Prepare for the CA Final exams with the updated syllabus for 2023. Get comprehensive knowledge and guidance to excel in the exams and become a Chartered Accountant. Check the latest syllabus and key topics to focus on.
Financial reporting – CA Final Syllabus 2023
Framework for preparation and presentation of financial statements in In accordance with Indian accounting standards (Ind AS)
Application of Indian accounting standards (Ind AS) with reference to general purpose financial statements
Ind AS on first time adoption of Indian accounting standards, Ind AS on presentation of items in the financial statements, Ind AS on measurement based on accounting policies, Ind AS on income statement
Ind AS on assets and liabilities of the financial statements including industry specific Ind AS, Ind AS on items impacting the financial statements, Ind AS on disclosures in the financial statements, other Ind AS
Indian accounting standards on group accounting
Business combinations and accounting for corporate restructuring (including demerger) (as per Ind AS), consolidated and separate financial statements (as per Ind AS)
Accounting and reporting of financial instruments (as per Ind AS)
Analysis of financial statements
Integrated reporting
Corporate social responsibility reporting
Strategic financial management – CA Final Syllabus 2023
Financial policy and corporate strategy
Strategic decision making framework, interface of financial policy and strategic management, balancing financial goals vis-à-vis sustainable growth
Risk management
Identification of types of risk faced by an organisation, evaluation of financial risks, value at risk (VAR), evaluation of appropriate method for the identification and management of financial risk
Theory of valuation, return concepts, equity risk premium, required return on equity, discount rate selection in relation to cash flows, approaches to valuation of equity shares, valuation of preference shares, valuation of debentures/ bonds
Portfolio management
Portfolio analysis, portfolio selection, capital market theory, portfolio revision, portfolio evaluation, asset allocation, fixed income portfolio, risk analysis of investment in distressed securities
Alternative investment strategies in context of portfolio management
Securitization
Introduction, concept and definition, benefits of securitization, participants in securitization, mechanism of securitization, problems in securitization, securitization instruments, pricing of securitization instruments, securitization in India
Mutual fund
Meaning, evolution, types, advantages and disadvantages of mutual funds
Exchange rate determination, foreign currency market, management of transaction, translation, and economic exposures, hedging currency risk, foreign exchange derivatives-forward, futures, options, and swaps
International financial management
International capital budgeting, international working capital management: (a) Multinational cash management-(i) objectives of effective cash management, (ii) optimization of cash flows/ needs, (iii) investment of surplus cash
International working capital management: (b) Multinational receivable management, (c) multinational inventory management
Interest rate risk management
Interest rate risk, hedging interest rate risk: (a) Traditional methods, (b) Modern methods including interest rate derivatives
Corporate valuation
Conceptual framework of valuation, approaches/ methods of valuation: (a) Assets based valuation model, (b) earning based models, (c) cash flow based models, (d) measuring cost of equity-(i) capital asset pricing model (CAPM), (ii) arbitrage pricing theory
Approaches/ methods of valuation: (d) Measuring cost of equity-(iii) estimating beta of an unlisted company, (e) relative valuation-(i) steps involved in relative valuation, (ii) equity valuation multiples, (iii) enterprise valuation multiple
Approaches/ methods of valuation: (f) Other approaches to value measurement-(i) economic value added (EVA), (ii) market value added (MVA), (iii) shareholder value analysis (SVA), (g) arriving at fair value
Mergers, acquisitions, and corporate restructuring
Introduction including pitch presentation, sources of funding, start up India initiative
Advanced auditing and professional ethics – CA Final Syllabus 2023
Auditing standards, statements, and guidance notes
Engagement and quality control standards, statements and guidance notes on auditing issued by the ICAI; elements of system of quality control, leadership responsibilities for quality within the firm
Auditing standards, statements and guidance notes
Acceptance and continuance of clients relationships and specific engagements, engagement performances, etc
SQC 1 quality control for firms that perform audits and reviews of historical financial information and other assurance and related services engagements
Audit planning, strategy, and execution
Planning the flow of audit work; audit strategy, audit plan, audit programme and importance of supervision; principal’s ultimate responsibility; extent of delegation; control over quality of audit work
Audit planning, strategy and execution
