2024 New Syllabus – CA Intermediate
CA Inter New Syllabus 2024:
The Institute of Chartered Accountants of India (ICAI) has officially announced the CA Intermediate syllabus for the new scheme of education and training on July 1, 2023. The upcoming CA Intermediate exam, based on this new syllabus, is scheduled to take place in May 2024. It’s crucial for aspiring CAs to stay updated on these recent changes. This article provides comprehensive information about the CA Intermediate new syllabus under the ICAI’s new scheme (2024), including details about all the papers and the topics covered in each.
CA Intermediate New Syllabus Papers 2024:
Here is an overview of the papers included in the CA Intermediate syllabus under the new ICAI scheme 2024:
Sl. No | Paper Name | Marks |
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1 | Advanced Accounting | 100 Marks |
2 | Corporate And Other Laws | |
Part I: Company Law And Limited Liability Partnership Law | 70 Marks | |
Part II: Other Laws | 30 Marks | |
3 | Taxation | |
Section A: Income Tax Law | 50 Marks | |
Section B: Goods and Services Tax | 50 Marks | |
4 | Cost and Management Accounting | 100 Marks |
5 | Auditing and Ethics | 100 Marks |
6 | Financial Management And Strategic Management | |
Section A: Financial Management | 50 Marks | |
Section B: Strategic Management | 50 Marks |
Detailed CA Intermediate New Scheme Syllabus 2024
The new syllabus of CA Intermediate course under the ICAI’s new scheme (2024) comprises six subjects, and here are the details of each subject:
Paper 1: Advanced Accounting
Objective | To acquire the ability to apply specific accounting standards and legislations to different transactions and events and in preparation and presentation of financial statements of various business entities |
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Process of formulation of Accounting Standards | Including Indian Accounting Standards (IFRS converged standards) and IFRSs; Convergence vs Adoption; Objective and Concepts of carve outs |
Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards) | |
Application of Accounting Standards | |
AS1 | Disclosure of Accounting Policies |
AS2 | Valuation of Inventories |
AS3 | Cash Flow Statements |
AS4 | Contingencies and Events Occurring After the Balance Sheet Date |
AS5 | Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies |
AS6 | Construction Contracts |
AS7 | Revenue Recognition |
AS8 | Property, Plant and Equipment |
AS9 | The Effects of Changes in Foreign Exchange Rates |
AS10 | Accounting for Government Grants |
AS11 | Accounting for Investments |
AS12 | Accounting for Amalgamations (excluding inter-company holdings) |
AS13 | Employee Benefits |
AS14 | Borrowing Costs |
AS15 | Segment Reporting |
AS16 | Related Party Disclosures |
AS17 | Leases |
AS18 | Earnings Per Share |
AS19 | Accounting for Taxes on Income |
AS20 | Accounting for Investment in Associates in Consolidated Financial Statements |
AS21 | Discontinuing Operations |
AS22 | Interim Financial Reporting |
AS23 | Intangible Assets |
AS24 | Financial Reporting of Interests in Joint Ventures |
AS25 | Impairment of Assets |
AS26 | Provisions, Contingent Liabilities and Contingent Assets |
Company Accounts | |
Schedule III to the Companies Act, 2013 (Division I) | |
Preparation of financial statements | Statement of Profit and Loss, Balance Sheet, and Cash Flow Statement |
Buy back of securities | |
Accounting for reconstruction of companies | |
Accounting for Branches including foreign branches |
PAPER 2: CORPORATE AND OTHER LAWS
Objective | To develop an understanding of the legal provisions and acquire the ability to analyze and apply the laws in practical situations |
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Part I: COMPANY LAW AND LIMITED LIABILITY PARTNERSHIP LAW |
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The Companies Act 2013 | |
– Preliminary | – Incorporation of Company and Matters Incidental thereto |
– Prospectus and Allotment of Securities | – Share Capital and Debentures |
– Acceptance of Deposits by Companies | – Registration of Charges |
– Management and Administration | – Declaration and Payment of Dividend |
– Accounts of Companies | – Audit and Auditors |
– Companies Incorporated Outside India | |
The Limited Liability Partnership Act, 2008 | Including important Rules |
PART II- OTHER LAWS |
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Objective |
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The General Clauses Act, 1897 | |
– Important Definitions | – Extent and Applicability |
– General Rules of Construction | – Powers and Functionaries |
