, returns, payment of tax
  3. Refunds and case studies based on refund provisions
  4. Job work
  5. Liability to pay in certain cases
  6. Administration of GST; Assessment and Audit
  7. Inspection, Search, Seizure and Arrest
  8. Demand and Recovery; Offences and Penalties
  9. Appeals and Revision
  10. Advance Ruling
  11. Ethics under GST
  12. Other provisions*

*The entire CGST and IGST laws are included in the syllabus at the Final level. Any residuary provision under the CGST Act, 2017 and IGST Act, 2017, not covered under any of the above specific provisions, would be covered under “Other provisions”. Further, if any new Chapter is included in the CGST Act, 2017 and IGST Act, 2017, the syllabus will accordingly include the provisions relating thereto.

PART II: CUSTOMS & FTP (20 MARKS)

PART II: CUSTOMS & FTP (20 MARKS)

Objective

To develop an understanding of the customs laws and foreign trade policy and acquire the ability to analyse and interpret the provisions of such laws/concepts.

Contents

  1. Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
    • Introduction to customs law including Constitutional aspects
    • Levy of customs duties including application of customs law, taxable event, charge of customs duty, exceptions to levy of customs duty, exemption from custom duty
    • Types of customs duties
    • Classification and valuation of imported and export goods
    • Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores
    • Warehousing
    • Refund
  2. Foreign Trade Policy
    • Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions
    • Basic concepts relating to import and export
    • Basic concepts relating to export promotion schemes provided under FTP

Note: While covering the above laws, students should familiarise themselves with the ethical considerations and information technology aspects involved in the compliance of these laws.

If any new legislation(s) is enacted in place of an existing legislation(s), the syllabus will accordingly include the corresponding provisions of such new legislation(s) in place of the existing legislation(s) with effect from the date to be notified by the Institute. Similarly, if any existing legislation ceases to have effect, the syllabus will accordingly exclude such legislation with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State GST Law.

Further, the specific inclusions/exclusions in any topic covered in the syllabus will be effected every year by way of Study Guidelines, if required.

PAPER 6: INTEGRATED BUSINESS SOLUTIONS (100 MARKS)

PAPER 6: INTEGRATED BUSINESS SOLUTIONS (100 MARKS)

(MULTI-DISCIPLINARY CASE STUDY WITH STRATEGIC MANAGEMENT)

Objective

To analyze and integrate the concepts, principles and provisions of accounting, auditing, taxation, corporate laws, finance and business strategy and management to address issues in practical case scenarios.

Contents

This paper will be entirely case study based and would assess the integrated knowledge of following subjects:-

  1. Financial Reporting
  2. Advanced Financial Management
  3. Advanced Auditing, Assurance and Professional Ethics
  4. Direct Tax Laws & International Taxation
  5. Indirect Tax Laws
  6. Corporate and Economic Laws
  7. Strategic Cost & Performance Management
PAPER 6: INTEGRATED BUSINESS SOLUTIONS (100 MARKS)

Other Important Links

CA Foundation Syllabus Under ICAI New Scheme 2023

CA Inter Syllabus Under ICAI New Scheme 2023

ICITSS & AICITSS Syllabus Under ICAI New Scheme 2023

CA Prospectus ICAI New Scheme 2023

FAQs About ICAI New Scheme 2023

That’s all for now. Stay Connected for more such authentic updates.

Jai HindVande Mataram
Team CA Study

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