Analytical procedures prior to audit as well as towards finalization; concept of principal auditor and other auditor, acceptance as principal auditor, procedures to be performed by principal auditor
Coordination between the principal auditor and other auditor (SA 600 using the work of another auditor); concept of internal audit functions and its evaluation, using the work of the internal audit function
Using internal auditors to provide direct assistance (SA 610 using the work of internal auditors); auditor’s expert-meaning, need for an auditor’s expert, understanding the auditor’s expert, agreement with the auditor’s expert
Adequacy of the auditor’s expert’s work (SA 620 using the work of an auditor’s expert)
Risk assessment and internal control
Evaluation of internal control procedures; components of internal controls; internal control and risk assessment; risk-based audit audit-risk analysis, general steps; internal audit
Reporting on internal control weaknesses (SA 265 communicating deficiencies in internal control to those charged with governance and management); framework on reporting of internal controls
Special aspects of auditing in an automated environment
Key features of automated environment, related risks and controls, standards, guidelines and procedures, using relevant frameworks and best practices, understanding and documenting automated environment, enterprise risk management overview
Assessing IT-related risks and controls, evaluating risks and controls at entity level and process level, considerations of automated environment at each phase of audit cycle, using relevant analytical procedures and tests using data analytics
Key concepts of auditing in real-time automated environments such as e-commerce, ERP, core banking, etc
Audit of limited companies
Application of relevant provisions under the companies act, 2013 relating to audit and auditors and rules made there under; powers/ rights, duties of auditors; branch audit; significance of true and fair view; dividends and divisible profits-financial
Dividends and divisible profits-legal, and policy considerations; depreciation; special features of audit of limited liability partnerships (LLPs)-eligibility for audit, appointment of auditor, remuneration, etc
Audit report under the companies act, 2013; reporting under CARO
Audit reports
Basic elements of auditor’s report; types of opinion; notes on accounts; distinction between notes and qualifications; distinction between audit reports and certificates; communication to management and those charged with governance
Self review threats; drafting of different types of audit reports
Audit committee and corporate governance
Audit committee; role of auditor in audit committee and certification of compliance of corporate governance; compliances with laws and regulations (SA 250 consideration of laws and regulations in an audit of financial statements)
Disclosure requirements including those of SEBI; regulatory requirements of corporate governance, report on corporate governance
Consolidated financial statements Audit
Provisions under the companies act, 2013 in respect of accounts of companies and rules made there under; audit of consolidated financial statements-responsibility of parent company, auditor of the consolidated financial statements
Audit considerations-permanent consolidation, current period consolidation; reporting
Special features of audit of banks, insurance and non banking financial companies
Audit under fiscal laws
Audit under fiscal laws, viz, direct and indirect tax laws including documentation for form 3CD, etc
Public sector undertakings
Special features, directions of comptroller and auditor general of India; concept of propriety audit; performance audit; comprehensive audit
Liabilities of auditors
Professional negligence; civil liabilities; criminal liabilities; liabilities under different statutes-for example income tax act, companies act
Internal audit, management, and operational audit
Provisions of internal audit as per companies Act, 2013; scope of internal auditing; relationship between internal and external auditor; basics of internal audit standards issued by the ICAI; drafting of internal audit report
Management audit and operational audit
Due diligence, investigation, and forensic audit
Due diligence review; audit versus investigation; steps for investigation; types of investigation; procedure, powers, etc of investigator; types of fraud, indicators of fraud, follow-up thereof; forensic audit-meaning, Forensic audit-difference between statutory audit and forensic audit, forensic audit techniques, forensic audit report, etc
Peer review and quality review
Professional ethics
Code of ethics with special reference to the relevant provisions of the chartered accountants act, 1949 and the regulations there under
Corporate and economic laws (corporate laws-company law)
The companies act, 2013 and rules framed there under in its entirety with specific reference to section 149 onwards
Appointment and qualifications of directors, appointment and remuneration of managerial personnel, meetings of board and its powers, inspection, inquiry, and investigation, compromises, arrangements, and amalgamations
