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CA Foundation amendments and updates subject wise

CA Foundation amendments and updates subject wise

Chartered Accountant Course New Scheme From 2016. ICAI released a new notification about “Chartered Accountant Course New Scheme ” full details. This notification contains information regarding How to become Chartered Accountant through foundation route or direct entry route, Name and Number of Papers in Foundation, Inter and Final syllabus from 2016 and other training details like Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS), Practical Training and Advance Four Weeks Integrated Course on Information Technology and Soft Skills (AICITSS).

Scroll down and download CA Course New Scheme 2016

CA Foundation amendments and updates subject wise

In Foundation course Paper 2 and Paper 4 will be Objective type papers and remaining are descriptive papers. ICAI didn’t remove Information Technology and Strategic Management Paper in CA IPCC Group – 2 and also ICAI didn’t remove Information Systems Control and Audit paper in CA Final. Read remaining changes as per new syllabus in CA CPT, IPCC and CA Final from May 2016 .

Revised Scheme: Route I – Foundation Course

Under the Foundation Course Route, the following steps are required

1. Register with Board of Studies (BoS) after appearing in Class XII till June 30/Dec 31.

2. Be eligible to appear for Foundation examination after passing Class XII examination. The first Foundation examination can be taken in November/May, as applicable, following passing of Class XII examination.

3. Qualify Foundation Course.

4. Register with the BoS for the Intermediate Course.

5. Complete 8 months of study

6. Appear and Pass in either or both Groups of Intermediate Course

7. Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training

8. Register for Three years Practical Training on passing either or both the Groups of Intermediate.

9. Register for the Final Course after qualifying both the Groups of Intermediate Course.

10. Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.

11. Complete Practical Training.

12. Appear in Final examination after completion of practical training and Advanced ICITSS.

13. Become Member.

Note‬: ICAI has decided in principle the above mentioned Scheme. However, the scheme will be notified inthe official Gazette in due course.

CA Foundation amendments and updates subject wise

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Chartered Accountant Course New Scheme | Direct Entry Route

Revised Scheme: Route II – Direct Entry Route

The ICAI allows Commerce Graduates/Post-Graduates (with minimum 55% marks) or Other Graduates/Post-Graduates (with minimum 60% marks) and Intermediate level passed students of Institute of Company Secretaries of India and Institute of Cost Accountants of India to enter directly to its Intermediate Course. The following steps are required to be undertaken by the eligible Graduates and Post Graduates under this route:

1. Register with the BOS for the Intermediate course (provisional registration allowed to the students doing Final year of graduation).

2. Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training.

3. Register for Three Years Practical Training.

4. Appear in Intermediate Examination after Nine months of Practical Training.

5. Qualify Intermediate Course.

6. Register for the Final Course after qualifying both Groups of Intermediate Course.

7. Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.

8. Complete Practical Training.

9. Appear in Final examination after completion of practical training and Advanced ICITSS.

10. Become Member

CA Foundation amendments and updates subject wise

Old Scheme New Scheme
CA CPT CA Foundation
200 Marks 400 Marks
Fundamental of Accounting(60 Marks)Objective Principles and Practices of Accounting(100 Marks)Subjective
Mercantile Law (40 Marks)Objective  Business Law (60 Marks = ICA + SOGA + PA = 45 Marks + LLP + Companies Act = 15 Marks) and (40 Marks) Business Correspondence and Reporting Subjective
General Economics (50 Marks)Objective Business Economics (60 Marks) and Business and Commercial Knowledge (40 Marks)Objective
Quantitative Aptitude (50 Marks)Objective Business Mathematics (40 Marks), Logical Reasoning (20 Marks) and Business Statistics (40 Marks)Objective

CA Foundation amendments and updates subject wise

CA Foundation New Scheme Syllabus:

