CA Final Syllabus May 2024: The Institute of Chartered Accountants of India (ICAI) revised the new syllabus for candidates appearing in CA Final May 2024 examinations.
In this article, you will find all relevant changes and entire syllabus of CA Final course. Some topics are included and some chapters has been excluded from final level of examination. CA Institute announce the applicability of Standards (AS, Ind AS and SA), Guidance Notes and other legislative updates for May, 2024 examinations.
CA Institute has revised syllabus for the CA Final May 2024 exams. You may also read the ICAI important announcement for legislative updates and CA Final amendments applicable for ICAI May 2024 exams.
Revised Scheme of Education and Training implemented w.e.f. 1st July, 2023. 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.
ICAI New Syllabus 2023: CA Institute has come with the newly revised Scheme of Education and Training. It is officially announced that the revised syllabus shall be applicable w.e.f. 1st July, 2023. The first exams under new syllabus shall be held in CA Final May 2024 term of ICAI exams.
CA Final Subjects for New Syllabus May 2024 Exams
The entire syllabus of ICAI CA Final course is divided into TWO GROUPS which is further divided into 6 SUBJECTS. Every paper of CA Final new syllabus contains 100 marks each.
| Papers | Group wise Subjects |
|---|---|
| Group-I | Subjects under New Syllabus |
| Paper-1 | FR – Financial Reporting |
| Paper-2 | AFM – Advanced Financial Management |
| Paper-3 | AAA & PE – Advanced Auditing, Assurance and Professional Ethics |
| Group-II | Subjects under New Syllabus |
| Paper-4 | DTL & IT – Direct Tax Laws and International Taxation |
| Paper-5 | ITL – Indirect Tax Laws |
| Paper-6 | IBS – Integrated Business Solutions (Multidisciplinary Case Study with Strategic Management) |
Passing Marks: You have to secure 40 marks or more to pass in each subject. Minimum 50% marks is required to clear each Group. However, if you appear for both groups then you need to secure at least 40% marks in each subject and 50% in aggregate of both Groups i.e. combine all 6 papers of CA Final exams.
CA Final New Syllabus for May 2024
Following are the detail contents i.e. topic wise complete Curriculum of revised syllabus of Chartered Accountancy Final Course for May 2024 exams.
Paer-1 Financial Reporting New Syllabus May 2024
Objective:
- 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.
- To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards (Ind AS) while preparing and presenting the financial statements.
- 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).
- To develop understanding of certain Accounting Standards and solve problems in practical scenarios where treatment is different in both the standards.
MODULE 1
Chapter-1: Introduction to Indian Accounting Standards
Chapter-2: Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS)
Chapter-3: Ind AS on Presentation of Items in the Financial Statements
- Unit-1: Ind AS 1 “Presentation of Financial Statements”
- Unit-2: Ind AS 34 “Interim Financial Reporting”
- Unit-3: Ind AS 7 “Statement of Cash Flows”
Chapter-4: Ind AS on Measurement based on Accounting Policies
- Unit-1: Ind AS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”
- Unit-2: Ind AS 10 “Events after the Reporting Period”
- Unit-3: Ind AS 113 “Fair Value Measurement”
Chapter-5: Ind AS 115 “Revenue from Contracts with Customers”
Annexure: Division II of Schedule III to the Companies Act, 2013
Ind AS Puzzlers: Test Your Accounting Acumen
MODULE 2
Chapter-6: Ind AS on Assets of the Financial Statements
- Unit-1: Ind AS 2 “Inventories”
- Unit-2: Ind AS 16 “Property, Plant and Equipment”
- Unit-3: Ind AS 23 “Borrowing Costs”
- Unit-4: Ind AS 36 “Impairment of Assets”
- Unit-5: Ind AS 38 “Intangible Assets”
- Unit-6: Ind AS 40 “Investment Property”
- Unit-7: Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”
- Unit-8: Ind AS 116 “Leases”
Chapter-7: Other Indian Accounting Standards
- Unit-1: Ind AS 41 “Agriculture”
- Unit-2: Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance”
- Unit-3: Ind AS 102 “Share Based Payment”
Ind AS Puzzlers: Test Your Accounting Acumen
MODULE 3
Chapter-8: Ind AS on Liabilities of the Financial Statements
- Unit-1: Ind AS 19 “Employee Benefits”
- Unit-2: Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets”
Chapter-9: Ind AS on Items impacting the Financial Statements
- Unit-1: Ind AS 12 “Income Taxes”
- Unit-2: Ind AS 21 “The Effects of Changes in Foreign Exchange Rates”
Chapter-10: Ind AS on Disclosures in the Financial Statements
- Unit-1: Ind AS 24 “Related Party Disclosures”
- Unit-2: Ind AS 33 “Earnings per Share”
- Unit-3: Ind AS 108 “Operating Segments”
Chapter-11: Accounting and Reporting of Financial Instruments
