CMA Final Course Full Details


Get full details of CMA Final Course. In previous post we have already provided information about CMA Foundation Course Details & CMA Intermediate Course DetailsToday we are going to provide information about CMA Final Course Details. CMA Is the one of the toughest course to complete. Students who are willing to study CMA Course have to work hard with dedication to complete CMA Course and it is also a very prestigious course. From this article you can get information about Fee Details, How to Register details, Syllabus, Subjects covered & all other important details at one place. CMA Final exam will be conducted twice a year in the months of June & December by ICAI Board.CMA Final

About CMA Final Course

Students who are studying CMA Final Course, must have a clear idea about all the elements covered under CMA Final Course. We are providing all those details in this article.

CMA Final Course Eligibility Details

Candidates who have passed all the eight papers of ICWAI Intermediate Course can apply for Final course of ICWAI.


Registration for the ICAI course is open throughout the year. However, Students desirous to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.

CMA Final Registration Fee Details

Cost of Prospectus Rs.250

Course Amount Remarks
Final Rs.17,000/- Payable on or before 31st January for June term and 31st July for December term of examinations

Documents Required For Registration

Eligibility for Final Course Minimum documents must be uploaded
1) Regular a) Passport Photob) Specimen Signaturec) Age Proofd) 10th Pass Marksheet.e) 12th Pass MarkSheet.f) CMA Intermediate Pass (both Group-I & Group-II) Marksheet/Certificate

How to register for CMA Final 2017?

Step I –  Please Visit to following website – II –  Now click on “Click Here” ButtonStep III – Now you can see Text : Register as a student, Now click on Final CourseStep IV –  Please Select Your Coaching Type and Click on “OK” Button, Now You can see following Screen.cma-final-registration-formStep V – Fill all columns and submit for Registration

How to pay CMA Final Registration Fee

The registration fee may be paid in the form of a D.D. or a challan as per the details provided in the application/prospectus and be submitted along with the application for registration.

Download Payfee Challan

You can download CMA Final Registration Payfee Challan from the official website if CMA ( We are directly providing this Challan download link, just click on the below link to download Payfee ChallanClick here: Download Payfee Challan

Check Online Admission Status

Click here to Check : Online Admission Status

Where to submit/dispatch filled-in application form?

All students shall submit their Postal Application form, duly filled in together with relevant documents and remittances to their respective Regional Councils / Chapters only.Regional Councils and area covered by the region are given below:

Address of Regional Councils Area Covered
Western India Regional Council “Rohit Chambers”,4th Floor Janmabhoomi Marg,Fort Mumbai – 400 001 Ph : 022-22872010/ 22841138/ 22043406/ 22043416 Fax : 91- 022- 22870763 Email: [email protected] Web site : The State of Chhattisgarh, Gujarat, Madhya Pardesh, Maharashtra, Goa and the Union Territories: Daman Diu., Dadra, and Nagar Heveli.
Southern India Regional Council 4, Montieth Lane, Egmore,Chennai – 600 008 Ph:044-28554443/28554326/28528219 Fax : 91- 044- 28554651 Website: Email: [email protected] The State of Andhra Pradesh, Karnatka, Kerala, Tamilnadu, Pondicherry and the Unition Terrritory: the Lakshadweep
Eastern India Regional Council 84, Harish Mukherjee Road,Kolkatta – 700 025 Ph : 033 -24553418 /24555957 Fax : 91 033-2455-7920 Email: [email protected] The States of Assam, Arunachal Pradesh, Bihar, Jharkhand, Manipur, Maghalaya, Mizoram, Nagaland, Orissa, Tripura, West Bengal, Sikkim, the Union Territories: The Andaman and Nicobar Islands and Foreign Countries.
Northern India Regional Council 3, Institutional Area, Lodi Road,New Delhi – 110 003 Ph : 011 – 24626678 / 24615788 Fax : 24622156 Email: [email protected] The States of Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Rajastan, Uttar Pradesh, Uttraanchal and the Union Territory: Chandigarh.

