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ICWA Syllabus and Subjects – Inter Complete Details Dec 2017

ICWA Syllabus and Subjects – Inter Complete Details Dec 2017

ICWA Syllabus | ICWA Inter Syllabus 2017 | CMA Executive Course Details. The Institute of Cost Accountants of India made some changes in ICWAI syllabus or CMA Inter syllabus from 2016. Today we are providing ICWAI Inter syllabus 2017. Recently The Institute of Cost Accountants of India released a notification about ICWA syllabus inter 2016. In the given notification it said that CMA Inter and CMA Final names have changed to CMA Executive and CMA Professional. Now we should call ICWAI Executive and ICWAI Professional instead of ICWAI Inter and ICWAI Final. So from 2016, the name ” ICWAI Inter ” or ” CMA Inter ” has changed to ICWAI Executive or CMA Executive.

ICWAI Inter Subject – dec 2017



Scroll down and Check Applicability of  GST in Dec 2017 examination

Read below ICWA Syllabus, Subjects 2017 for CMA Executive Exam.

Module I

  • Paper 5 – Financial Accounting
  • Paper 6 – Laws, Ethics & Governance

Module II

  • Paper 7 – Direct Tax and International Taxation
  • Paper 8 – Cost Accounting & Financial Management

Module III

  • Paper 9 – Operations Management
  • Paper 10 – Cost & Management Accounting

Module IV

  • Paper 11 – Indirect Taxation
  • Paper 12 – Company Accounts & Audit

Recommended Read : CMA Inter Subjects for Dec  2017 Exam

ICWA Syllabus | ICWA Inter Syllabus 2017 | CMA Executive

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

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


Examinations under both Syllabus shall be conducted simultaneously as under:

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

ICWA Syllabus 2017 For CMA Executive

Read below ICWA Syllabus 2017 for CMA Executive Exam.

ICWA Syllabus 2016 – Intermediate Course (Modules I, II,III & IV)

Module I

  • Paper 5 – Financial Accounting
  • Paper 6 – Laws, Ethics & Governance

Module II

  • Paper 7 – Direct Tax and International Taxation
  • Paper 8 – Cost Accounting & Financial Management

Module III

  • Paper 9 – Operations Management
  • Paper 10 – Cost & Management Accounting

Module IV

  • Paper 11 – Indirect Taxation
  • Paper 12 – Company Accounts & Audit

Applicability of  GST in Dec 2017 examination

Inclusion of GST in Indirect Tax Laws & Practice under Syllabus 2016 for December 2017 Term of Examination.

Restructuring of Syllabus 2016 after implementation of GST w.e.f June-2018 Term.

Recommended Read : CMA Inter New Syllabus

New Syllabus for CMA Intermediate Course from 1st August 2016

ICAI (Cost) Students admitted to CMA Intermediate Course on and after 01/08/2016 shall appear under new ICWA Syllabus-2016 from June, 2017 examinations.



On Friday, June 26, 2015, the Institute of Cost Accountants of India [ICAI (Cost)] has notified vide notification No. CMA (3)/2015 that all students who shall take admission to CMA Intermediate Course on and after first day of February, 2016 shall pursue course under the new “ICWA Syllabus 2016”.

[Updated] However, CMA Institute has clarified vide its Circular No. G/128/4/2015-16 dated December 24, 2015 that the “ICWA Syllabus-2016” will be implemented with effect from 1st August 2016 instead of February 2016 and the first examination under ICWA syllabus-2016 shall take place in June, 2017.

The notification was issued in pursuance of sub-regulation (b) of Regulation 20B and Regulation 31 of the Cost and Works Accountants Regulations, 1959 and by exercising the powers conferred by clause (a) of sub-section (2) of Section 15 of the Cost and Works Accountants Act, 1959.



There are five sections in paper-5 of CMA Intermediate Course viz. A) Accounting – Basics, B) Preparation of Financial Statements, C) Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts, and D) Accounting in Computerised Environment and Accounting Standards.