Paper 1 Principles and Practices of Accounting 100 Marks Descriptive /Subjective Type
Paper 2 Business Law & Business Correspondence and Reporting 100 Marks Descriptive/Subjective Type
Section A: Business Law – 60 Marks
Section B: Business Correspondence and Reporting – 40 Marks
Paper 3 Business Mathematics Logical Reasoning and Statistics 100 Marks Objective Type
Paper 3 – Part I: Business Mathematics and Logical Reasoning (60 Marks)
Paper 3 – Part II: Statistics (40 Marks)
Paper 4 Business Economics & Business and Commercial Knowledge 100 Marks Objective Type
Paper 4 – Part I: Business Economics (60 Marks)
Paper 4 – Part II: Business and Commercial Knowledge (40 Marks)
Note :
1. Passing percentage:Aggregate- 50% and Subject-wise- 40% at one sitting.
2. Objective type question of 1 or more marks.
3. Examination: In the month of November and May after passing Class XII

CA Foundation amendments and updates subject wise

PAPER 1 : PRINCIPLES AND PRACTICES OF ACCOUNTING (100 MARKS)

Objective:

To develop conceptual understanding of the fundamentals of financial accounting system and accounting for special transactions

1. Theoretical Framework

Meaning and Scope of accounting

  • Accounting Concepts, Principles and Conventions
  • Accounting Standards – concepts, objectives, benefits
  • Accounting Policies
  • Accounting as a measurement discipline – valuation principles, accounting estimates

2. Accounting Process

Books of Accounts leading to the preparation of Trial Balance, Capital and revenue expenditures, Capital and revenue receipts, Contingent assets and contingent liabilities, Fundamental errors including rectifications thereof.

3. Bank Reconciliation Statement

4. Inventories

Basis of inventory valuation and record keeping.

5. Depreciation accounting

Methods, computation and accounting treatment of depreciation, Change in depreciation methods.

6. Preparation of Final Accounts for Sole Proprietors

7. Simple Problems on Financial Statements of Not-for-Profit Organisations

8. Accounts from Incomplete Records.

9. Average Due Date and Account Current    

10. Accounting for Special Transactions

  • Consignments
  • Joint Ventures
  • Bills of exchange and promissory notes
  • Sale of goods on approval or return basis (e) Departmental accounts.

11. Partnership Accounts

Final accounts of partnership firms – Basic concepts of admission, retirement and death of a partner including treatment of goodwill.

12. Introduction to Company Accounts

Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, redemption of preference shares.

CA Foundation amendments and updates subject wise

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Paper 2 (Part I): Mercantile Laws (60 Marks)

Objective:

“To test the general comprehension of elements of Mercantile Law including Company Law”

Contents

  1. The Indian Contract Act, 1872: An overview of Sections 1 to 75 covering the general nature of contract, consideration, other essential elements of a valid contract, performance of contract and breach of contract.
  2. The Sale of Goods Act, 1930: Formation of the contract of sale, Conditions and Warranties, Transfer of ownership and delivery of goods, Unpaid seller and his rights.
  3. The Indian Partnership Act, 1932: General Nature of Partnership, Rights and duties of partners, Registration and dissolution of a firm.
  4. The Limited Liability Partnership Act, 2008: Introduction- covering nature and scope, Essential features, characteristics of LLP, Incorporation and differences with other forms of organizations.
  5. The Companies Act, 2013 [section 1 to 22]: Important definitions, Introduction of company & corporate veil theory, Classes of companies, Conversion of company, Incorporation of company, Memorandum of Association, Articles of Association, Alteration of Memorandum and Articles, Doctrine of Indoor Management, Conversion of companies already registered, Promoters, Service of documents.

Here, chapters 1 to 4 carries 45 marks and chapter 5 carries 15 marks.

CA Foundation amendments and updates subject wise

Paper-2 (Part-II) General English

SECTION  A

 Topic :  Comprehension Passages and Note Making

  • Subtopic : Comprehension Passages
  • Subtopic: Note Making

SECTION B

Topic:  Developing Writing Skills

  • Subtopic: Article Writing
  • Subtopic: Report Writing
  • Subtopic : Writing Formal Letters
  • Subtopic : Writing Mails
  • Subtopic : Resume Writing

SECTION C 

Topic: Basic English Grammar

Chapter-1  Introduction to Basic Writing

Chapter-2: Nouns, Pronouns and Verbs

Chapter-3 Articles, Adjectives and Adverbs

Chapter-4 Prepositions, Conjunctions and Interjections

Chapter -5 Direct-Indirect, Active -Passive Speech

Chapter 6 :Vocabulary Root Words, Synonyms, Antonyms, Prefixes, Suffixes), Phrasal verbs, Collocations and Idioms.

