CA IPCC Syllabus May 2017 – Amendments & New Changes ICAI
CA IPCC Syllabus May 2017 and Applicable Amendments & New Changes are here. In this article, We’ve provided CA IPCC Syllabus Changes and Amendments Notification applicable for May 2017 and Nov 2017. Also Download CA IPCC Study Material for May 2017. The Syllabus of CA IPCC changes every two attempts. The Syllabus for May 2017 and Nov 2017 will be different in few subjects when compared to the syllabus that was applicable for Nov 2016 Exam. The reason for the change in CA IPCC Syllabus for May 2017 is the applicability of new Union Budget and also applicability of new Notifications and Circulars for this attempt. The CA IPCC Syllabus of Subjects like Accounts, Tax, Law and Auditing might see new changes and amendments for May 2017 and Nov 2017 exam. In this Article, we will list out Applicable CA IPCC Syllabus in each subject and also Amendments thereto.
CA IPCC Syllabus For May 2017
|2||Business Laws, Ethics and Communication||Download|
|Company Act 2013||Download|
|3||Cost Accounting and Financial Management||Download|
|6||Auditing and Assurance||Download|
|7||Information Technology and Strategic Management||Download|
IPCC Subjects For May 2017
There are total 7 Papers in CA IPCC Syllabus. See belowGroup IPaper 1: Accounting (100 marks)Paper 2: Business Laws, Ethics and Communication (100 marks)
- Part I: Business Laws (60 marks) comprising
- Business Laws (30 marks)
- Company Law (30 marks)
- Part II: Ethics (20 marks)
- Part III: Communication (20 marks)
Paper 3: Cost Accounting and Financial Management (100 marks)
- Part I: Cost Accounting (50 marks)
- Part II: Financial Management (50 marks)
Paper 4: Taxation (100 marks)
- Part I: Income-tax (50 marks)
- Part II: Indirect Taxes (50 marks)
Group IIPaper 5: Advanced Accounting (100 marks)Paper 6: Auditing and Assurance (100 marks)Paper 7: Information Technology and Strategic Management (100 marks)
- Section A: Information Technology (50 marks)
- Section B: Strategic Management (50 marks)
Accounts IPCC Syllabus Changes May 2017
There is only one Change and Amendment in CA IPCC Accounts Syllabus. The newly introduced Indian Accounting Standards will be applicable for CA IPCC May 2017 Exam.However, only the basics and introduction to the Indian Accounting Standards will be applicable for CA IPCC May 2017 Syllabus.
IPCC Law Syllabus Changes May 2017
In Company Law Syllabus, there are no new amendments. Students can study the existing syllabus only for May 2017 exam too.However, the list of all recent important amendments in Law were provided below.
- IPCC Law Amendments
Costing FM IPCC Syllabus Changes May 2017
Costing and Financial Management Syllabus hasn’t changed for the past 5 years and will remain the same for CA IPCC May 2017 and November 2017 exams too.
Tax IPCC Syllabus Changes May 2017
CA IPCC Tax Syllabus for May 2017 will see the most number of changes and amendments. This is due to the applicability of the Union Budget introduced in 2016.ICAI has already provided a detailed document listing out the CA IPCC Tax Syllabus changes and amendments applicable for May 2017 which has been provided below.CA IPCC Tax Amendments DownloadTo make the preparation of IPCC Tax Syllabus easier, we will recommend students to go through our free Revision Notes for Tax (Both Direct Tax and Indirect Tax). These notes are provided in PDF format to easily view on Mobile devices.In there, we have provided all relevant notes for CA IPCC students including the latest amendments in Indirect Taxes part like Service Tax and CCR.
IPCC Advanced Accounts Syllabus May 2017
As far as CA IPCC Advanced Accounts paper is concerned, there are no new Amendments or changes in the syllabus.Just like in the case of Group-1 Accounts paper, student need to study the basic of Indian Accounting Standards.
