TestM20 Final New CA Sodhanis Schedule - Vineet Sodhanivineetsodhani.com › ... › 2020 › 01 ›...

Sodhanis.com CA Final| May 2020 (New)| Descriptive Test| All Test 3hrs×100 marks

“Improve your writing skills, comprehension, confidence & concepts” [Offline at Jaipur | Online at Sodhanis.com : #YourDateYourTime Facility]

FILE CONTENTS PRODUCTS & PRICING [Reg. Open] .............................................................................................................. 2

♦ Basic Products ............................................................................................................................................... 2 ♦ Combos .......................................................................................................................................................... 2 Address ............................................................................................................................................................. 2 WhatsApp ......................................................................................................................................................... 2 Online Portals ................................................................................................................................................... 2 Watch Students’ Review at .............................................................................................................................. 2

GROUP 1 ONLY STUDENTS : TEST SCHEDULE ......................................................................................... 3 ♦ MCQs ............................................................................................................................................................. 3 ♦ TestM20 New Group 1 Products ................................................................................................................... 3 ♦ TestM20 New Group 1 Combos .................................................................................................................... 3 #YourDate YourTime Facility ......................................................................................................................... 3 #Our Methodology........................................................................................................................................... 3

GROUP 2 ONLY STUDENTS : TEST SCHEDULE ......................................................................................... 4 ♦ MCQs ............................................................................................................................................................. 4 ♦ TestM20 New Group2 Products .................................................................................................................... 4 ♦ TestM20 New Group2 Combos ..................................................................................................................... 4 #YourDate YourTime Facility ......................................................................................................................... 4 #Our Methodology........................................................................................................................................... 4

BOTH GROUP STUDENTS : TEST SCHEDULE ............................................................................................ 5 ♦ MCQs ............................................................................................................................................................. 6 ♦ TestM20 New Both Group Products ............................................................................................................. 6 ♦ TestM20 New Combos .................................................................................................................................. 6 #YourDate YourTime Facility ......................................................................................................................... 6 #Our Methodology........................................................................................................................................... 6

FEATURES & PROCEDURES .......................................................................................................................... 7 Online TestSeries — Downloading & Uploading ............................................................................................ 7 PROCEDURE FOR ONLINE TEST SERIES...................................................................................................... 7 About Test Papers ............................................................................................................................................ 8 About EVALUATION OF COPIES & SUGGESTED ANSWERS...................................................................... 8 Benefits of TEST SERIES ................................................................................................................................. 8 Benefits of Online Test Series.......................................................................................................................... 8 Our Methodology.............................................................................................................................................. 8

SYLLABUS OF DT & IDT................................................................................................................................. 9

Applicable Materials for May 2020 Examinations (ICAI Announcement)................................................ 10

SYLLABUS — Modifications/Exclusion of Topics + Applicability of Standards/Guidance Notes/Legislative Amendments for May, 2020 Exam.............................................................. 11-32

Section-wise Weightage [Marks-Distribution] ........................................................................ 33-54

Sodhanis.com | CA Final (New)| May 2020|Descriptive TestSeries [Offline at Jaipur | Online at Sodhanis.com : #YourDateYourTime Facility]

Plot 8, Laxmi Colony, Near UCO Bank, Opp. Laxmi Mandir Cinema, Tonk Road, Jpr [WhatsApp 9928044909, 9784938416] P. 2 of 54

PRODUCTS & PRICING [REG. OPEN] ♦ Basic Products

No. Name of Product No. of Tests Price 1 TestM20 New Final FR 3 1,500 2 TestM20 New Final SFM 3 1,500 3 TestM20 New Final AAPE 3 1,500 4 TestM20 New Final CEL 3 1,500 5 TestM20 New Final COST 3 1,500

6A TestM20 New Final RiskM 6A 6B TestM20 New Final FSCM 6B 6C TestM20 New Final IntTax 6C 6D TestM20 New Final EcoLaw 6D 6E TestM20 New Final GFRS 6E

6

6F TestM20 New Final MDCS 6F

3 1,500

7 TestM20 New Final DT 4 1,500 8 TestM20 New Final IDT 4 1,500 9 TestM20 New Final Group 1 FullCourse Test 4 2,000

10A TestM20 New Final Gr2 FullCourse Elec6aRiskM 10B TestM20 New Final Gr2 FullCourse Elec6bFSCM 10C TestM20 New Final Gr2 FullCourse Elec6cIntTax 10D TestM20 New Final Gr2 FullCourse Elec6dEcoLaw 10E TestM20 New Final Gr2 FullCourse Elec6eGFRS

10

10F TestM20 New Final Gr2 FullCourse Elec6fMDCS

4 2,000

♦ Combos No. Name of product Products covered Test MRP ` Combo` Savings

11 TestM20 New Final Group 1 FR(3) + SFM(3) +

AAPE(3) + CEL(3) 12 6,000 4,500 1,500

(25.00%)12A TestM20 New Final Group 2 Elec6aRiskM 12B TestM20 New Final Group 2 Elec6bFSCM 12C TestM20 New Final Group 2 Elec6cIntTax 12D TestM20 New Final Group 2 Elec6dEcoLaw 12E TestM20 New Final Group 2 Elec6eGFRS

12

12F TestM20 New Final Group 2 Elec6fMDCS

Cost(3) + DT(4) + IDT(4) +

ElectivePaper(3) 14 6,000 4,500 1,500

(25.00%)

13A TestM20 New Final Both Group Elec6aRiskM 13B TestM20 New Final Both Group Elec6bFSCM 13C TestM20 New Final Both Group Elec6cIntTax 13D TestM20 New Final Both Group Elec6dEcoLaw 13E TestM20 New Final Both Group Elec6eGFRS

13

13F TestM20 New Final Both Group Elec6fMDCS

FR(3) + SFM(3) + AAPE(3) + CEL(3) +

Cost(3) + DT(4) + IDT(4) +

ElectivePaper(3)

26 12,000 8,000 4,000 (33.33%)

14A TestM20 New Final BothGr FullCourse Elec6aRiskM 14B TestM20 New Final BothGr FullCourse Elec6bFSCM 14C TestM20 New Final BothGr FullCourse Elec6cIntTax 14D TestM20 New Final BothGr FullCourse Elec6dEcoLaw

14E TestM20 New Final BothGr FullCourse Elec6eGFRS

14

14F TestM20 New Final BothGr FullCourse Elec6fMDCS

FR(1) + SFM(1) + AAPE(1) + CEL(1) +

Cost(1) + DT(1) + IDT(1) +

ElectivePaper(1)

8 4,000 3,500 500 (12.5%)

Offline-Online : Students should choose mode of tests viz. Offline Tests at Jaipur and Online Tests at Sodhanis.com carefully. For online tests at Sodhanis.com, payment must be made at product link at Sodhanis.com. For offline test series, payment must be made at Jaipur Centre. No conversion shall be allowed from Online to Offline or vice-versa. Giving Tests : Purpose of Test Series is to evaluate writing skills of students; hence, students must give tests for full 3-4 hours in offline/online mode [in offline Mode, tests are given at Jaipur Centre only]. #YourDateYourTime facility is extended by us to allow students to give tests. Suggested Answers are provided with evaluated copy when result is declared/uploaded.

Address WhatsApp Online Portals Watch Students’ Review at Plot 8, Laxmi Colony, Near UCO Bank, Opp. Laxmi Mandir Cinema, Tonk Road, Jaipur-15

9928044909, 9784938416

VineetSodhani.com Sodhanis.Com

Sodhanis YouTube Channel

Map : Just Search “Vineet Sodhani” in Google Maps



GROUP 1 ONLY STUDENTS : TEST SCHEDULE

[Sundays 8-11 am; Weekdays 10am to 1pm] SL DATE* TIME* CODE TOPICS [MODULE + PRACTICE MANUAL] Marks Result [1-2 pm] 1. Sunday,

09-Feb-2020 3 hrs

[8-11 am] TestM20N

FR-01 Module 1 and 2

[Chapters 1 to 8 = Framework + IndAS 1, 34, 7, 115, 8, 10, 113, 20, 102, 101, 2, 16, 116, 23, 36, 38, 40, 105, 41]

100 Sunday, 16-Feb-2020

2. Sunday, 16-Feb-2020

3 hrs [8-11 am]

TestM20N AAPE-01

Ch. 1 to 7 [See topics excluded by ICAI] 100 Sunday, 23-Feb-2020


3 hrs [8-11 am]

TestM20N CEL-01

Securities & Economic Law: Module2: Ch. 1 & 2 + Module3 : Ch. 1 to 6 [See topics excluded by ICAI]

100 Sunday, 01-Mar-2020

4. Sunday, 01-Mar-2020

3 hrs [8-11 am]

TestM20N SFM-01

Chapters 1 to 7 100 Sunday, 08-Mar-2020


3 hrs [8-11 am]

TestM20N FR-02

Module 3 and 4 [Ch. 9 to 17 = IndAS 19, 37, 12, 21, 24, 33, 108, 109, 32, 107 + Business Comb + CFS + Analysis

of FS + Integrated Report + CSR]

100 Sunday, 15-Mar-2020


3 hrs [8-11 am]

TestM20N CEL-02

Company Law [Module 1 & 2 : Ch.1 to 7 & 9 to 13] [See also topics excluded by ICAI]

100 Sunday, 22-Mar-2020

7. Thursday, 19-Mar-2020

3 hrs [10am-1pm]

TestM20N AAPE-02

Chapters 8 to 18 [See also topics excluded by ICAI] 100 Sunday, 29-Mar-2020


3 hrs [8-11 am]

TestM20N SFM-02



3 hrs [8-11 am]

TestM20N FR-03

Full Course 100 Sunday, 05-Apr-2020

10. Sunday, 05-Apr-2020

3 hrs [8-11 am]

TestM20N AAPE-03


11. Sunday, 12-Apr-2020

3 hrs [8-11 am]

TestM20N SFM-03


12. Sunday, 19-Apr-2020

3 hrs [8-11 am]

TestM20N CEL-03

Full Course 100 Thursday, 23-Apr-2020

♦ MCQs 30% of paper in AAPE & CEL will be MCQs as per pattern set by ICAI. MCQs are compulsory. There would be no negative marking. It should be answered on OMR sheet. SYLLABUS & PATTERN WILL BE SUBJECT TO CHANGES AS MAY BE MADE BY ICAI FOR MAY 2020. ♦ TestM20 New Group 1 Products

No. Product Name No. Test Price 1 TestM20 New Final FR 3 1,500 2 TestM20 New Final SFM 3 1,500 3 TestM20 New Final AAPE (Advance Auditing & Professional Ethics) 3 1,500 4 TestM20 New Final CEL (Corporate & Economic Laws) 3 1,500 5 TestM20 New Final Group 1 FullCourse Test (3rd final Test for each subject) 4 2,000

♦ TestM20 New Group 1 Combos No. Name of product Products covered Test MRP ` Combo` Disc.

