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ICWAI | CMA Inter Amendments – December 2018 Exam

ICWAI | CMA Inter Amendments – December 2018 Exam

ICWAI | CMA Inter Amendments – ICWAI | CMA Inter DT and IDT Amendments for Dec 2018 is Available in CAKART Website.Amendment on Direct Tax as per Finance Act, 2015 – applicable for dec 2018 examination. This CMA DT and IDT Amendments relating to Income Tax Act, Income deemed to accrue or arise in India, income exempt from tax, income from business and profession, capital gains, deduction from gross total income etc.

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cma-inter-amendments

Scroll down and download ICWAI | CMA Inter Amendments details for DEc 2018 exam

CMA New Syllabus 2016 Notification

No. CMA (3)/2015 : In pursuance of sub-regulation (b) of Regulation 20B and Regulation 31 of the Cost and Works Accountants Regulations, 1959, it is hereby notified that in exercise of powers conferred by clause (a) of sub-section (2) of Section 15 of the Cost and Works Accountants Act,1959, the Council of the Institute of Cost Accountants of India at its 293rd Meeting held on 20/5/2015 has approved the “Syllabus 2016” for introduction w.e.f. 1st February, 2016 as annexed in Annexure 1.

Students admitted to the Courses of the Institute w.e.f. 1st February,2016 shall pursue Courses under “Syllabus 2016”.

The First Examination under “Syllabus 2016” shall be conducted in December,2016.

The Last Examination under “Syllabus 2012” shall be conducted in June 2017.

Examinations under both Syllabi shall be conducted simultaneously as under:

Examination to be held inExaminations to be held under
December 2016Syllabus 2012Syllabus 2016
June 2017Syllabus 2012Syllabus 2016
December 2017 and onwards (until further notification)Syllabus 2016

This issues with the approval of the competent authority.

CMA Syllabus 2016 – Foundation Course

P1Fundamentals of Economics & Management
P2Fundamentals of Accounting
P3Fundamentals of Laws and Ethics
P4Fundamentals of Business Mathematics & Statistics
Foundation Course Examination: On-line MCQ Mode.
Foundation Examinations – Four (4) times in a year in every three (3) months.
Syllabus 2016 – Intermediate Course (Modules I, II,III & IV)
Module I
P 5 – Financial Accounting
P 6 – Laws, Ethics & Governance
 Module II
P 7 – Direct Tax and International Taxation
P 8 – Cost Accounting & Financial Management
 Module III
P 9 – Operations Management
P 10 – Cost & Management Accounting
 Module IV
P 11 – Indirect Taxation
P 12 – Company Accounts & Audit

Download ICWAI | CMA Inter Amendments 

ICWAI Announcement on Clarification of Amendments Click Here and Download ICWAI | CMA Inter Amendments DT

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cma-inter-amendments

DT Amendments

Click Here and Download ICWAI | CMA Inter Amendments IDT

cma-inter-amendments

cma-inter-amendments

IDT Amendments

ICWAI | CMA Inter Suggested Answers For Syllabus 2012

From following table you can download CMA  Inter suggested answers – Syllabus 2012

GROUP-  I

 Subject Download
Paper  5  : Financial AccountingDownload
Paper 6 : Laws Ethics and GovernanceDownload
Paper  7 : Direct TaxationDownload
Paper 8 : Cost Accounting and Financial ManagementDownload

GROUP –  II

 Subject Download
Paper 09: Operation Management & Information SystemsDownload
Paper 10: Cost & Management AccountancyDownload
Paper 11: Indirect TaxationDownload
Paper 12: Company Accounts and AuditDownload

Download ICWAI | CMA Inter Suggested Answers June  2017

Syllabus 2012 Suggested Answers

Sl. No.Group IDownload
1.Paper-5 : Financial AccountingClick Here
2.Paper- 6 : Laws Ethics and GovernanceClick Here
3.Paper – 7 : Direct TaxationClick Here
4.Paper – 8 : Cost Accounting and Financial ManagementClick Here
Group II 
1.Paper- 9 : Operation Management and Information SystemsClick Here
2.Paper – 10 : Cost and Management AccountancyClick Here
3.Paper-11 : Indirect TaxationClick Here
4.Paper – 12 : Company Accounts and AuditClick Here