CA IPCC Audit Syllabus Changes
In the entire IPCC Auditing part, there are few minor changes in the Company Audit Part. Other than that, there are no new changes in the CA IPCC Audit Syllabus applicable for May 2017 exam.
IPCC IT SM Syllabus May 2017
Just like Costing FM syllabus, you will not find much changes in the syllabus of CA IPCC Information Technology (IT) and Strategic Management (SM) papers.It is a known fact that, the syllabus of CA Course is being radically changed. We have been receiving numerous requests regarding the applicability of this new syllabus.It is hereby clarified that, the new syllabus will likely come into effect only from Nov 2017 exams.Students who registered under old syllabus will be given at least three attempts before making the new syllabus applicable to them.[/box]As of now, ICAI is taking final suggestions from the chartered accountants and other industry experts, and we can expect the official announcement regarding the applicability of the revised ca syllabus very soon.
IPCC Syllabus for November 2017
All the above mentioned changes and syllabus for CA IPCC will be applicable for November 2017 Exams also.
IPCC Syllabus Paper 1: Accounting
(One paper – three hours – 100 marks)1. A General Knowledge of the framing of the accounting standards, national and international accounting authorities, adoption of international financial reporting standards2. Accounting StandardsWorking knowledge of:AS 1 : Disclosure of Accounting PoliciesAS 2: Valuation of InventoriesAS 3: Cash Flow StatementsAS 6: Depreciation AccountingAS 7: Construction Contracts (Revised 2002) AS 9: Revenue RecognitionAS 10: Accounting for Fixed AssetsAS 13: Accounting for InvestmentsAS 14: Accounting for Amalgamations3. Company Accounts(a) Preparation of financial statements – Profit and Loss Account, Balance Sheet and Cash Flow Statement(b) Profit (Loss) prior to incorporation(c) Alteration of share capital, Conversion of fully paid shares into stock and stock into shares, Accounting for bonus issue(d) Simple problems on Accounting for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation on inter-company holding)4. Average Due Date, Account Current, Self-Balancing Ledgers5. Financial Statements of Not-for-Profit Organisations6. Accounts from Incomplete Records7. Accounting for Special Transactions(a) Hire purchase and instalment sale transactions(b) Investment accounts(c) Insurance claims for loss of stock and loss of profit.9. Issues in Partnership AccountsFinal accounts of partnership firms – Admission, retirement and death of a partner including treatment of goodwill;10. Accounting in Computerised EnvironmentAn overview of computerized accounting system – Salient features and significance, Concept of grouping of accounts, Codification of accounts, Maintaining the hierarchy of ledger, Accounting packages and consideration for their selection, Generating Accounting Reports.Note :If either old Accounting Standards (ASs), Announcements and Limited Revisions to ASs are withdrawn or new ASs, Announcements and Limited Revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs, Announcements and Limited Revisions to ASs, the syllabus will accordingly include/exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute.
IPCC Syllabus Paper 2: Business Laws, Ethics and Communication
(One paper – three hours – 100 marks)Paper 2: Business Laws, Ethics and Communication(I) The Companies Act, 2013 : Relevant notified Sections 1 to 122 of the Companies Act, 2013 up to 30thSeptember 2014 by the Ministry of Corporate Affairs are applicable except Section 75 relating to ‘damages for fraud’, Section 48 relating to “Variation of shareholders’ right”, Section 66 related to “Reduction of share capital”, Section 97 relating to “ Power of tribunal to call AGM”, Section 98 relating to “ Power of Tribunal to call meetings of members, etc., and Section 99 relating to “ Punishment for default in complying with provisions of sections 96 to 98”, of the Companies Act, 2013. For other legislative amendments including relevant Notifications/Circulars/Rules/Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014.(II)The Employees’ Provident Funds Miscellaneous Provisions Act, 1952-The Employees’ Deposit Linked Insurance ( Amendment) Scheme, 2014
Contents:Business Laws (30 marks)1. The Indian Contract Act, 18722. The Negotiable Instruments Act, 18813. The Payment of Bonus Act, 19654. The Employees’ Provident Fund and Miscellaneous Provisions Act, 19525. The Payment of Gratuity Act, 1972.Company Law (30 marks)The Companies Act, 2013 – Sections 1 to 197 (a) Preliminary(b) Board of Company Law Administration – National Company Law Tribunal; Appellate Tribunal(c) Incorporation of company and matters incidental thereto(d) Prospectus and allotment, and other matters relating to use of shares or debentures(e) Share capital and debentures(f) Registration of charges(g) Management and administration – general provisions – registered office and name, restrictions on commencement of business, registers of members and debentures holders, foreign registers of members or debenture holders, annual returns, general provisions regarding registers and returns, meetings and proceedings.(h) Company Law in a computerized environment – e-filing.
