ICAI CA Final Syllabus 2021 for Dec Exams

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 syllabus 2021 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 Dec 2021 exams in this article.

CA Final Subjects 2021: 

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 2021 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 syllabus completely. After reading this article you will have the complete overview of the CA Final 2021 syllabus for December exams.

CA Final Syllabus 2021: Group 1 & 2 Subjects:

Let’s have an overview of the CA Final Subjects Syllabus 2021: 

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
1Framework for Preparation and Presentation of Financial Statements
2Application of Indian Accounting Standards
3Indian Accounting Standards on Group Accounting
4Accounting and Reporting of Financial Instruments
5Analysis of Financial Statements
6Integrated Reporting
7Corporate 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 2021 
1Auditing Standards, Statements and Guidance Notes
2Audit Planning, Strategy and Execution
3Risk Assessment and Internal Control
4Special aspects of Auditing in an Automated Environment
5Audit of Limited Companies
6Audit Reports
7Audit Committee and Corporate Governance
8Audit of Consolidated Financial Statements
9Special features of audit of Banks, Insurance & Non-Banking Financial Companies
10Audit under Fiscal Laws
11Audit of Public Sector Undertakings
12Liabilities of Auditors
13Internal Audit, Management and Operational Audit
14Due Diligence, Investigation and Forensic Audit
15Peer Review and Quality Review
16Professional 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
1The Companies Act, 2013
2Corporate Secretarial Practice


SECTION B: SECURITIES LAWS

Objective:

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

S. No.Chapter Name
1The Securities Contract (Regulation) Act, 1956 and the Securities Contract
2The 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
1The Foreign Exchange Management Act, 1999
2The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
3The Prevention of Money Laundering Act, 2002
4Foreign Contribution Regulation Act, 2010
5The Arbitration and Conciliation Act, 1996
6The 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
1Introduction to Strategic Cost Management
2Modern Business Environment
3Lean System and Innovation
4Cost Management Techniques
5Cost Management for Specific Sectors


Sub Part II: Strategic Decision Making

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


Part B: Performance Evaluation and Control

Sub Part I: Performance Evaluation and Reporting

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


Sub Part II: Managerial Control

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

PAPER – 6A: Risk Management

(One paper – Three hours – 100 Marks)

Objective:

  • To gain knowledge and an 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
1Introduction to risk
2Source and evaluation of risks
3Risk management
4Evaluation of Risk Management Strategies
5Risk model
6Credit Risk Measurement and Management
7Risk associated with Corporate Governance
8Enterprise Risk Management
9Operational 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
1Transfer Pricing provisions under the Income-tax Act, 1961
2Other Provisions relating to taxation of international transactions and non-resident taxation under the Income-tax Act, 1961
3Law and Procedures under the Black Money and Imposition of Tax Act, 2015


Part II: Other aspects of International Taxation

S. No.Chapter Name
1Overview of Model Tax Conventions
2Tax treaties, Application and Interpretation
3Anti Avoidance Measures
4Taxation 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
1World Trade Organization (WTO) covering its Role, Principles, Functions and Dispute Settlement Mechanism
2Competition Act, 2002 and Rules/ Regulations
3Real Estate
4Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations
5Prevention of Money Laundering Act, 2002 and Rules/ Regulations
6Foreign Exchange Management Act, 1999 and Rules/ Regulations
7Prohibition 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 a practical cases.
  • To develop an understanding of the significant differences between IFRS and US GAAPs and apply the same in a practical cases.
S. No.Chapter Name
1Conceptual Framework for Financial Reporting as per IFRS
2Application of International Financial Reporting Standards
3Significant 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
1Financial Accounting and Reporting
2Audit and Assurance
3Taxation
4Finance and Financial Management
5Management Accounting
6Corporate Laws
7Business 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 2021
1Basis 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
2Special provisions relating to companies and certain persons other than a company
3Provisions relating to charitable and religious trust and institutions, political parties and electoral trusts
4Tax Planning, Tax Avoidance & Tax Evasion
5Collection & Recovery of Tax, Refunds
6Income-tax Authorities, Procedure for assessment, Appeals and Revision
7Settlement of Tax Cases, Penalties, Offences & Prosecution
8Liability in Special Cases
9Miscellaneous 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
1Introduction to GST in India including Constitutional aspects
2Levy and collection of CGST and IGST
3Place of supply
4Time and Value of supply
5Input tax credit
6Computation of GST liability
7Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records etc
8Liability to pay in certain cases
9Administration of GST; Assessment and Audit
10Inspection, Search, Seizure and Arrest
11Demand and Recovery
12Offenses and Penalties
13Advance Ruling
14Appeals and Revision
15Other 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
1Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
2Foreign 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 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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