Prevention of oppression and mismanagement, winding up, producer companies, companies incorporated outside India, miscellaneous provisions, compounding of offences, adjudication, special courts, national company law tribunal and appellate tribunal
Corporate secretarial practice
Drafting of notices, resolutions, minutes, and reports
Corporate and economic laws (corporate laws-securities laws)
The securities contract (regulation) act, 1956 and the securities contract (regulation) rules, 1957
Introduction and important provisions
The securities exchange board of India act, 1992
SEBI (issue of capital and disclosure requirements) regulations, 2009 and SEBI (listing obligations and disclosure requirement) regulations, 2015
Corporate and economic laws (economic laws)
The foreign exchange management act, 1999
Introduction, broad structure of FEMA, definition, regulation and management of foreign exchange, contraventions and penalties in brief, miscellaneous provisions
The securitisation and reconstruction of financial assets and enforcement of security interest act, 2002
Important definitions, regulation of securitisation and reconstruction of financial assets of banks and financial institutions, enforcement of security interest, offences and penalties, miscellaneous matters
The prevention of money laundering act, 2002
Definitions, punishment for the offence of money laundering, obligation of banking companies, financial institutions and intermediaries or a person carrying on a designated business or profession, appellate tribunal, special court
Procedure for attachment and confiscation of property and recovery of fines and penalties
Foreign contribution regulation act, 2010
Definitions, regulation of foreign contribution, and miscellaneous provisions
The arbitration and conciliation act, 1996
General provisions, arbitration agreement, tribunal, conciliation
The insolvency and bankruptcy code, 2016
Preliminary, corporate insolvency resolution process, liquidation process and other provisions
Strategic cost management and performance evaluation (strategic cost management and decision making-strategic cost management)
Introduction to strategic cost management
Concept of strategic cost management, limitations of traditional cost management, traditional vs. strategic cost management
Modern business environment
Introduction/ characteristics of the modern business environment, cost of quality, total quality management, business excellence model, throughput accounting and theory of constraints, supply chain management (SCM), gainsharing arrangements, outsourcing
Lean system and innovation
Introduction to lean system: (a) Just-in-time (JIT), (b) Kaizen costing, (c) 5 Ss, (d) total productive maintenance (TPM), (e) cellular manufacturing/ one-piece flow production systems, (f) six sigma (SS)
Introduction to process innovation and business process re-engineering (BPR)
Management techniques of Cost
Cost control/ waste control, cost reduction, target costing, value analysis/ value engineering, pareto analysis, life cycle costing, environmental management accounting
Cost management for specific sectors
Agricultural sector, information technology sector, power sector
Strategic cost management and performance evaluation (strategic cost management and decision making-strategic decision making)
Decision making
Decision making using CVP analysis, decision making using relevant cost concepts, decision making using activity based costing, ethical and non-financial considerations relevant to decision making
Pricing strategies/ decisions
Theory and principles of product pricing, pricing-new product, finished products and pricing of services, sensitivity analysis in pricing decisions, pricing decision under special circumstances, pricing strategies
Strategic cost management and performance evaluation (performance evaluation and control-performance evaluation and reporting)
Performance measurement and evaluation
Responsibility accounting, linking critical success factors (CSFs) to key performance indicators (KPIs) and corporate strategy; performance measurement models-the balanced scorecard, the performance pyramid
Performance measurement models-the performance prism and the building block model; divisional performance measures; benchmarking schemes, performance measurement in the not-for-profit sector, preparation of performance reports
Divisional transfer pricing
Meaning, purpose and principles of transfer pricing, methods of transfer pricing, the behavioural consequences arising from divisional structures, international transfer pricing
Strategic analysis of operating income
Operating profit analysis, advanced activity based costing, activity based management (ABM), activity based budgeting (ABB)
Strategic cost management and performance evaluation (performance evaluation and control-managerial control)
Budgetary control
The concept of feedback and feed forward control, behavioural aspects of budgeting-imposed style, participative budget, behavioural aspects of budgetary control, beyond budgeting
Standard costing
Analysis of advanced variances, integration of standard costing with marginal cost accounting, reconciliation of profit, variance investigation techniques, interpretation of variances, possible, interdependence between variances and reporting