Section A (Accounting – Basics) [25 Marks]:

Section A of Paper-5 of CMA Intermediate Course carries 25% weightage. In this section there are two topics which has been discussed below.

1. Fundamentals of Accounting

Accounting – Meaning, Scope and Significance of Accounting – Accounting Principles, Concepts and Conventions – Capital and Revenue Transactions – Depreciation – Rectification of Errors.

2. Accounting for Special Transactions

Bills of Exchange – Consignment – Joint Venture – Insurance Claims (Loss of Stock and Loss of Profit)

Section B (Preparation of Financial Statements) [40 Marks]:

Section A of Paper-5 of CMA Intermediate Course carries 40% weight age. This section contains mainly two topics which has been sited below.

3. Preparation of Final Accounts of Profit Oriented organisations, Non-Profit Organisations and from Incomplete Records

(i) Preparation of Financial statements of Profit Oriented organisations: P&L Account, Balance Sheet.
(ii) Preparation of Financial Statements of Non-Profit making organisations: Preparation of Receipts & Payments Account, Income& Expenditure account and Balance Sheet.
(iii) Preparation of Financial Statements from incomplete records (Single entry)

4. Partnership Accounts

Admission, Retirement, Death, Treatment of Joint Life Policy, Dissolution of partnership firms including piece meal distribution, Amalgamation of partnership firms, Conversion of partnership firm into a company and sale of partnership firm to a company

Section C (Self Balancing Ledgers, Royalties, Hire Purchase & Instalment System, Branch & Departmental Accounts) [20 Marks]:

In this section there are three topics, the contents of which has been described in detail here under.

5. Self-Balancing Ledgers

6. Royalty Accounts, Hire Purchase and Instalment System.

7. Branch and Departmental Accounts.

Section D (Accounting in Computerised Environment and Accounting Standards) [15 Marks]:

Section D of Paper-5 of CMA Intermediate Course contain two topics which has been explained hereunder.

8. Computerised Accounting System – Features, Significance, Grouping of Accounts, Ledger hierarchy, Accounting Packages and their selection criteria

9. Accounting Standards (AS-1, AS-2, AS-6, AS-7, AS-9, AS-10)


There are four sections in Paper-6 of CMA Intermediate Course viz. A) Commercial Laws, B) Industrial Laws, C) Corporate Law, and D) Ethics.

Section A (COMMERCIAL LAWS) [30 Marks]:

Section A of Paper-6 of CMA Intermediate Course contains topics of the following five laws.

1. Indian Contracts Act, 1872

(a) Essential elements of a contract, offer and acceptance
(b) Void and voidable agreements
(c) Consideration
(d) Legality of object
(e) e-contracts
(f) Constraints to enforce contractual obligations
(g) Quasi-contracts, contingent contracts, termination or discharge of contracts
(h) Special contracts: Indemnity and Guarantee; Bailment and Pledge; Laws of Agency

2. Sale of Goods Act, 1930

(a) Definition
(b) Transfer of ownership
(c) Conditions and Warranties
(d) Performance of the Contract of Sale
(e) Rights of Unpaid Vendor
(f) Auction Sales

3. Negotiable Instruments Act, 1881

(a) Definition and features of NI
(b) Crossing, Endorsement and Material Alteration
(c) Acceptance, Assignment and Negotiation
(d) Rights and liabilities of Parties
(e) Dishonor of a Negotiable Instrument.

4. Indian Partnership Act, 1932

(a) Nature of Partnership
(b) Rights and liabilities of Partners
(c) Formation, Reconstitution and Dissolution of Firms

5. Limited Liability Partnership Act, 2008

a) Concept, formation, membership, functioning
b) Dissolution


The Objects, Scope and Applicability of the following acts are covered under Section B of Paper-6 of CMA Intermediate Course.

