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CA Final Syllabus Revised – Applicable for May 2017 Exams

Details of CA Final Course 2017 newly revised syllabus as specified by ICAI Council under Regulation 31(ii) of the Chartered Accountants Regulations, 1988.
CA Final Syllabus

In February 2015, the Committee for Review of Education and Training (CRET) of the Institute of Chartered Accountants of India (ICAI) had formulated a New Proposed Scheme of Education and Training. The completely revamped course curriculum is in advanced stage of getting approval from the Central Government. The curriculum for the chartered accountants programme is revised every 10 years and the latest one has been prepared after long drawn consultations with stakeholders.

However, the CA Institute has not yet announced the applicability of the Revised Scheme of Education and Training and therefore, please concentrate on your study on the basis of prevailing scheme and syllabus. Accordingly, CA Final students may please note that on completion of the whole process relating to the implementation of the Revised Scheme, an “Announcement” would be made about transition scheme for the existing students.

Accordingly, students are advised not to get misguided by information getting spread from unauthenticated sources. You may continue to register for the CA Final Level in the normal course.

However, the Institute of Chartered Accountants of India (ICAI) has modified the syllabus of CA final course for first paper i.e. Financial Reporting. Accordingly, some topics has now been newly included in the syllabus of CA Final Nov, 2016 exams. This revision gives emphasis on Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRSs) and its comparative study.

The CA Institute vide its announcement dated 30/05/2015 has added the following topics in the syllabus of CA Final Paper-1 (Financial Reporting) and the same would be applicable from CA Final May, 2017 Examination:

i) Introduction of Indian Accounting Standards (Ind AS);
ii) Comparative study of ASs vis-a-vis Ind ASs; and
iii) Carve outs/ins in Ind ASs vis-a-vis International Financial Reporting Standards (IFRSs).

As a result of which the following topics has now been excluded from the syllabus of Final Paper-1: Financial Reporting and the same would not be applicable from Nov, 2016 Examination:

i) Overview of International Accounting Standards (IAS);
ii) International Financial Reporting Standards (IFRS);
iii) Interpretations by International Financial Reporting Interpretation Committee (IFRIC);
iv) Significant differences vis-a-vis Indian Accounting Standards;
v) Understanding of US GAAPs; and
vi) Applications of IFRS and US.

List of Group-wise Subjects and Full Marks for CA Final Course

Papers
CA Final Subjects
Marks
Group-I
Paper-1
Financial Reporting
100
Paper-2
Strategic Financial Management
100
Paper-3
Advanced Auditing and Professional Ethics
100
Paper-4
Corporate and Allied Laws
Section A: Company Law (70 Marks)
Section B: Allied Laws (30 Marks)
100
Group-II
Paper-5
Advanced Management Accounting
100
Paper-6
Information Systems Control and Audit
100
Paper-7
Direct Tax Laws
100
Paper-8
Indirect Tax Laws
Section A: Central Excise (25 Marks)
Section B: Service Tax (50 Marks)
Section C: Customs & Foreign Trade Policy (25 Marks)
100

Following are the detail contents i.e. topic wise complete Curriculum of syllabus of Chartered Accountancy Final Course.

GROUP – I

PAPER-1: FINANCIAL REPORTING
(One paper – Three hours – 100 marks)

Revised January 2016 Edition of CA Final Paper-1 (Financial Reporting) shall be applicable in May 2017 Examination.

Level of Knowledge: Advanced knowledge

Objectives:

(a) To gain ability to analyze financial statements including consolidated financial statements of group companies and financial reports of various types of entities,
(b) To gain ability to apply valuation principles,
(c) To familiarise with recent developments in the area of financial reporting,
(d) To gain ability to solve financial reporting and valuation cases.

Contents:

1. Accounting Standards (ASs) and Guidance Notes on various accounting aspects issued by the ICAI and their applications.

2. Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs).

3. Corporate Financial Reporting – Issues and problems with special reference to published financial statements.

4. Accounting for Corporate Restructuring (including inter-company holdings).

5. Consolidated Financial Statements of Group Companies, Concept of a Group, purposes of consolidated financial statements, minority interest, Goodwill, Consolidation procedures – Minority interests, Goodwill, Treatment of pre- acquisition and post-acquisition profit.

Consolidation with two or more subsidiaries, consolidation with foreign subsidiaries.

Consolidated profit and loss account, balance sheet and cash flow statement.

Treatment of investment in associates in consolidated financial statements.

Treatment of investments in joint ventures in consolidated financial statements.

6. Accounting and reporting of financial instruments

Meaning, recognition, derecognition and offset, compound financial instruments

Measurement of financial instruments

Hedge accounting

Disclosures

7. Share based payments

Meaning, Equity settled transactions, Transaction with employees and non- employees

Determination of fair value of equity instruments

Vesting conditions

Modification, cancellation and settlement

Disclosures

8. Financial Reporting by Mutual funds, Non-banking finance companies, Merchant bankers, Stock and commodity market intermediaries.

9. Valuation

(a) Concept of Valuation
(b) Valuation of Tangible Fixed Assets
(c) Valuation of Intangibles including brand valuation and valuation of goodwill
(d) Valuation of liabilities
(e) Valuation of Shares
(f) Valuation of Business

10. Developments in Financial Reporting

(a) Value Added Statement
(b) Economic Value Added, Market Value Added, Shareholders’ Value Added
(c) Human Resource Reporting

Note: If either old Accounting Standards (ASs), Guidance Notes (GNs), Announcements and Limited Revisions to ASs are withdrawn or new ASs, GNs, Announcements and Limited Revisions to AS are issued by the Institute of Chartered Accountants of India in place of existing ASs, GNs, Announcements and Limited Revisions to AS, the syllabus will accordingly exclude / include such new developments in the place of the existing ones with effect from the date to be notified by the Institute.

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4 Responses to CA Final Syllabus Revised – Applicable for May 2017 Exams

  1. Kiran says:

    While we are studying the accounting standards (old) i.e. from AS1 to AS29 relevant for May 2016 exam, and if problems come from these standards, how do we work out the problems: as per old standards or as per the new Ind AS.

    I do understand that when problems relating to the comparision etc between the IndAS and the old AS are asked, we answer as per the newly introduced study material.

    I will be grateful if you can clear this confusion. Thank You

    • Suresh Prasad says:

      For your examination (May 2016) only three Ind AS are applicable. Thus, you have to solve/answer accounting standards related questions in accordance with Old AS1-AS29 except Ind AS-32, Ind AS-107 and Ind AS-109. Amendments for May Exams.

  2. Aarya Gupta says:

    What are the amendments in FR for CA final exam to be held in November 2016

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