6 TestM20 New Final Group 1 FR(3) + SFM(3) + AAPE(3) + CEL(3) 12 6,000 4,500 25.00%

#YourDate YourTime Facility 1. For Offline Tests at Jaipur

Students are to give test at our Centre at any date and time : (a) subsequent to date mentioned by us above; (b) Sunday timings are 8-11 am only; (c) Other working days, students must start test between 10 am to 2 pm (Test Start). As per ICAI norms, candidate cannot leave before test duration (3 or 4 hours)

2. Online Tests Any date any time of your convenience, which is subsequent to our date

#Our Methodology Offline-Online : Students should choose mode of tests viz. Offline Tests at Jaipur and Online Tests at Sodhanis.com carefully. For online tests at Sodhanis.com, payment must be made at product link at Sodhanis.com. For offline test series, payment must be made at Jaipur Centre. No conversion shall be allowed from Online to Offline or vice-versa. Giving Tests : Purpose of Test Series is to evaluate writing skills of students; hence, students must give tests for full 3-4 hours in offline/online mode [in offline Mode, tests are given at Jaipur Centre only]. #YourDateYourTime facility is extended by us to allow students to give tests. Suggested Answers are provided with evaluated copy when result is declared/uploaded.



GROUP 2 ONLY STUDENTS : TEST SCHEDULE

[Sundays 8-11 am; Weekdays 10am to 1pm] SL DATE* DURATION* CODE TOPICS [MODULE + CORRESPONDING MATERIALS] Marks Result [11.15 to

12.45pm] 1. Sunday,

09-Feb-2020 3 hrs

[8-11 am] TestM20N COST-01

Part A : Strategic Cost Management (JIT TQM, Through-put etc. & Decision Making, Basic Pricing) & Case Study

100 Sunday, 16-Feb-2020


3 hrs [8-11 am]

TestM20N DT-01

Chapters 1 to 9** of M1 [**See Chapterisation covered separately]

100 Sunday, 23-Feb-2020


3 hrs [8-11 am]

TestM20N IDT-01

GST Chapters 1 to 14** of M1 [**See Chapterisation covered separately]

100 Sunday, 01-Mar-2020

4. Thursday, 27-Feb-2020

4 hrs [10am-2pm]

TestM20N ELEC-01

Choose carefully Syllabus = Full Course

100 Sunday, 08-Mar-2020


3 hrs [8-11 am]

TestM20N DT-02


100 Sunday, 08-Mar-2020


3 hrs [8-11 am]

TestM20N IDT-02


100 Sunday, 15-Mar-2020


3 hrs [10am-1pm]

TestM20N COST-02

Part B : Performance Evaluation (Transfer Pricing, Standard, Budgetary, etc.) & Related Case Studies

100 Sunday, 22-Mar-2020


3 hrs [8-11 am]

TestM20N DT-03

Chapters 21 to 26 of M1 + Entire M2** [**See Chapterisation covered separately]

100 Sunday, 22-Mar-2020


4 hrs [10am-2pm]

TestM20N ELEC-02


100 Sunday, 29-Mar-2020

10. Sunday, 22-Mar-2020

3 hrs [8-11 am]

TestM20N IDT-03

Customs & FTP Ch. 1 to 7** of M2 [**See Chapterisation covered separately]

100 Sunday, 29-Mar-2020

11. Sunday, 29-Mar-2020

3 hrs [8-11 am]

TestM20N COST-03


12. Sunday, 05-Apr-2020

3 hrs [8-11 am]

TestM20N DT-04


13. Sunday, 12-Apr-2020

3 hrs [8-11 am]

TestM20N IDT-04


14. Sunday, 19-Apr-2020

4 hrs [8-12 am]

TestM20N ELEC-03

Choose carefully & Full Course 100 Thursday, 23-Apr-2020

♦ MCQs 30% of paper in DT & IDT will be MCQs as per pattern set by ICAI. MCQs are compulsory. There would be no negative marking. It should be answered on OMR sheet. SYLLABUS & PATTERN WILL BE SUBJECT TO CHANGES AS MAY BE MADE BY ICAI FOR MAY 2020. ♦ TestM20 New Group2 Products

No. Product Name No. Test Price 1 TestM20 New Final COST 3 1,500 2 TestM20 New Final Elective (RiskM, FSCM, IntTax, EcoLaw, GFRS, MDCS) 3 1,500 3 TestM20 New Final DT 4 1,500 4 TestM20 New Final IDT 4 1,500 5 TestM20 New Final Group 2 FullCourse Test1 (1 final Test for each subject) 4 2,000

♦ TestM20 New Group2 Combos No. Name of product Products covered Test MRP ` Combo` Disc.

6 TestM20 New Final Group 21 Cost(3) + DT(4) + IDT(4) + Elective(3) 14 6,000 4,500 25.00%





1 In case of online tests, there are 6 choices of products based on 6 choices of Elective Paper 6 as above. Please choose

carefully. Choice once made cannot be changed on the system.



BOTH GROUP STUDENTS : TEST SCHEDULE

[Sundays 8-11 am; Weekdays 10am to 1pm] SL DATE* TIME* CODE TOPICS Marks Result** 1. Sunday,

09-Feb-2020 3 hrs

[8-11 am] TestM20N COST-01

Part A : Strategic Cost Management (JIT TQM, Through-put etc. & Decision Making, Basic

Pricing) & Case Study

100 Sunday, 16-Feb-2020


3 hrs [10am-1pm]

TestM20N FR-01

Module 1 and 2 [Chapters 1 to 8 = Framework + IndAS 1, 34, 7, 115, 8, 10, 113, 20, 102, 101, 2, 16,

116, 23, 36, 38, 40, 105, 41]

100 Sunday, 16-Feb-2020


3 hrs [8-11 am]

TestM20N DT-01


100 Sunday, 23-Feb-2020


3 hrs [10am-1pm]

TestM20N AAPE-01

Ch. 1 to 7 [See topics excluded by ICAI] 100 Sunday, 23-Feb-2020


3 hrs [8-11 am]

TestM20N IDT-01


100 Sunday, 01-Mar-2020


3 hrs [10am-1pm]

TestM20N CEL-01

Securities & Economic Law: Module2: Ch. 1 & 2 + Module3 : Ch. 1 to 6

[See topics excluded by ICAI]

100 Sunday, 01-Mar-2020


3 hrs [8-11 am]

TestM20N DT-02


100 Sunday, 08-Mar-2020

8. Tuesday, 03-Mar-2020

4 hrs [10am-2pm]

TestM20N ELEC-01


100 Sunday, 08-Mar-2020


3 hrs [10am-1pm]

TestM20N SFM-01


10. Sunday, 08-Mar-2020

3 hrs [8-11 am]

TestM20N IDT-02


100 Sunday, 15-Mar-2020


3 hrs [10am-1pm]

TestM20N FR-02

Module 3 and 4 [Ch. 9 to 17 = IndAS 19, 37, 12, 21, 24, 33, 108, 109, 32, 107 + Business Comb + CFS + Analysis of FS + Integrated Report + CSR]

100 Sunday, 15-Mar-2020


3 hrs [10am-1pm]

TestM20N COST-02

Part B : Performance Evaluation (Transfer Pricing, Standard, Budgetary, etc.) & Related

Case Studies

100 Sunday, 22-Mar-2020

13. Sunday, 15-Mar-2020

3 hrs [8-11 am]

TestM20N DT-03

Chapters 21 to 26 of M1 + Entire M2** [**See Chapterisation covered separately]

100 Sunday, 22-Mar-2020


3 hrs [10am-1pm]

TestM20N CEL-02

Company Law [Module 1 & 2 : Ch.1 to 7 & 9 to 13] [See also topics excluded by ICAI]

100 Sunday, 22-Mar-2020


3 hrs [10am-1pm]

TestM20N AAPE-02

Ch. 8 to 18 [See topics excluded by ICAI] 100 Sunday, 29-Mar-2020

16. Sunday, 22-Mar-2020

3 hrs [8-11 am]

TestM20N IDT-03

Customs & FTP Ch. 1 to 7** of M2 [**See Chapterisation covered separately]

100 Sunday, 29-Mar-2020


4 hrs [10am-2pm]

TestM20N ELEC-02


100 Sunday, 29-Mar-2020


3 hrs [10am-1pm]

TestM20N SFM-02


19. Sunday, 29-Mar-2020

3 hrs [8-11 am]

TestM20N COST-03


20. Thursday, 02-Apr-2020

3 hrs [10am-1pm]

TestM20N FR-03


21. Sunday, 05-Apr-2020

3 hrs [8-11 am]

TestM20N DT-04


22. Thursday, 09-Apr-2020

3 hrs [10am-1pm]

TestM20N AAPE-03




SL DATE* TIME* CODE TOPICS Marks Result** 23. Sunday,

12-Apr-2020 3 hrs

[8-11 am] TestM20N

IDT-04 Full Course 100 Sunday,

19-Apr-2020 24. Thursday,

16-Apr-2020 3 hrs

[10am-1pm] TestM20N

SFM-03 Full Course 100 Sunday,

19-Apr-2020 25. Sunday,

19-Apr-2020 3 hrs

[8-11 am] TestM20N

CEL-03 Full Course 100 Thursday,

23-Apr-2020 26. Thursday,

23-Apr-2020 4 hrs

[10am-2pm] TestM20N

ELEC-03 FULL COURSE — Choose carefully 100 Sunday,

26-Apr-2020

*Result : 2nd Group Timings = 11.15 to 12.45 am & 1st Group Timings = 1 to 2 pm ♦ MCQs 30% of paper in AAPE, CEL, DT and IDT will be MCQs as per pattern set by ICAI. MCQs are compulsory. There would be no negative marking. It should be answered on OMR sheet. SYLLABUS & PATTERN WILL BE SUBJECT TO CHANGES AS MAY BE MADE BY ICAI FOR MAY 2020.

♦ TestM20 New Both Group Products No. Product Name No. Test Price

1 TestM20 New Final FR 3 1500 2 TestM20 New Final SFM 3 1500 3 TestM20 New Final AAPE 3 1500 4 TestM20 New Final CEL (Corporate & Economic Laws) 3 1500 5 TestM20 New Final COST 3 1500

6 TestM20 New Final Elective (TestM20 New RiskM or FSCM or IntTax or EcoLaw or GFRS or MDCS)

3 1500

7 TestM20 New Final DT 4 1500 8 TestM20 New Final IDT 4 1500 9 TestM20 New Final Group 1 FullCourse Test 4 2000

10 TestM20 New Final Group 2 FullCourse Test1 4 2000 ♦ TestM20 New Combos No. Name of product Products covered Test MRP ` Combo` Disc.

11 TestM20 New Final Group 1 FR(3) + SFM(3) + AAPE(3) + CEL(3) 12 6,000 4,500 25.00%

12 TestM20 New Final Group 21 Cost(3) + DT(4) + IDT(4) + ElectivePaper(3)

14 6,000 4,500 25.00%

13 TestM20 New Final Both Group1 FR(3) + SFM(3) + AAPE(3) + CEL(3) + Cost(3) + DT(4) + IDT(4) +

ElectivePaper(3)

26 12,000 8,000 33.33%

14 TestM20 New Final BothGr FullCourse1

FR(1) + SFM(1) + AAPE(1) + CEL(1) + Cost(1) + DT(1) + IDT(1) +

ElectivePaper(1)

8 4,000 3,500 12.50%

15 TestM20 New Final DT IDT Cost FR SFM Practicals

FR(3)+SFM(3)+Cost(3)+ DT(4)+ IDT(4) 17 7,500 5,500

26.67%





1 In case of online tests, there are 6 choices of products based on 6 choices of Elective Paper 6 as above.

Please choose carefully. Choice once made cannot be changed on the system.



