Chartered Accountancy is a profession that is considered to be both laborious and prosperous. The syllabus of one of the most pursued Commerce stream careers imparts in-depth knowledge in areas like Finance, Accountancy, Taxation, Auditing, Insolvency, etc. Becoming a CA is not an easy task as you not only have to clear a three-level course but also have to gain the competence like analytical ability, and communication skills to respond to different practical scenarios in the field. This is also visible in the syllabus of the Chartered Accountancy exam. Since clearing the last leg of the exam plays a pivotal role in starting your career in this field, we will discuss the CA final new syllabus in detail in this blog.
Related Blog: How to Pursue CA After Graduation
CA Final New Syllabus: Papers
The new curriculum of the CA exam has been designed keeping in mind the specific demands and changes that the industry has seen over the years. While some of the papers have been updated and modified, others have been replaced completely. The CA final new syllabus consists of 8 Papers and the syllabus of each has been comprehensively covered below.
- Paper 1: Financial Reporting
In this paper, the emphasis is placed on improving the problem-solving skills, presentations of the financial statements, and the disclosure requirements. You will have to learn about the application of the Indian Accounting Standards, accounting, and reporting of various financial instruments.
- Paper 2: Strategic Financial Management
Financial management forms an integral part of the CA final new syllabus where students are required to learn about finance, data, and accounts. Along with strategic decision making, your basic concepts on the topic will be examined in this paper. Mergers, acquisitions, corporate restructuring, corporate valuation, mutual fund types, and prospects, and security analysis are some of the other topics on which your knowledge will be tested.
- Paper 3: Advanced Auditing and Professional Ethics
The syllabus of this paper is designed to build a strong foundation in auditing, its standards, statements, strategy making, execution, and reporting. You will also be required to learn about various fiscal laws, liabilities of auditors, internal auditing, management, and operational audit.
- Paper 4: Corporate and Economic Laws
This syllabus is divided into two sub-parts i.e. corporate laws and securities laws. In this, students are required to learn about various laws like the Insolvency and Bankruptcy Code, Foreign Exchange Management act, etc. Apart from this, you will also be required to study the meeting of boards, amalgamations, the process of appointment of directors, producer companies, etc.
- Paper 5: Strategic Cost Management and Performance Evaluation
The syllabus of this section is divided into three sub-parts namely, Strategic Cost Management and Decision Making, Performance Evaluation and Control, and case study covering the course concepts. Budgetary control, lean systems, pricing decisions, standard costing, divisional transfer pricing, cost management techniques, etc are some of the major topics that have to be covered for this paper.
- Paper 6: Elective Paper
This paper of the CA final new syllabus provides the students with an option to choose one subject as an elective. You can select from a wide range of subjects like Risk Management, Financial Services and Capital Markets, International Taxation, Economic Laws, and Global Financial Reporting Standards. You can go through the detailed syllabus of these subjects and sample papers on the website of the Institute of Chartered Accountants of India.
- Paper 7: Direct Tax Laws and International Taxation
The paper on Direct Tax Laws is bifurcated into two parts. In the 1st part, you will be required to learn about the Direct Tax Laws which has a weight of 70 marks. Part ll is International Taxation that is of 30 marks. While for the first part, you will have to cover the procedures laid under the Income-tax Act, 1961. In International taxation, you will study topics like non-resident taxation, base erosion and profit shifting, double taxation relief, tax treaties, etc.
- Paper 8: Indirect Tax Laws
This paper incorporates some topics which have been added recently to the CA final new syllabus. The curriculum of the paper is bifurcated into two topics namely, the Goods and Services Tax and the customs and FTP. In the first part, you will need to study details pertaining to GST like the input tax credit, exemptions, e-way bills, value of supply, offenses and penalties. Types of duties, duty drawback, customs act 1992, etc are some of the topics which have to be covered for the second section.
Thus, the CA Final new syllabus covers the topics pertaining to the fields of Finance and Accounting comprehensively. If you need any guidance on how to prepare for the exam then the expert counselors at Leverage Edu will help you in building a study plan that aligns with your strengths and weaknesses. You can also book a free 30 minutes career counseling session with our mentors.