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CA Intermediate | CA IPCC Syllabus

CA Intermediate | CA IPCC Syllabus

Intermediate (IPC) Syllabus

Paper 1: Accounting (Group I)

Contents :

 A General Knowledge of the framing of the accounting standards, national and

international accounting authorities, adoption of international financial reporting

standards.

2.Accounting Standards

Working knowledge of:

AS 1 : Disclosure of Accounting Policies

AS 2 : Valuation of Inventories

AS 3 : Cash Flow Statements

AS 6 : Depreciation Accounting

AS 7 : Construction Contracts (Revised 2002)

AS 9 : Revenue Recognition

AS 10 : Accounting for Fixed Assets

AS 13 : Accounting for Investments

AS 14 : Accounting for Amalgamations

3.Company Accounts

(a) Preparation of financial statements – Balance Sheet, Profit and Loss Account

Cash Flow Statement, Statement of Changes in Equity and Explanatory Notes

(b) Profit (Loss) prior to incorporation

(c) Alteration of share capital, Conversion of fully paid shares into stock and stock

into shares, Accounting for bonus issue

(d) Simple problems on Accounting for business acquisition, Amalgamation and

reconstruction (excluding problems of amalgamation on inter-company holding)

4.Average Due Date, Account Current, Self-Balancing Ledgers

5.Financial Statements of Not-for-Profit Organisations

6.Accounts from Incomplete Records

7.Accounting for Special Transactions

(a) Hire purchase and instalment sale transactions

(b) Investment accounts

(c) Insurance claims for loss of stock and loss of profit.

8.Issues in Partnership Accounts

Final accounts of partnership firms – Admission, retirement and death of a partner

including treatment of goodwill.

9.Accounting in Computerised Environment

An overview of computerized accounting system–Salient features and significance,

Concept of grouping of accounts, Codification of accounts, Maintaining the hierarchy of

ledger, Accounting packages and consideration for their selection, Generating

Accounting Reports.

 

 

PAPER – 2: BUSINESS LAWS, ETHICS AND COMMUNICATION

PART I – BUSINESS LAWS (60 MARKS)

Contents

 

Business Laws (30 Marks)

  1. The Indian Contract Act, 1872
  2. The Negotiable Instruments Act, 1881
  3. The Payment of Bonus Act, 1965
  4. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
  5. The Payment of Gratuity Act, 1972.

Company Law (30 Marks)

The Companies Act, 2013 – Sections 1 to 122

(a) Preliminary

(b) Incorporation of Company and Matters Incidental thereto

(c) Prospectus and Allotment of Securities

(d) Share Capital and Debentures

(e) Acceptance of Deposits by companies

(f) Registration of Charges

(g) Management and Administration

(i) Company Law in a computerized Environment – E-filing.

Part II – ETHICS (20 Marks)

Contents:

1.Introduction to Business Ethics

The nature, purpose of ethics and morals for organizational interests; Ethics and

Conflicts of Interests; Ethical and Social Implications of business policies and decisions;

Corporate Social Responsibility; Ethical issues in Corporate Governance.

2.Environment issues

Protecting the Natural Environment – Prevention of Pollution and Depletion of Natural

Resources; Conservation of Natural Resources.

3.Ethics in Workplace

Individual in the organisation, discrimination, harassment, gender equality.

4.Ethics in Marketing and Consumer Protection

Healthy competition and protecting consumer’s interest.

5.Ethics in Accounting and Finance

Importance, issues and common problems.

 

 

Part III – COMMUNICATION (20 Marks)

Contents:

1.Elements of Communication

(a) Forms of Communication: Formal and Informal, Interdepartmental, Verbal and nonverbal;

Active listening and critical thinking

(b) Presentation skills including conducting meeting, press conference

(c) Planning and Composing Business messages

(d) Communication channels

(e) Communicating Corporate culture, change, innovative spirits

(f) Communication breakdowns

(g) Communication ethics

(h) Groups dynamics; handling group conflicts, consensus building; influencing and

persuasion skills; Negotiating and bargaining

(i) Emotional intelligence – Emotional Quotient

(j) Soft skills – personality traits; Interpersonal skills ; leadership

2.Communication in Business Environment

(a) Business Meetings – Notice, Agenda, Minutes, Chairperson’s speech

(b) Press releases

(c) Corporate announcements by stock exchanges

(d) Reporting of proceedings of a meeting

3.Basic understanding of legal deeds and documents

(a) Partnership deed

(b) Power of Attorney

(c) Lease deed

(d) Affidavit

(e) Indemnity bond

(f) Gift deed

(g) Memorandum and articles of association of a company

(h) Annual Report of a company

 

GROUP II   PAPER 5: ADVANCED ACCOUNTING

 

Contents :

1.Framework for Preparation and Presentation of Financial Statements

2.Accounting Standards

Working knowledge of:

AS 4 : Contingencies and Events occurring after the Balance Sheet Date

AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting

Policies

AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003)

AS 12 : Accounting for Government Grants

AS 16 : Borrowing Costs

AS 19 : Leases

AS 20 : Earnings Per Share

AS 26 : Intangible Assets

AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

3.Advanced Issues in Partnership Accounts and Issues related to accounting in

Limited Liability Partnerships

Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation

of partnership firms; Conversion into a company and Sale to a company.