– Provisions as to Orders, Rules, etc. made under Enactments and Miscellaneous provisions | |
Interpretation of Statutes | |
– Rules of Interpretation of Statutes | – Aids to Interpretation |
– Rules of Interpretation/Construction of Deeds and Documents | |
The Foreign Exchange Management Act, 1999 | |
– Significant definitions and concepts of Current and Capital Account Transactions |
Paper 3: Taxation
Section A: Income Tax Laws
Objective |
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– To develop an understanding of the provisions of income-tax law. |
– To acquire the ability to apply such provisions to solve problems and address application-oriented issues. |
Basic Concepts
Topics |
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– Income-tax law: An introduction |
– Significant concepts in income-tax law, including person, assessee, previous year, assessment year, income, agricultural income |
– Basis of Charge |
– Procedure for computation of total income and tax payable in case of individuals |
– Residential status and scope of total income |
– Residential status |
– Scope of total income |
– Heads of income and the provisions governing computation of income under different heads |
– Salaries |
– Income from house property |
– Profits and gains of business or profession |
– Capital gains |
– Income from other sources |
– Provisions relating to clubbing of income, set-off or carry forward and set-off of losses, deductions from gross total income |
– Advance Tax, Tax deduction at source and tax collection at source |
– Provisions for filing return of income and self-assessment |
– Computation of total income and income-tax payable by an individual under the alternative tax regimes under the Income-tax Act, 1961 to optimize tax liability |
Section B: Goods And Services Tax (GST)
Objective |
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– To develop an understanding of the provisions of goods and services tax law. |
– To acquire the ability to apply such provisions to address/solve issues in moderately complex scenarios. |
GST Laws: An introduction including Constitutional aspects
Topics |
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– Levy and collection of CGST and IGST |
– Application of CGST/IGST law |
– Concept of supply including composite and mixed supplies |
– Charge of tax including reverse charge |
– Exemption from tax Composition levy |
Basic Concepts
Topics |
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– Classification |
– Place of supply |
– Time of supply |
– Value of supply |
– Input tax credit |
– Computation of GST liability |
– Registration |
– Tax invoice; Credit and Debit Notes; Electronic waybill |
– Accounts and Records |
– Returns |
– Payment of tax |
PAPER 4: COST AND MANAGEMENT ACCOUNTING (100 MARKS)
Objective |
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Overview of Cost and Management Accounting |
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– Introduction to Cost and Management Accounting |
– Objectives and Scope of Cost and Management Accounting |
– The users of Cost and Management accounting information, Functions of management Accounting |
– Role of cost accounting department in an organization and its relation with other departments |
– Installation of Costing System |
– Relationship of Cost Accounting, Financial Accounting, Management Accounting, and Financial Management |
– Cost terms and Concepts |
– Cost Reduction and Cost Control |
– Elements of Costs |
– Cost behavior pattern, Separating the components of fixed, variable, semi-variable, and step costs |
– Methods of Costing, Techniques of Costing |
– Digital Costing |
– Elements of Cost and preparation of Cost Sheets |
– Functional classification and ascertainment of cost |
– Preparation of Cost Sheets for Manufacturing sector and for Service sector |
– Ascertainment of Cost and Cost Accounting System |
Material Cost |
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– Introduction to procurement procedures. Valuation of receipts, issue, and closing stock of Material, Stock verification |
– Material requirement analysis through digital costing including Government e-Marketplace (GeM). Introduction to Costing through Enterprise Resource Planning (ERP). Process of tender and quotation. |
Inventory control |
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– Techniques of fixing the level of stocks- minimum, maximum, reorder point, safety stock, determination of optimum stock level |
– Determination of Optimum Order quantity- Economic Order Quantity (EOQ) |