List of Subjects in CMA Final

Suggested: Subjects in New CMA Syllabus 2017 Foundation, Inter & FinalSyllabus-2017 for Group-III of CMA Final CoursePaper-13 : Corporate Laws & CompliancePaper-14 : Strategic Financial ManagementPaper-15 : Strategic Cost Management – Decision MakingPaper-16 : Direct Tax Laws and International TaxationSyllabus-2017 for Group-IV of CMA Final CoursePaper-17 : Corporate Financial ReportingPaper-18 : Indirect Tax Laws & PracticePaper-19 : Cost & Management AuditPaper-20 : Strategic Performance Management and Business Valuation

CMA Final Syllabus – Contents and Weightage


Paper 13: Corporate Laws & Compliance

There are three sections in the Paer-13 of CMA Final Course viz. A) Companies Act, B) Other Corporate Laws, and C) Corporate Governance.Section A (Companies Act 2013) [50 Marks]:Section A of Paper-13 of CMA Final contains topics related to the Companies Act, 2013 which has 50% weightage.1. The Companies Act, 2013Rules, regulations prescribed under the Companies Act 2013 with special reference to:

  1. a) Company Formation and Conversion

(i) Incorporation of private companies, public companies, company limited by guarantee and unlimited companies and their conversions/reconversion/re-registration.(ii) Nidhi Companies, Mutual Benefit Funds and Producer Companies – concept, formation, membership, functioning, Dissolution.(iii) Formation of Not-for-Profit making companies.(iv) Procedure relating to Foreign Companies Carrying on Business in India.(v) Conversion of LLPs into Private Limited Companies and vice versa

  1. b) Investment and loans

(i) Procedure for inter-corporate loans, investments, giving off guarantee and security.(ii) Acceptance of deposits, renewal, repayment, default and remedies.

  1. c) Dividends

(i) Profits and ascertainment of divisible profits.(ii) Declaration and payment of dividend.(iii) Unpaid and unclaimed dividend – treatment and transfer to Investor Education and Protection Fund

  1. d) Accounts and Audit

(i) Maintenance of Books of Accounts(ii) Statutory Auditor, Special Auditor and Cost Auditor – Appointment, resignation, removal, qualification, disqualification, rights, duties and liabilities(iii) Companies Auditor Report Order (CARO) Rules.

  1. e) Board of Directors & Managerial Personnel
  2. i) Directors and Managerial Personnel- appointment, reappointment, resignation, removal.ii) Payment of remuneration to Directors and Managerial personnel and disclosureiii) Powers of Board of Directors and restrictions on the powers of Directorsiv) Obtaining DINv) Compensation for loss of officevi) Waiver of recovery of remunerationvii) Making loans to Directors, Disclosure of interest of a Director, Holding of Office or Place of Profit by a Director/relativeviii) Interested Directors
  3. f) Board Meetings and Procedures

(i) Board Meetings, Minutes and Registers(ii) Powers of the Board(iii) Corporate Governance & Audit Committee(iv) Duties and Liabilities of Directors(v) Powers related to – political contributions.

  1. g) Inspection, Inquiry and investigationh) Compromises, arrangements and amalgamationsi) Prevention of oppression and mismanagement

(i) Majority Rule but Minority Protection(ii) Prevention of Oppression and Mismanagement

  1. j) Revival and rehabilitation of sick industrial companiesk) Corporate winding up and dissolution – Kinds of winding up – powers of the Court and Official Liquidatorl) Companies Incorporated outside Indiam) Offences and Penaltiesn) National Company Law Tribunal and Special Courts

Section B (Other Corporate Laws) [30 Marks]:Section B of Paper-13 of CMA Final Course contains five topics and the detail contents of which have been sited below.2. SEBI Laws and Regulations(a) The Securities and Exchange Board of India Act,1992 – Rules, Regulations and Guidelines issued there under Clause 49 and SEBI (Issue of Capital and Disclosure Regulations), 2009(b) The Securities Contracts (Regulation) Act,19563. The Competition Act, 2002(a) Competition – Meaning, objectives, extent and applicability(b) Competition Commission of India(c) Areas affecting competition4. Foreign Exchange Management Act, 1999Only basic understanding of Exports, Imports and Foreign Funds under Deferred Payment, ECB route, loans and export remittance and import remittances.5. Laws related to Banking SectorOnly basic understanding of the following topics related to banking sectors.(a) The Banking Regulation Act,1949(b) The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(c) The Prevention of Money Laundering Act, 2002 – Role of Cost Accountants in Anti- Money Laundering (AML) Audits to check tax evasion and transfer of funds.6. Laws related to Insurance SectorOnly basic understanding of the following topics related to Insurance sector.(a) The Insurance Act,1938;(b) The Insurance Regulatory and Development Authority Act,1999Section C (Corporate Governance) [20 Marks]:In this section covers topics related to Corporate governance and other social responsibility of company. Section C has 20% weightage of Paper-13 of CMA Final Course. The detail contents have been depicted below.7. Corporate Governance(a) Overview-Issues and Concepts(b) Corporate Governance Practices/Codes in India,(c) Corporate governance in family business(d) Corporate governance in state-owned business – the MOU system8. Social, Environmental and Economic Responsibilities of Business(a) National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business(b) Corporate Social Responsibility – Nature of activities; Evaluation of CSR projects(c) E-governance