ICWAI | CMA Inter Important Topics For dec 2018 Exams

FINANCIAL ACCOUNTING

1. Accounting Standards

  • AS-1: Disclosure of Accounting Policies
  • AS-2: Valuation of Inventories
  • AS-5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
  • AS-10: Accounting for Fixed Assets

2. Bank Reconciliation Statements
3. Depreciation Accounting (AS – 6); Impairment of Assets (AS -28)
4. Preparation of Financial statements :

  • Preparation of Receipts and Payments Account
  • Preparation of Income and Expenditure Account
  • Balance Sheet ICWAI | CMA Inter Important Topics
  • Concept of single entry system, conversion of single entry system into double entry system of accounting ICWAI | CMA Inter Important Topics

5. Partnership ICWAI | CMA Inter Important Topics

  • Admission, Retirement, Death, Treatment of Joint Life Policy
  • piece meal distribution
  • Amalgamation of partnership firms

6.Branch Accounts-Debtors system, Stock & Debtors system
7. Self-Balancing Ledger ICWAI | CMA Inter Important Topics
8.Insurance Claim ( Loss of Stock and Loss of profit)
9.Accounts of a Banking Company
10.Accounts of Insurance Companies (as per Insurance Act) including Stock Valuation.

LAWS, ETHICS AND GOVERNANCE

Section A: LAWS (Industrial and Economic Laws) [60 marks]

1. Laws of Contracts ICWAI | CMA Inter Important Topics

  • Essential elements of a contract, offer and acceptance
  • Quasi-contracts, contingent contracts, termination or discharge of contracts
  • Special contracts : Indemnity and Guarantee; Bailment and Pledge; Laws of Agency ICWAI | CMA Inter Important Topics

2. Laws relating to Sale of Goods

  • Transfer of ownership ICWAI | CMA Inter Important Topics
  • Performance of the contract of sale

3. Laws relating to Employees:

Here you have to prepare object, scope and applicability of the every following Acts. Just know about basic concept of every Act .

  • Factories Act,1948
  • Industrial Disputes Act,1947
  • Workmen’s Compensation Act,1923
  • Payment of Wages Act, 1936 and Minimum Wages Act,1948
  • Payment of Bonus Act, 1965 and Payment of Gratuity Act, 1972
  • Employees State Insurance (E.S.I)Act, 1950
  • Provident Fund (P.F.) Act, 1952 ICWAI | CMA Inter Important Topics
  • The Child Employee (Prohibition and Regulation) Act, 1986

4. Negotiable Instruments Act, 1881

  • Definition, Acceptance and negotiation
  • Dishonour of a Negotiable Instrument

5. Laws related to Partnership:

  • Nature of Partnership
  • Rights and liabilities of Partners
  • Dissolution of Firms
  • Limited Liability Partnership Act, 2008

6. Prevention of Money Laundering Act ,2011

  • Prevention of Money Laundering Act, 2011
  • Obligations of Banks and Financial Institutions

Section B: Corporate Laws and Governance [20 marks]

7. Essentials of Corporate Laws

  • Company – types, formation and related procedures
  • Director- roles, responsibilities, qualification, disqualification, appointment/re-appointment, retirement, resignation, removal, remuneration, powers, duties, Director’s Identification Number (DIN), Loans to Directors, Office or Place of Profit
  • Cost Accountant – Appointment, Role and Responsibilities – with special reference to Certification ICWAI | CMA Inter Important Topics

8. Right to Information Act, 2005

  • Salient features, objective
  • Request for obtaining information

9. Governance ICWAI | CMA Inter Important Topics

  • Basic understanding of Corporate Governance
  • Corporate governance practices in India, USA, UK, Japan and Germany
  • Internal Audit for Governance – nature, scope, function, planning process, investigation of fraud, internal audit reports
  • Statutory Audit for Governance

Section C : Ethics [20 marks]

  • Ethics – meaning, importance, nature and relevance to business, values and attitudes of Professional Accountants
  • The “Seven Principles of Public Life” – selflessness
  • The relationship between ethics and law, difference between ethical codes and contracts ICWAI | CMA Inter Important Topics
  • Unethical behavior – consequences