FEATURES & PROCEDURES

Online TestSeries — Downloading & Uploading We accept your Schedule — YourDate YourPlace YourTime

♦ You may draw your own schedule for appearing in our test series ♦ You may appear in our tests only on or after test start date provided by us ♦ For this purpose, just click at “My Schedule” Tab [after login] and choose YourDate

YourTime Download paper :

♦ TestPaper may be downloaded between Test-start & Test-Expiry Times. ♦ EXPIRED TEST PAPER >> If test paper could not be downloaded in 6-7 days (i.e., before

download expiry time), you may request extension at YourDate YourTime. (a) automatic extension for small extensions ; and (b) in case of large extensions, approval of admin is required & is granted in 2 working days.

Upload time : ♦ Download time is captured by system. ♦ System allows = Test Duration + 2 Hours for uploading, i.e., if test is of 3 hours, system

would allow 5 hours in total. ♦ If you cannot upload within specified time (5 hours in aforesaid example), you may :

(a) request for extension, or, (b) send at [email protected] via e-mail at any time.

PROCEDURE FOR ONLINE TEST SERIES 1. Possess a valid gmail ID 2. Register yourself at our website [SODHANIs.com] [Fully SmartPhone Compatible] 3. Add [email protected] and [email protected] to your contacts and create a gmail

filter so that e-mails are not lost in SPAM 4. Select Product and make online payment >> DO NOT PRESS REFRESH >> See “My products” tab for products purchased by you

5. Look for “My Tests” menu >> It shows — Pending Tests Upcoming Tests Expired Tests >> You may extend expiry >> YourDate YourTime Unchecked Tests Checked Tests

6. Look for “My Schedule” menu >> Draw your schedule [postpone tests to YourDate YourTime] 7. Write down answers in your handwriting on plain paper Specify page-numbering GIVE YOUR NAME AND TESTPAPER CODE NAME ON TOP

8. Convert your hand-written answer in PDF form Use CamScanner App only [available for both iPhone & Android]



Ensure proper scanning [starting from page 1 & onwards] USE small file conversion [50% small pdf]

9. Upload Answers on SODHANIs.com >> Open website on SmartPhone & Upload 10. Copy Checked >> Evaluated answer book is uploaded with marks & remarks >> You get an e-mail after each evaluation >> Download your answerbook at any time >> Suggested Answers downloadable in separate column (Activated with Checked Copy)

11. Chat with us in case of any query/doubt, using Chat forum on our website About Test Papers Prepared by SODHANIs Editorial Board comprising of expert faculties Test papers based on latest examination trend Test papers cover questions likely to be asked in forthcoming examination. Test papers cover entire syllabus of subjects MCQ would be covered as per the standard and pattern set by the ICAI and MCQ should be

answered on OMR sheet provided in link of purchase-product e-mail. The papers are set “as per exam level” or “a bit above the actual exam level” to prepare

students for the worst-case scenario About EVALUATION OF COPIES & SUGGESTED ANSWERS Evaluation of answer books is done as per suggested guidelines Suggested answers are provided to candidates for improvement in their performance by

knowing their deficiencies in questions attempted by them Suggested answers show step-wise break-up of marks allotted to answer Benefits of TEST SERIES Confidence building and Strong conceptual understanding Increasing writing abilities which is must for expert level required in CA Exams Benefits of Online Test Series No need to waste time in transit — Tests at your door Choose Test Date and Timing as per your course completion schedule Preserve your Evaluated Copies Discuss your problem with Sodhani Sir—

o on chat forum provided on website, or, o on e-mail at [email protected] or on [email protected], or, o on Whatsapp/Call/Hike at 9928044909 or 9784938416

Preserve your discussion for future reference Our Methodology Offline-Online : Students should choose mode of tests viz. Offline Tests at Jaipur and Online

Tests at Sodhanis.com carefully. For online tests at Sodhanis.com, payment must be made at product link at Sodhanis.com. For offline test series, payment must be made at Jaipur Centre. No conversion shall be allowed from Online to Offline or vice-versa.

Giving Tests : Purpose of Test Series is to evaluate writing skills of students; hence, students must give tests for full 3-4 hours in offline/online mode [in offline Mode, tests are given at Jaipur Centre only]. #YourDateYourTime facility is extended by us to allow students to give tests. Suggested Answers are provided with evaluated copy when result is declared/uploaded.



SYLLABUS OF DT & IDT

DIRECT TAX LAWS INDIRECT TAX LAWS T e s t

P a p e r

N o.

1

Module 1 : DIRECT TAX LAWS 1. Basic Concepts 2. Residential Status 3. Salaries 4. Income from House Property 5. Profits and Gains of Business or Profession 6. Capital Gains 7. Income from Other Sources 8. Income of other persons included in Assessee's Total Income 9. Aggregation of Income and Set-off of Carry Forward of Loss

Module 1 : GST (75 Marks) 1. Introduction, Constitutional Amendments & General Definitions 2. Definitions : Person, Deemed Distinct Persons, Related Person, Business, Goods & Service 3. Meaning & Scope Of Supply 4. Supply Related Concepts, Aggregate Turnover And Composite & Mixed Supply 5. Charge Of CGST, IGST 6. Time Of Supply Of Goods & Services, And, Change In Rate Of Tax 7. Meaning Of Consideration & Valuation Of Supply 8. Place Of Supply Of Goods 9. Place Of Supply Of Services 10. Inter-State & Intra-State Supplies 11. Import & Export; Export Incentives And Zero-Rated Supply & Sezs 12. Threshold Exemption, Composition Scheme & Exemptions For Goods 13. Person Liable To Pay Tax And Reverse Charge 14. Tax Deduction At Source (Tds), Tax Collection At Source (Tcs) & E-Commerce Operators

T e s t

P a p e r

N o.

2

10. Deductions from Gross Total Income 11. Others Incomes Exempt from Tax 12. Assessment of Individuals, HUF, Firms/LLP & AOP/BOI and Alternate Minimum Tax (AMT) 13. Assessment of Charitable/Religious Trusts/Institutions 14. Assessment of Co-operatives 15. Assessment of Companies (including MAT, Dividend Taxation & Buy-back Taxation) 16. Assessment of Shipping Companies (Tonnage Tax Scheme) 17. Assessment of Pass-through Entities [Mutual Funds, Securitisation Trusts, VCC/VCF, Business Trusts & AIF] 18. Income Tax Authorities 19. Procedure for Assessment 20. Liability in Special Cases

GST 15. Basics Of Input Tax Credit : Input, Input Service & Capital Goods 16. Credit – Availment & Utilization (Eligible & Ineligible Items, Conditions, Documents & Time) 17. Credit : ‘Personal Use’, ‘Exempted Supplies’, Composition Scheme, New Registrations & Transfer Of Business 18. Credit : Job-Work, Input Service Distributor, Matching & Procedures 19. Taxation Of Services : Sector-wise/Business-Wise Analysis 20. Administration Of Gst & Registration Under Gst 21. Invoices, Accounts & Records And Payment, Interest & Accounting Entries 22. Returns & Assessment 23. Unjust Enrichment & Refunds And Anti-Profiteering Measure 24. Audits, Inspections, Summons, Visits, Search & Seizure, E-way Bill 25. Demands, Recoveries & Adjudication And Liability In Special Cases 26. Penalties, Confiscation, Prosecution & Arrests & Circulars & Powers 27. Advance Rulings & Appeal Thereagainst 28. Appeals, Revision And Miscellaneous Provisions

T e s t

P a p e r

N o.

3

21. Tax Deduction/Tax Collection at Source 22. Advance Tax, Recovery, Interest/Refund 23. Settlement of Cases 24. Appeals and Revision 25. Misc. Provisions and Penalties & Prosecution 26. Tax Planning, Tax Evasion and Tax Avoidance Module 2 : INTERNATIONAL TAXATION

1. Taxation of Non-Resident 2. Double Taxation Relief 3. Transfer Pricing and Anti-Avoidance 4. Equalisation Levy 5. General Anti-Avoidance Rules (GAAR) 6. Advance Ruling 7. Overview of Model Tax Conventions 8. Tax Treaties : Application & Interpretation 9. Fundamentals of Base Erosion and Profit Shifting (BEPS)

Module 2 : Customs & FTP 1. Customs : Basics And Charge Of Duty 2. Customs Valuation 3. Customs : Classification, Tariff & Various Duties 4. Import, Export and Transportation Procedures 5. Customs : Drawback, Baggage, Postal Articles & Stores 6. Customs : Audit, Exemptions and Refunds 7. Foreign Trade Policy – Basics, Schemes, EOUs & SEZs

Edition as Applicable for May 2020 + RTPs-MTPs upto May 2020




Applicable Materials for May 2020 Examinations (ICAI Announcement)

Subjects Edition Month & Year

Group I

Paper 1: Financial Reporting Edition as Applicable for May 2020 + RTPs-MTPs upto May 2020

Paper 2: Strategic Financial Management Edition as Applicable for May 2020 + RTPs-MTPs upto May 2020

Paper 3: Advanced Auditing and Professional Ethics (AAPE)


Paper 4: Corporate and Economic Laws Part I: Corporate Laws Part II: Economic Laws


Group II

Paper 5: Strategic Cost Management and Performance Evaluation

January, 2019 + RTPs-MTPs upto May 2020

Paper 6: Elective Paper:

6A Risk Management Edition as Applicable for May 2020 + RTPs-MTPs upto May 2020

6B Financial Services & Capital Markets Edition as Applicable for May 2020 + Applicable SEBI Guidelines + RTPs-MTPs upto May 2020

6C International Taxation Edition as Applicable for May 2020 + RTPs-MTPs upto May 2020

6D Economic Laws November, 2017 + Amendments hosted on the website + RTPs-MTPs upto May 2020

6E Global Financial Reporting Standards Announcement uploaded on the website + 'Significant Differences between IFRS and US GAAP' (Webhosted) + GFRS Case studies (Webhosted) + Major differences between Ind AS and IFRS

6F Multi – disciplinary Case Study No books are separately released for multi-disciplinary case studies. Students are advised to refer to study material of final course for core papers.

Paper 7: Direct Tax Laws & International Taxation

Part I: Direct Tax Laws Part II: International Taxation


Paper 8: Indirect Tax Laws Part I: Goods and Services Tax Part II: Customs & FTP


Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2020 Examination

Study Guidelines for May, 2020 Examinations

Final New Course

Paper 1: Financial Reporting

List of topic-wise exclusions from the syllabus

(1) (2) (3)

S. No. in the revised syllabus

Topics of the syllabus Exclusions

2. Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements

(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

(viii) Other Ind AS

Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ • Appendix A: Rights to Interests arising from

Decommissioning, Restoration and Environmental Rehabilitation Funds

• Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment

• Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies

• Indian Accounting Standard (Ind AS) 104 : Insurance Contracts

• Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources

• Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts

5. Analysis of financial statements • Analysis of financial statements based on Accounting Standards

Notes:

(1) In the above table, in respect of the topics of the revised syllabus specified in column (2) the related

exclusion is given in column (3). The revised syllabus has been enclosed as Annexure I of this Study

Guidelines.