4.Company Accounts

(a) Accounting for employee stock option plan, Buy back of securities, Equity shares

with differential rights, Underwriting of shares and debentures, Redemption of

debentures

(b) Advanced problems for business acquisition, Amalgamation and reconstruction

(excluding problems of amalgamation of inter-company holding)

(c) Accounting involved in liquidation of companies, Statement of Affairs (including

deficiency/surplus accounts) and Iiquidator’s statement of account of the winding

up.

(d) Financial Reporting of Insurance, Banking and Electricity Companies and legal and

regulatory requirements thereof

5.Accounting for Special Transactions

Departmental and branch accounts including foreign branches

 

 

 

PAPER – 6: AUDITING AND ASSURANCE

(One Paper- Three hours -100 Marks)

 

Contents:

1.Auditing Concepts ─ Nature and limitations of Auditing, Basic Principles governing

an audit, Ethical principles and concept of Auditor’s Independence, Relationship of auditing

with other disciplines.

2.Standards on Auditing and Guidance Notes ─ Overview, Standard-setting

process, Role of International Auditing and Assurance Standards Board, Standards on

Auditing issued by the ICAI; Guidance Note(s) on ─ Audit of Fixed Assets, Audit of

Inventories, Audit of Investments, Audit of Debtors, Loans and Advances, Audit of Cash and

Bank Balances, Audit of Miscellaneous Expenditure, Audit of Liabilities, Audit of Revenue,

Audit of Expenses and provision for proposed dividends.

3.Auditing engagement ─ Audit planning, Audit programme, Control of quality of audit

work ─ Delegation and supervision of audit work.

4.Documentation ─ Audit working papers, Audit files: Permanent and current audit

files, Ownership and custody of working papers.

5.Audit evidence ─ Audit procedures for obtaining evidence, Sources of evidence,

Reliability of audit evidence, Methods of obtaining audit evidence ─ Physical verification,

Documentation, Direct confirmation, Re-computation, Analytical review techniques,

Representation by management, Obtaining certificate.

6.Internal Control ─ Elements of internal control, Review and documentation,

Evaluation of internal control system, Internal control questionnaire, Internal control check list,

Tests of control, Application of concept of materiality and audit risk, Concept of internal audit.

  1. Internal Control and Computerized Environment, Approaches to Auditing in

Computerised Environment.

  1. Auditing Sampling ─ Types of sampling, Test checking, Techniques of test checks.
  2. Analytical review procedures.
  3. Audit of payments ─ General considerations, Wages, Capital expenditure, Other

payments and expenses, Petty cash payments, Bank payments, Bank reconciliation.

  1. Audit of receipts ─ General considerations, Cash sales, Receipts from debtors,

Other Receipts.

  1. Audit of Purchases ─ Vouching cash and credit purchases, Forward purchases,

Purchase returns, Allowance received from suppliers.

  1. Audit of Sales ─ Vouching of cash and credit sales, Goods on consignment, Sale on

approval basis, Sale under hire-purchase agreement, Returnable containers, Various types of

allowances given to customers, Sale returns.

  1. Audit of suppliers’ ledger and the debtors’ ledger ─ Self-balancing and the

sectional balancing system, Total or control accounts, Confirmatory statements from credit

customers and suppliers, Provision for bad and doubtful debts, Writing off of bad debts.

  1. Audit of impersonal ledger ─ Capital expenditure, deferred revenue expenditure and

revenue expenditure, Outstanding expenses and income, Repairs and renewals, Distinction

between reserves and provisions, Implications of change in the basis of accounting.

  1. Audit of assets and liabilities.
  2. Company Audit ─ Audit of Shares, Eligibility, Qualifications and Disqualifications of

Auditors, Appointment of auditors, Removal of auditors, Remuneration of Auditors, Powers

and duties of auditors, Branch audit , Joint audit , Reporting requirements under the

Companies Act, 2013, Other Important Provisions under the Companies Act, 2013

relating to Audit and Auditors and Rules made thereunder.

  1. Audit Report ─ Qualifications, Disclaimers, Adverse opinion, Disclosures, Reports

and certificates.

  1. Special points in audit of different types of undertakings, i.e., Educational institutions,

Hotels, Clubs, Hospitals, Hire-purchase and leasing companies (excluding banks, electricity

companies, cooperative societies, and insurance companies).

  1. Features and basic principles of government audit, Local bodies and not-forprofit

organizations, Comptroller and Auditor General and its constitutional role.

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