CA Final Amendments May 2024 Exams Updates by ICAI

CA Final amendments for May 2024. Download ICAI Announcement for Account, Advanced Financial Management, Audit, Law, Income Tax and Integrated Business Solutions.

CA Final amendments for May 2024 exams are available for download which has been issued by the Institute of Chartered Accountants of India (ICAI). The next examinations of Chartered Accountancy Final course will be held in May/ June 2024.

All updates till 31st October, 2023 is applicable for final level examinations to be held in the month of May 2024. CA Institute announces the applicability of Standards, Guidance Notes and Legislative Amendments etc. for May, 2024 – Final Examination.

Accordingly, you may download topic wise ICAI CA Final amendments for May 2024 exams. Accounting Standards, Standards on Auditing (SAs), Guidance Notes (GNs), Circulars, Notifications, Companies Act and Finance Act etc.

You may download CA Final amendments applicable for May 2024 exams. In this article you will be able to learn the recent amendments, latest updated notes and news for May 2024 examination.

You must go through the latest CA Final amendments and CA Final updates happened at least 6 months prior to the commencement of your CA Final Course examination. Accordingly, you may download the following resources provided by CA Institute on official website ICAI.org under Board of Studies (BoS) Knowledge Portal:

  1. Study Materials (latest edition)
  2. Additional Reading material
  3. Supplementary Study Materials
  4. CA Final Practice Manual
  5. Compilation of Suggested Answers
  6. CA Final RTP (Revision Test Papers); and
  7. Download MTP (Mock Test Papers) with solutions
  8. CA Final books recommended for May 2024 exams

CA Final Exam Time Table May 2024

Study Material for ICAI May 2023 Exams

Following edition of study mat is relevant for the upcoming ICAI CA Final May 2023 examinations:-

Paper and ModuleApplicable Edition
Paper 1: Financial Reporting
(Module 1, 2, 3 and 4)
October, 2021
RTP May 2023
Paper 2: Strategic Financial ManagementOctober, 2021
Paper 3: Advanced Auditing and Professional
Ethics
(Module 1, 2 and 3)
October, 2021
RTP May 2023
Paper 3: Auditing PronouncementJune, 2019
Paper 4: Corporate and Economic Laws
Part I: Corporate Laws (Module 1 & 2)
Part II: Economic Laws (Module 3)
October, 2021
RTP May 2023
Paper 5: Strategic Cost Management and
Performance Evaluation
(Module 1, 2 and 3)
October, 2021
Case Study digest January 2022
Paper 6: Elective Paper:
6A Risk ManagementAugust, 2019
6B Financial Services & Capital MarketsPart A: November, 2020
Part B: July, 2022
6C International TaxationOctober, 2021
Supplementary Study Paper 2022
6D Economic LawsOctober, 2021
Case Laws Booklet
Case Study Digest, 2022
Amendments for May 2023
6E Global Financial Reporting StandardsOctober, 2021
6F Multi – disciplinary Case StudyAll Core papers edition of SM
(October, 2021)
RTP May 2023
Supplementary of Core Paper
Paper 7: Direct Tax Laws & International Taxation
Part I: Direct Tax Laws
Part II: International Taxation
(Module 1, 2, 3 and 4)
October, 2021
Supplementary Study Paper 2022
Judicial Update
RTP May 2023
Paper 8: Indirect Tax Laws
Part I: Goods and Services Tax
Part II: Customs & FTP
(Module 1, 2, 3 and 4)
October, 2021
Supplementary Study Paper
RTP May 2023

CA Final Amendments for May 2023

Paper-1 FR (Financial Reporting)

There are total 17 chapters in your FR (Financial Reporting) paper syllabus. Download FR Study Material October 2021 Edition that is applicable for May 2023 examination. You should go through accounting RTP May 2023 for CA Final amendments.

The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up to 31st October, 2022 will be applicable for Final May, 2023 Examination.