– Techniques of Inventory control- ABC Analysis, Fast, Slow moving and Non-moving (FSN), High, Medium, Low (HML), Vital, Essential, Desirable (VED), Just-in-Time (JIT)- Stock taking and perpetual inventory system, use of inventory control ratios, Digital Inventory control. |
– Treatment of Normal/Abnormal Losses w.r.t. waste, scrap, spoilage, defective, obsolescence. |
Employee Cost |
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– Introduction to Attendance and Payroll procedures. |
– Elements of wages- Basic pay, Dearness Allowance, Overtime, Bonus, Holiday and leave wages, Allowances and perquisites |
– Employee Cost Control |
– Employee Turnover- Methods of calculating employee turnover, causes of employee turnover, effects of employee turnover |
– Remuneration systems and incentive schemes- Premium Bonus Method (Halsey Plan and Rowan Plan |
Direct Expenses |
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– Identification of direct expenses with the main product or service and its treatment |
Overheads |
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– Functional analysis- Factory, Administration, Selling, Distribution, Research and Development. |
– Behavioral analysis- Fixed, Variable and Semi-Variable. |
– Allocation and Apportionment of overheads using Absorption Costing Method. |
– Factory Overheads- Primary and secondary distribution. |
– Administration Overheads- Method of allocation to cost centers or products. |
– Selling & Distribution Overheads- Analysis and absorption of the expenses in products/customers, impact of marketing strategies, cost effectiveness of various methods of sales promotion. |
– Treatment of Research and development cost in cost accounting |
– Concepts of Activity Based Costing (ABC) |
Integration of Cost and Financial Data |
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– Recording of financial data and its segregation. |
– Introduction to Non-integrated and Integrated Accounting systems. |
– Items included in cost accounts only but financial accounts and vice versa. |
– Reconciliation of profit as per Cost and Financial Accounts (under Non-Integrated Accounting System) |
Methods of Costing |
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– Single Output/ Unit Costing |
– Job Costing |
– Batch Costing |
– Process/Operation Costing |
– Joint Products |
– By-Products |
– Costing of Service Sectors |
Cost Control and Analysis |
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– Standard Costing |
– Marginal Costing |
– Short term decision making |
– Budget and Budgetary Control |
– Feedback and Feedforward controlling in budgeting |
PAPER 5: AUDITING AND ETHICS
Objective |
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– To develop an understanding of the concepts in auditing and of the generally accepted auditing procedures, techniques, and skills, and acquire the ability to apply the same in audit and attestation engagements. |
– To understand and apply the concept of ethics while performing an audit |
Nature, Objective, and Scope of Audit |
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– Origin of Auditing |
– Meaning of Audit |
– Need for Audit (Benefits of Audit) |
– Objective of the Audit |
– Scope of Audit |
– External Audit engagements |
– Qualities of Auditor |
– Inherent Limitations of an Audit |
– Relationship of auditing with other disciplines |
Audit Strategy, Audit Planning, and Audit Program |
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– Auditor’s responsibility to plan an audit of financial statements |
– Benefits of audit planning |
– Planning is a continual and iterative process |
– Discussion of elements of planning with the entity’s management |
– Involvement of Key Engagement Team Members in planning the audit |
– Preliminary engagement activities |
– The auditor’s consideration of client continuance and ethical requirements |
– Establishing an overall audit strategy |
– Development of audit plan |
– Documenting the overall audit strategy and audit plan |
– Audit program |
– Development of Audit Plan and Program |
Risk Assessment and Internal Control |
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– Audit Risk |
– Risk of Material Misstatement |
– Inherent Risk and Control Risk |
– Detection Risk |
– Sampling and Non-Sampling Risk |
– Concept of Materiality |
– Risk Assessment procedures |
– Understanding the entity and its environment |
– Internal control |
– Documenting the Risks |
Audit Evidence |
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– Meaning of Audit Evidence |
– Relevance and Reliability of audit evidence |
– Sufficient appropriate audit evidence |
– Meaning of Assertions |
– Assertions contained in the Financial Statements |
– Source of audit evidence |
– Test of controls |