(2) August, 2019 edition of the Study Material is relevant for May, 2020 examination. The relevant /

applicable topics or content are to be read alongwith the ‘Corrigendum to Study Material’ (if any).

(3) The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up to

31st October, 2019 will be applicable for May, 2020 Examination. Accordingly, Ind AS 116 (by

© The Institute of Chartered Accountants of India

PAGE 11 of 54

replacing Ind AS 17) and other amendments notified by MCA on 30.3.2019 is applicable for May,

2020 examination.

Annexure I

REVISED SYLLABUS (FROM NOVEMBER, 2019 EXAMINATION)

FINAL NEW COURSE

PAPER – 1: FINANCIAL REPORTING

(One paper – Three hours – 100 Marks)

Objectives:

(a) To acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards for

deciding the appropriate accounting treatment and formulating suitable accounting policies.

(b) To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards

while preparing and presenting the financial statements.

(c) To develop the skill to prepare financial statements of group entities which includes subsidiaries, associates

and joint arrangements based on Indian Accounting Standards.

(d) To develop an understanding of the various forms of reporting (other than financial statements) and accounting

for special transactions, and apply such knowledge in problem solving.

Contents:

1. Framework for Preparation and Presentation of Financial Statements in accordance with Indian Accounting

Standards (Ind AS).

2. Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial

Statements

(i) Ind AS on First time adoption of Indian Accounting Standards

(ii) Ind AS on Presentation of Items in the Financial Statements

(iii) Ind AS on Measurement based on Accounting Policies

(iv) Ind AS on Income Statement

(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

(vi) Ind AS on Items impacting the Financial Statements

(vii) Ind AS on Disclosures in the Financial Statements

(viii) Other Ind AS

3. Indian Accounting Standards on Group Accounting

(i) Business Combinations and Accounting for Corporate Restructuring (including demerger ) (as per Ind

AS)

(ii) Consolidated and Separate Financial Statements (as per Ind AS)

4. Accounting and Reporting of Financial Instruments (as per Ind AS)

5. Analysis of Financial Statements


PAGE 12 of 54

6. Integrated Reporting

7. Corporate Social Responsibility Reporting

Notes:

1. If either a new Indian Accounting Standard (Ind AS) or Announcements and Limited Revisions to Ind AS

are issued or the earlier one are withdrawn or new Ind AS, Announcements and Limited Revisions to Ind

AS are issued in place of existing Ind AS, Announcements and Limited Revisions to Ind AS, the syllabus

will accordingly include / exclude such new developments in the place of the existing ones with effect from

the date to be notified by the Institute.

2. The specific inclusions / exclusions in any topic covered in the syllabus will be effected every year by way

of Study Guidelines.


PAGE 13 of 54

Paper 3: Advanced Auditing and Professional Ethics

A- List of topic-wise inclusion in the syllabus

I. List of applicable Statements and Standards for May, 2020 Examination:

1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the

Companies Act, 2013).

2. Framework for Assurance Engagements.

II. List of applicable Engagements and Quality Control Standards on Auditing for May, 2020 Examination

S.No SA Title of Standard on Auditing

1 SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

2 SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

3 SA 210 Agreeing the Terms of Audit Engagements

4 SA 220 Quality Control for Audit of Financial Statements

5 SA 230 Audit Documentation

6 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements

7 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements

8 SA 260 Communication with Those Charged with Governance (Revised)

9 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

10 SA 299 Joint Audit of Financial Statements (Revised)

11 SA 300 Planning an Audit of Financial Statements

12 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

13 SA 320 Materiality in Planning and Performing an Audit

14 SA 330 The Auditor’s Responses to Assessed Risks

15 SA 402 Audit Considerations Relating to an Entity Using a Service Organization

16 SA 450 Evaluation of Misstatements Identified during the Audits

17 SA 500 Audit Evidence

18 SA 501 Audit Evidence - Specific Considerations for Selected Items

19 SA 505 External Confirmations

20 SA 510 Initial Audit Engagements-Opening Balances

21 SA 520 Analytical Procedures


PAGE 14 of 54

22 SA 530 Audit Sampling

23 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

24 SA 550 Related Parties

25 SA 560 Subsequent Events

26 SA 570 Going Concern (Revised)

27 SA 580 Written Representations

28 SA 600 Using the Work of Another Auditor

29 SA 610 Using the Work of Internal Auditors (Revised)

30 SA 620 Using the Work of an Auditor’s Expert

31 SA 700 Forming an Opinion and Reporting on Financial Statements (Revised)

32 SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (New)

33 SA 705 Modifications to the Opinion in the Independent Auditor’s Report (Revised)

34 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)

35 SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements

36 SA 720 The Auditor’s Responsibility in Relation to Other Information (Revised)

III. List of applicable Guidance Notes and other publications for May, 2020 Examination:

1. Guidance Note on Audit under Section 44AB of the Income-tax Act.

2. Guidance Note on Audit of Banks.

3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

4. Guidance Note on the Companies (Auditor’s Report) Order, 2016.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2020 Examination

(i) Students are expected to be updated with the notifications, circulars and other legislative

amendments made up to 6 months prior to the examination. Accordingly, the relevant notified

Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications /

Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2019 will be

applicable for May, 2020 Examination. It may be noted that the significant notifications and

circulars issued which are not covered in the August 2019 edition of Study Material, would be

given as Academic Update in the Revision Test Paper for May, 2020 Examination.

(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies

(Auditor’s Report) Order, 2016 are applicable for May, 2020 Examination.

(iii) Audit provision under GST Laws are applicable for May, 2020 Examination.


PAGE 15 of 54

B- List of topic-wise exclusions from the syllabus

I Chapter 14 : Special Audit Assignment topic has been excluded.

II. Following Engagement and Quality Control Standards excluded:

(1) (2) (3)

S.

No

Topics of the

syllabus

Exclusions

1 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework

2 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

3 SA 810 Engagements to Report on Summary Financial Statements

4 SRE 2400 Engagements to Review Historical Financial Statements (Revised)

5 SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity

6 SAE 3400 The Examination of Prospective Financial Information

7 SAE 3402 Assurance Reports on Controls At a Service Organisation

8 SAE 3420

Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)

9 SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information

10 SRS 4410 Compilations Engagements (Revised)

*Note: In view of Exclusion of SA 800 Series, SREs, SAEs and SRSs series Chapter 7 will be

excluded from the syllabus for May, 2020 Examination.

III. Following Guidance Notes and other publications are excluded:

1. Code of Ethics publication is excluded whereas Chapter 20 on Professional Ethics is in

syllabus

2. Guidance Note on Independence of Auditors.

3. Guidance Note on Audit of Inventories.

4. Guidance Note on Audit of Debtors, Loans and Advances.

5. Guidance Note on Audit of Investments.

6. Guidance Note on Audit of Cash and Bank Balances.

7. Guidance Note on Audit of Liabilities.

8. Guidance Note on Audit of Revenue.

9. Guidance Note on Audit of Expenses.

10. Guidance Note on Computer Assisted Audit Techniques (CAATs).


PAGE 16 of 54

11. Guidance Note on Audit of Payment of Dividend.

12. Guidance Note on Audit of Capital and Reserves.

13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

Paper 4: Corporate and Economic Laws

The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/

Orders issued by the Ministry of Corporate Affairs and the laws covered under the Economic Laws, as amended

by concerned authority, including significant notifications and circulars issued up to 31st October 2019 are

applicable for May 2020 examination.

Inclusions / Exclusions from the syllabus

(1) (2) (3) (4)

S. No. in the syllabus

Chapters/ Topics of the

syllabus

Inclusions

(Provisions which are included from the

corresponding chapter of the syllabus)

Exclusions

(Provisions which are excluded from the corresponding chapter of the

syllabus)

Part I: Section A- Company Law

Chapter 1: Appointment and Qualifications of Directors

The entire content included in the August 2019 edition of the Study Material and the Legislative amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.

Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.


Chapter 2: Appointment and remuneration of Managerial Personnel




Chapter 3: Meetings of Board and its powers




PAGE 17 of 54


Chapter 4: Inspection, inquiry and Investigation




Chapter 5: Compromises, Arrangements and Amalgamations




Chapter 6: Prevention of Oppression and Mismanagement




Chapter 7: Winding Up

Sections related to winding up by Tribunal (from sections 271-303); and

Sections applicable to every mode of winding up (from sections 324-336 and 344-347 and 352- 358)

Remaining provisions other than given in column (3), are excluded.


Chapter 8: Producer Companies

- Entire topic is excluded


Chapter 9: Companies incorporated outside India



Part I: Section A- Company

Chapter 10: Miscellaneous

The entire content included in the August 2019 edition of the

1. Sections 366 to 378, 396 to 404, 405, 448, 449, 451-453, 456-470


PAGE 18 of 54

Law Provisions

Study Material and the Legislative amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.

are excluded.

2. Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.


Chapter 11: Compounding of offences, Adjudication, Special Courts


1. Compounding of offences covered under section 441 is excluded.



Chapter 12: National Company Law Tribunal and Appellate Tribunal


1. Provisions dealing with constitution of NCLT/NCLAT and qualification of chairman and NCLT/NCLAT members, their salary, allowances etc. (i.e. section 408 to 419) are excluded.



Chapter 13: Corporate Secretarial Practice– Drafting of Notices, Resolutions, Minutes and Reports

The entire content included in the August 2019 edition of the Study Material and the Legislative amendments covered in RTP for May 2020 examinations (to be hosted on the website) shall only be relevant for the said examinations.

-

Part I: Section B- Securities Laws

Chapter 1: The Securities Contract (Regulation) Act, 1956 and the Securities Contract (Regulation) Rules, 1957


The following Securities Contract (Regulation) Rules,

1. Following sections of the SCRA, 1956- Sections 4A, 4B, 20, 25, 26B, 26D, 26E, 29, 29A, 30, 30A, 31, 32 are excluded.

2. Except the Securities Contract (Regulation) Rules, 1957 given in the Column (3), all other rules of the Securities Contract (Regulation) Rules, 1957 are excluded.


PAGE 19 of 54

1957 to the extent covered in the study material, shall only be relevant for the said examinations:

3, 4, 4A, 5, 5A, 6, 7, 8, 12, 13, 14, 15, 16, 17, 17A, 19 & 21.

Part I: Section B- Securities Laws

Chapter 2: The Securities Exchange Board of India Act, 1992, SEBI (ICDR) Regulations, 2009 and SEBI (LODR) Regulations, 2015


In particular, SEBI (LODR) Regulations, 2015 to the extent covered in the study material, shall only be applicable for the examination.

1. Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g), 20, 21, 25, 28 & 33.

