The Institute of Chartered Accountants of India (ICAI) has formulated the Revised Scheme of Education and Training. The important dates are as below:
Last date for registration under old scheme:                                             30th June 2017
Date of commencement of registration for New Final Course:                   1st July 2017
First New Final Exam to be held in:                                                             May 2018
Last old scheme Exam to be held in:                                                            Nov 2020
There will be 6 parallel attempts from May 2018 to Nov 2020

 

 Old Scheme  New Scheme 
FinalFinal
NoPaper NameMarksNoPaper NameMarks
Group 1Group 1
1Financial Reporting1001Financial Reporting100
2Strategic Financial Management1002Strategic Financial Management100
3Advanced Auditing and Professional Ethics1003Advanced Auditing and Professional Ethics100
4Corporate and Allied Laws1004Corporate and Economic Laws100
Corporate Laws70Corporate Laws70
Allied Laws30Economic Laws30
Group 2Group 2
5Advanced Management Accounting1005Strategic Cost Management and Performance Evaluation100
6Information System Control & Audit1006Elective Paper
Risk Management
International Taxation
Economic Laws
Financial Services & Capital Markets
Global Financial Reporting Standards
Multidisciplinary Case Study
100
7Direct Tax Laws1007Direct Tax Laws & International Taxation100
Direct Tax Laws70
International Taxation30
8Indirect Tax Laws1008Indirect Tax Laws100
Excise Duty25
Service Tax50Goods and Service Tax75
Customs and FTP25Customs and FTP25
800700Total800

PAPER – 1: FINANCIAL REPORTING
(One paper – Three hours – 100 Marks)

  1. Application of Existing Accounting Standards 15, 21, 23, 25, 27 and 28.
  2. Application of Guidance Notes issued by ICAI on specified accounting aspects.
  3. Framework for Preparation and Presentation of Financial Statements
  4. Application of Indian Accounting Standards (Ind AS)
  5. Consolidated and Separate Financial Statements (as per Ind AS)
  6. Application of Industry specific and Transaction Specific Indian Accounting Standards
  7. Business Combinations and Accounting for Corporate Restructuring (including demerger) (as per Ind AS)
  8. Accounting and Reporting of Financial Instruments (as per Ind AS)
  9. Accounting for Share Based Payment (as per Ind AS)
  10. Analysis of Financial Statements
  11. Accounting for Carbon Credits
  12. Accounting for E-commerce
  13. Emerging trends in Reporting
    1. Integrated Reporting
    2. Corporate Social Responsibility Reporting
    3. Human Resource Reporting
    4. Value Added Statement

 

PAPER – 2: STRATEGIC FINANCIAL MANAGEMENT
(One paper – Three hours – 100 marks)

  1. Financial Policy and Corporate Strategy
  2. Indian Financial System
  3. Risk Management
  4. Security Analysis
  5. Security Valuation
  6. Portfolio Management
  7. Securitization
  8. Mutual Fund
  9. Derivatives Analysis and Valuation
  10. Foreign Exchange Exposure and Risk Management
  11. International Financial Management
  12. Interest Rate Risk Management
  13. Corporate Valuation
  14. Mergers, Acquisitions and Corporate Restructuring
  15. International Financial Centre (IFC)
  16. Startup Finance 17. Small & Medium Enterprises

 

PAPER – 3: ADVANCED AUDITING AND PROFESSIONAL ETHICS
(One paper – Three hours – 100 marks)

  1. Auditing Standards, Statements and Guidance Notes:
  2. Audit Planning, Strategy and Execution
  3. Risk Assessment and Internal Control
  4. Special aspects of Auditing in an Automated Environment
  5. Audit of Limited Companies
  6. Audit Reports
  7. Audit Reports & Certificates for Special Purpose Engagement
  8. Audit Committee and Corporate Governance
  9. Audit of Consolidated Financial Statements
  10. Special features of audit of Banks, Insurance & Non Banking Financial Companies,
  11. Audit under Fiscal Laws
  12. Special Audit Assignments
  13. Audit of Public Sector Undertakings
  14. Internal Audit, Management and Operational Audit
  15. Due Diligence, Investigation and Forensic Audit
  16. Peer Review and Quality Review
  17. Professional Ethics

 

PAPER – 4: CORPORATE AND ECONOMIC LAWS
(One paper – Three hours – 100 marks)

PART – I: CORPORATE LAWS (70 Marks)
SECTION A: COMPANY LAW
  1. The Companies Act, 2013 and Rules framed thereunder in its entirety with specific reference to section 149 onwards:
  2. Corporate Secretarial Practice
SECTION B: SECURITIES LAWS
  1. The Securities Contract (Regulation) Act, 1956 and the Securities Contract (Regulation) Rules, 1957:
  2. The Securities Exchange Board of India Act, 1992,
PART II: ECONOMIC LAWS (30 MARKS)
  1. The Foreign Exchange Management Act, 1999
  2. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  3. The Prevention of Money Laundering Act, 2002
  4. Foreign Contribution Regulation Act, 2010
  5. The Arbitration and Conciliation Act, 1996
  6. The Insolvency and Bankruptcy Code, 2016