Paper 14: Strategic Financial Management

There are four sections in the Paer-14 of CMA Final Course viz. A) Investment Decisions, B) Financial Markets and Institutions, C) Security Analysis and Portfolio Management, and D) Financial Risk Management.Section A (Investment Decisions) [25 Marks]:Section A of Paper-14 of CMA Final Course contains three topics and it carries 25% weightage.1. Investment Decisions, Project Planning and Control(i) Estimation of project cash flow(ii) Relevant cost analysis for projects(iii) Project appraisal Methods – DCF and Non-DCF Techniques(iv) Capital Rationing(v) Social Cost Benefit analysis2. Evaluation of Risky Proposals for Investment decisions(i) Investment decisions under uncertainties(ii) Effect of Inflation on Capital Budgeting Decisions(iii) Sensitivity Analysis, Certainty Equivalent Approach, Decision Tree Analysis, Standard Deviation in Capital Budgeting, Risk Adjusted Discount Rate, Options in Capital Budgeting3. Leasing Decisions(i) Lease Financing – Evaluation of Lease vs. Buy options(ii) Break-Even Lease rental determination(iii) Cross Boarder leasing, Sale and Lease backSection B (Financial Markets and Institutions) [20 Marks]:Section B of Paper-14 of CMA Final Course covers four topics and the content has been explained in detail hereunder.4. Institutions in Financial Markets(i) Reserve Bank of India, Commercial Banks, NBFCs(ii) Insurance Companies, Pensions Funds.5. Instruments in Financial Market(i) Money Market Instruments – Call money, Treasury Bills, Commercial Bills, Commercial Paper; Certificate of Deposits, Repo, Reverse Repo and Promissory Notes, Government Securities, Bonds, valuation of Bonds, Price Yield relationship.(ii) Hedge Funds(iii) Mutual Funds – Computation of NAV and Evaluation of Mutual fund’s Performance6. Capital Markets(i) Primary and secondary markets and its instruments(ii) Optionally convertible debentures, Deep discount bonds(iii) Rolling settlement, Clearing house operations(iv) Dematerialization, Re-materialization and Depository system(v) Initial Public Offering (IPO) / Follow on Public Offer (FPO) ; Book Building(vi) Insider trading(vii) Credit rating – Credit rating agencies in India7. Commodity Exchange(i) Regulatory Structure, Design of markets(ii) Issues in Agricultural, Non-Agricultural Markets, Product design, Spot price and present practices of commodities exchanges(iii) Intermediaries in the commodity exchanges & Clearing house operations, risk management related issues(iv) Commodity Options on futures and its mechanismSection C (Security Analysis & Portfolio Management) [25 Marks]:Section C of CMA Final Course contain topic related to security analysis and portfolio management and covers 25% weightage. The detail contents have been described below.8. Security Analysis & Portfolio Management including Equity Research(i) Security analysis- Fundamental analysis- Economic analysis, Industry analysis, Company analysis, Technical analysis, Momentum analysis – arguments and criticisms(ii) Market indicators, Support and resistance level, Patterns in stock price(iii) Statistic models – Moving Averages, Bollinger bands(iv) Theories on stock market movements – Dow Jones Theory(v) Portfolio Management – meaning, objectives and basic principles(vi) Portfolio Management theories – Efficient Market Hypothesis, Markowitz Model, Random Walk theory, CAPM, APT, Sharpe Index.(vii) Portfolio Management – Construction of a Portfolio, Computing the Portfolio Total risk, Classification of risk into systematic and unsystematic, Minimization of Portfolio risk, Monitoring the Risk and Return of a portfolio(viii) Portfolio Analysis – Security and Capital Market Line, Beta, Levered and Unlevered BetaSection D (Financial Risk Management) [30 Marks]:Section D covers three topics and it carries 30% weightage of Paper-14 of CMA Final Course. The contents of these topics have been explained below in detail.9. Financial Risks(i) Credit Risk, Liquidity Risk, Asset based risk, Operational Risk(ii) Foreign investment risk, Market Risk10. Financial Derivatives – Instruments for Risk Management(i) Forward & Futures – Meaning and Difference between Forwards and Future, Stock futures, Hedging through futures and benefits of Future market, Components of Future Price, Index based Futures, Margins in the derivatives market,(ii) Options – Meaning, types of Options (Call & Put), Put-Call Parity theory, Determination of Option Premium, Strategies in Options market – spread, bull spread, bear spread, butterfly spread, combination, straddle, Strangle, Strips and Straps, Valuation of Options using- Option Equivalent, Stock Equivalent, Binomial tree approach, Risk neutral and Black- Scholes Model(iii) Swaps and Swaptions – Meaning, types, features, benefits of Swaps, Interest rate swaps,(iv) Interest rate derivatives – Meaning, Interest rate caps, interest rate collars, forward rate agreements11. Financial Risk Management in International Operations(i) Sources of Foreign currency, debt route, depository receipts, American Depository Receipts (ADRs) – sponsored, unsponsored, Global Depository Receipts (GDRs), Warrants, Foreign Currency Convertible Bonds (FCCBs), Euro Issues, Euro Commercial Paper, Euro Convertible Bonds, Note Issuance Facility, Participating Notes, Foreign Direct Investment(ii) Foreign Exchange Market – Exchange Rate determination – Exchange Rate Forecasting- Purchasing Power Parity-Interest Rate Parity(iii) Exchange Rate Risk management – Forex Hedging tools, exposure netting, currency forward, cross currency roll over, Currency futures, options, money market hedge, asset liability management(iv) Foreign Investment Analysis: International Portfolio Investment – International Capital Budgeting.