2. SEBI (ICDR) Regulations is excluded

Part II: Economic Laws

Chapter 1: The Foreign Exchange Management Act, 1999

The FEMA, 1999 along with the following Rules/Regulations-

• Fem (Permissible Capital Account Transactions) Regulations, 2000

• Fem (Current Account Transactions) Rules, 2000

• FEM (Export of Goods & Services) Regulations, 2015

• Overseas Direct

Investment

• Import of Goods and

Services

• External Commercial Borrowing Policy

1. Following provisions of the FEMA, 1999 is excluded for the examination-Sections 2(cc) & Section 2(gg), 16(2)- 16(6) ,17(4) 17(6), 19 to 34, 37(2) – 37(3), 37A, 45, 46, 47 & 48.

2. All other FEM (Regulations)/ Rules except given in column (3), are excluded.


Chapter 2: SARFAESI Act, 2002

• Relevant definitions covered in the Study Material

• Management of asset by the bank and the financial institutions

Remaining provisions (i.e. section 20 and onwards) are excluded.


Chapter 3: Prevention of Money Laundering Act,

The entire content included in the August 2019 edition of the Study Material and the Legislative amendments

1. Following Sections are excluded for examination: 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja), (k), (m), (na), (o), (q), (r), (rc), (s),


PAGE 20 of 54

2002 covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.

(sa), (sb), (sc), (t), (va), (z) , (zb) & (2)- Definitions, 6(3)-6(15), 7, 10, 11, 16 to 24, 35(1), 35(3)- 35(5), 36- 37, 39- 40, 49 to 54, 58A - 58B, 59-60, 61, 67-68, 73, 74 & 75.

2. Rules related to PMLA is excluded in its entirety.


Chapter 4: Foreign Contribution Regulation Act, 2010


Rules related to FCRR, 2011 is relevant for May 2020 to the extent covered in the August 2019 edition of the Study Material.

Following Sections are excluded for examination:

Section 2(1)(a), (b), (c), (d), (e), (f), (k), (l), (o), (p), (q), (s), (t), & (u)- Definitions, 21, 23 – 27, 44, 45, 49, 53 & 54.


Chapter 5: The Arbitration and Conciliation Act, 1996


-


Chapter 6: The Insolvency and Bankruptcy Code, 2016

Content of this chapter of the Study Material is covering an overview of the Insolvency and Bankruptcy Code with the broad coverage (not in entirety) of the provisions upto section 59 of the Code.

Rules related to Insolvency and Bankruptcy Code, is relevant for May 2020 to the extent covered in the August 2019 edition of the Study Material.

The entire content included in the August 2019 edition of the Study Material and the Legislative amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be

Provisions from section 60 onwards are excluded.


PAGE 21 of 54

relevant for the said examinations.

Notes:

(1) In the above table of exclusion, in respect of the Chapters of the syllabus specified in column (2) the related

exclusion is given in column (4). Where an exclusion has been so specified in any topic of the syllabus, the

provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be

excluded.

(2) August 2019 edition of the Study Material is relevant for May 2020 examinations. The amendments, made after

the issuance of this Study Material, to the extent applicable for May 2020 examinations alone shall be relevant

for the said examinations. The Legislative amendments will be available through RTP hosted on the BoS

Knowledge Portal.

(3) Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the

August 2019 edition of the Study Material and the Legislative amendments for May 2020 examinations (to be

hosted on the website) shall be relevant for the said examinations.

Elective Papers

Paper 6A: Risk Management

The pattern of examination for this paper is open-book and case study based. The entire content included in the August 2019 edition of the Study Material shall be relevant for the May 2020 examination.

Paper 6B: Financial Services and Capital Markets

The pattern of examination for this paper is open-book and case study based. The entire content included in the September 2019 edition of the Part A of Study Material shall be relevant for May 2020 examination.

In addition to above, following five SEBI Regulations excluding the Schedules related thereto as covered by the October 2019 edition of Part B of the Study Material shall also be relevant for May 2020 examination.

(i) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Last amended upto June 30, 2019]

(ii) SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 [Last amended upto June 30,

2019]

(iii) SEBI (Prohibition of Insider Trading) Regulations, 2015 [Last amended upto June 30, 2019]

(iv) SEBI (Buy Back of Securities) Regulations, 2018 [Last amended upto June 30, 2019]

(v) SEBI (Mutual Funds) Regulations, 1996 [Last amended upto June 30, 2019]

Paper – 6C : International Taxation

1. Applicability of amendments made by Finance Act


PAGE 22 of 54

As far as the applicability of Finance Act is concerned, the amendments made by the Finance Act of a

particular year would be applicable for the May and November examinations of the next year. For

instance, the direct tax laws, as amended by the Finance Act, 2019 and Finance (No.2) Act,

2019, would be applicable for May, 2020 and November 2020 examinations. The relevant

assessment year for May, 2020 and November, 2020 examinations is A.Y.2020-21. This would

be relevant as far as the topics on International Taxation pertain to the Income-tax Act, 1961,

equalization levy and the Black Money (Undisclosed Foreign Income and Assets) and

Imposition of Tax Act, 2015.

However, in case the case study based question requires computation/determination relating to any

earlier assessment year also, then, the relevant provisions pertaining to that year would be given in

the question itself. In the alternative, the question may mention that the relevant provisions in the

earlier year were the same as they are for A.Y.2020-21.

2. Applicability of amendments made by circulars, notifications, press releases/press notes and

other legislations

Students are expected to be updated with the notifications, circulars and press releases/press notes

in direct tax laws issued upto 6 months prior to the examination. For instance, for May, 2020

examination, significant notifications, circulars and press releases/press notes issued by the

CBDT/Central Government upto 31st October, 2019 would be relevant. Significant notifications,

circulars, press releases/press notes issued upto 31.10.2019, but not covered in the September, 2019

edition of the Study Material of Paper 6C International Taxation, will be webhosted as Statutory

Update for May 2020 examination at the BoS Knowledge Portal .

3. Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing

issues and making computation in case study based questions in Final (New) Paper 6C

The questions based on case study in the Elective Paper 6C: International Taxation may involve

application of other provisions of direct tax laws dealt with in detail in Paper 7: Direct Tax Laws and

International Taxation, which the students are expected to be aware of. Students may note that

they are expected to integrate and apply the provisions of direct tax laws (dealt with in Final Paper

7: Direct Tax Laws and International Taxation and in the Elective Paper 6C: International Taxation)

in making computations and addressing relevant issues in questions raised in the Elective Paper

6C on International Taxation.

Therefore, the September, 2019 edition of the Study Material for Final Paper 6C: International

Taxation available at https://www.icai.org/post.html?post_id=16004, the October, 2019 edition of

the Study Material for Final Paper 7: Direct Tax Laws and International Taxation available at

https://www.icai.org/post.html?post_id=16019, the webhosted Statutory Update for May, 2020

Examination for both Paper 6C and Paper 7, the webhosted Judicial Update for May, 2020

Examination for Paper 7 are relevant and important for answering case -study based questions in

Paper 6C. These publications and updates have to be read along with the relevant bare Acts and

Rules to address issues and make computations in case study based questions. The initial pages

of the Study Material of Paper 6C available

athttps://resource.cdn.icai.org/56882bos46141initpages.pdf gives link to the important webpages

of the income-tax department and the relevant bare Acts and Rules.


PAGE 23 of 54

https://www.icai.org/post.html?post_id=16004


https://resource.cdn.icai.org/56882bos46141initpages.pdf

4. Scope of coverage of certain topics

As regards certain topics on International Taxation, namely, Tax Treaties: Overview, Features, Application

& Interpretation and Anti-Avoidance Measures, only the content as covered in the September, 2019

edition of the Study Material would be relevant for May, 2020 Examination . US Model Convention is

excluded from the scope of the topic “Overview of Model Tax Conventions”.

It may be noted that if a case study based question involves application of a double tax ation

avoidance agreement (DTAA), the extract of the relevant article(s) of the DTAA would be given in the

question paper. Alternatively, the question may mention that the DTAA is in line with the OECD/UN

Model Tax Convention, in which case the students have to refer to the relevant article(s) of the Model

Tax Convention. Students are expected to have the ability to interpret the article(s) of the DTAA in

answering case study based questions.

Paper 6D: Economic Laws

All the significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued in the specified Acts covered under

the Economic Laws, up to 31st October 2019, are applicable for May 2020 examination.

Inclusions / Exclusions from the syllabus

(1) (2) (3) (4)

S. No. in

the

syllabus

Chapters/ Topics of the

syllabus

Inclusions

(Provisions which are included

from the corresponding chapter

of the syllabus)

Exclusions

(Provisions which are excluded

from the corresponding chapter

of the syllabus)

Chapter 1 World Trade Organization - Entire chapter is excluded.

Chapter 2 The Competition Act,

2002 and

Rules/Regulations

The entire content included in the

November 2019 edition of the

Study Material and the Legislative

amendments to be hosted on the

website for May 2020

examinations, shall only be


Significant Rules/Regulations

related to the Competition Act are

covered in the study material in

the Broad manner. These are

relevant for May 2020

examination to the extent covered

in the study material.

Following Sections of the

Competition Act, 2002 are excluded

for the examination:

23, 24, 25, 34, 37, 40 are excluded.

Coverage of the Rules or

regulations to the Competition Act

are restricted to the extent covered

in the study material.

Chapter 3 Real Estate (Regulation

and Development) Act,

2016 and




Regulations pertaining to RERA is

excluded.


PAGE 24 of 54

Rules/Regulations amendments to be hosted on the




Chapter 4 The Insolvency and

Bankruptcy Code, 2016

and Rules/Regulations








In specific, Regulations/ Rules

related to Insolvency and

Bankruptcy, it is covered broadly

and not in entirety.

These shall only be applicable to

the extent covered in the study

material.

Following sections are excluded of

the Notified chapters of the Code.:

3(2), 3(3), 3(5), 3(14), 3(22), 3(24),

3(25), 3(26), 3(28), 3(29), 3(32),

3(36), 3(37), 5(2) to 5(4), 5(10),

5(15), 5(16), 5(19), 5(21) to 5(23),

19, 26, 191, 195, 205, 224, 228,

229, 241-255.

In specific, chapter related to

Insolvency resolution and

bankruptcy for individuals and

partnership firms of the Code (from

section 78 to 187) is excluded.

(Being un-notified as on 31st

October, 2019)

Coverage of the Rules or

regulations to the IBC are restricted

to the extent covered in the study

material.

Chapter 5 The Prevention of Money

Laundering Act, 2002 and

Rules/Regulations








Following provisions are excluded

for the examination:

Sections 2(1)(a), (c), (d), (g), (ga),

(h), (m), (ma), (r), , (t), (v), , (x),

(za), (zc), (ze), (zg)- (zj), & 2(2)-

Definitions, 27, 28, 29, 30, 31, 32,

33, 34, 48, 49, 50, 51, 52, 53, & 54.

Rules related to PMLA are

excluded.