6. Factories Act, 1948
7. Payment of Gratuity Act, 1972
8. Employees Provident Fund Act, 1952
9. Employees State Insurance Act, 1948
10. Payment of Bonus Act, 1965
11. Minimum Wages Act, 1948
12. Payment of Wages Act, 1936


This Section covers topics related to the Companies Act, 2013 which carries 35% weight age.

13. Companies Act 2013

a) Company types, promotion, formation and related procedures i.e. Section 1 to Section 122 of Companies Act, 2013
b) Director-Role, Responsibilities, Qualification, disqualification, appointment, retirement, resignation, removal, remuneration and powers, Director Identification Number

SECTION D (ETHICS) [10 Marks]:

Section D of the CMA Intermediate Course contain only one topic that is related to business ethic and the contents has been explained in detail as follows.

14. Business Ethics:

a) Ethics-meaning, importance, nature and relevance to business
b) Values and attitudes of professional accountants
c) Seven principles of public life-selflessness, integrity, objectivity, accountability, openness, honesty and leadership
d) Ethics in Business


There are three sections in Paper-7 of CMA Intermediate Course viz. A) Income Tax Act Basics, B) Heads of Income and Computation of Total Income and Tax Liability, and C) Administrative Procedures and ICDS.

Section A (INCOME TAX ACT BASICS) [10 Marks]:

In this section there are two topics which has been sited below.

1. Introduction to Income Tax Act, 1961

a) Basic Concepts and definitions
b) Background, concepts, definitions
c) Capital and revenue – receipts, expenditures
d) Basis of charge and scope of total income
e) Residential Status and Incidence of Tax

2. Incomes which do not form part of Total Income [Sec.10, and 11 to 13A]


Section B of Paper-7 of CMA Intermediate Course is very important as it carries 70% weightage. In this section there are five topics related to Income-Tax Act, 1961. The detail contents have been discussed below.

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

(a) Income from salaries
(b) Income from House property
(c) Profits and gains from Business or Profession
(d) Capital gains
(e) Income from other sources

4. Clubbing Provisions, Set-off and Carry forward of Losses, Deductions

(a) Income of other persons included in Asses see’s Total Income
(b) Aggregation of Income and Set off or Carry Forward of Losses
(c) Deductions in computing Total Income
(d) Rebates & Reliefs
(e) Applicable Rates of Tax and Tax Liability

5. Assessment of Income of different persons

(a) Taxation of Individuals including Non-residents
(b) Hindu Undivided Family
(c) Firms, LLP, Association of Persons
(d) Co-operative Societies
(e) Trusts, Charitable and Religious Institutions

6. Corporate Taxation

(a) Classification, tax incidence, computation of taxable income and assessment of tax liability
(b) Dividend Distribution Tax (DDT)
(c) Minimum Alternate Tax (MAT)
(d) Other special provisions relating to companies

7. TDS, TCS and Advance Tax

(a) Tax Deduction at Source
(b) Tax Collection at Source
(c) Advance Tax


In this section there are two topics, the contents of which are explained hereunder.

8. Administrative procedures

a) Return Filing and Refund procedures
b) Demand, Recovery, Assessment, appeal, revision, and settlement.
c) Special Procedure for Assessment of search cases
d) E-commerce Transaction and liability in special cases
e) Penalties, fines and prosecution

9. Income computation and disclosure standards – Basic Concepts only


There are six topics in the Paper-8 of CMA Intermediate Course viz. 1) Introduction to cost accounting, 2) Cost ascertainment – elements of cost, 3) Cost accounting standards, 4) Cost book keeping, 5) Methods of costing, and 6) Cost accounting techniques. The first 4 topics have 40% weightage whereas the remaining two topic carries 30% weightage each.


a. Definition, Scope, objectives and significance of cost accounting, its relationship with financial accounting and management accounting
b. Cost Objects, Cost centers and cost units
c. Elements of cost
d. Classification of costs


a) Material Costs:

i) Procurement of Materials,
ii) Inventory Management and Control,
iii) Inventory Accounting & Valuation
iv) Physical Verification, treatment of losses
v) Scrap, spoilage, defectives and wastage.