Part II: Ethics (20 marks)
Contents:1. Introduction to Business EthicsThe nature, purpose of ethics and morals for organizational interests; ethics and conflicts of interests; ethical and social implications of business policies and decisions; corporate social responsibility; ethical issues in corporate governance.2. Environment IssuesProtecting the Natural Environment – prevention of pollution and depletion of natural resources;conservation of natural resources.3. Ethics in WorkplaceIndividual in the organisation, discrimination, harassment, gender equality.4. Ethics in Marketing and Consumer ProtectionHealthy competition and protecting consumer’s interest.5. Ethics in Accounting and FinanceImportance, issues and common problems.
Part III: Communication (20 marks)
Contents:1. Elements of Communication(a) Forms of communication: formal and informal, inter-departmental, verbal and non-verbal; active listening and critical thinking(b) Presentation skills including conducting meeting, press conference(c) Planning and composing business messages(d) Communication channels(e) Communicating corporate culture, change, innovative spirits(f) Communication breakdowns(g) Communication ethics(h) Groups dynamics; handling group conflicts, consensus building; influencing and persuasion skills; negotiating and bargaining(i) Emotional intelligence – emotional quotient(j) Soft skills – personality traits; interpersonal skills; leadership.2. Communication in Business Environment(a) Business Meetings – Notice, Agenda, Minutes, Chairperson’s speech(b) Press releases(c) Corporate announcements by stock exchanges(d) Reporting of proceedings of a meeting.3. Basic Understanding of Legal Deeds and Documents(a) Partnership deed (b) Power of Attorney (c) Lease deed(d) Affidavit(e) Indemnity bond(f) Gift deed(g) Memorandum and articles of association of a company(h) Annual Report of a company.
IPCC Syllabus Paper 3: Cost Accounting and Financial Management
(One paper – three hours – 100 marks)Contents:1. Introduction to Cost Accounting(a) Objectives and scope of cost accounting(b) Cost centres and cost units(c) Cost classification for stock valuation, profit measurement, decision making and control(d) Coding systems(e) Elements of cost(f) Cost behaviour pattern, separating the components of semi-variable costs(g) Installation of a costing system(h) Relationship of cost accounting, financial accounting, management accounting and financial management.2. Cost Ascertainment(a) Material Cost(i) Procurement procedures – store procedures and documentation in respect of receipts and issue of stock, stock verification(ii) Inventory control – techniques of fixing of minimum, maximum and reorder levels, economic order quantity, ABC classification; stocktaking and perpetual inventory(iii) Inventory accounting(iv) Consumption – identification with products of cost centres, basis for consumption entries in financial accounts, monitoring consumption.(b) Employee Cost(i) Attendance and payroll procedures, overview of statutory requirements, overtime, idle time and incentives(ii) Labour turnover(iii) Utilisation of labour, direct and indirect labour, charging of labour cost, identifying labour hours with work orders or batches or capital jobs(iv) Efficiency rating procedures(v) Remuneration systems and incentive schemes.(c) Direct ExpensesSub-contracting – control on material movements, identification with the main product or service.(d) Overheads(i) Functional analysis – factory, administration, selling, distribution, research and developmentBehavioural analysis – fixed, variable, semi variable and step cost(ii) Factory overheads – primary distribution and secondary distribution, criteria for choosing suitable basis for allotment, capacity cost adjustments, fixed absorption rates for absorbing overheads to products or services(iii) Administration overheads – method of allocation to cost centres or products(iv) Selling and distribution overheads – analysis and absorption of the expenses in products/customers, impact of marketing strategies, cost effectiveness of various methods of sales promotion.3. Cost Book-keepingCost ledgers – non-integrated accounts, integrated accounts, reconciliation of cost and financial accounts.4. Costing Systems(a) Job CostingJob cost cards and databases, collecting direct costs of each job, attributing overhead costs to jobs, applications of job costing.