Accordingly, amendments issued by MCA and notified by the Central Government on 24th March, 2021 wrt Amendments to Division II of Schedule III to the Companies Act, 2013 is applicable for May, 2023 Examination.

Further, revised Conceptual Framework for Financial Reporting under Indian Accounting Standards is applicable for May, 2023 examination.

Indian Accounting Standard

ICAI has released a Book compiling various notes on Indian Accounting Standard (Ind AS). These notes are published in student’s monthly Journal from 2018-2022. You may download this Referencer for Quick Revision.

Did you know the following topics are excluded for CA Final May 2023 exams:

  1. Indian Accounting Standard (Ind AS) 16: Property, Plant and Equipment
    • Appendix B- Stripping Costs in the Production Phase of a Surface Mine
  2. Indian Accounting Standard (Ind AS) 37: Provisions, Contingent Liabilities and Contingent Assets
    • Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
    • Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment
  3. Indian Accounting Standard (Ind AS) 29: Financial Reporting in Hyper inflationary Economies.
  4. Indian Accounting Standard (Ind AS) 104: Insurance Contracts
  5. Indian Accounting Standard (Ind AS) 106: Exploration for and Evaluation of Mineral Resources.
  6. Indian Accounting Standard (Ind AS) 114: Regulatory Deferral Accounts
  7. Analysis of financial statements based on Accounting Standards.

The above topics have been removed from your syllabus for the examinations to be conducted by ICAI in the month of May 2023.

Paper-2 SFM (Strategic Financial Management)

There are total 14 chapters in your SFM (Strategic Financial Management) paper. Download SFM Study Material October 2021 Edition and CA Final SFM RTP May 2023.

Important Topics: CA Final SFM RTP May 2023 covers questions from almost entire syllabus. Important topics are Security Valuation, Portfolio, Mutual Fund, Derivatives, Foreign Exchange, International Financial Management, IRR, Corporate Valuation, Mergers, Acquisitions and Corporate Restructuring.

You should download SFM referencer for quick revision which includes notes on various topics like Security Valuation, Portfolio Management, Derivatives, Foreign Exchange Exposure and Risk Management, Interest Rate Risk Management, Corporate Valuation, Mergers, Acquisitions and Corporate Restructuring etc.

There is no any recent update in last 6 months for SFM paper except new edition of study material.

Paper-3 AAPE (Advanced Auditing and Professional Ethics)

Download Audit and Ethics October 2021 edition of Study Material for May 2023 examination. CA Final auditing RTP for May 2023 is also useful.

List of applicable Statements and Standards

  1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
  2. Framework for Assurance Engagements.

Applicable Engagements and Quality Control Standards on Auditing

  1. Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements [SQC 1]
  2. Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing [SA 200]
  3. Agreeing the Terms of Audit Engagements [SA 210]
  4. Quality Control for Audit of Financial Statements [SA 220]
  5. Audit Documentation [SA 230]
  6. The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements [SA 240]
  7. Consideration of Laws and Regulations in An Audit of Financial Statements [SA 250]
  8. Communication with Those Charged with Governance (Revised) [SA 260]
  9. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management [SA 265]
  10. Joint Audit of Financial Statements (Revised) [SA 299]
  11. Planning an Audit of Financial Statements [SA 300]
  12. Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment [SA 315]
  13. Materiality in Planning and Performing an Audit [SA 320]
  14. The Auditor’s Responses to Assessed Risks [SA 330]
  15. Audit Considerations Relating to an Entity Using a Service Organization [SA 402]
  16. Evaluation of Misstatements Identified during the Audits [SA 450]
  17. Audit Evidence [SA 500]
  18. Audit Evidence – Specific Considerations for Selected Items [SA 501]
  19. External Confirmations [SA 505]
  20. Initial Audit Engagements-Opening Balances [SA 510]
  21. Analytical Procedures [SA 520]
  22. Audit Sampling [SA 530]
  23. Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures [SA 540]
  24. Related Parties [SA 550]
  25. Subsequent Events [SA 560]
  26. Going Concern (Revised) [SA 570]
  27. Written Representations [SA 580]
  28. Using the Work of Another Auditor [SA 600]
  29. Using the Work of Internal Auditors (Revised) [SA 610]
  30. Using the Work of an Auditor’s Expert [SA 620]
  31. Forming an Opinion and Reporting on Financial Statements (Revised) [SA 700]
  32. Communicating Key Audit Matters in the Independent Auditor’s Report (New) [SA 701]
  33. Modifications to the Opinion in the Independent Auditor’s Report (Revised) [SA 705]
  34. Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised) [SA 706]
  35. Comparative Information – Corresponding Figures and Comparative Financial Statements [SA 710]
  36. The Auditor’s Responsibility in Relation to Other Information (Revised) [SA 720]

