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ICAI CA Final Syllabus 2023 for May Exams

CA final new syllabus 2023

CA Final is the last level in your Chartered accountancy journey. Students you are just one step closer to achieving your dream. After passing the CA Final exams you will become a member of ICAI and start your practice. After registering for the course you will be given 8 months of the study period to prepare yourself for the exams. Before starting your preparation students are advised to check the CA Final syllabus thoroughly. To download the syllabus of the CA Final you need to visit the official website of the ICAI. Every year there are several amendments made by ICAI in the syllabus so we advise you to download the CA Final new syllabus 2023 from the official website.

CA Final exams are conducted on a bi-annual basis. The course is divided into 2 groups which are further subcategorized into 8 subjects. We have mentioned the CA Final syllabus for May 2023 exams in this article.

CA Final Subjects 2023:

The CA Final syllabus is divided into two groups. 

Group 1: 

Paper-1: Financial Reporting

Paper-2: Strategic Financial Management

Paper-3: Advanced Auditing and Professional Ethics

Paper-4: Corporate and Economic Laws

Group 2: 

Paper-5: Strategic Cost Management and Performance Evaluation

Paper-6A: Risk Management

Paper-6B: Financial Services and Capital Markets

Paper-6C: International Taxation

Paper-6D: Economic Laws

Paper-6E: Global Financial Reporting Standards

Paper-6F: Multidisciplinary Case Study

Paper-7: Direct Tax Laws and International Taxation

Paper-8: Indirect Tax Laws

Every paper in CA Final 2023 syllabus consists of 100 marks. To become a CA in India you need to score a minimum of 40% marks in each subject and 50% overall. You can not afford failure at this stage so you need to be well prepared, strict, and solve as many mock test papers, sample papers, previous year papers to pass this course in one go.

Must Read: How to become a CA in India

Planning is something you need to pass this subject. You can make a study plan when you check the CA Final new syllabus completely. After reading this article you will have the complete overview of the CA Final 2023 syllabus for May exams.

CA Final New Syllabus 2023: Group 1 & 2 Subjects:

Let’s have an overview of the CA Final Subjects Syllabus 2023: 

PAPER – 1: FINANCIAL REPORTING

(One paper – Three hours – 100 Marks)

Objectives:

  • 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.
  • To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards while preparing and presenting the financial statements.
  • To develop the skill to prepare financial statements of group entities which include subsidiaries, associates, and joint arrangements based on Indian Accounting Standards.
  • 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.
S. No. CA Final Paper 1 Syllabus
1 Framework for Preparation and Presentation of Financial Statements
2 Application of Indian Accounting Standards
3 Indian Accounting Standards on Group Accounting
4 Accounting and Reporting of Financial Instruments
5 Analysis of Financial Statements
6 Integrated Reporting
7 Corporate Social Responsibility Reporting

PAPER – 2: STRATEGIC FINANCIAL MANAGEMENT

(One paper – Three hours – 100 marks)

Objective:

To acquire the ability to apply financial management theories and techniques in strategic decision-making.

PAPER – 3: ADVANCED AUDITING AND PROFESSIONAL ETHICS

(One paper – Three hours – 100 marks)

Objective:

  • To acquire the ability to analyze current auditing practices and  procedures  and  apply them in auditing engagements;
  • To acquire the ability to solve cases relating to audit.
S. No. Paper 3 CA Final Syllabus 2023 
1 Auditing Standards, Statements and Guidance Notes
2 Audit Planning, Strategy and Execution
3 Risk Assessment and Internal Control
4 Special aspects of Auditing in an Automated Environment
5 Audit of Limited Companies
6 Audit Reports
7 Audit Committee and Corporate Governance
8 Audit of Consolidated Financial Statements
9 Special features of audit of Banks, Insurance & Non-Banking Financial Companies
10 Audit under Fiscal Laws
11 Audit of Public Sector Undertakings
12 Liabilities of Auditors
13 Internal Audit, Management and Operational Audit
14 Due Diligence, Investigation and Forensic Audit
15 Peer Review and Quality Review
16 Professional Ethics

PAPER – 4: CORPORATE AND ECONOMIC LAWS

(One paper – Three hours – 100 marks)

PART – I: CORPORATE LAWS (70 Marks)

SECTION A: COMPANY LAW

Objective:

To acquire the ability to analyze, interpret and apply the provisions of the company law in practical situations.