(b) Batch Costing(c) Contract CostingProgress payments, retention money, escalation clause, contract accounts, accounting for material, accounting for plant used in a contract, contract profit and balance sheet entries.(d) Process CostingDouble entry book keeping, process loss, abnormal gains and losses, equivalent units, inter-process profit, joint products and by products.(e) Operating Costing System5. Introduction to Marginal CostingMarginal costing compared with absorption costing, contribution, breakeven analysis and profit volume graph.6. Introduction to Standard CostingVarious types of standards, setting of standards, basic concepts of material and labour standards and variance analysis.7. Budgets and Budgetary ControlThe budget manual, preparation and monitoring procedures, budget variances, flexible budget, preparation of functional budget for operating and non-operating functions, cash budget, master budget, principal budget factors.
Part II: Financial Management (50 marks)
Contents:1. Scope and Objectives of Financial Management(a) Meaning, importance and objectives(b) Conflicts in profit versus value maximisation principle(c) Role of Chief Financial Officer.2. Time Value of MoneyCompounding and discounting techniques – concepts of annuity and perpetuity.3. Financial Analysis and Planning(a) Ratio analysis for performance evaluation and financial health(b) Application of ratio analysis in decision making(c) Analysis of cash flow statement.4. Financing Decisions(a) Cost of Capital – weighted average cost of capital and marginal cost of capital(b) Capital Structure decisions – capital structure patterns, designing optimum capital structure, constraints, various capital structure theories(c) Business risk and financial risk – operating and financial leverage, trading on equity.5. Types of Financing(a) Different sources of finance(b) Project financing – intermediate and long term financing(c) Negotiating term loans with banks and financial institutions and appraisal thereof(d) Introduction to lease financing(e) Venture capital finance.6. Investment Decisions(a) Purpose, objective, process(b) Understanding different types of projects(c) Techniques of decision making: non-discounted and discounted cash flow approaches – payback period method, accounting rate of return, net present value, internal rate of return, modified internal rate of return, discounted payback period and profitability index.(d) Ranking of competing projects, ranking of projects with unequal lives.7. Management of working capital(a) Working capital policies(b) Funds flow analysis(c) Inventory management(d) Receivables management(e) Payables management(f) Management of cash and marketable securities(g) Financing of working capital.
IPCC Syllabus Paper 4: Taxation
(One paper – three hours – 100 marks)Paper 4: TaxationApplicability of the Finance Act, Assessment Year etc. for May, 2015 examinationThe provisions of income -tax and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including circulars and notifications issued up to 31st October, 2014. The relevant assessment year for income-tax is A.Y. 2015-16.Contents:Part I: Income-tax (50 marks)1. Important definitions in the Income-tax Act, 19612. Basis of charge; rates of taxes applicable for different types of assessees3. Concepts of previous year and assessment year4. Residential status and scope of total income; Income deemed to be received / deemed to accrue or arise in India5. Incomes which do not form part of total income6. Heads of income and the provisions governing computation of income under different heads7. Income of other persons included in assessee’s total income8. Aggregation of income; set-off or carry forward and set-off of losses9. Deductions from gross total income10. Computation of total income and tax payable; rebates and reliefs11. Provisions concerning advance tax and tax deducted at source12. Provisions for filing of return of income.Part II: Service tax (25 marks) and VAT (25 marks)Contents:Service tax (25 marks)1. Service tax – concepts and general principles2. Charge of service tax and taxable services3. Valuation of taxable services4. Payment of service tax and filing of returnsVAT (25 marks)5. VAT – concepts and general principles6. Calculation of VAT Liability including input Tax Credits7. Small Dealers and Composition Scheme8. VAT Procedures.Note: If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in the place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.