Applicable Guidance Notes

  1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
  2. Guidance Note on Audit of Banks.
  3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
  4. Guidance Note on CARO 2020

Applicability of the Companies Act 2013 and other Legislative Amendments for May 2023 Exam

Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, the relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2022 will be applicable for May, 2023 Examination.

It may be noted that the significant notifications and circulars issued which are not covered in the October 2021 edition of Study Material, would be given as Academic Update in the Revision Test Paper for May, 2023 Examination.

CARO 2020: Companies (Auditor’s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for May, 2023 Examination.

Revised Statement on Peer Review is applicable for May, 2023 Examination.

Revised Chapter on Professional Ethics based on Code of Ethics 2020 is applicable for May, 2023 Examination.

Applicability of the Amendments to Schedule III to the Companies Act, 2013: The Central Government made certain amendments in Schedule III to the Companies Act, 2013 (vide Notification dated 24th March, 2021), with effect from 1st day of April, 2021. These amendments to Schedule III are applicable for May, 2023 Examination.

Applicability of Amendments in Chapter on Audit of NBFCs are applicable for May, 2023 Examination.

List of topic-wise exclusions from the syllabus

  • Non-Applicability of GST Audit topic: GST Audit Topic is not applicable for May, 2023 Examination.
  • Topic on NOCLAR in Chapter on Professional Ethics is not applicable for May 2023 Examination.
  • SA-800: Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework.
  • SA-805: Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
  • SA-810: Engagements to Report on Summary Financial Statements
  • SRE-2400: Engagements to Review Historical Financial Statements (Revised)
  • SRE-2410: Review of Interim Financial Information Performed by the Independent Auditor of the Entity.
  • SAE-3400: The Examination of Prospective Financial Information.
  • SAE-3402: Assurance Reports on Controls At a Service Organisation.
  • SAE-3420: Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)
  • SRS-4400: Engagements to Perform Agreed Upon Procedures Regarding Financial Information
  • SRS-4410: Compilations Engagements (Revised)

Following Guidance Notes and other publications are excluded

  1. Code of Ethics publication is excluded whereas Chapter 18 on Professional Ethics is in syllabus
  2. Guidance Note on Independence of Auditors.
  3. Guidance Note on Audit of Inventories.
  4. Guidance Note on Audit of Debtors, Loans and Advances.
  5. Guidance Note on Audit of Investments.
  6. Guidance Note on Audit of Cash and Bank Balances.
  7. Guidance Note on Audit of Liabilities.
  8. Guidance Note on Audit of Revenue.
  9. Guidance Note on Audit of Expenses.
  10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
  11. Guidance Note on Audit of Payment of Dividend.
  12. Guidance Note on Audit of Capital and Reserves.
  13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
  14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.

Paper-4 CEL (Corporate and Economic Laws)

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Economic Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31st October, 2022 are applicable for May, 2023 exams.

Part I: Section A- Company Law

Following sections of the Companies Act are excluded: 337-351, 348-351, 359-365, 366-378, 396-405, 408-419, 441,448-449, 451-453, 456 -470 and provisions related to Producer Companies.