CA Foundation amendments and updates subject wise

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PAPER –3: Business MathematicsLogical Reasoningand Statistics

(One Paper- Three hours- 100 Marks) 

OBJECTIVES: The Objective of this course is to familiarize students with basic Mathematical and Statistical tools with emphasis on applications to Business, Finance and Economic situations .Logical reasoning tests helps the students thinking power and mental applicability skills.

The whole syllabus of Business Mathematics Logical Reasoning and Statistics shall be divided into two broad areas.

  • Business Mathematics Logical reasoning (60 Marks)
  • Business Statistics (40 Marks)

Business Mathematics and Logical reasoning (60 marks)

Business Mathematics: 40 marks

  • Chapter-1(Ratio and proportion, Indices and Logarithms ) o Ratio and proportion and Time and work related problems, Laws of Indices, Exponentsand Logarithms and Anti Logarithms.
  • Chapter-2 (Equations and Matrices) o Equations: Linear Simultaneous linear equations up to three variables, Quadratic and Cubic equations in one variable. o Algebra of Matrices, Inverse of a Matrix anddeterminants, solving system of equations using matrix method (Cramer’s rule) involving not more than three variables.
  • Chapter-3 (Inequalities) o Inequalities: Linear Inequalities in one variable and the solution space
  • Chapter -4 Time value of Money (Financial Mathematics) o Time value of Money Simple Interest
  • Compound interest
  • Effective Rate of Interest
  • Present Value
  • Net Present Value
  • Future Value
  • Perpetuity
  • Annuities
  • Sinking Funds
  • Calculating of EMI Calculations of Returns:

o Nominal Rate of Return

  • Effective Rate of Return
  • Compound Annual growth rate (CAGR)
  • Chapter -5 (Sets Functions and Relations)
  • Chapter -6 (Basic applications of Differential and Integral calculus (Excluding the trigonometric applications)
  • Chapter-7 (Permutations and Combinations) o Basic concepts of Permutations and combinations: Introduction, the factorial, permutations, results, circular permutations, permutations with restrictions, Combinations with standard results.
  • Chapter-8 (Sequence and Series ) o Introduction Sequences, Series, Arithmetic and Geometric progression,

Relationship between AM and GM and Sum of n terms of special series.

Logical Reasoning: (20 marks)

  • Chapter -9
  • Number series coding and Decoding and odd man out.
  • Chapter -10
  • Blood Relations,
  • Chapter-11
    • Seating Arrangements,
    • Chapter-12
    • Direction Tests
    • Chapter-13

Business Statistics (40 marks)

  • Chapter -14 (Statistical description of Data)
  • Statistical Representation of Data, Diagrammatic representation of data, Frequency distribution, Graphical representation of Frequency Distribution – Histogram, Frequency Polygon, Ogive, Pie-chart.
  • Chapter -15 (Measures of Central tendency and Dispersion )
  • Measures of Central Tendency and Dispersion: Mean Median, Mode, Mean Deviation, Quartiles and Quartile Deviation, Standard Deviation, Co-efficient of Variation, Coefficient of Quartile Deviation.
  • Chapter-16 (Correlation and Regression)

    • Correlation and Regression: Scatter diagram, Karl Pearson’s Coefficient of Correlation Rank Correlation, Regression lines, Regression equations, Regression coefficients.
    • Chapter -17 (Theoretical Distributions)
    • Theoretical Distributions: Binomial Distribution, Poisson distribution – basic application and Normal Distribution – basic applications.
  • Chapter-18 (Probability)

    • Probability: Independent and dependent events; mutually exclusive events. Total and Compound Probability; Bayes’ theorem; and Mathematical Expectation.
    • Chapter-19 (Index Numbers and Time Series)
  • Index Numbers:Uses of Index Numbers, Problems involved in construction of Index Numbers, Methods of construction of Index Numbers.
  • Time Series Analysis – basic application including Moving Average, Moving Average Method, and Method of Least Squares.
  • Chapter-20 (Sampling Theory and Testing of Hypothesis)

(a)Sampling theory: Basic Principles of Sample survey, Comparison between sample survey and enumeration, errors in Sample survey, some important terms associated with sampling, types of sampling.