Behavioural aspects of standard costing, limitation of standard costing, (including its use in the contemporary business environment)
Strategic cost management and performance evaluation (case study)
Case study (covering course concepts)
Risk management – CA Final Syllabus 2023
Introduction to risk
The concept of risk, risk and uncertainty: Distinction, classification of risks, dynamic nature of risks, types of risk, including: (a) Strategic and operational risks, (b) business risk, (c) financial risk, (d) information risk, (e) liquidity risk
Source and evaluation of risks
Identification and sources of risk, quantification of risk and various methodologies, impact of business risk, identify and assess the impact upon the stakeholder involved in business risk, role of risk manager and risk committee in identifying risk
Risk management
Concept of risk management, objective and process of risk management, importance of risk management, risk management techniques
Evaluation of risk management strategies
Risk management strategy alignment with business strategy, internal control environment and linkages with risk management, risk culture and attitudes to risk management, integrated risk reporting and stakeholder responsibilities
It risk management-disaster recovery
Risk model
VAR, stress testing, scenario analysis, country and sovereign risk models and management
Credit risk measurement and management
Understanding the component of credit risk, evaluating credit risk, mitigating credit risk, qualitative and quantitative techniques to manage risk, credit scoring models
Risk associated with corporate governance
Evaluation of risk associated with governance, description and evaluation of framework for board level consideration of risk, OECD guidelines for corporate governance
Enterprise risk management
Definition, scope, and techniques
Operational risk management
Definition, scope, and techniques
Financial services and capital markets – CA Final Syllabus 2023
Global financial markets
Introduction to global financial market, role of financial market in economic development of a country, stakeholders in financial market (domestic and global), Indian financial market scenario
New issue market-domestic and global, private placement , QIP, disinvestment, right issue
Capital market-secondary
Secondary market, stock market operations, Indian debt market
Money Market
Basics of money market, money market participants, money market instruments, repo and reverse repo, CRR, SLR, MIBOR, LIBOR, government securities market
Institutions and intermediaries
Depository, stock and commodity exchanges-Indian and global, intermediaries, institutional investors, FPIs, custodians, clearing houses
Commodity market
What are commodity markets, role of commodity markets, commodity market in India, application of derivative in commodities, global commodities exchanges
Banking as source of capital including NBFCs
Concept of project financing, working capital management, reverse mortgage
Mutual funds
Meaning, evolution, types, performance measures, NAV, mutual fund organization, advantages and disadvantages of mutual fund, exchange traded funds (ETFs), real estate investment trusts (ReITs), infrastructure investment trusts (Invits)
Private equity
Meaning and classification: (a) Venture capital, (b) buyouts, (c) special cases, (d) hurdle rate, (e) paid in capital, (f) term sheet-cost of investing in private equity, exit routes, valuation of private equity transactions
Meaning and classification: (f) Term sheet-private equity funds (distribution of returns in general partner and limited partners)
Investment banking
Concept, functions, challenges, developments in investment banking, merchant banking and issue management
Credit rating
Introduction, rating services, objectives and types, uses, credit rating process, credit rating methodology, rating revisions, credit rating agencies in India and abroad, limitations with case studies
International taxation (taxation of international transactions and non-resident taxation in India)
Transfer pricing provisions under the income-tax act, 1961
Arm’s length price, international transactions, most appropriate method, functions, assets and risk analysis, documentation and compliances, specific reporting regime in respect of country by country reporting and master file, advance pricing agreements
Other provisions relating to taxation of international transactions and non-resident taxation under the income-tax act, 1961
Law and procedures under the black money (undisclosed foreign income and assets) and imposition of tax act, 2015-an overview
International taxation (other aspects of international taxation)
Overview of model tax conventions
OECD model tax convention, UN model tax convention, US model tax convention
Tax treaties, application, and interpretation
Features of tax treaties, overview of tax information exchange agreements, commentaries and their importance, role of Vienna convention in application and interpretation of tax treaties
Anti avoidance measures