The Relevant rules of the Companies Act to the extent covered in the October 2021 edition of the Study Material, shall only be relevant for the said examinations.

Part I: Section B- Securities Laws

Chapter-1: The Securities Contract (Regulation) Act, 1956 and Securities Contract (Regulation) Rules, 1957: The entire chapter is excluded.

Chapter-2: The Securities Exchange Board of India Act, 1992 and SEBI (LODR) Regulations, 2015.

Following provisions of the SEBI Act, are excluded: Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g), 21, 25, 28, 33 and 35.

SEBI (LODR) Regulations, 2015 to the extent covered in Oct 2021 Edition of study material, shall only be applicable for the examination.

Part II: Economic Laws

Chapter-1: The Foreign Exchange Management Act, 1999.

Following provisions of the FEMA, 1999 is excluded for the examination: Sections 2(cc), 2(gg), 16(2) to 16(6), 17(4), 17(6), 19 to 34, 37(2), 37(3), 37A, 45, 46, 47 & 48.

Following FEMA Rules and Regulations are applicable for CA Final May 2023 exams:

  1. Fem (Permissible Capital Account Transactions) Regulations, 2000
  2. Fem (Current Account Transactions) Rules, 2000
  3. FEM (Export of Goods & Services) Regulations, 2015
  4. Overseas Direct Investment
  5. Import of Goods and Services
  6. External Commercial Borrowing Policy

Chapter-2: SARFAESI Act, 2002: The entire chapter is excluded.

Chapter-3: Prevention of Money Laundering Act, 2002:

Following Sections are excluded for examination: 2(1)(a), (b), (c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja), (k), (m), (na), (o), (q), (r), (rc), (s), (sb), (sc), (t), (va), (z) , (zb) & (2)- Definitions, 6(3) to 6(15), 7, 16 to 24, 27 to 34, 35(1), 35(3) to 35(5), 36, 37, 39, 40, 49 to 54, 73, 74 and 75.

Rules to the extent covered in the October 2021 edition of the Study material are only relevant.

Chapter-4: Foreign Contribution Regulation Act, 2010:

Following Sections are excluded for examination: Section 2(1)(a), (b), (c), (d), (e), (f), (k), (l), (o), (p), (q), (s), (t), & (u)- Definitions, 21, 23 to 27, 44, 45, 49, 53 and 54.

Chapter-5: The Arbitration and Conciliation Act, 1996:- The entire content included in the October 2021 edition of the Study Material and the Legislative amendments to be hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

Chapter-6: The Insolvency and Bankruptcy Code, 2016: Provisions from section 60 onwards are excluded.

Note that the provisions corresponding to all exclusions as mentioned above (Part-I & II), covered in other topic(s) forming part of the syllabus, shall also be excluded.

Paper-5 SCMPE (Strategic Cost Management and Performance Evaluation)

Download SCM & PE Study Material October 2021 Edition is applicable for May 2023. You should go through costing RTP May 2023 for CA Final amendments.

According to the CA Institute’s announcement made in July 2021, the Chapter-5 on topic “Cost Management for Specific Sector” has been deleted and therefore not applicable for May 2023 Final level exams.

Paper-6 EP (Elective Papers)

Paper-6A RM (Risk Management)

The pattern of examination for this paper is open-book and case study based. The entire content included in the August 2019 edition of the Study Material shall be relevant for the May 2023 examination.

Paper-6B FSCM (Financial Services and Capital Markets)

The pattern of exam for this paper-6B is also open-book and case study based.

Part A of the Study Material of Financial Services and Capital Markets (November 2020 Edition) shall be relevant for the May 2023 examination.