Part II: Indirect Taxes (50 marks)
1. Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions2. Significant provisions of service tax(i) Constitutional Aspects(ii) Basic Concepts and General Principles(iii) Charge of service tax including negative list of services(iv) Point of taxation of services(v) Exemptions and Abatements(vi) Valuation of taxable services(vii) Invoicing for taxable services.(viii) Payment of service tax(ix) Registration(x) Furnishing of returns(xi) CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004]Note: If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.
IPCC Syllabus Paper 5: Advanced Accounting
(One paper – three hours – 100 marks)Contents1. Conceptual Framework for Preparation and Presentation of Financial Statements2. Accounting StandardsWorking knowledge of:AS 4 : Contingencies and Events occurring after the Balance Sheet DateAS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting PoliciesAS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003) AS 12 : Accounting for Government Grants
3. Advanced Issues in Partnership AccountsDissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion into a company and Sale to a company.4. Company Accounts(a) Accounting for employee stock option plan, Buy back of securities, Equity shares with differential rights, Underwriting of shares and debentures, Redemption of debentures(b) Advanced problems for business acquisition, Amalgamation and reconstruction (excluding problems of amalgamation of inter-company holding)(c) Accounting involved in liquidation of companies, Statement of Affairs (including deficiency/surplus accounts) and Iiquidator’s statement of account of the winding up.(d) Financial Statements of Banking, Insurance5. Accounting for Special TransactionsDepartmental and branch accounts including foreign branchesNote :If either old Accounting Standards (ASs), Announcements and Limited Revisions to ASs are withdrawn or new ASs, Announcements and Limited Revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs, Announcements and Limited Revisions to ASs, the syllabus will accordingly include/exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute.
IPCC Syllabus Paper 6: Auditing and Assurance
(One paper – three hours – 100 marks)Contents1. Auditing Concepts – Nature and limitations of Auditing, Basic Principles governing an audit, Ethical principles and concept of Auditor’s Independence, Relationship of auditing with other disciplines.2. Auditing and Assurance Standards – Overview, Standard-setting process, Role of InternationalAuditing and Assurance Standards Board and Auditing and Assurance Standards Board in India.3. Auditing engagement – Audit planning, Audit programme, Control of quality of audit work– Delegation and supervision of audit work.4. Documentation – Audit working papers, Audit files: Permanent and current audit files, Ownership and custody of working papers.5. Audit evidence – Audit procedures for obtaining evidence, Sources of evidence, Reliability of audit evidence, Methods of obtaining audit evidence, Physical verification, Documentation, Direct confirmation, Re-computation, Analytical review techniques, Representation by management.6. Internal Control – Elements of internal control, Review and documentation, Evaluation of internal control system, Internal control questionnaire, Internal control check list, Tests of control, Application of concept of materiality and audit risk, Concept of internal audit.7. Internal Control and Computerized Environment, Approaches to Auditing in Computerised Environment.8. Audit Sampling – Types of sampling, Test checking, Techniques of test checks.9. Analytical review procedures.10. Audit of payments – General considerations, Wages, Capital expenditure, Other payments and expenses, Petty cash payments, Bank payments, Bank reconciliation.11. Audit of receipts – General considerations, Cash sales, Receipts from debtors, Other Receipts.12. Audit of Purchases – Vouching cash and credit purchases, Forward purchases, Purchase returns, Allowance received from suppliers.13. Audit of Sales – Vouching of cash and credit sales, Goods on consignment, Sale on approval basis, Sale under hire-purchase