Controlled foreign corporations, base erosion and profit shifting, other anti avoidance measures
Taxation of e-commerce transactions
Introduction, emerging issues, equalisation levy
Economic laws – CA Final Syllabus 2023
World trade organization (WTO) covering its role, principles, functions, and dispute settlement mechanism
Competition act, 2002 and rules/ regulations
Real estate (regulation and development) act, 2016 [central act and rules/ regulations]
Insolvency and bankruptcy code, 2016 and rules/ regulations
Prevention of money laundering act, 2002 and rules/ regulations
Foreign exchange management act, 1999 and rules/ regulations
Prohibition of benami property transactions act, 1988 and rules/ regulations
Global financial reporting standards – CA Final Syllabus 2023
Conceptual framework for financial reporting as per IFRS
Application of international financial reporting standards
Significant differences between IFRS and US GAAPs
Multidisciplinary case study – CA Final Syllabus 2023
Financial accounting and reporting
Audit and assurance
Taxation
Finance and financial management
Management accounting
Corporate laws
Business strategy and management
Direct tax laws and international taxation (direct tax laws)
Law and procedures under the income-tax act, 1961
Basis of charge, residential status, income which do not form part of total income, heads of income, income of other persons included in assessee’s total income, aggregation of income, set-off and carry forward of losses
Deductions from gross total income, rebates and reliefs, special provisions relating to companies and certain persons other than a company, provisions relating to charitable and religious trust and institutions, political parties and electoral trusts
Tax planning, tax avoidance, and tax evasion, collection and recovery of tax, refunds, income-tax authorities, procedure for assessment, appeals, and revision, settlement of tax cases, penalties, offences, and prosecution, liability in special cases
Miscellaneous provisions and other provisions
Direct tax laws and international taxation (international taxation)
Taxation of international transactions and non-resident taxation
The provisions under the income-tax act, 1961, including: (a) Specific provisions relating to non-residents, (b) double taxation relief, (c) transfer pricing and other anti-avoidance measures, (d) advance rulings, equalisation levy
Overview of model tax conventions-OECD and UN
Application and interpretation of tax treaties
Fundamentals of base erosion and profit shifting
Indirect tax laws (goods and services tax)
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
Introduction to GST in India including constitutional aspects, levy and collection of CGST and IGST-application of CGST/ IGST law; concept of supply including composite and mixed supplies, inter-state supply, intra-state supply
Supplies in territorial waters; charge of tax including reverse charge; exemption from tax; composition levy, place of supply, time and 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 including tax deduction at source and tax collection at source, refund, 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, advance ruling, appeals and revision, other provisions
Indirect tax laws (customs and FTP)
Customs law as contained in the customs act, 1962 and the customs tariff act, 1975
Introduction to customs law including constitutional aspects, levy of and exemptions from customs duties-all provisions including application of customs law, taxable event, charge of customs duty, exceptions to levy of customs duty
Levy of and exemptions from customs duties-exemption from custom duty, types of customs duties, classification and valuation of imported and export goods, officers of customs; appointment of customs ports, airports etc
Import and export procedures including special procedures relating to baggage, goods imported or exported by post, stores, provisions relating to coastal goods and vessels carrying coastal goods, warehousing, drawback, demand and recovery; refund
Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/ exportation of goods, searches, seizure, and arrest; offences; penalties; confiscation and prosecution, appeals and revision; advance rulings
Settlement commission, other provisions
Foreign trade policy to the extent relevant to the indirect tax laws
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
Frequently Asked Questions (FAQs)
Q1: Has the list of CA Final May 2023 exam centers been released?
A: Yes, ICAI has released the complete list of exam centers where the CA Final 2023 exams will be conducted.
Q2: When will the CA Final exam form be available?
A: The CA Final exam form for May 2023 is now available.
Q3: Can I choose to appear in a single group for the CA Final exam?
A: Yes, candidates can select to appear either in both groups or a single group of their choice when filling the exam form.
Q4: What is the deadline for CA Final November exam registration?
A: Register for the CA Final November 2023 exams before July 1, 2023.
Q5: When are the CA Final May 2023 exams scheduled to be conducted?
A: The CA Final May 2023 exams were conducted offline from May 2 to May 17.