Paper 15: Strategic Cost Management – Decision Making

There are three sections in Paper-15 of CMA Final Course viz. A) Cost Management, B) Strategic Cost Management Tools and Techniques, and C) Strategic Cost Management – Application of Statistical Techniques in Business Decisions.Section A (Cost Management) [20 Marks]:Section A contains only one topic related to cost management which covers 20% weightage of Paper-15 of CMA Final Course.1. Cost Management(a) Developments in Cost Management:(i) Life Cycle costing(ii) Target costing(iii) Kaizen Costing(iv) Value Analysis and Value Engineering(v) Throughput Costing(vi) Business Process Re-engineering(vii) Back-flush Accounting(viii) Lean Accounting(ix) Socio Economic Costing(b)Cost Control and Cost Reduction – Basics, Process, Methods and Techniques of Cost Reduction programme.Section B (Strategic Cost Management Tools and Techniques) [50 Marks]:Section B contain four topics and covers 50% weightage of Paper-15 of CMA Final Course. The detail contents have been explained hereunder.2. Decision Making Techniques(a) Marginal Costing- Differential costing-CVP Analysis – Profit Volume Graphs – Contribution Approach(b) Decisions involving alternative choices – Optimum utilization of resources – Make or Buy – Evaluation of Orders – Multiple scarce resource problems- Product sales pricing etc.(c) Pricing Decisions and Strategies – New Product Pricing, Use of Costs in Pricing, Sensitivity Analysis in Pricing Decisions; Monopoly Pricing vs. Competitive Pricing; Bottom Line Pricing(d) Costing of Service Sector – methods, pricing, performance measurement(e) Transfer Pricing – Objectives, Methods (Cost Based, Market Price Based, Negotiated Pricing), Advantages and Disadvantages, Criteria for setting Transfer Prices, Transfer Price in different situations, Situations causing Conflicts and resolving the Conflicts;(f) Relevant Cost Analysis: Relevant Cost, Irrelevant Costs – Sunk or Historical Cost, Committed Cost, Absorbed Cost, Situations where Fixed Costs become relevant for decision – making and its related implications(g) Profitability Analysis – Product wise / Segment Wise / Customer wise3. Standard Costing in Profit Planning(a) Variance Analysis – Investigation of Variances, Planning and Operating Variances, Controllable / Non-controllable Variances, Relevant Cost Approach to Variance Analysis; Variance analysis under marginal costing and absorption costing; Activity Ratios; Application of budgetary control and Standard Costing in Profit planning, Standard Costing Vs Budgetary Control, Reconciliation of Actual Profit with Standard Profit and /or Budgeted Profit.(b) Uniform Costing and Inter-firm comparison4. Activity Based Cost Management – JIT and ERP(a) Activity Based Cost Management – Concept, purpose, benefits, stages, relevance in decision-making and its application in Budgeting, Responsibility accounting, Traditional Vs. ABC System – comparative analysis(b) JIT – introduction, Benefits, Use of JIT in measuring the Performance(c) ERP and its applications in strategic cost management(d) Bench Marking5. Cost of Quality and Total Quality Management(a) TQM – Basics, Stages, Principles, Control, Corrective actions(b) PRAISE-Steps, Problems, implementation(c) PARETO Analysis(d) Quality CostsSection C (Strategic Cost Management) [30 Marks]:This covers 30% weightage of Paper-15 of CMA Final Course and contain topics related to application of Statistical Techniques in Business Decisions.6. Application of Operation Research and Statistical Tools in Strategic Decision Making(a) Learning Curve,(b) Linear Programming (Formulation only)(c) Assignment,(d) Transportation(e) Simulation(f) Network Analysis – CPM / PERT