b) Employee Costs:

i) Time keeping, Time booking and payroll,
ii) Labour Turnover, Overtime and idle time
iii) Principles and methods of remuneration and incentive schemes
iv) Employee cost reporting and measurement of efficiency.

c) Direct Expenses

d) Overheads:

i) Collection, classification and apportionment and allocation of overheads
ii) Absorption and treatment of over or under absorption of overheads
iii) Reporting of overhead costs


Only basic understanding of CAS-1 to CAS 23 is covered in this topic.


a) Cost Accounting Records, Ledgers and Cost Statements
b) Items excluded from cost and normal and abnormal items/cost
c) Integral accounts
d) Reconciliation of cost accounting records with financial accounts
e) Infrastructure, Educational, Healthcare and Port services


a) Job Costing
b) Batch Costing
c) Contract Costing
d) Process Costing – Normal and abnormal losses, equivalent production, Joint and By Products.
e) Operating Costing or Service Costing – Transport, Hotel and Hospital


Basic Understanding of the following topics are required for CMA Intermediate Course students.

(A) Marginal Costing

i) Meaning of Marginal Cost and Marginal Costing
ii) Absorption Costing vs. Marginal Costing
iii) Break-even analysis
iv) Margin of safety
v) Application of Marginal Costing for decision making (simple problems only)

(B) Standard Costing & Variance Analysis

i) Concept of standard cost and standard costing
ii) Advantages and limitations
iii) Computation of variances relating to material and labour costs only

(C) Budget and Budgetary Control (simple problems only)

i) Concepts, Types of Budgets
ii) Budgetary Control Vs Standard Costing
iii) Advantages and limitations
iv) Preparation of Budgets (simple problems only)



There are two sections in the Paper-9 of CMA Intermediate Course viz. A) Operations Management and B) Strategic Management.

Section – A (Operations Management) [70 Marks]:

In this section there are 7 topics. The first two topics covers 15% weightage, the next three topics covers 35% weightage and the remaining two topics covers the balance i.e. 20% weightage.

1. Operation Management Introduction

Scope characteristics of modern operations functions – recent trends in production / operations management.

2. Operations Planning

Demand forecasting – capacity planning – capacity requirement planning – facility location – facility layout – Resource aggregate planning – Material requirements planning – Manufacturing resource planning – Economic Batch quantity.

3. Designing of operational systems and control

Product Design, Process design – Selection – Product Life Cycle – Process Planning – Process Selection.

4. Production planning and Control

Introduction – Control Measures – Time study, Work study, Method study, Job Evaluation, Job Allocation (Assignment Technique), Scheduling Queuing Models, Simulation and Line Balancing – Optimum Allocation of resources – Lean Operations – JIT – Transportation Model and Linear Programming Technique (Formulation of equations only).

5. Productivity Management and Quality Management

Measurement techniques of productivity index, productivity of employee, productivity of materials, productivity of management resources, productivity of other factors – productivity improving methods – TQM basic tools and certification – ISO standards basics.

6. Project Management

Project planning – project life cycle – Gantt charts, PERT and CPM.

7. Economics of Maintenance and Spares Management

Break down Maintenance – Preventive Maintenance – Routine Maintenance – Replacement of Machine – Spare Parts Management.

Section – B (Strategic Management) [30 Marks]:

There are three topics in this section which covers 30% weightage of Paper-9 of CMA Intermediate Course.

8. Strategic Management Introduction

Vision- Mission and objective

9. Strategic Analysis and Strategic Planning

Situational Analysis –SWOT Analysis – Portfolio Analysis – BCG Matrices – Stages in Strategic Planning – Alternatives in Strategic Planning

10. Formulation and Implementation of Strategy

Strategy formulation function wise (Production Strategy, Marketing Strategy, Man Power Strategy) – Structuring of Organisation for implementation of strategy – Strategic Business Unit – Business Process re-engineering.