Following SEBI Regulations (excluding Schedules) revised upto 30th June 2021 as covered in Part B of the July 2021 edition of Study Material are also relevant:

  1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  2. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  3. SEBI (Prohibition of Insider Trading) Regulations, 2015
  4. SEBI (Buy Back of Securities) Regulations, 2018
  5. SEBI (Mutual Funds) Regulations, 1996
Additional Case Studies Paper-6B

Paper-6C IT (International Taxation)

  • Applicability of amendments made by Finance Act

As far as the applicability of Finance Act is concerned, the amendments made by the Finance Act of a particular year would be applicable for the May and November examinations of the next year. Accordingly, the direct tax laws, as amended by the Finance Act, 2022, would be applicable for May, 2023 examinations. The relevant assessment year for May, 2023 examinations is A.Y. 2023-24. This would be relevant as far as the topics on International Taxation pertain to the Income-tax Act, 1961, equalization levy and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

However, if the case study based question requires computation/determination relating to any earlier assessment year also, then, the relevant provisions pertaining to that year would be given in the question itself. In the alternative, the question may mention that the relevant provisions in the earlier year were the same as they are for A.Y. 2023-24.

  • Applicability of amendments made by circulars, notifications, press releases/press notes and other legislations

Students are expected to be updated with the notifications, circulars, press releases/press notes issued and other legislative amendments made in direct tax laws upto 6 months prior to the examination. For instance, for May, 2023 examination, significant notifications, circulars, press releases/press notes issued by the CBDT/Central Government and legislative amendments made upto 31st Oct, 2022 would be relevant.

  • Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing issues and making computation in case study based questions in Final (New) Paper 6C

The questions based on case study in the Elective Paper 6C: International Taxation may involve application of other provisions of direct tax laws dealt with in detail in Paper 7: Direct Tax Laws and International Taxation, which the students are expected to be aware of.

Students may note that they are expected to integrate and apply the provisions of direct tax laws (dealt with in Final Paper 7: Direct Tax Laws and International Taxation and in the Elective Paper 6C: International Taxation) in making computations and addressing relevant issues in questions raised in the Elective Paper 6C on International Taxation.

Therefore, the October, 2021 edition of the Study Material for Final Paper 6C: International Taxation and Final Paper 7: Direct Tax Laws and International Taxation are relevant and important for answering case-study based questions in Paper 6C.

These publications have to be read along with the relevant bare Acts and Rules to address issues and make computations in case study based questions. The initial pages of the Study Material of Paper 6C contains the link to the important webpages of the income-tax department and the relevant bare Acts and Rules.

  • Scope of coverage of certain topics

As regards certain topics on International Taxation, namely, Tax Treaties: Overview, Features, Application & Interpretation and Anti-Avoidance Measures, only the content as covered in the October, 2021 edition of the Study Material would be relevant for May, 2023 Examination. US Model Convention is excluded from the scope of the topic “Overview of Model Tax Conventions” by way of Study Guidelines.

It may be noted that if a case study based question involves application of a double taxation avoidance agreement (DTAA), the extract of the relevant article(s) of the DTAA would be given in the question paper. Alternatively, the question may mention that the DTAA is in line with the OECD/UN Model Tax Convention, in which case, the students have to refer to the relevant article(s) of the Model Tax Convention. Students are expected to have the ability to interpret the article(s) of the DTAA in answering case study based questions.

Paper-6D EL (Economic Laws)

Chapter-1: The Competition Act, 2002 and Rules/Regulations.

Following Sections of the Competition Act, 2002 are excluded for the examination: 34, 37, 40 are excluded.

Chapter-2: Real Estate (Regulation and Development) Act, 2016 and Rules/Regulations.

Regulations pertaining to RERA are excluded.

Chapter-3: The Insolvency and Bankruptcy Code, 2016 and Rules/Regulations.

Following sections are excluded of the Notified chapters of the Code: 3(2), 3(3), 3(5), 3(14), 3(22), 3(24), 3(25), 3(26), 3(28), 3(29), 3(32), 3(36), 3(37), 5(2) to 5(4), 5(16), 5(19).

In specific, Regulations/ Rules related to Insolvency and Bankruptcy, it is covered broadly and not in entirety. These shall only be applicable to the extent covered in the study material.

