CA Final New Course - Modification in Scope of Syllabi

ICAI has published a notification on 24th June, 2019 to exclude some topic from the scope of Syllabi of some subjects [Effective from November 2019 Examination onwards] 

Click Here to Download Notification PDF.

See end of the Page for Clarification by Top Faculties

Paper 1 : Financial Reporting [ FR]

 Topics excluded: 

  • Application of existing Accounting Standards i.e., AS 15, 21,23, 25, 27 and 28 
  • Application of Guidance Notes issued by ICAI on specified accounting aspects 
  • Accounting for Carbon Credits and related Guidance Note 
  • Accounting for E-commerce Business and related Guidance Note 
  • Human Resource Reporting 
  • Value Added Statement 
  • Expert Advisory Committee (EAC) Opinions

The Guidance Note on accounting for expenditure on Corporate Social Responsibility activities falling within the scope of topic 13 of Syllabus Contents continues to be applicable

Paper 2 : Strategic Financial Management [SFM]

 Topics excluded:

  • Indian Financial System 
  • International Financial Centre (IFC) 
  • Small & Medium Enterprises

 

Paper 3 : Advanced Auditing and Professional Ethics [Audit]

 Topics excluded:

  • Chapter 14 : Special Audit Assignment topic has been excluded.

Following Engagement and Quality Control Standards excluded:

(1) (2) (3)  
Sl No. Topic of the Syllabus Exclusions
1 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework Chapter 7 Excluded
2 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement Chapter 7 Excluded
3 SA 810 Engagements to Report on Summary Financial Statements Chapter 7 Excluded
4 SRE 2400 Engagements to Review Historical Financial Statements (Revised) Chapter 7 Excluded
5 SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity Chapter 7 Excluded
6 SAE 3400 The Examination of Prospective Financial Information Chapter 7 Excluded
7 SAE 3402 Assurance Reports on Controls At a Service Organisation Chapter 7 Excluded
8 SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financ Chapter 7 Excluded
9 SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information Chapter 7 Excluded
10 SRS 4410 Compilations Engagements (Revised) Chapter 7 Excluded

 

Following Guidance Notes and other publications are excluded:

  1. Code of Ethics 
  2. Guidance Note on Independence of Auditors. 
  3. Guidance Note on Audit of Inventories. 
  4. Guidance Note on Audit of Debtors, Loans and Advances. 
  5. Guidance Note on Audit of Investments.
  6. Guidance Note on Audit of Cash and Bank Balances. 
  7. Guidance Note on Audit of Liabilities. 
  8. Guidance Note on Audit of Revenue.
  9. Guidance Note on Audit of Expenses.
  10. Guidance Note on Computer Assisted Audit Techniques (CAATs). 
  11. Guidance Note on Audit of Payment of Dividend. 
  12. Guidance Note on Audit of Capital and Reserves. 
  13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013 
  14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

 

Paper 4: Corporate and Economic Laws

Provisions/sections excluded from/retained in certain topics of the syllabus through Study Guidelines: 

 Topic Retained Provisions Excluded Provisions
(1) (2) (3)
Winding Up Sections related to winding up by Tribunal (from sections 271-303); and Sections applicable to every mode of winding up (from sections 324- 336 and 344-347 and 352- 358) are retained Remaining provisions are excluded.
Producer Companies - Entire topic is excluded
Miscellanous Provisions Sections, other than the excluded sections in column (3), are retained Sections 366 to 378, 396 to 404, 405, 448, 449, 451-454, 456-470 are excluded
Compounding of offences, Adjudication, Special Courts Adjudication and special courts are retained. Compounding of offences’ is excluded
National Company Law Tribunal and Appellate Tribunal Provisions, other than excluded provisions in column (3), are retained. Provisions dealing with constitution of NCLT/ NCLAT and qualification of chairman and NCLT/ NCLAT members, their salary, allowances etc., are excluded
SEBI Act, 1992, SEBI (ICDR) Regulations, 2009 and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 SEBI Act, 1992 and and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 are retained. SEBI (ICDR) Regulations are excluded
The Foreign Exchange Management Act, 1999

The FEMA, 1999 along with the following Rules/Regulations - 

  • Fem (Permissible Capital Account Transactions) Regulations, 2000 
  • Fem (Current Account Transactions) Rules, 2000 
  • FEM (Export of Goods & Services) Regulations, 2015
 The remaining Rules and Regulations are excluded.
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  • Relevant definitions covered in the Study Material 
  • Management of asset by the bank and the financial institutions
 Remaining provisions are excluded
Insolvency & Bankruptcy Code, 2016 The Corporate and Insolvency resolution process i.e. upto section 59 Remaining provisions (i.e. from section 60 onwards) are excluded.

 

Elective Paper 6A : Risk Management [RM]

 Topic “Quantitative Analysis” excluded


Elective Paper 6B : Financial Services and Capital Markets [FSCM]

 Topic “Banking Management” excluded


Elective Paper 6D : Economic Laws

 Topic “World Trade Organization (WTO) ” excluded


Paper 8 : Indirect Tax Laws

 The following topics have been excluded from the syllabus of Part II: Customs & FTP (*)

  • Warehousing 
  • Demand and Recovery 
  • Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods 
  • Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution 
  • Appeals and Revision; Advance Rulings; Settlement Commission 
  • Officers of Customs; Appointment of customs ports, airports etc. 
  • Provisions relating to coastal goods and vessels carrying coastal goods
  • Other provisions

(*) These exclusions are relevant for Final (Old) Paper 8 : Indirect Tax Laws also.

 

Inclusions within the scope of syllabi of select subjects [To be effective from May, 2020 Examination onwards]Examination onwards]

Paper 4: Corporate and Economic Laws

 Inclusions:

Legislations Topics Added
The Foreign Exchange Management Act, 1999
  • Overseas Direct Investment 
  • Import of Goods and Services  
  • External Commercial Borrowing Policy

Elective Paper 6A : Risk Management [RM]

 Topic “Evaluation of Risk Management Strategies” included


Elective Paper 6B : Financial Services and Capital Markets [FSCM]

 Topics “Leasing and Factoring” included 

 

Faculty Speaks on Modifications



 CA Vishal Bhattad (IDT) CA Mayank Kothari (SFM)
CA Sanidhya Saraf (Audit) CA Amit Popli (Law) CA Sanjay Saraf (SFM & Elective)
CA Parveen Jindal (FR) CA Parveen Sharma (FR) CA Darshan Khare (Law)

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