There are two sections in Paper-10 of CMA Intermediate Course viz. A) Cost & Management Accounting, and B) Financial Management. Each section carries 50% weight age. The detail contents have been mentioned here under.

Section A (Cost & Management Accounting) [50 Marks]:

In section A there are five topics and the contents of which have been described as follows.

1. Cost and Management Accounting

Introduction to Management Accounting – Relationship between Management Accounting and Cost Accounting

2. Decision Making Tools

a) Marginal Costing: Break Even Analysis and cost-volume-profit analysis; break-even charts and profit charts; differential cost analysis; stock valuation under marginal costing vs. absorption costing; applications of marginal costing in decision making.
b) Transfer Pricing – Determination of Inter-departmental or Inter-company Transfer Price.
3. Budgeting and Budgetary Control
a) Budgetary Control and Preparation of Functional and Master Budgeting
b) Fixed, Variable, Semi-Variable Budgets
c) Zero Based Budgeting (ZBB)

4. Standard Costing & Variance Analysis

Computation of variances for each of the elements of costs, Sales Variances, Investigation of variances – Valuation of Stock under Standard Costing – Uniform Costing and Inter-firm comparison.

5. Learning Curve

Concept of Learning curve and its application

Section B (Financial Management) [50 Marks]:

In section B of Paper-10 of CMA Intermediate Course, there are five topics and the detail contents have been described hereunder. This section carries 50% weightage.

7. Introduction to Financial Management

Meaning – Objectives – Scope of Financial Management sources of Finance – Introduction to Financial Markets.

8. Tools for Financial Analysis and Planning

Financial Ratio Analysis – Funds Flow Analysis – Cash Flow Analysis.

9. Working capital Management

Working Capital Management – Financing of Working Capital

10. Cost of Capital, Capital Structure Theories, Dividend Decisions and Leverage Analysis

Meaning of Cost of Capital – Computation of Cost of Capital – Capital Structure Theories and Dividend Decisions Theories (Walters – MM – Gordon Models) – Leverage Analysis.

11. Capital Budgeting – Investment Decisions

Concept of Capital Budgeting – Non-Discounted and Discounted Cash Flow Method – Ranking of Projects.


In Paer-11 of CMA Intermediate Course, there are five topics. The first two topics carries 35% weightage and the remaining three topics carries 15%, 30% and 20% weightage respectively.

1. Canons of Taxation – Indirect Tax

Features of Indirect Tax and Constitutional Validity

2. Central Excise

a) Central Excise Law – Goods – Manufacturer – Valuation Rules – Related Party – Captive Consumption – Registration – Payment of Duty – Monthly Returns – Job Work.
b) CENVAT – input Services capital goods and procedures under CENVAT Credit Rules
c) Export procedures
d) SSI provisions

3. Customs Laws

a) Concepts of Customs Law – Types of Duties, Anti-dumping duties
b) Valuation rules – Import Procedures – Export Procedures – Baggage – Stores – Warehousing – Demurrage

4. Service Tax

a) Introduction, Nature of Service Tax, Service Provider and Service Receiver
b) Registration Procedure, Records to be maintained
c) Negative List of Services, Exemptions and Abatements
d) Valuation of Taxable Services (applicable services will be notified for each term of exam)
e) Payment of Service Tax, Returns of Service Tax
f) Point of Taxation Rules, 2012
g) Place of Provision of Service Rules, 2012
h) Other aspects of Service Tax

5. Central Sales Tax and VAT

a) Central Sales Tax

i) Introduction, Definitions, Salient Features of CST Act
ii) Stock Transfer, Branch transfer, Inter State Sale
iii) Various forms for filing of returns under CST
iv) Procedures under Central Sales Tax (CST)

b) Value Added Tax (VAT)

i) Introduction, definitions, salient features of Sate VAT Act
ii) Treatment of stock & branch transfer under State VAT Act
iii) Filing of return under State VAT Act
iv) Accounting & Auditing VAT


In Paper-12 of CMA Intermediate Course, there are two sections viz. A) Accounts of Joint Stock Companies, and B) Auditing.