Paper 16: Direct Tax Laws and International Taxation

There are three sections in Paper-16 of CMA Final Course viz. A) Advanced Direct Tax Laws, B) International Taxation, and C) Tax Practice and Procedures.Section A (Advanced Direct Tax Laws):Section A of Paper-16 of CMA Final Course contain 10 topics and carries 50% weightage.1. Return of Income & Assessment Procedure(a) Return of Income(b) Annual Information Return [Section 285BA](c) Assessment Procedure2. Assessment of Various Entities & Tax Planning(a) Assessment of Individuals(b) Assessment of Hindu Undivided Family(c) Assessment of Firms(d) Assessment of Limited Liability Partnership (LLP)(e) Assessment of Association of Persons / Body of Individuals(f) Assessment of Companies(g) Assessment of Co-operative Societies(h) Assessment of Trusts(i) Assessment of Mutual Association(j) Alternate Minimum Tax and Minimum Alternate Tax(k) Different Aspects of Direct Tax Planning3. Clubbing of IncomeIncome of other person’s assessed/ clubbed in the hands of the Assessee4. Set-Off and Carry forward and Set-off of losses(a) Introduction(b) Set off of loss in the Same Year(c) Carry forward and set off of loss in Subsequent Years5. Deduction in Computing Total Income(a) Introduction(b) Deductions from Gross Total Income6. Business Restructuring(a) Restructuring business(b) Amalgamation(c) Demerger, Reverse Merger(d) Conversion of sole proprietary business to company(e) Conversion of Firm into Company(f) Conversion of Private Company/ Unlisted Public Company into Limited Liability Partnership (LLP)7. Administrative procedures under Direct Taxation(a) CBDT & Other Authorities(b) Survey(c) Search and Seizure(d) Demand, Recovery, Assessment, appeal, revision, and settlement.(e) E-commerce Transaction and liability in special cases(f) Penalties, Fines and prosecution(g) Income Computation and Disclosure Standards8. Grievances Redressal Procedure(a) Grievances Redressal Procedure(b) Rectification(c) Appeal and Appellate Hierarchy(d) Revision