 DIRECT TAXATION

SECTION A: INCOME TAX [65 MARKS]

1. Income Tax Act, 1961

  • Basic Concepts and definitions
  • Residential Status and Incidence of Tax

2. Sec.10  ICWAI | CMA Inter Important Topics

3. Heads of Income and Computation of Total Income under various heads

  • Income from salaries
  • Capital gains
  • Income from other sources

4. Tax Planning and Tax Management

  • Concept and application
  • For setting up new business units
  • Tax incentives and Export Promotion Schemes,  exemptions
  • Computation of income and Return of Income Tax, Filing procedure, e-filing
  • Penalties, Fines and Prosecution

SECTION B: WEALTH TAX [10 MARKS]

Wealth Tax Act, 1957

  • concept and charge of wealth tax
  • exempted assets
  • Valuation of assets
  • Return of Wealth Tax and assessment procedure

SECTION – C – INTERNATIONAL TAXATION [25 MARKS]

  • Residency issues, source of income
  • double taxation avoidance agreements
  • Reference to Cost Accounting Records and Cost Audit Reports.
  • General Anti-Avoidance Rules (GAAR) – concept and application

COST ACCOUNTING  AND FINANCIAL MANAGEMENT

Problems :

SECTION A: COST ACCOUNTING – PRIME COSTS & OVERHEADS [60 MARKS]

  • Materials
  • Employee Costs
  • Overhead  ICWAI | CMA Inter Important Topics

SECTION B : FINANCIAL MANAGEMENT [40 MARKS]

  • Hire Purchase, Forfeiting, Bill Discounting, Factoring, Asset Securitization
  • Concepts of Value and Return – Time preference for money, Future Value, Present Value, Net Present Value (NPV)
  • Funds flow and Cash flow Analysis
  • Analysis Financial Ratio and Cash Flow
  • Cash and Marketable securities
  • Financing of working capital
  • Operating Risk and Financial Risk and Combined Leverages
  • Operating leverages and Cost-Volume-Profit (CVP) analysis, Earning Before Interest and Tax (EBIT), Earning Per Share (EPS), Indifference point
  • Weighted Average Cost of Capital and Marginal Cost of Capital
  • payback period method, accounting rate of return, net present value, internal rate of return, modified internal rate of return, discounted payback period and profitability index.

Theory:

  • Financial Management – meaning, objectives, scope, related finance disciplines, planning environment, key-decision areas
  • Financial Decision – Making – Emerging role of finance managers
  • Time preference for money, Future Value, Present Value, Net Present Value (NPV) ICWAI | CMA Inter Important Topics
  • Operating leverages and Cost-Volume-Profit (CVP) analysis, Earning Before Interest and Tax (EBIT), Earning Per Share (EPS), Indifference point
  • Meaning, components, methods of determination of cost of capital related to debt, preference shares, equity shares, retained earnings, depreciation fund

Operation Management & Information Systems

Section A: Operations Management [60 marks]

  • Operations Management – introduction, scope, need, challenges, role in decision-making  ICWAI | CMA Inter Important Topics ICWAI | CMA Inter Important Topics
  • Process strategy , process analysis and design, production process flow, cost flow, costing system
  • Economics and optimization – basics, Pareto Optimality condition, price-mechanism and optimum resource allocation,
  • Studies at work place – Time study, Work study, Method study, Activity sampling, Work simplification, Job Evaluation
  • Project Life Cycle, scheduling with Gantt Charts, PERT and CPM, Project Risk measurement
  • Human Resource Planning and optimization – introduction, job allocation/assignment
  • Introduction, features, measurement techniques of factors of production, productivity index, productivity of Employee, productivity of materials, productivity of management resources
  • Methods of improving productivity including quality circles
  • Total Quality Management (TQM) – basics tools and certification
  • Spare parts – Planning, policy and control
  • Application of Queuing theory in maintenance and spares management

Section B: Information System [40 marks]