Section A (Accounts of Joint Stock Companies) [50 Marks]:

This section covers five topics. The first three topics carries 25% weightage and the remaining two carries 25% weightage. The detail contents have been sited below.

1. Accounting of Shares and Debentures

a) Issue of shares, rights issue, bonus issue, sweat equity shares, forfeiture of share, buy-back of shares
b) Issue and redemption of preference shares, debentures
c) Under writing of shares and debentures

2. Presentation of Financial Statements (as per Schedule III)

a) Statement of Profit and Loss
b) Balance Sheet

3. Cash Flow Statement (AS 3)

4. Accounts of Banking, Electricity and Insurance Companies

a) Accounts of Banking Company
b) Accounts of an Electricity Company
c) Accounts of Insurance Company

5. Accounting Standards (AS – 11, 12, 15, 16, 17, 18 and 19)

Section B (Auditing) [50 Marks]:

Section B of Paper-12 of CMA Intermediate Course covers two topics and the contents of which have been described hereunder.

6. Auditing Concepts

a) Nature, Scope and Significance of Auditing
b) Audit Engagement, Audit Program, Audit Working Papers, Audit Note Book, Audit Evidence and Audit Report
c) Internal Check, Internal Control, Internal Audit – Industry Specific.

7. Provision relating to Audit under Companies Act

a) Auditor’s qualifications, disqualifications, appointment, remuneration, removal, powers and duties.
b) Cost Audit, Secretarial Audit
c) Reporting Requirements under Companies Act, Report vs. Certificate, contents of the reports and qualifications in the report.
d) Miscellaneous Audit

i. Branch Audit, Joint Audit
ii. Audit of shares and debentures
iii. Audit of divisible profits and dividends
iv. Statutory Auditors Vs Internal Auditors
v. Auditing and Assurance Standards relating to audit of inventories and audit of fixed assets
vi. Auditing of different types of undertaking – Education, Hospitals, Cooperative Societies, Banks, Trusts, Municipalities, Panchayats.

ICWAI Inter Syllabus 2016 | ICWA Syllabus | CMA Executive| Download Files 

Now we are providing ICWA syllabus – inter  which is applicable from 2016 in PDF format. Click below links to download

Paper 5Financial Accounting Download
Paper 6Laws, Ethics & Governance Download
Paper 7Direct Tax and International Taxation Download
Paper 8Cost Accounting & Financial Management Download
Paper 9Operations Management Download
Paper 10Cost & Management Accounting Download
Paper 11Indirect Taxation Download
Paper 12Company Accounts & Audit Download

Recommended Read : ICWA Syllabus and subjects for dec 2017 Exam

Trainings and Quality Assessment Tests during Intermediate Course

1. 100 hours Compulsory Computer Applications Training

2. Communication & Soft Skills Training (Mandatory requirement) ( 3 days)

3. On-line (24×7) Web-based Centralized Quality Assessment Test to seek eligibility (Mandatory Requirement to Qualify) with an eligibility criterion of 40% marks for appearing in Examinations

Special Features of Intermediate and Final Course ICWA Syllabus 2017

1. Groups consisting of 4(four)papers segregated into “Module” of 2(two) papers at Intermediate Level and Final Level.

2. 7 (seven) Papers at Final Level would be compulsory, spread in Modules. 1 (one) optional paper to be chosen from amongst 5 (five) different specialization options.

3. Each student at Final Course would enjoy the option to go ahead with their respective specialization subject/area, as per choice and preference.

4. Option to appear in Module/Modules as per choice of the student.

CMA Inter DT and IDT Amendments – dec 2017

CMA Inter DT and IDT Amendments for June 2017 is Available in CAKART Website.Amendment on Direct Tax as per Finance Act, 2015 – applicable for June 2016 & December 2016 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.

Recommended Read : CMA Inter Dt and IDT Amendments

ICWA Syllabus and Subjects – Inter Complete Details dec 2017



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