  1. Settlement of Cases

(a) Liability under special cases(b) Settlement of Cases [Section 245A to 245L](c) Advance Ruling10. Black Money Act, 2015(a) Introduction to Black Money Act(b) Highlights of Black Money ActSection B (International Taxation) [30 Marks]:Section B of Paper-16 of CMA Final Course covers topics related to International Taxation and carries 30% weightage.11. Double Taxation Avoidance Agreements (DTAA)(a) Double Taxation Relief – Agreement with Foreign Countries or Specified Territories [Section 90](b) Adoption by Central Government of agreement between Specified Associations for Double Taxation Relief [Section 90A](c) Countries with which no Agreement Exists [Section 91](d) Tax Residency Certificate [TRC] [Section 90 and Section 90A]12. Transfer Pricing IssuesIn this topic also includes international and domestic transactions.(a) International Taxation & Transfer Pricing issues(b) Application of Generally Accepted Cost Accounting Principles and Techniques for determination of Arm’s Length Price(c) Advance Pricing Agreement (APA) – Concept and ApplicationSection C (Tax Practice and Procedures) [20 Marks]:Section C of Paper-16 of CMA Final Course contains case study related to tax practice and procedure.13. Case Study AnalysisNote that the contents of Paer-16 of CMA Final Course shall be reviewed every 6 months and shall be incorporated accordingly by ICAI.



There are five section in Paper-17 of CMA Final Course viz. A) GAAP and Accounting Standards, B) Accounting of Business Combinations & Restructuring, C) Consolidated Financial Statements, D) Developments in Financial Reporting, and E) Government Accounting in India.Section A (GAAP and Accounting Standards) [30 Marks]:Section A of Paper-17 of CMA Final Course contains related to Accounting Standards. This section carries 30% weightage.1. Accounting Standards(a) Generally Accepted Accounting Principles in India(b) Accounting Standards (AS) – Applicability, Interpretation, Scope and Compliance(c) International Financial Reporting Standards(d) Over View of Ind AS(e) Relative view of AS VS Ind AS VS IFRSSection B (Accounting of Business Combinations & Restructuring) [20 Marks]:Section B of Paper-17 of CA Final Course contain topic related to Accounting of Business Combinations & Restructuring. This section carries 20% weightage.2. Accounting for Business Combinations & Restructuring (as per Ind AS)(a) Relevant Terms, Types of merger, methods of accounting, treatment of Goodwill arising on merger, Purchase consideration and settlement(b) Accounting in books of vendor/ transferor and transferee(c) Accounting for investment in subsidiary(d) Accounting for Mergers / Acquisitions (including chain holdings, cross holdings, multiple holdings)(e) Corporate Financial restructuring, Reconstruction Schemes, De-merger, Reverse merger(g) Notes to Accounts & related disclosures under amalgamationSection C (Consolidated Financial Statements) [20 Marks]:Section C of Paper-17 of CMA Final Course contains topics related to Consolidated Financial Statements (CFS) and carries 20% weightage.3. Group Financial Statements(a) Concept of a group, Purposes of consolidated financial statements, Consolidation procedures, Minority interest, Goodwill, Treatment Pre-acquisition profit and Post acquisition profit and concept of Fair value at the time of acquisition.(b) Consolidation with two or more subsidiaries, consolidation with foreign subsidiary.(c) Consolidated Income Statement, balance Sheet and Cash Flow Statements for Group of companies.(d) Impact on group financial statements at the point of acquisition(e) Treatment of investment in associates in consolidated financial statements. Compare and contrast acquisition and equity methods of accounting(f) Treatment of investment in joint ventures in consolidated financial statementsSection D (Developments in Financial reporting and Other Item of reporting) [15 Marks]:Section D of Paper-17 of CMA Final Course contains four topics and carries 15% weightage. Detail contents of these topics has been explained below.4. Recent trends in Financial reportingConcept of Triple Bottom Line Reporting5. Valuation, Accounting and Reporting of Financial Instruments and others(a) Recognition & Valuation Financial Instruments(b) CENVAT / VAT Accounting(c) NBFC – Provisioning Norms and Accounting(d) Valuation of Shares(e) Valuation of Goodwill6. Share Based payments(a) Meaning, Equity settled transactions, Transaction with employees and non-employees(b) Vesting conditions, Determination of Fair value of Options, Determination of ESOP Provision and Related Disclosure and settlement of ESOP7. Reporting Through XBRL (Extended Business Reporting Language)Section E (Government Accounting in India) [15 Marks]:Section E covers topics related to Government Accounting Procedure and Standards. This section carries 15% weightage.8. Government Accounting(a) General Principles and comparison with commercial accounting(b) Role of Comptroller and Auditor General of India(c) Role of Public Accounts Committee, Review of Accounts(d) Government Accounting Standards issued by Government Accounting Standards Advisory Board (GASAB)(e) Government Accounting and Reporting