Chapter 6 The Foreign Exchange

Management Act, 1999

and Rules /Regulations








In specific following FEM

(Regulations)/ Rules shall only

be applicable to the extent

covered in the study material-

Following provisions of the FEMA,

1999 is excluded for the

examination-

Sections 17(3) - 17(6), 20 to 31, 33,

45, 46, 47 & 48.

Following FEM(Regulations)/ Rules

are entirely excluded:


PAGE 25 of 54

• Foreign Exchange Management

(Current Account Transactions)

Rules, 2000


(Permissible Capital Account

Transactions) Regulations,

2000


(Acquisition and Transfer of

Immovable Property in India)

Regulations, 2018

• Foreign Exchange

Management (Acquisition and

Transfer of Immovable Property

outside India) Regulations, 2015


Management (Export of Goods

and Services) Regulations, 2015


Management (Realisation,

repatriation and surrender of

foreign exchange) Regulations,

2015


(Possession and retention of

foreign currency) Regulations,

2015

• Liberalized Remittance

Scheme.

• Import of Goods and Services

• External Commercial

Borrowings

• Overseas Direct Investments

• Foreign Exchange (Authentication

of Documents) Rules, 2000

• Foreign Exchange (Compounding

Proceedings) Rules, 2000


(Adjudication Proceedings and

Appeal) Rules, 2000


(Encashment of Draft, Cheque,

Instrument and Payment of

Interest) Rules, 2000


(Borrowing and lending in

Rupees) Regulations, 2000


(Deposit) Regulations, 2016


(Establishment in India of a

Branch Office or a Liaison Office

or a Project Office or any other

place of business) Regulations,

2016


(Export and Import of Currency)

Regulations, 2015


(Foreign Currency Accounts by a

person resident in India)

Regulations, 2015


(Foreign Exchange Derivative

Contracts) Regulations, 2000


(Guarantees) Regulations, 2000


(Insurance) Regulations, 2015


(Investment in firm or proprietary

Concern in India) Regulations, 2000


(Issue of security in India by a

Branch Office or Agency of a

person Resident in outside India)

Regulations, 2000


PAGE 26 of 54


(Manner of Receipt and Payment)

Regulations, 2016


(Remittance of Assets) Regulations,

2016


(Transfer or issue of any Foreign

security) Regulations, 2004


(Transfer or issue of security by a

person resident outside India)

Regulations, 2000


(Withdrawal of General permission

to Overseas Corporate Bodies)

Regulations, 2003


(Removal of Difficulties) Order, 2000


(Crystallization of Inoperative

Foreign Currency Deposits)

Regulations, 2014


(Offshore Banking Unit) Regulations,

2002


(International financial Services

Centre) Regulations, 2015


(Regularization of assets held

abroad by a person Resident in

India) Regulations, 2015

Chapter 7 Prohibition of Benami

Property Transactions

Act,1988 and Rules/

Regulations








Except the provisions covered under

column (3), others are excluded.

Notes:

(1) In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (2) the

related exclusion is given in column (4). Where an exclusion has been so specified in any topic of the syllabus,


PAGE 27 of 54

the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall

also be excluded.

(2) November 2019 edition of the Study Material is relevant for May 2020 examinations. The amendments - made

after the issuance of this Study Material – i.e. amendments webhosted for May 2020 examinations also shall be

relevant for the said examinations. The Legislative amendments will be available on the BoS Knowledge Portal.

In addition, Students will be informed upon releasing of a booklet on Case Laws of Economic Laws.

(3) Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the

November 2019 edition of the Study Material and the Legislative amendments for May 2020 examinations shall

be relevant for the said examinations.

Paper 6E: Global Financial Reporting Standards

1. Study Material to be referred

In respect of Final Elective Paper 6E : Global Financial Reporting Standards (GFRS), students are advised to read Module 1 (except headings 1.1 to 1.6 of Chapter 2 Unit 1) to Module 4 (except Chapter 16 and Chapter 17) of Final Paper 1 : Financial Reporting (Revised August, 2019 edition) alongwith the ‘Major Differences between Ind AS and IFRS and Reason therefor’ hosted at the BOS Knowledge Portal at https://www.icai.org/post.html?post_id=14444. Reference of Ind AS material has been given because Ind AS alongwith the differences in Ind AS vis-à-vis IFRS is equivalent to IFRS. Students will be informed upon releasing of the study material of GFRS.

The objective of this elective paper is to develop an understanding of the key concepts and principles of International Financial Reporting Standards and to acquire the ability to apply such knowledge to address issues and make computations in practical case scenarios. Accordingly, the students are expected to keep this objective in mind and read the content based on Ind AS discussed in Modules 1 to 4 of the core Paper 1 on Financial Reporting along with the above referred differences; and apply the same to address issues and make computations on the basis of IFRS.

In addition, the students are also required to develop an understanding of the significant differences between IFRS and US GAAP. The same has also been webhosted at the above link along with the differences between IFRS and Ind-AS.

Students may note that at the end of certain Ind AS, appendix corresponding to relevant IFRIC / SIC has been appended. Since IFRICs / SICs are part of IFRS, they also form part of the syllabus. Hence, ‘List of IFRICs / SICs included in the corresponding Appendices to Ind AS' has also been uploaded on the website alongwith the 'List of IFRS corresponding to Ind AS' at the above link.

2. Non-applicability of certain International Financial Reporting Standards (IFRS) and IFRS Interpretations (IFRICs)

Since the Core paper on Financial Reporting does not cover Ind AS equivalent to IAS 26, IAS 29, IFRS 4, IFRS 6, IFRS 14 and IFRS 17, the same IFRS shall also not form part of the GFRS Paper. Similarly, in applicable Ind AS there are no corresponding Appendix on IFRIC 2 , IFRIC 9 and SIC 7, so they have not been discussed in the Core paper on Financial Reporting. Hence the same shall also not form part of the GFRS Paper.


PAGE 28 of 54


3. Applicability of amendments made by circulars, notifications and other legislations

Students are expected to be updated with the notifications, circulars and other legislative amendments in Ind AS corresponding to IFRS, made upto 6 months prior to the examination. In specific, notification issued by the MCA on 30.3.2019 for amendments in Indian Accounting Standards is relevant for GFRS paper for May, 2020 examination with respect to IFRS. Hence, IFRS 16 (which replaces Ind AS 17) is applicable for May, 2020 examination.

4. Scope of coverage of certain topics

As regards to the topic on ‘Significant differences between IFRS and US GAAPs’, the content as covered in the file uploaded on the website at the link

https://resource.cdn.icai.org/48696bos32691a.PDF would be relevant for May, 2020 Examination.

Paper 6F: Multidisciplinary Case Study

The Multi-disciplinary case study would involve application of two or more of the seven core subjects at the Final level. List of seven core subject at final level is given as under:

Final Paper

Paper 1: Financial Reporting

Paper 2: Strategic Financial Management

Paper 3: Advanced Auditing and Professional Ethics

Paper 4: Corporate and Economic Laws

Paper 5: Strategic Cost Management and Performance Evaluation

Paper 7: Direct Tax Laws & International Taxation

Paper 8: Indirect Tax Laws

Note: The applicability/non-applicability of Standards/Guidance Notes/Legislative Amendments etc. for

this paper for May, 2020 Examination would be the same as applicable for each of the above individual

papers.

Paper 7 : Direct Tax Laws and International Taxation

Applicability of Finance Act, Assessment Year etc. for May, 2020 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2019, Finance (No.2) Act, 2019 and the Taxation

Laws (Amendment) Act, 2019 including significant notifications and circulars issued up to 31st October, 2019, are

applicable for May, 2020 examination. The relevant assessment year is A.Y.2020-21.

Note - The October 2019 edition of the Study Material is relevant for May, 2020 examination. The Statutory Update

for May,2020 examination, containing the amendments made by the Taxation Laws (Amendment) Act, 2019 and


PAGE 29 of 54

https://resource.cdn.icai.org/48696bos32691a.PDF

circulars and notifications issued upto 31.10.2019, but not covered in the October, 2019 edition of the Study Material;

and the Judicial Update for May, 2020 examination would be webhosted at the BoS Knowledge Portal. These

updates are important and relevant for May, 2020 examination.

Scope of coverage of certain topics in Part II: International Taxation

As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application &

Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the content as covered in the

October, 2019 edition of the Study Material would be relevant for May, 2020 Examination.


PAGE 30 of 54

Paper 8 : Indirect Tax Laws

The following are applicable for May 2020 examination:

(i) The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued

and other legislative amendments made, upto 31st October 2019.

(ii) The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance (No. 2)

Act, 2019, including significant notifications and circulars issued up to 31st October 2019.

The Study Guidelines given below specify the exclusions from the syllabus for May 2020 examination

List of topic-wise exclusions from the syllabus

(1) (2) (3)

S. No. in

the

syllabus

Topics of the syllabus Exclusions

(Provisions which are excluded from the

corresponding topic of the syllabus)

Part-I: Goods and Services Tax

1(ii) 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

(i) Rate of tax prescribed for supply of goods*

(ii) Rate of tax prescribed for supply of services*

(iii) Exemptions for supply of goods

(iv) Categories of supply of goods, tax on which is

payable on reverse charge basis

1(iv) Time and Value of supply Value of supply in cases where Kerala Flood Cess is

applicable.

1(v) Input tax credit (i) Manner of determination of input tax credit in

respect of inputs, input services and capital

goods and reversal thereof in respect of real

estate projects

(ii) Manner of reversal of credit of additional duty of

customs in respect of Gold dore bar

1(vii) 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

(i) Furnishing of GSTR-2, GSTR-1A and GSTR-3

(ii) Matching, reversal & reclaim of input tax credit

(iii) Matching, reversal & reclaim of reduction in

output tax liability

1(xvi) Other Provisions Transitional Provisions

Part-II: Customs & FTP

1.(v) Officers of Customs; Appointment of

customs ports, airports etc. Completely excluded

1.(vii) Provisions relating to coastal goods and

vessels carrying coastal goods


PAGE 31 of 54

1.(viii) Warehousing

1.(x) Demand and Recovery

1.(xi) Provisions relating to prohibited goods,

notified goods, specified goods, illegal

importation/exportation of goods

1.(xii) Searches, seizure and arrest; Offences;

Penalties; Confiscation and Prosecution

1.(xiii) Appeals and Revision; Advance Rulings;

Settlement Commission

1.(xiv) Other provisions

*Rates specified for computing the tax payable under composition levy and special rate of tax prescribed

under Notification 2/2019 CT (R) dated 07.03.2019 [Effective rate 6% - CGST 3% & SGST 3%] are included in

the syllabus.

Notes:

(1) Applicability of the Finance (No. 2) Act, 2019

(i) Part I : GST - Except the amendment made in section 54 of the Central Goods and Services Tax Act,

2017 [hereinafter referred to as CGST Act, 2017] and the retrospective amendments made in rate

Notification Nos. 2/2017 CT (R) & 2/2017 IT (R) both dated 28.06.2017 (for goods), amendments made by

the Finance (No. 2) Act, 2019 in the CGST Act, 2017 and Integrated Goods and Services Tax, 2017

[hereinafter referred to as IGST Act, 2017] have not become effective till 31.10.2019.