S. No. Chapter Name
1 The Companies Act, 2013
2 Corporate Secretarial Practice

 

SECTION B: SECURITIES LAWS

Objective:

To acquire the ability to analyze the significant provisions of select securities laws.

S. No. Chapter Name
1 The Securities Contract (Regulation) Act, 1956 and the Securities Contract
2 The Securities Exchange Board of India Act, 1992

 

PART II: ECONOMIC LAWS (30 MARKS)

Objective:

To acquire the ability to analyze the significant provisions of select economic laws:

S. No. Chapter Name
1 The Foreign Exchange Management Act, 1999
2 The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
3 The Prevention of Money Laundering Act, 2002
4 Foreign Contribution Regulation Act, 2010
5 The Arbitration and Conciliation Act, 1996
6 The Insolvency and Bankruptcy Code, 2016

PAPER – 5: STRATEGIC COST MANAGEMENT AND PERFORMANCE EVALUATION

(One paper – Three hours – 100 marks)

Objective:

  • To apply various cost management techniques for planning and controlling performance in order to set, monitor and control strategies.
  • To develop skills of analysis, synthesis and evaluation in cost management to address challenges and issues which might affect or influence the management of performance within organizations.

Part A: Strategic Cost Management and Decision Making

Sub Part I: Strategic Cost Management

S. No. Chapter Name
1 Introduction to Strategic Cost Management
2 Modern Business Environment
3 Lean System and Innovation
4 Cost Management Techniques
5 Cost Management for Specific Sectors

 

Sub Part II: Strategic Decision Making

S. No. Chapter Name
1 Decision Making
2 Pricing Strategies/ Decisions

 

Part B: Performance Evaluation and Control

Sub Part I: Performance Evaluation and Reporting

S. No. Chapter Name
1 Introduction to Strategic Cost Management
2 Modern Business Environment
3 Lean System and Innovation
4 Cost Management Techniques
5 Cost Management for Specific Sectors

 

Sub Part II: Managerial Control

S. No. Chapter Name
1 Budgetary Control
2 Standard Costing

PAPER – 6A: Risk Management

(One paper – Three hours – 100 Marks)

Objective:

  • To gain knowledge and insight into the spectrum of risks faced by businesses and to learn techniques of managing risks.
  • To build capacity for applying such learning to address risk-related issues in real business scenarios.
S. No. Chapter Name
1 Introduction to risk
2 Source and evaluation of risks
3 Risk management
4 Evaluation of Risk Management Strategies
5 Risk model
6 Credit Risk Measurement and Management
7 Risk associated with Corporate Governance
8 Enterprise Risk Management
9 Operational Risk Management

PAPER – 6B: Financial Services and Capital Markets

(One paper – Three hours – 100 Marks)

Objective:

    • To gain knowledge of financial services rendered by intermediaries and banks and their role and activities in the financial market in general and capital markets in particular;
    • To acquire the ability to apply such knowledge to address issues in practical scenarios.

PAPER – 6C: International Taxation

(One paper – Three hours – 100 Marks)

Objective:

To develop an understanding of the concepts, principles and provisions relevant to international taxation and acquire the ability to apply such knowledge to make computations and address issues in practical case scenarios.

Part I: Taxation of International Transactions and Non-resident Taxation in India

S. No. Chapter Name
1 Transfer Pricing provisions under the Income-tax Act, 1961
2 Other Provisions relating to taxation of international transactions and non-resident taxation under the Income-tax Act, 1961
3 Law and Procedures under the Black Money and Imposition of Tax Act, 2015

 

Part II: Other Aspects of International Taxation

S. No. Chapter Name
1 Overview of Model Tax Conventions
2 Tax treaties, Application and Interpretation
3 Anti Avoidance Measures
4 Taxation of E-Commerce Transactions

PAPER – 6D: Economic Laws

(One paper – Three hours – 100 Marks)

Objective:

  • To develop an understanding of the provisions of different economic laws and acquire the ability to apply such knowledge to address issues in practical case scenarios.
S. No. Chapter Name
1 World Trade Organization (WTO) covering its Role, Principles, Functions and Dispute Settlement Mechanism
2 Competition Act, 2002 and Rules/ Regulations
3 Real Estate
4 Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations
5 Prevention of Money Laundering Act, 2002 and Rules/ Regulations
6 Foreign Exchange Management Act, 1999 and Rules/ Regulations
7 Prohibition of Benami Property Transactions Act, 1988 and Rules/ Regulations

PAPER – 6E: Global Financial Reporting Standards

(One paper – Three hours – 100 Marks)

Objective:

  • 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 make computations and address issues in practical cases.
  • To develop an understanding of the significant differences between IFRS and US GAAPs and apply the same in practical cases.
S. No. Chapter Name
1 Conceptual Framework for Financial Reporting as per IFRS
2 Application of International Financial Reporting Standards
3 Significant differences between IFRS and US GAAPs

PAPER – 6F: Multidisciplinary Case Study

(One paper – Three hours – 100 Marks)

Objective:

  • To analyze and integrate the concepts, principles and provisions of accounting, auditing, taxation, corporate laws, finance and business strategy and management to address issues in practical case scenarios.
S. No. Chapter Name
1 Financial Accounting and Reporting
2 Audit and Assurance
3 Taxation
4 Finance and Financial Management
5 Management Accounting
6 Corporate Laws
7 Business Strategy and Management

PAPER – 7: Direct Tax Laws and International Taxation

(One paper – Three hours – 100 Marks)

Part I: Direct Tax Laws (70 Marks)

Objective:

  • To acquire the ability to analyze and interpret the provisions of direct tax laws and recommend solutions to practical problems.
S. No. Paper 7 CA Final Syllabus 2023
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 etc
2 Special provisions relating to companies and certain persons other than a company
3 Provisions relating to charitable and religious trust and institutions, political parties and electoral trusts
4 Tax Planning, Tax Avoidance & Tax Evasion
5 Collection & Recovery of Tax, Refunds
6 Income-tax Authorities, Procedure for assessment, Appeals and Revision
7 Settlement of Tax Cases, Penalties, Offences & Prosecution
8 Liability in Special Cases
9 Miscellaneous Provisions and Other Provisions

 

Part II: International Taxation (30 Marks)

Objective:

  • To develop an understanding of the concepts, principles and provisions of International Taxation and acquire the ability to apply such knowledge to make computations and to address application-oriented issues.

Part I: Goods and Services Taxes (75 Marks)

Objective:

  • To acquire the ability to analyze and interpret the provisions of the goods and services tax law and recommend solutions to practical problems.
S. No. CA Final Paper 8 Syallbus
1 Introduction to GST in India including Constitutional aspects
2 Levy and collection of CGST and IGST
3 Place of supply
4 Time and Value of supply
5 Input tax credit
6 Computation of GST liability
7 Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records etc
8 Liability to pay in certain cases
9 Administration of GST; Assessment and Audit
10 Inspection, Search, Seizure and Arrest
11 Demand and Recovery
12 Offenses and Penalties
13 Advance Ruling
14 Appeals and Revision
15 Other provisions

 

Part II: Customs and FTP (25 Marks)

Objective:

  • To develop an understanding of the customs laws and acquire the ability to analyze and interpret the provisions.
  • To develop an understanding of the basic concepts of foreign trade policy to the extent relevant to indirect tax laws, and acquire the ability to analyze.
S. No. Chapter Name
1 Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
2 Foreign Trade Policy to the extent relevant to the indirect tax laws

Students should set a timetable as CA Final syllabus is very lengthy. To complete the syllabus on time you need to be very strict, disciplined and dedicated to your studies. After reading CA Final new syllabus you should start your preparation.

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Frequently Asked Questions:

Q: What are the subjects of the CA final?

A: There are 8 subjects in the CA final syllabus divided into two groups of 4 subjects each.

Q: Are there any changes in CA Final new syllabus?

A: Yes, every year there are some changes made by ICAI in the syllabus of the CA final.

Q: Can I clear the CA final in the first attempt?

A: Yes. You just need to do the hard work with full confidence, commitment and dedication.

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