(b)Testing of Hypothesis, Large sample tests (Test for means, test for proportions and test for Standard deviations) and sample tests applications of t, F-distribution (Variance ratio test) and Chi-square test.

CA Foundation amendments and updates subject wise

Paper 4*: Business Economics & Business and Commercial Knowledge (100 Marks)

Part I: Business Economics (60 Marks)

1.  Introduction to Business Economics

(a)     Meaning of Business Economics

(b)     Objectives of Business Firm- Profit Maximization, Sales Maximization, Growth Maximization.

2.   Theory of Demand and Supply

(a) Meaning and determinants of demand, Law of demand and Elasticity of demand ─ Price, income and cross elasticity (b) Theory of consumer’s behaviour – Marshallian approach and Indifference curve approach (c) Meaning and determinants of supply, Law of supply and Elasticity of supply.

(d)  Demand Forecasting

3.   Theory of Production and Cost

(a)     Meaning and Factors of production

(b)     Laws of Production – The Law of Variable proportions and Laws of Returns to Scale, Producer’s equilibrium

(c)     Concepts of Costs ─ Short-run and long-run costs, Average and marginal costs, Total, fixed and variable costs.

4. Price Determination in Different Markets

(a) Various forms of markets – Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly (b) Price determination in these markets.

5.     Business Cycles

  • Meaning of Business Cycles
  • Phases of  Business Cycles
  • Features of Business Cycles.
  • Causes behind these Cycles.

Paper 4 Part II Business and Commercial Knowledge

Objectives

  1. Have a basic knowledge of common business and commercial concepts.
  2. Inculcate a habit to remain updated about developments in the business and commercial world.

Students are expected to read at least one financial newspaper and one business magazine on a regular basis.  They may also watch a business channel to remain updated about the developments related to commercial world.

Contents

  1. Introduction to Business

Nature of Business, Profession and Employment. Objectives of Business. Business and Commercial Knowledge. Economic and Non-Economic Activities.

  1. Business Environment

Micro     and     Macro     Environment,     Elements     of     Micro     Environment     –

Consumers/Customers, Competitors, Organization, Market, suppliers, Intermediaries, Elements of Macro Environment – Demographic, Economic, Political-legal, Sociocultural, Technological, Global Environment.

  1. Business organizations Top Indian and Global Companies.
  2. Government Policies for Business Growth

Policies creating conducive business environment – Startups,E-commerce.

Liberalization, Privatization, Foreign Direct Investment.

  1. Organizations facilitating Business

Indian regulatory bodies – SEBI, RBI, IRDA, CCI, FMC, CBDT, CBEC Indian Development Banks – IFCI, IDBI, SIDBI, EXIM Bank,NABARD

Global organizations and world trade bodies – IMF, ADB, WTO, OECD, SAARC, ASEAN, OPEC.

Accounting Bodies – IFAC,IASB, IESB, CAPA, SAFA, AOSSG.

  1. Common Business and Commercial Terminologies

Click here and Download CA Course New Scheme 2016

CA Foundation amendments and updates subject wise

For More Details on CA Foundation Please Visit the following Website CAKRT/CA Foundation

To know the Benefits for taking CA Foundation course Benefits of Appearing CA Foundation | CA CPT Exam

For Books on CA Foundation please visit here.CA Foundation Books

For Notes on CA Foundation- CA Foundation | CA CPT Accounting Notes pdf

CA Foundation amendments and updates subject wise

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