Therefore, only the amendment made in section 54 of the CGST Act, 2017 is applicable for May

2020 examinations; all the remaining amendments made by the Finance (No. 2) Act, 2019 in the

CGST Act and the IGST Act, 2017 are not applicable for May 2020 examinations. It may be noted

that since rate of tax on goods is specifically excluded from the syllabus, retrospective amendments made

in the rate Notification Nos. 2/2017 CT (R) & 2/2017 IT (R) both dated 28.06.2017 are also excluded from

the syllabus.

(ii) Part II: Customs & FTP - The amendments made by the Finance (No. 2) Act, 2019 in the Customs Act,

1962 and the Customs Tariff Act, 1975 have become effective from 01.08.2019 and hence, the same are

applicable for May 2020 examinations.

(iii) Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No.

2) Act, 2019 is not applicable for May 2020 examinations.

(2) The former state of Jammu & Kashmir has been reorganized as the new Union Territory of Jammu and Kashmir

and the new Union Territory of Ladakh on 31st October 2019. Such reorganisation, to the extent relevant in the

context of GST law, shall not be applicable for May 2020 examination.

(3) In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given

in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions

corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.

(4) October 2019 edition of the Study Material is relevant for May 2020 and November 2020 examinations. The

amendments in the GST law and in the customs law and FTP - made after the issuance of this Study Material -

to the extent covered in the Statutory Update for May 2020 examination alone shall be relevant for the said

examination. The Statutory Update will be hosted on the BoS Knowledge Portal.

(5) The entire content included in the October 2019 edition of the Study Material (except the exclusions mentioned

herein) and the Statutory Update for May 2020 examination shall be relevant for the said examination.


PAGE 32 of 54

Final Course

Final Course Paper 1: Financial Reporting (100 Marks)

Section Weightage Content Area

I 10%-15% 1. Framework for Preparation and Presentation of Financial Statements in accordance with Indian

Accounting Standards (Ind AS).

2. Application of Indian Accounting Standards (Ind AS) with refe rence to General Purpose Financial

Statements

(i) Ind AS on First time adoption of Indian Accounting Standards

(ii) Ind AS on Presentation of Items in the Financial Statements

(iii) Ind AS on Measurement based on Accounting Policies

II 10%-15% (iv) Ind AS on Income Statement

III 15%-25% (v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

IV 15%-20% (vi) Ind AS on Items impacting the Financial Statements

(vii) Ind AS on Disclosures in the Financial Statements

(viii) Other Ind AS


PAGE 33 of 54

V 10%-20% 3. Indian Accounting Standards on Group Accounting

(i) Business Combinations and Accounting for Corporate Restructuring (including demerger) (as per Ind

AS)

(ii) Consolidated and Separate Financial Statements (as per Ind AS)

VI 10%-20% 4. Accounting and Reporting of Financial Instruments (as per Ind AS)

VII 5%-10% 5. Analysis of Financial Statements

6. Integrated Reporting

7. Corporate Social Responsibili ty Reporting


PAGE 34 of 54

Final Course Paper 2: Strategic Financial Management (100 Marks)

Sections Weightage Content Area

I 5%-10% 1. Financial Policy and Corporate Strategy

(i) Strategic decision making framework

(ii) Interface of Financial Policy and strategic management

(iii) Balancing financial goals vis-à-vis sustainable growth.

2. Indian Financial System

(i) Introduction to Financial Market

(ii) Role of Financial Market in Economic Development

3. Risk Management

(i) Identification of types of Risk faced by an organisation

(ii) Evaluation of Financial Risks

(iii) Value at Risk (VAR)

(iv) Evaluation of appropriate method for the identification and management of financial risk.

II 20%-30%

4. Security Analysis

(i) Fundamental Analysis

(ii) Technical Analysis

(a) Meaning

(b) Assumptions

(c) Theories and Principles

(d) Charting Techniques


PAGE 35 of 54

(e) Efficient Market Hypothesis (EMH) Analysis

5. Security Valuation

(i) Theory of Valuation

(ii) Role of Financial Market in Economic Development

(iii) Return Concepts

(iv) Equity Risk Premium

(v) Required Return on Equity

(vi) Discount Rate Selection in Relation to Cash Flows

(vii) Approaches to Valuation of Equity Shares

(viii) Valuation of Preference Shares

(ix) Valuation of Debentures/ Bonds

6. Portfolio Management

(i) Portfolio Analysis

(ii) Portfolio Selection

(iii) Capital Market Theory

(iv) Portfolio Revision

(v) Portfolio Evaluation

(vi) Asset Allocation

(vii) Fixed Income Portfolio

(viii) Risk Analysis of Investment in Distressed Securities

(ix) Alternative Investment Strategies in context of Portfolio Management

III 20%-25%

7. Securitization

(i) Introduction


PAGE 36 of 54

(ii) Concept and Definition

(iii) Benefits of Securitization

(iv) Participants in Securitization

(v) Mechanism of Securitization

(vi) Problems in Securitization

(vii) Securitization Instruments

(viii) Pricing of Securitization Instruments

(ix) Securitization in India

8. Mutual Funds

(i) Meaning

(ii) Evolution

(iii) Types

(iv) Advantages and Disadvantages of Mutual Fund

9. Derivatives Analysis and Valuation

(i) Forward/ Future Contract

(ii) Options

(iii) Swaps

(iv) Commodity Derivatives

IV 20%-30%

10. Foreign Exchange Exposure and Risk Management

(i) Exchange rate determination

(ii) Foreign currency market

(iii) Management of transaction, translation and economic exposures

(iv) Hedging currency risk


PAGE 37 of 54

(v) Foreign exchange derivatives – Forward, futures, options and swaps

11. International Financial Management

(i) International Capital Budgeting

(ii) International Working Capital Management

12. Interest Rate Risk Management

(i) Interest Rate Risk

(ii) Hedging Interest Rate Risk

V 10%-15%

13. Corporate Valuation

(i) Conceptual Framework of Valuation

(ii) Approaches/ Methods of Valuation

14. Mergers, Acquisitions and Corporate Restructuring

(i) Conceptual Framework

(ii) Rationale

(iii) Forms

(iv) Mergers and Acquisitions

(v) Divestitures

(vi) Ownership Restructuring

(vii) Cross Border Mergers

VI 5%-10%

15. International Financial Centre (IFC)

(i) Constituents of IFC

(ii) Islamic Finance

16. Startup Finance


PAGE 38 of 54

(i) Introduction including Pitch Presentation

(ii) Sources of Funding

(iii) Start up India Initiative

17. Small & Medium Enterprises

(i) Introduction: Market Size, Employment Generation and Contribution to GDP

(ii) Financing: Expansion of SMEs

(iii) Listing SMEs


PAGE 39 of 54

Final Course Paper 3: Advanced Auditing and Professional Ethics


I 25%-40% 1. Auditing Standards, Statements and Guidance Notes:

Engagement & 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, 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).

2. 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; 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, Co -ordination 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).

3. 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);


PAGE 40 of 54

Framework on Reporting of Internal Controls.

4. Special aspects of Auditing in an Automated Environment:

Key features of automated environment, related risks and controls, Standards, Guidelines and procedures, using

relevant framework 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.

6. 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.

II 15%-20% 5. Audit of Limited Companies:

Application of Relevant Provisions under the Companies Act, 2013 relating to Audit and Auditors and Rules made

thereunder; Powers/rights, duties of auditors; Branch Audit; significance of true and fair view; Dividends and

divisible profits- financial, 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.

7. 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.

8. Audit of Consolidated Financial Statements:

Provisions under the Companies Act, 2013 in respect of Accounts of Companies and Rules made thereunder;

Audit of Consolidated Financial Statements- responsibility of parent company, auditor of the consolidated financial statements; audit considerations- permanent consolidation, current period consolidation; reporting.


PAGE 41 of 54

12. Liabilities of Auditors:

Professional negligence; Civil liabili ties; Criminal liabili ties; Liabili ties under different statutes for example

Income Tax Act, Companies Act.

III 15%-30% 9. Special features of audit of Banks, Insurance & Non-Banking Financial Companies

10. Audit under Fiscal Laws:

Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws including documents for Form 3CD etc.

IV 10%-20% 11. Audit of Public Sector Undertakings:

Special features, Directions of Comptroller and Auditor General of India; Concept of propriety audit; Performance audit; Comprehensive audit.

13. 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.

14. 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, difference between Statutory Audit and Forensic audit, Forensic Audit Techniques, Forensic Audit Report etc.

15. Peer Review and Quality Review

VII 10%-15% 16. Professional Ethics:

Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations thereunder.


PAGE 42 of 54

Final Course Paper 4: Corporate and Economic laws (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

I 30%-35% (i) Appointment and Qualification of Directors

(ii) Appointment and remuneration of Managerial Personnel

(iii) Meetings of Board and its powers

II

15%-20% (iv) Inspection, inquiry and Investigation

(v) Compromises, Arrangements and Amalgamations

(vi) Prevention of Oppression and Mismanagement

III

25%-40%

(vii) Winding Up

(viii) Companies incorporated outside India

(ix) Miscellaneous Provisions

(x) Adjudication and Special Courts

(xi) National Company Law Tribunal and Appellate Tribunal

2. * Corporate Secretarial Practice – Drafting of Notices, Resolutions, Minutes and Reports

* Since the question will be based on any of the chapters pertaining to the Companies Act, 2013, so no separate skill grid is assigned to this chapter.


PAGE 43 of 54

Section B: Securities Laws

IV 15%-20% 1. The Securities Contract (Regulation) Act, 1956 (SCRA) and the Securities Contract (Regulation) Rules, 1957

2. The Securities Exchange Board of India Act, 1992 and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015.

Part II- Economic Laws (30 Marks)

I 20%-30% 1. The Foreign Exchange Management Act, 1999 (FEMA): Introduction, broad structure of FEMA, definitions, regulation and management of foreign exchange, contravention and penalties and miscellaneous provisions.

2. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Important Definitions, Management of assets by the Banks and the Financial Institutions.

II 20%-30% 3. The Prevention of Money Laundering Act, 2002 (PMLA) - 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

III 20%-30% 4. The Foreign Contribution Regulation Act, 2010 - Definitions, Regulation of Foreign contribution and miscellaneous provisions

5. The Arbitration and Conciliation Act, 1996- General Provisions, Arbitration agreement, Tribunal, Conciliation

IV 20%-30% 6. The Insolvency and Bankruptcy Code, 2016- Preliminary and Corporate insolvency resolution process.