Paper 18: Indirect Tax Laws and Practice

There are two sections in Paper-18 of CMA Final Course viz. A) Advanced Indirect Tax – Laws & Practice and B) Tax Practice and Procedures.Section A (Advanced Indirect Tax – Laws & Practice) [80 Marks]:Section A covers five topics and carries 80% weightage of Paper-18 of CMA Final Course.1. Central Excise Act (20 Marks)(a) The Central Excise Law – CENVAT Credit availment, Utilization and Reversal(b) Assessments, Demands, Refund, Exemptions, Power of Officers(c) Interpretation of Show Cause Notice and Drafting of response against Show Cause Notice, Adjudication, Appeals, Settlement Commission, Penalties(d) Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act(e) Tariff Commission and other Tariff authorities2. Customs Act (10 Marks)(a) Valuation, Customs Procedures, Import and Export Procedures, Baggage, Exemptions, Warehousing, Demurrage, Project Import and Re-imports(b) Penalties and Offences(c) Anti-dumping Laws – Valuation under Anti-dumping laws, Safeguards, Countervailing Duties, Relevance of Cost Information, Application of Cost Accounting principles in assessment, Impact of taxation on WTO, Anti Dumping Measures.3. Service Tax (30 Marks)(a) Introduction, Nature of Service Tax, Service Provider and Service Receiver, Registration and related issues(b) Negative List of Services, Exemptions and Abatements(c) Valuation of Taxable Services(d) Payment of service Tax, Returns of Service Tax(e) CENVAT Credit Rules, 2004(f) Point of Taxation Rules, 2012(g) Place of Provision of Service Rules, 2012(h) Administrative aspects of Service Tax – Return, Payment of Tax, Assessment(i) Special Audit u/s 72A of the Finance Act, 1994 for Valuation of Taxable Services4. Foreign Trade Policy, Export Promotion Schemes, EOU, SEZ, EXIM Policy (10 Marks)(a) Foreign Trade Policy(b) Export Promotion Schemes,(c) Export Oriented Units (EOU)(d) Duty Exemption Scheme and Duty Drawback(e) Special Economic Zone (SEZ)5. Central Sales Tax and VAT Act (10 Marks)(a) Assessment of transactions under CST and VAT(b) Returns and assessment procedures under Central Sales Tax (CST) and VAT ActSection B (Tax Practice and Procedures) [20 Marks]:Section B of Paper-18 of CMA Final Course contains case study related to tax practice and procedures. This section 20% weightage.6. Case Study Analysis (20 Marks)Note that the contents of Paper-18 of CMA Final Course shall be reviewed every 6 months and shall be incorporated accordingly.


There are four section in Paper-19 of CMA Final Course viz. A) Cost Audit, B) Management Audit, C) Internal Audit, Operational Audit and other related issues, and B) Case Study on Performance Analysis.Section A (Cost Audit) [35 Marks]:Section A covers six topics related to cost audit and carries 35% weightage.1. Nature, Scope, utility and Advantages of Cost Audit2. Companies (Cost Records and Audit) Rules, 20143. Professional Ethics, Misconduct, Offences and Penalties4. Cost Accounting Standards5. Cost Auditing Assurance Standards6. Format of Cost Audit Report – XBRL – Salient featuresSection B (Management Audit) [15 Marks]:Section B covers five topics related to management audit and carries 15% weightage of Paper-19 of CMA Final Course. The detail contents have been described hereunder.1. Management Reporting issues under Cost Audit – Performance Appraisal Report2. Management Audit – Meaning, Nature, Scope, Need for Management Audit and Reporting under Management Audit3. Energy Audit, Efficiency Audit, Propriety Audit and Systems Audit4. Evaluation of Corporate Image – Corporate Development Audit –Corporate Strategy Audit5. Impact of environmental pollution: Social Cost Benefit Analysis, Corporate Social Audit andSafety audit.Section C (Internal Audit, Operational Audit and other related issues) [25 Marks]:Section C covers topics relating to internal and operation audit related issues and carries 25% weightage of Paper-19 of CMA Final Course.1. Concept of Internal Audit2. Provisions of Internal Audit under Companies Act, 20133. Audit Planning, Audit Programme, Audit working papers, Reporting to Management4. Receivables Audit, Audit of Hospitals, Hotels, educational Institutions, Co-operative Societies, Self Help Groups, Non-Governmental Organizations (NGOs), corporations, Municipalities, Panchayats.Section D (Case Study on Performance Analysis) [25 Marks]:Section D of Paper-19 of CMA Final Course carries 25% weightage and covers case study on the basis of the Companies Performance for managerial decision-making with reference to the following:(a) Application of Ratios for assessment of performance.(b) Waste Multiplier(c) Utilities Consumption i.e., Power, Fuel etc.(d) Capacity determination and Utilization(e) Value Addition(f) Inventory valuation(g) Abnormal Events such as Strike, Lock-out and other factors(h) Profitability analysis(i) Reconciliations of Financial and Cost Records i.e., Profit, Taxation

