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 IPCC:                                                 30th June 2017
Date of commencement of registration for Intermediate Course:        1st July 2017
First Intermediate Exam to be held in:                                                  May 2018
Last IPCC Exam to be held in:                                                            June 2019
There will be 3 parallel attempts from May 2018 to June 2019

 Old Scheme  New Scheme 
IPCCIntermediate
NoPaper NameMarksNoPaper NameMarks
Group 1Group 1
1Accounting1001Accounting100
2 Business Laws, Ethics and Communication1002Corporate Laws & Other Laws100
Business Laws70Company Laws60
Ethics and Communication30Other Laws40
3Cost Accounting and Financial Management1003Cost and Management Accounting100
Cost Accounting50
Financial Management50
4Taxation1004Taxation100
Direct Taxes50Income Taxe Law60
Indirect Taxes50Indirect Taxes40
Group 2Group 2
5Advanced Accounting1005Advanced Accounting100
6Auditing and Assurance1006Auditing and Assurance100
7Information Technology and Strategic Management1007Enterprise Information Systems & Strategic Management100
Information Technology50Enterprise Information Systems50
Strategic Management50Strategic Management50
8Financial Management & Economics for Finance100
Financial Management60
Economics for Finance40
Total700Total800

 

GROUP I- PAPER 1 – ACCOUNTING
(One paper – Three hours – 100 Marks)

  1. Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRSs; convergence vs adoption; objective and concepts of carve outs.
  2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards).
  3. Applications of Accounting Standards
    AS 1 : Disclosure of Accounting Policies
    AS 2 : Valuation of Inventories
    AS 3 : Cash Flow Statements
    AS 4 : Contingencies and Events occurring after the Balance Sheet Date
    AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
    AS 10: Property, Plant and Equipment
    AS 11: The Effects of Changes in Foreign Exchange Rates
    AS 12: Accounting for Government Grants
    AS 13: Accounting for Investments
    AS 16: Borrowing Costs
    AS 17: Segment Reporting
    AS 22: Accounting for Taxes on Income
  1. Company Accounts
    Redemption of preference shares
    Redemption of debentures
    Accounting for bonus issue and right issue
    Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”
    Managerial Remuneration
    Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement Profit (Loss) prior to incorporation
  1. Accounting for Special Transactions:
    Investment
    Insurance claims for loss of stock and loss of profit
    Hire – purchase and Instalment Sale Transactions
  1. Special Type of Accounting
    Departmental Accounting
    Accounting for Branches including foreign branches
    Accounts from Incomplete Records
  1. Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.

 

PAPER – 2: CORPORATE AND OTHER LAWS
(One paper – Three hours – 100 Marks)

PART I – COMPANY LAW (60 MARKS)

The Companies Act, 2013 – Sections 1 to 148

PART II- OTHER LAWS (40 MARKS)
  1. The Indian Contract Act, 1872 (Specific contracts covered from section 123 onwards)
  2. The Negotiable Instruments Act, 1881
  3. The General Clauses Act, 1897
  4. Interpretation of statutes

 

PAPER – 3: COST AND MANAGEMENT ACCOUNTING
(One Paper- Three hours- 100 Marks)

  1. Overview of Cost and Management Accounting
  2. Ascertainment of Cost and Cost Accounting System
    Material Cost
    Employee Cost
    Direct Expenses
    Overheads
    Concepts of Activity Based Costing (ABC)
    Recording and Accounting of Costs
  1. Methods of Costing
    Single Output/ Unit Costing
    Job Costing
    Batch Costing
    Contract Costing
    Process/ Operation Costing
    Costing of Service Sectors
  1. Cost Control and Analysis
    Standard Costing
    Marginal Costing
    Budget and Budgetary Control

 

PAPER – 4 : TAXATION
(One paper ─ Three hours – 100 Marks)