  • Structured Systems Analysis and Design, Physical and Logical Data Inflow Diagrams
  • Data Base Concept, Overview of DBMS, Data Models, Database Administrator, Database User, Schema, Data Independence
  • Definition, scope, planned and unplanned MIS, MIS information time scale, transaction processing ICWAI | CMA Inter Important Topics
  • MIS and Levels of Management – operational level, tactical level, strategic level
  • Business Intelligence – Architecture Analysis
  • Processing Management Accounting Information
  • MIS in functional areas: Finance & Cost Management, Inventory, Marketing, HRM, Financial modeling
  • Enterprise Resource Planning (ERP)
  • Cyber laws ICWAI | CMA Inter Important Topics

COST AND MANAGEMENT ACCOUNTANCY

Section A: Cost & Management Accounting – Methods & Techniques (50 marks)

  • Necessity and importance of cost accounting
  • Reconciliation between cost and Financial profit and loss account; Integrated and non-integrated accounting and reporting
  • contract costing, process costing
  • work-in –progress and abnormal loss accounts
  • Marginal Costing  ICWAI | CMA Inter Important Topics
  • Integration of Standard Costing with Marginal Cost Accounting
  • Absorption Cost Accounting and Throughput Accounting
  • Accounting and control of waste, scrap, spoilage, defective, etc
  • Budget Concepts and Budget Preparation
  • Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting financial results
  • accounting – methods and reconciliation – stock valuation
  • interpretation and uses for Managerial decision-making activities

Section B: Cost Records and Cost Audit (20 marks)

  • Cost Audit under Companies Act, 1956
  • Nature and scope of Cost Audit
  • Cost Accounting Record Rules, 2011 and Cost Audit Report Rules,2011

Section C: Economics for Managerial Decision-making (30 marks)

  • Concepts of Markets, analysis of market demand and empirical estimation of demand ICWAI | CMA Inter Important Topics
  • Government Intervention and effect
  • cost analysis
  • Factor demand and input decisions
  • Pricing Policies

INDIRECT TAXATION

  • Features of Indirect Tax, Constitutional Validity
  • The Central Excise Law – Goods, Excisable Goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4 CENVAT, Basic Procedure, Export, SSI, Job Work
  • Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act
  • Impact of tax on GATT 94, WTO, Anti Dumping processing
  • Types of customs duties, Anti-Dumping Duty, Safeguard Duty
  • Valuation, Customs Procedures, Import and Export Procedures
  • Service Tax ( Full Chapter )
  • Introduction, Definitions, salient features of CST Act
  • Procedures under Central Sales Tax (CST)
  • Introduction, definitions, salient features of Sate VAT Act
  • Filing of return under State VAT Act
  • Accounting & Auditing VAT
  • International Taxation & Transfer Pricing issues in the context of Indirect Taxation  ICWAI | CMA Inter Important Topics
  • General Anti-Avoidance Rule (GAAR) – concept and application

COMPANY ACCOUNTS & AUDIT

Section A: Generally Accepted Accounting Principles (GAAP) (20 marks)

  • Accounting Standards ( All Standards are Imp. )
    • AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
    • AS 12: Accounting for Government Grants
    • AS 15: Employee Benefits
    • AS 19: Leases
    • AS 20: Earning Per Share
    • AS 26: Intangible Assets
    • AS 29: Provisions, Contingent Liabilities and Contingent Assets

Section B: Accounts of Joint Stock Companies (40 marks)

  • Issue of Equity shares
  • Forfeiture of Shares, Reissue of Forfeited Shares
  • Buy Back of Equity Shares
  • Under writing of Shares and Debentures
  • Part I – Form of Balance Sheet
  • Part II – Form of Statement of Profit and Loss
  • Cash Flow Statement (AS 3)
  • Accounting for Amalgamation [AS -14]
  • Internal Reconstruction
  • Accounting involved in liquidation of companies

 Section C – Auditing (40 marks)

  • Nature, scope and significance of Audit
  • Internal Check, Internal Control
  • Auditor’s qualification, disqualification, appointment, remuneration ,removal, power and duties
  • Reporting requirements under companies act
  • Audit of shares and debentures
  • Audit of Government Companies

Along with CMA Foundation Amendments, you must read other articles for CMA Foundation Exam

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CA IPCC exam important links for CMA students

CMA Inter Amendments : If you are planning to prepare for CA IPCC, check the following links.

CA IPCC Registration

CA Intermediate new Syllabus

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