Chapter-4: The Prevention of Money Laundering Act, 2002 and Rules/Regulations.

The entire content included in the November 2021 edition of the Study Material, shall only be relevant. Rules to the extent covered in the study material are relevant.

Chapter-5: The Foreign Exchange Management Act, 1999 and Rules /Regulations.

In specific following FEM (Regulations)/ Rules read with the Act, shall only be applicable to the extent covered in the study material:-

  • Foreign Exchange Management (Current Account Transactions) Rules, 2000
  • Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000
  • Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
  • Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015
  • Foreign Exchange Management (Export of Goods and Services) Regulations, 2015
  • Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015
  • Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2015
  • Liberalized Remittance Scheme.
  • Import of Goods and Services
  • External Commercial Borrowings
  • Overseas Direct Investments

Following FEM (Regulations)/ Rules are entirely excluded:

  1. Foreign Exchange (Authentication of Documents) Rules, 2000
  2. Foreign Exchange (Compounding Proceedings) Rules, 2000
  3. Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000
  4. Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000
  5. Foreign Exchange Management (Borrowing and lending in Rupees) Regulations, 2000
  6. Foreign Exchange Management (Deposit) Regulations, 2016
  7. Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other place of business) Regulations, 2016
  8. Foreign Exchange Management (Export and Import of Currency) Regulations, 2015
  9. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015
  10. Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000
  11. Foreign Exchange Management (Guarantees) Regulations, 2000
  12. Foreign Exchange Management (Insurance) Regulations, 2015
  13. Foreign Exchange Management (Investment in firm or proprietary Concern in India) Regulations, 2000
  14. Foreign Exchange Management (Issue of security in India by a Branch Office or Agency of a person Resident in outside India) Regulations, 2000
  15. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
  16. Foreign Exchange Management (Remittance of Assets) Regulations, 2016
  17. Foreign Exchange Management (Transfer or issue of any Foreign security) Regulations, 2004
  18. Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000
  19. Foreign Exchange Management (Withdrawal of General permission to Overseas Corporate Bodies) Regulations, 2003
  20. Foreign Exchange Management (Removal of Difficulties) Order, 2000
  21. Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014
  22. Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002
  23. Foreign Exchange Management (International financial Services Centre) Regulations, 2015
  24. Foreign Exchange Management (Regularization of assets held abroad by a person Resident in India) Regulations, 2015

Chapter-6: Prohibition of Benami Property Transactions Act,1988 and Rules/ Regulations.

The entire content included in the October 2021 edition of the Study Material shall only be relevant.

Chapter-7: SARFAESI, 2002.

The entire content included in the October 2021 edition of the Study Material shall only be relevant.

October 2021 edition of the Study Material and Revised Booklet on Significant Case Laws are relevant for May 2023 examinations.

Additional Case Studies Paper-6D Economic Laws

Paper-6E GFRS (Global Financial Reporting Standards)

  • Relevant Study Material and Scope of Coverage of the content:

October, 2021 edition of the Study Material is relevant for May, 2023 examination.

The study material contains the amendments in IFRS equivalent to the corresponding amendments taken place in Ind AS till 31st October, 2021. In case any amendment had taken place in IFRS but the same is yet to be notified in Ind AS, then it would not be applicable for this paper for May 2023 examination.

As regards to the topic on ‘Significant differences between IFRS and US GAAPs’, the content as covered in the chapter given in the study material would be relevant for May, 2023 examination.

  • Non-applicability of certain International Financial Reporting Standards (IFRS) and IFRS Interpretations (IFRICs):

Since the Core paper on Financial Reporting does not cover Ind AS equivalent to IAS-26, IAS-29 (including IFRIC 7), IFRS-4, IFRS-6, IFRS-14 and IFRS-17, the same IFRS shall also not form part of the GFRS Paper.

Similarly, in applicable Ind AS there are no corresponding Appendix on IFRIC-2 and SIC-7, hence these IFRICs shall also not form part of the GFRS Paper.