Paper 20: Strategic Performance Management and Business Valuation

There are two section in Paper-20 of CMA Final Course viz. A) Strategic Performance Management and B) Business Valuation.Section A (Strategic Performance Management) [50 Marks]:Section A of Paper-20 of CMA Final Course covers four topics which carries 50% weightage. The contents have been described hereunder.1. Conceptual Framework of Performance Management(a) Performance Management- concept, components(b) Performance, Productivity and Efficiency(c) Financial performance analysis(d) Supply Chain Management (SCM)(e) Customer Relationship Management (CRM) & Customer Profitability analysis;2. Performance Evaluation & Improvement Tools(a) Balanced Score Card(b) Du-Pont Analysis(c) Bench marking & Bench trending(d) Six Sigma(e) Statistical Quality Control (SQL)(f) Plan- Do- Check- Action (PDCA)(g) Management Information System(h) Online Analytical processing tools(i) Tools to Improve Productivity and Profitability – MRP I, MRP II and ERP(j) Total Productivity Management(k) Total Quality Management3. Economic Efficiency of the firm –Performance Analysis(a) Profit-maximization under different market structure(b) Market factors affecting Pricing decisions4. Enterprise Risk Management(a) Risk Management(i) Risk Management – Introduction and objectives(ii) Risk Measurement – Pooling, Diversification, Total Loss Distribution, Ruin Probability(iii) Risk Analysis – Risk Mapping and Risk indicators(b) Corporate Risk Management(i) Enterprise Risk Management(ii) Risk Retention or Reduction(iii) Value at Risk (VAR)(iv)Introduction to Capital Adequacy Norms in Banking Industry(c) Corporate Failure(i) Corporate Distress Analysis- Causes(ii) Corporate Distress Prediction Models: Edward Altmans Model, NCAER ModelsSection B (Business Valuation) [50 Marks]:Section B of Paper-20 of CMA Final Course covers four topics and carries 50% weightage. The detail contents of these topics have been mentioned below.5. Business Valuation Basics(a) Meaning of Value, Valuation and Business Valuation(b) Principles of Valuation, Valuation Bias, Types of Values(c) Role of Business Valuation in Corporate Finance and Business Acquisitions6. Valuation Models(a) Non-Discounted Cash Flow Method (DCF) – Accounting based, Earnings based, Cash flow based.(b) Discounted Cash Flow Method(c) Other methods of valuation7. Valuation of Assets and Liabilities(a) Valuation of Inventory(b) Valuation of Investments – Bonds and Shares(c) Valuation of Intangibles – Copy Rights, Good Will, Brand(d) Valuation of Human Resources(e) Value Added, Economic Value Added, Market Value Added8. Valuation in Mergers and Acquisitions(a) Meaning of Business Mergers and acquisitions and Types(b) Application of valuation models for business mergers and acquisitions(c) Determination of Exchange Ratio(Swap)or Purchase Consideration(d) Synergistic benefits and distribution of synergy gains(e) Recognition of Interest of various stakeholders(f) Selection of appropriate cost of capital for valuation(g) Impact of merger on value of shareShare this Article “CMA Final Course Details” to all students who are willing to do CMA Course. If you have any queries regarding CMA Final Course Details, you can ask us via comment box.

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1 Comment

  1. Mahender Singh says

    Hi Sir, I have cleared ICWA inter in 1996. If I want to register for CMA final , what are the rules for training. Also I wish to appear in Dec 2017 in group -4. Will paper -18 on indirect tax shall have GST content , in case GST gets implemented from 1st July 2017.

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