SECTION A: INCOME TAX LAW (60 MARKS)
  1. Basic Concepts
  2. Residential status and scope of total income
  3. Incomes which do not form part of total income (other than charitable trusts and institutions, political parties and electoral trusts)
  4. 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
  1. Income of other persons included in assessee’s total income
  2. Aggregation of income; Set-off, or carry forward and set-off of losses
  3. Deductions from gross total income
  4. Computation of total income and tax liability of individuals
  5. Advance tax, tax deduction at source and introduction to tax collection at source
  6. Provisions for filing return of income and self-assessment
SECTION B – INDIRECT TAXES (40 MARKS)
  1. Concept of indirect taxes
  2. Goods and Services Tax (GST) Laws

 

GROUP II- PAPER 5: ADVANCED ACCOUNTING
(One paper – Three hours – 100 Marks)

  1. Accounting Standards
    AS 7 : Construction Contracts
    AS 9 : Revenue Recognition
    AS 14: Accounting for Amalgamations
    AS 18 : Related Party Disclosures
    AS 19: Leases
    AS 20 : Earnings Per Share
    AS 24 : Discontinuing Operations
    AS 26 : Intangible Assets
    AS 29 : Provisions, Contingent Liabilities and Contingent Assets.
  1. Application of Guidance Notes issued by the ICAI on specified accounting aspects.
  1. Special Aspects of Company Accounts
    Accounting for employee stock option plan
    Buy back of securities
    Equity shares with differential rights
    Underwriting of shares and debentures.
  1. Reorganization of Companies
  2. Financial Reporting of Banking, Financial Services and Insurance (BFSI)
    Insurance companies
    Banking companies
    Non-Banking Financial Companies
    Mutual funds
  1. Valuation of goodwill
  2. Consolidated Financial Statements

 

PAPER 6: AUDITING AND ASSURANCE (100 MARKS)
(One paper – Three hours – 100 Marks)

  1. Nature, Objective and Scope of Audit
  2. Audit Strategy, Audit Planning and Audit Programme
  3. Audit Documentation and Audit Evidence
  4. Risk Assessment and Internal Control
  5. Fraud and Responsibilities of the Auditor in this Regard
  6. Audit in an Automated Environment
  7. Audit Sampling
  8. Analytical Procedure
  9. Audit of Items of Financial Statements
  10. The Company Audit
  11. Audit Report
  12. Audit of Banks
  13. Audit of Different Types of Entities

 

PAPER – 7 : ENTERPRISE INFORMATION SYSTEMS AND STRATEGIC MANAGEMENT
(One paper – Three hours – 100 Marks)

SECTION A : ENTERPRISE INFORMATION SYSTEMS (50 MARKS)
  1. Automated Business Processes
  2. Financial and Accounting Systems
  3. Information Systems and Its Components
  4. E-Commerce, M-Commerce and Emerging Technologies
  5. Core Banking Systems
SECTION B : STRATEGIC MANAGEMENT (50 MARKS)
  1. Introduction to Strategic Management
  2. Dynamics of Competitive Strategy
  3. Strategic Management Process
  4. Corporate Level Strategies
  5. Business Level Strategies
  6. Functional Level Strategies
  7. Organisation and Strategic Leadership
  8. Strategy Implementation and Control

 

PAPER – 8 : FINANCIAL MANAGEMENT AND ECONOMICS FOR FINANCE
(One paper – Three hours – 100 Marks)

SECTION A: FINANCIAL MANAGEMENT (60 MARKS)
  1. Financial Management and Financial Analysis
    Introduction to Financial Management Function
    Financial Analysis through Ratios
  1. Financing Decisions
    Sources of Finance
    Lease Financing
    Cost of Capital
    Capital Structure Decisions
    Leverages
  1. Capital Investment and Dividend Decisions
    Capital Investment Decisions
    Adjustment of Risk and Uncertainty in Capital Budgeting Decision
    Dividend Decisions
  1. Management of Working Capital
SECTION B : ECONOMICS FOR FINANCE (MARKS: 40)
  1. Determination of National Income
  2. The Money Market
  3. Public Finance
  4. International Trade