- Unit-1: Financial Instruments: Scope and Definitions
- Unit-2: Classification and Measurement of Financial Assets and Financial Liabilities
- Unit-3: Financial Instruments: Equity and Financial Liabilities
- Unit-4 : Derivatives and Embedded Derivatives
- Unit-5: Recognition and Derecognition of Financial Instruments
- Unit-6: Hedge Accounting
- Unit-7: Disclosures
Comprehensive Illustrations
Ind AS Puzzlers: Test Your Accounting Acumen
MODULE 4
Chapter-12: Ind AS 103 “Business Combinations”
Chapter-13: Consolidated and Separate Financial Statements of Group Entities
- Unit-1 : Introduction to Consolidated and Separate Financial Statements
- Unit-2 : Important Definitions
- Unit-3 : Consolidated Financial Statements
- Unit-4 : Ind AS 110: Consolidation Procedure for Subsidiaries
- Unit-5 : Ind AS 111: Joint Arrangements
- Unit-6 : Ind AS 28: Investment in Associates & Joint Ventures
- Unit-7 : Ind AS 27: Separate Financial Statements
- Unit-8 : Disclosures
Chapter-14: Ind AS 101 “First-time Adoption of Indian Accounting Standards”
Chapter-15: Analysis of Financial Statements
Chapter-16: Professional and Ethical Duty of a Chartered Accountant
Chapter-17: Accounting and Technology
Ind AS Puzzlers: Test Your Accounting Acumen
Paer-2 Advanced Financial Management New Syllabus May 2024
Objectibe:
To acquire the ability to apply financial management theories and techniques in strategic decision making.
Chapter-1: Financial Policy and Corporate Strategy
Chapter-2: Risk Management
Chapter-3: Advanced Capital Budgeting Decisions
Chapter-4: Security Analysis
Chapter-5: Security Valuation
Chapter-6: Portfolio Management
Chapter-7: Securitization
Chapter-8: Mutual Funds
Chapter-9: Derivatives Analysis and Valuation
Chapter-10: Foreign Exchange Exposure and Risk Management
Chapter-11: International Financial Management
Chapter-12: Interest Rate Risk Management
Chapter-13: Business Valuation
Chapter-14: Mergers, Acquisitions and Corporate Restructuring
Chapter-15: Startup Finance
Appendix
Paer-3 Advanced Auditing, Assurance and Professional Ethics New Syllabus May 2024
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
MODULE 1
Chapter-1: Quality Control
Chapter-2: General Auditing Principles and Auditors Responsibilities
Chapter-3: Audit Planning, Strategy and Execution
Chapter-4: Materiality, Risk Assessment and Internal Control
Chapter-5: Audit Evidence
Chapter-6: Completion and Review
Chapter-7: Reporting
MODULE 2
Chapter-8: Specialised Areas
Chapter-9: Audit-related Services
Chapter-10: Review of Financial Information
Chapter-11: Prospective Financial Information and Other Assurance Services
Chapter-12: Digital Auditing & Assurance
Chapter-13: Group Audits
Chapter-14: Special Features of Audit of Banks & Non-Banking Financial Companies
MODULE 3
Chapter-15: Overview of Audit of Public Sector Undertakings
Chapter-16: Internal Audit
Chapter-17: Due Diligence, Investigation & Forensic Audit
Chapter-18: Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance
Chapter-19: Professional Ethics & Liabilities of Auditors
Paer-4 Direct Tax Laws and International Taxation New Syllabus May 2024
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.
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
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
International Taxation
Taxation of cross border transactions and Non-resident taxation under the Income-tax Act, 1961, including
- Transfer Pricing
- Non-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
Paer-5 Indirect Tax Laws New Syllabus May 2024
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.
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
Case studies based on following: 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
Procedures under GST including registration, tax invoice, credit and debit notes, electronic way-bill, accounts and records, returns, payment of tax
Refunds and case studies based on refund provisions
Job work
Liability to pay in certain cases
Administration of GST; Assessment and Audit
Inspection, Search, Seizure and Arrest
Demand and Recovery; Offences and Penalties
Appeals and Revision
Advance Ruling
Ethics under GST
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)
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:
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
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
Paer-6 Integrated Business Solutions New Syllabus May 2024
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.
Paper-6 will be entirely case study based and would assess the integrated knowledge of following subjects:-
- Financial Reporting
- Advanced Financial Management
- Advanced Auditing, Assurance and Professional Ethics
- Direct Tax Laws & International Taxation
- Indirect Tax Laws
- Corporate and Economic Laws
- Strategic Cost & Performance Management