PAGE 44 of 54

FINAL COURSE PAPER 5 Strategic Cost Management and Performance Evaluation (100 Marks)

Section Weightage Content Area

I 35% - 40% Strategic Cost Management and Decision Making

Sub Part‒I: Strategic Cost Management [ Max. ~ 25%]

1. Introduction to Strategic Cost Management

(i) Concept of Strategic Cost Management

(ii) Limitations of Traditional Cost Management

(iii) Traditional vs. Strategic Cost Management

2. Modern Business Environment

(i) Introduction/ Characteristics of the Modern Business Environment

(ii) Cost of Quality, Total Quality Management, Business Excellence Model

(iii) Throughput Accounting and Theory of Constraints

(iv) Supply Chain Management (SCM)

(v) Gain Sharing Arrangements

(vi) Outsourcing

3. Lean System and Innovation

(i) 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


PAGE 45 of 54

f) Six Sigma (SS)

(ii) Introduction to Process Innovation and Business Process Re-engineering (BPR)

4. Cost Management Techniques

(i) Cost Control/ Waste Control, Cost Reduction

(ii) Target Costing

(iii) Value Analysis/ Value Engineering

(iv) Pareto Analysis

(v) Life Cycle Costing

(vi) Environmental Management Accounting

5. Cost Management for Specific Sectors

(i) Agricultural Sector

(ii) Information Technology Sector

(iii) Power Sector

Sub Part‒II: Strategic Decision Making [ Max. ~ 15%]

1. Decision Making

(i) Decision Making using CVP Analysis

(ii) Decision Making using Relevant Cost Concepts

(iii) Decision Making using Activity Based Costing

(iv) Ethical and Non-Financial Considerations Relevant to Decision Making

2. Pricing Strategies/ Decisions

(i) Theory & Principles of Product Pricing

(ii) Pricing – New Product, Finished Products & Pricing of Services

(iii) Sensitivity Analysis in Pricing Decisions


PAGE 46 of 54

(iv) Pricing Decision under Special Circumstances

(v) Pricing Strategies

II 35%-40% Performance Evaluation and Control

Sub Part‒I: Performance Evaluation and Reporting [ Max. ~ 25%]

1. Performance Measurement and Evaluation

(i) Responsibility Accounting

(ii) Linking Critical Success Factors (CSFs) to Key Performance Indicators (KPIs) and Corporate Strategy; Performance

Measurement Models‒The Balanced Scorecard, The Performance Pyramid, The Performance Prism, The Building Block

Model; Divisional Performance Measures; Benchmarking Schemes

(iii) Performance Measurement in the Not-for-Profit Sector

(iv) Preparation of Performance Reports

2. Divisional Transfer Pricing

(i) Meaning, Purpose and Principles of Transfer Pricing

(ii) Methods of Transfer Pricing

(iii) The Behavioural Consequences arising from Divisional Structures

(iv) International Transfer Pricing

3. Strategic Analysis of Operating Income

(i) Operating Profit Analysis

(ii) Advanced Activity Based Costing, Activity Based Management (ABM), Activity Based Budgeting (ABB)

Sub Part‒II: Managerial Control [ Max. ~ 15%]

1. Budgetary Control

(i) The Concept of Feedback and Feed Forward Control

(ii) Behavioural Aspects of Budgeting – Imposed Style, Participative Budget


PAGE 47 of 54

(iii) Behavioural Aspects of Budgetary Control

(iv) Beyond Budgeting

2. Standard Costing

(i) Analysis of Advanced Variances

(ii) Integration of Standard Costing with Marginal Cost Accounting

(iii) Reconciliation of Profit

(iv) Variance Investigation Techniques, Interpretation of Variances, Possible Interdependence Between Variances and

Reporting

(v) Behavioural Aspects of Standard Costing, Limitation of Standard Costing (including its use in the contemporary business

environment)

III 20%-30% Case Study

1. Case Study

(i) Case Study (covering Course Concepts)


PAGE 48 of 54

Final Course Paper 7: Direct Tax Laws and International Taxation (100 Marks)


Part I: Direct Tax Laws (70 Marks)

I 35%-45% 1. 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

2. Special provisions relating to companies and certain persons other than a company1

II 5%-10% 3. Provisions relating to charitable and religious trust and institutions, political parties and electoral trusts

III 5%-10% 4. Tax Planning, Tax Avoidance & Tax Evasion

IV 15%-20% 5. Collection & Recovery of Tax, Refunds

V 15%-25% 6. Income-tax Authorities, Procedure for assessment, Appeals and Revision

7. Settlement of Tax Cases, Penalties, Offences & Prosecution

VI 5%-10% 8. Liability in Special Cases

9. Miscellaneous Provisions and Other Provisions

1 Including firms, LLPs, Trusts, AOPs, BOIs, Securitsation Trusts, Business Trusts, Investment Fund etc.


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Part II: International Taxation (30 Marks)


I 75%-85% 1. Taxation of international transactions and Non-resident taxation

(i) Provisions of the Income-tax Act, 1961, including -

(a) Specific provisions relating to Non-residents

(b) Double Taxation Relief

(c) Transfer Pricing & Other Anti-Avoidance Measures

(d) Advance Rulings

(ii) Equalisation levy

II 15%-25% 2. Overview of Model Tax Conventions – OECD & UN

3. Application and interpretation of Tax Treaties

4. Fundamentals of Base Erosion and Profit Shifting


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Final Course Paper 8: Indirect Tax Laws (100 Marks)

Part-I: GST (75 Marks)


I 45%-65% 1 (ii) 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

1 (iii) Place of supply

1 (iv) Time and value of supply

1 (v) Input tax credit

1 (vi) Computation of GST liability

II 10%-30% 1 (vii) 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

1 (viii) Liability to pay in certain cases

III 10%-25% 1(xi) Demand and Recovery

1(xii) Offences and Penalties

1(xiii) Advance Ruling

1(xiv) Appeals and Revision

IV 5% -10% 1(i) Introduction to GST in India including Constitutional aspects

1(ix) Administration of GST; Assessment and Audit

1(x) Inspection, Search, Seizure and Arrest

1(xv) Other provisions


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Part-II: Customs and FTP (25 Marks)


I 40% - 65% 1(ii) Levy of and exemptions from customs duties – All p rovisions including application of customs law, taxable event, charge of customs duty, exceptions to levy of customs duty, exemption from custom duty

1(iii) Types of customs duties

1(iv) Classification of imported and export goods

1(iv) Valuation of imported and export goods

II 20% - 45% 1(vi) Import and Export Procedures including special procedures relating to baggage, goods imported or

exported by post, stores

1(ix) Drawback

1(x) Refund

Foreign Trade Policy

2(iii) Basic concepts relating to export promotion schemes provided under FTP

III 10% - 20% 1(i) Introduction to customs law including Constitutional aspects

Foreign Trade Policy

2(i) Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions

2(ii) Basic concepts relating to import and export

Note: Certain main topics (which have been assigned serial numbers in the syllabus) of the syllabus of Part II: Customs & FTP have been excluded

by way of Study Guidelines. For the sake of simplicity, the said topics have also been excluded in the Skill Grid given above.

In addition to the main topics, various sub-topics within the scope of the main topics given above also have been excluded from the syllabus by way

of Study Guidelines. Therefore, Study Guidelines need to be referred to for the complete list of exclusions from the syllabus.


PAGE 52 of 54

SKILL ASSESSMENT SPECIFICATION UNDER THE REVISED SCHEME OF EDUCATION & TRAINING

FOUNDATION COURSE

Level I Level II

Comprehension &

Knowledge Application

1 Principles and Practice of Accounting 5%-20% 80%-95%

2A Business Laws 50%-65% 35%-50%

2B Business Correspondence and

Reporting 100%

3 Business Mathematics and Logical

Reasoning and Statistics 100%

4A Business Economics 40%-50% 50%-60%

4B Business and Commercial Knowledge 100%

INTERMEDIATE COURSE

Level I Level II

Comprehension &

Knowledge

Analysis &

Application

1 Accounting 5%-15% 85%-95%

2 Part I: Corporate Laws 40%-55% 45%-60%

Part II: Other Laws 35%-55% 45%-65%

3 Cost and Management Accounting 20%-30% 70%-80%

4A Taxation: Income-tax law 5%-20% 80%-95%

4B Taxation: Indirect tax laws 20%-45% 55%-80%

5 Advanced Accounting 5%-15% 85%-95%

6 Auditing and Assurance 30%-55% 45%-70%

7A Enterprise Information System 30%-55% 45%-70%

7B Strategic Management 50%-70% 30%-50%

8A Financial Management 20%-30% 70%-80%

8B Economics for Finance 60%-80% 20%-40%

FINAL COURSE

Level I Level II Level III

Comprehension &

Knowledge

Analysis &

Application

Evaluation &

Synthesis

1 Financial Reporting 5%-15% 60%-85% 10%-25%

2 Strategic Financial Management 10%-20% 20%-40% 50%-60%

3 Advanced Auditing and Professional

Ethics 20%-35% 45%-70% 10%-20%

4 Part I: Corporate Laws 10%-20% 60%-70% 15%-25%

Part II: Economic Laws 40%-60% 40%-60%

5 Strategic Cost Management and

Performance Evaluation 10%-15% 45%-55% 35%-40%

7 Part I: Direct Tax Laws 5%-10% 60%-80% 15%-30%

Part II: International Taxation 15%-25% 75%-85%

8 Indirect Tax Laws

Part-I: Goods and Services Tax 10%-30% 40%-70% 20%-30%

Part-II: Customs & FTP 20%-40% 40%-70% 10%-20%

Note – It may be presumed that the skills specified in Level I are inherent in Level II i.e., only when the candidate possesses Lev el I

skills, he would be able to achieve Level II skills. Likewise, the skills specified in Levels I and II are inherent in Level III i.e., only when

a candidate possesses Level I and II skills, he would be able to achieved Level III skills.


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Skill Level Description of skills Nature of Questions Illustrative verbs

Comprehension

&

Knowledge

Knowledge involves recognizing or remembering facts, terms and basic

concepts. Comprehension involves

demonstrating understanding of facts.

Questions set at this level require recognition and recall of

concepts, principles and provisions.

Such questions may involve recalling a definition, explaining a

concept, describing a process, discussing a provision of law, listing the conditions to be satisfied or classifying under the appropriate

head.

List, State, Define, Describe, Explain, Recognize, Identify,

Classify, Discuss

Analysis

&

Application

Application involves use of acquired

knowledge in problem solving.

Analysis involves identifying issues and examining the same to resolve

problems.

Questions set at this level require applying and analysing

concepts/provisions/theories/principles learnt, in problem solving.

Such questions may involve making computations/ calculations/estimations, examining issues, reconciling bank

statements, solving problems by integrating provisions, identifying

the nature of expenditure or income, determining profit or loss etc.

The level of complexity ranges from low to moderate.

Application:

Apply, Identify, Prepare,

Calculate, Reconcile, Solve

Analysis:

Analyse, Examine,

Compute, Solve, Advise,

Determine, Estimate

Evaluation

&

Synthesis

Synthesis involves integration of data

and information by identifying and

segregating relevant and irrelevant facts. Evaluation involves detailed

analysis of such integrated data to

resolve complex problems and/or

make appropriate judgment.

Questions set at this level involve application of higher order skills

of analysis and integration of two or more provisions/concepts to

resolve complex problems and issues.

Such questions may involve computation of income/profit/loss by

integrating, analysing and applying concepts/

provisions/standards, interpretation of financial statements/provisions of law, evaluation of a proposal for

assessing its viability or recommendation of a course of action.

The level of complexity involved is high.

Compute, Examine, Advise,

Integrate, Decide, Evaluate,

Recommend, Interpret


PAGE 54 of 54

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