 

PAPER – 5: STRATEGIC COST MANAGEMENT AND PERFORMANCE EVALUATION
(One Paper- Three hours- 100 Marks)

PART‒A  STRATEGIC COST MANAGEMENT AND DECISION MAKING
Sub Part‒I Strategic Cost Management
  1. Introduction to Strategic Cost Management
  2. Modern Business Environment
  3. Lean System and Innovation
  4. Cost Management Techniques
  5. Cost Management for Specific Sectors
Sub Part‒II Strategic Decision Making
  1. Decision Making
  2. Pricing Strategies/ Decisions
PART‒B PERFORMANCE EVALUATION AND CONTROL
Sub Part‒I Performance Evaluation and Reporting
  1. Performance Measurement and Evaluation
  2. Divisional Transfer Pricing
  3. Strategic Analysis of Operating Income
Sub Part‒II Managerial Control
  1. Budgetary Control
  2. Standard Costing
PART ‒ C CASE STUDY
  1. Case Study

 

PAPER – 6A: RISK MANAGEMENT
(One paper – Three hours – 100 Marks)

  1. Introduction to risk
  2. Source and evaluation of risks
  3. Risk management
  4. Quantitative analysis
  5. Risk model
  6. Credit risk measurement and management
  7. Risk associated with corporate governance
  8. Enterprise Risk Management
  9. Operational Risk Management

 

PAPER – 6 B: FINANCIAL SERVICES AND CAPITAL MARKETS
(One paper – Three hours – 100 Marks)

  1. Global Financial Markets
  2. Impact of various Policies of Financial Markets
  3. Capital Market – Primary
  4. Capital Market – Secondary
  5. Money Market
  6. Institutions and Intermediaries
  7. Commodity Market
    1. Banking – Management
    2.  Banking as source of Capital including NBFCs
  8. Mutual Funds
  9. Private Equity
  10. Investment Banking
  11. Credit Rating
  12. Treasury Operations
  13. Risk Management
  14. Credit Derivatives
  15. SEBI Guidelines

 

PAPER – 6 C: INTERNATIONAL TAXATION
(One paper – Three hours – 100 Marks)

Part I – Taxation of International Transactions and Non-resident Taxation in India (50 Marks)
  1. Transfer Pricing provisions under the Income-tax Act, 1961
  2. Other Provisions relating to taxation of international transactions and non-resident taxation under the Income-tax Act, 1961
  3. Law and Procedures under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – An Overview.
Part II – Other aspects of International Taxation (50 Marks)
  1. Overview of Model Tax Conventions
  2. Tax treaties, Application and Interpretation
  3. Anti Avoidance Measures
  4. Taxation of E-Commerce Transactions

 

PAPER – 6 D: ECONOMIC LAWS
(One paper – Three hours – 100 Marks)

  1. World Trade Organization (WTO) covering its Role, Principles, Functions and Dispute Settlement Mechanism
  2. Competition Act, 2002 and Rules/ Regulations
  3. Real Estate (Regulation and Development) Act, 2016 [Central Act and Rules/ Regulations]
  4. Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations
  5. Prevention of Money Laundering Act, 2002 and Rules/ Regulations
  6. Foreign Exchange Management Act, 1999 and Rules/ Regulations
  7. Prohibition of Benami Property Transactions Act, 1988 and Rules/ Regulations

 

PAPER – 6 E: GLOBAL FINANCIAL REPORTING STANDARDS
(One paper – Three hours – 100 Marks)

  1. Conceptual Framework for Financial Reporting as per IFRS – 10 Marks
  2. Application of International Financial Reporting Standards – 70 Marks
  3. Significant differences between IFRS and US GAAPs – 20 Marks

 

PAPER – 6 F: MULTIDISCIPLINARY CASE STUDY
(One paper – Three hours – 100 Marks)

This paper will include Case Studies covering the following areas:

  1. Financial Accounting and Reporting
  2. Audit and Assurance
  3. Taxation
  4. Finance and Financial Management
  5. Management Accounting
  6. Corporate Laws
  7. Business Strategy and Management

 

PAPER – 7: DIRECT TAX LAWS AND INTERNATIONAL TAXATION
(One paper ─ Three hours –100 Marks)

Part I : Direct Tax Laws (70 Marks)

Law and Procedures under the Income-tax Act, 1961,

Part II: International Taxation (30 Marks)
  1. Taxation of international transactions and Non-resident taxation
  2. Overview of Model Tax Conventions – OECD & UN
  3. Application and interpretation of Tax Treaties
  4. Fundamentals of Base Erosion and Profit Shifting

 

PAPER 8: INDIRECT TAX LAWS
(One paper – Three hours – 100 Marks)

Part-I: Goods and Services Tax (75 Marks)
  1. 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
Part-II: Customs & FTP (25 Marks)
  1. Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
  2. Foreign Trade Policy to the extent relevant to the indirect tax laws