Paper-6F MCS (Multidisciplinary Case Study)

The Multi-disciplinary case study would involve application of two or more of the seven core subjects at the Final level. List of seven core subjects at final level is given as under:

Paper-1: Financial Reporting
Paper-2: Strategic Financial Management
Paper-3: Advanced Auditing and Professional Ethics
Paper-4: Corporate and Economic Laws
Paper-5: Strategic Cost Management and Performance Evaluation
Paper-7: Direct Tax Laws & International Taxation
Paper-8: Indirect Tax Laws

The applicability/ non-applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for Paper 6F: Multidisciplinary Case Study for May, 2023 Examination would be same as applicable for each of the above individual papers.

Paper-7 DTL and IT (Direct Tax Laws and International Taxation)

  • Applicability of Finance Act, Assessment Year etc. for May, 2023 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2022 including significant notifications, circulars and press releases issued up to 31st October, 2022, are applicable for May, 2023 examination. The relevant assessment year is A.Y. 2023-24.

The Oct, 2021 edition of the Study Material contains the provisions of direct tax laws [Modules 1, 2 and 3] and international taxation [Module 4] relevant for May, 2023 examination.

You may download latest MCQs applicable for CA Final May 2023 examinations.

  • Scope of coverage of certain topics in Part II: International Taxation

As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the specific content as covered in the October, 2021 edition of the Study Material would be relevant for May, 2023 Examination.

Paper-8 ITL (Indirect Tax Laws)

  • The following are applicable for May 2023 examination:
  1. The provisions of the CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2022, which have become effective up to 31st Oct, 2022, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2022.
  2. The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance Act, 2022, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2022.
  3. Case Scenarios for May, 2023 and November, 2023 Examination.
  4. MCQs for May, 2023 Examination

The Study Guidelines given below specify the exclusions from the syllabus for May 2023 examination.

Part-I Goods and Services Tax

Topics of the syllabusExclusions
1(ii) Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemption from tax; Composition levy(i) Rate of tax prescribed for supply of goods*
(ii) Rate of tax prescribed for supply of services*
(iii) Exemptions for supply of goods
Categories of supply of goods, tax on which is payable on reverse charge basis

*Rates specified for computing the tax payable under composition levy are included in the syllabus.
1(iv) Time and Value of supplyValue of supply in cases where Kerala Flood Cess is applicable.
1(v) Input tax creditManner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projects
Manner of reversal of credit of additional duty of customs in respect of Gold dore bar
1(vii) Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job work(i) Furnishing of GSTR-2, GSTR-1A and GSTR-3
(ii) Matching, reversal & reclaim of input tax credit Matching, reversal & reclaim of reduction in output tax liability
1(xv) Other provisionsTransitional Provisions

Part-II Customs & FTP

Completely excluded:

  • 1(v) Officers of Customs; Appointment of customs ports, airports etc.
  • 1(vii) Provisions relating to coastal goods and vessels carrying coastal goods
  • 1(x) Demand and Recovery
  • 1(xi) Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods
  • 1(xii) Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution
  • 1(xiii) Appeals and Revision; Advance Rulings; Settlement Commission
  • 1(xiv) Other provisions

The amendments made by the Annual Union Finance Acts in the CGST Act, 2017 and IGST Act, 2017 are made effective from the date notified subsequently. Thus, only those amendments made by the Finance Act, 2022 which have become effective till 31.10.2022 are applicable for May 2023 examinations.

Consequently, amendment made by the Finance Act, 2022 in section 16 of the IGST Act, 2017 is not applicable for May 2023 examinations as the same has not become effective till 31.10.2022.

Further, it may be noted that amendments made by the Finance (No. 2) Act, 2019 in sections 2(4), 95, 102, 103, 104, 105 and 106 of the CGST Act, 2017 and the insertion of new sections 101A, 101B & 101C in the CGST Act, 2017 have not become effective till 31.10.2022 and thus, are not applicable for May 2023
examinations.


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