– Substantive Procedures |
Audit of Items of Financial Statements |
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Paper 6: FINANCIAL MANAGEMENT AND STRATEGIC MANAGEMENT
Section A: Financial Management
Objective |
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– Develop understanding of various aspects of Financial Management |
– Understand finance functions like financing decision, investment decision, dividend decision |
– Understand working capital management and its components |
Financial Management and Financial Analysis |
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– Introduction to Financial Management Function |
– Objective and scope of financial management |
– Profit Maximisation, Wealth Maximisation, and Value Creation |
– Role of Financial Manager and Financial Controller |
– Financial management environment |
– Functions of finance executives in an organisation |
– Financial distress and insolvency |
– Financial Analysis through Ratios |
Financing Decisions and Cost of Capital |
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– Sources of Finance |
– Cost of Capital |
Capital Structure Decisions |
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– Significance of capital structure |
– Determinants of capital structure |
– Theories of Capital Structure and value of the firm |
– Leverages |
– Under/Over Capitalisation |
Capital Investment and Dividend Decisions |
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– Capital Investment Decisions |
– Dividend Decisions |
– Management of Working Capital |
– Credit Management |
– Management of Cash |
Section B: Strategic Management (50 Marks)
Objective |
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– Develop understanding of strategic management concepts and techniques |
– Acquire the ability to apply strategic management in business situations |
Introduction to Strategic Management |
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– Meaning and Nature of Strategic Management |
– Importance and Limitations of Strategic Management |
– Strategic Intent – Vision, Mission, Goals, and Values |
– Strategic Levels in Organizations |
Strategic Analysis: External Environment |
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– International and Macro Environment: PESTLE Analysis |
– Defining the industry for analysis |
– Porter’s Five Forces – Industry environment analysis |
– Understanding customers and markets |
– Competition in the industry |
Strategic Analysis: Internal Environment |
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– Understanding key stakeholders |
– Strategic drivers |
– The role of resources and capabilities |
– Combining external and internal analysis |
– Gaining competitive advantage |
Strategic Choices |
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– Strategic Choices |
– How to Develop Strategic Options |
Strategy Implementation and Evaluation |
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– Implementation |
– Strategic Change through Digital Transformation |
– Organisation Structure |
– Culture |
– Strategic Leadership |
– Strategic Control |
– Strategic Performance Measures |
For CA Foundation/ Intermediate: VISIT HERE
Conclusion for CA New Syllabus 2024
In conclusion, the introduction of the new CA Intermediate syllabus in 2024 marks a significant step forward in the evolution of the Chartered Accountancy program 2024. This revised syllabus (2024) reflects the dynamic and ever-changing landscape of finance, accounting, and business management. It equips aspiring Chartered Accountants with the latest knowledge and skills needed to excel in a highly competitive global business environment. The 2024 syllabus covers a wide range of topics, from financial management and cost accounting to strategic management and ethical considerations, ensuring that CA professionals are well-prepared to address contemporary challenges and opportunities.
Furthermore, this new syllabus (2024) underscores the profession’s commitment to upholding the highest standards of ethical conduct and professional integrity. It places a strong emphasis on understanding the ethical dimensions of financial decision-making, which is crucial in today’s complex financial and regulatory landscape. With its comprehensive and forward-looking curriculum, the CA Intermediate syllabus for 2024 reaffirms the CA designation as a symbol of excellence and expertise in the field of accounting and finance, paving the way for the next generation of Chartered Accountants to make meaningful contributions to businesses, economies, and society as a whole.
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