agreement, Returnable containers, Various types of allowances given to customers, Sale returns.14. Audit of suppliers’ ledger and the debtors’ ledger – Self-balancing and the sectional balancing system, Total or control accounts, Confirmatory statements from credit customers and suppliers, Provision for bad and doubtful debts, Writing off of bad debts.15. Audit of impersonal ledger – Capital expenditure, deferred revenue expenditure and revenue expenditure, Outstanding expenses and income, Repairs and renewals, Distinction between reserves and provisions, Implications of change in the basis of accounting.16. Audit of assets and liabilities.17. Company Audit – Audit of Shares, Qualifications and Disqualifications of Auditors, Appointment of auditors, Removal of auditors, Powers and duties of auditors, Branch audit, Joint audit, Special audit, Reporting requirements under the Companies Act, 1956.18. Audit Report – Qualifications, Disclaimers, Adverse opinion, Disclosures, Reports and certificates.19. Special points in audit of different types of undertakings, i.e., Educational institutions, Hotels, Clubs, Hospitals, Hire-purchase and leasing companies (excluding banks, electricity companies, cooperative societies, and insurance companies).20. Features and basic principles of government audit, Local bodies and not-for-profit organizations, Comptroller and Auditor General and its constitutional role.Note: Candidates are expected to have working knowledge of relevant Auditing and AssuranceStandards issued by the ICAI with reference to above-mentioned topics.IPCC Syllabus Paper 6: Auditing and Assurance
- Standards on Auditing (SAs)
|S.No||SA||Title of Standard on Auditing|
|1||SA 200||Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing|
|2||SA 210||Agreeing the Terms of Audit Engagements|
|3||SA 220||Quality Control for Audit of Financial Statements|
|4||SA 230||Audit Documentation|
|5||SA 240||The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements|
|6||SA 250||Consideration of Laws and Regulations in An Audit of Financial Statements|
|7||SA 260||Communication with Those Charged with Governance|
|8||SA 265||Communicating Deficiencies in Internal Control to Those Charged with Governance and Management|
|9||SA 299||Responsibility of Joint Auditors|
|10||SA 300||Planning an Audit of Financial Statements|
|11||SA 315||Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment|
|12||SA 320||Materiality in Planning and Performing an Audit|
|13||SA 330||The Auditor’s Responses to Assessed Risks|
|14||SA 402||Audit Considerations Relating to an Entity Using a Service Organization|
|15||SA 450||Evaluation of Misstatements Identified during the Audits|
|16||SA 500||Audit Evidence|
|17||SA 501||Audit Evidence – Specific Considerations for Selected Items|
|18||SA 505||External Confirmations|
|19||SA 510||Initial Audit Engagements-Opening Balances|
|20||SA 520||Analytical Procedures|
|21||SA 530||Audit Sampling|
|22||SA 540||Auditing Accounting Estimates, Including Fair Value AccountingEstimates, and Related Disclosures|
|23||SA 550||Related Parties|
|24||SA 560||Subsequent Events|
|25||SA 570||Going Concern|
|26||SA 580||Written Representations|
|27||SA 600||Using the Work of Another Auditor|
|28||SA 610||Using the Work of Internal Auditors|
|29||SA 620||Using the Work of an Auditor’s Expert|
|30||SA 700||Forming an Opinion and Reporting on Financial Statements|
|31||SA 705||Modifications to the Opinion in the Independent Auditor’s Report|
|32||SA 706||Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report|
|33||SA 710||Comparative Information – Corresponding Figures and Comparative Financial Statements|
|34||SA 720||The Auditor’s Responsibility in Relation to Other Information inDocuments Containing Audited Financial Statements|
StatementsStatement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 of the Companies Act, 2013).
IV Applicability of the Companies Act, 2013: The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014.
IPCC Syllabus Paper 7: Information Technology and Strategic Management
(One paper – three hours – 100 marks)Revised IPCC Syllabus – Applicable for May 2017Section A: Information Technology (50 Marks)