June 25, 2019

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:

Code of Ethics
Guidance Note on Independence of Auditors.
Guidance Note on Audit of Inventories.
Guidance Note on Audit of Debtors, Loans and Advances.
Guidance Note on Audit of Investments.
Guidance Note on Audit of Cash and Bank Balances.
Guidance Note on Audit of Liabilities.
Guidance Note on Audit of Revenue.
Guidance Note on Audit of Expenses.
Guidance Note on Computer Assisted Audit Techniques (CAATs).
Guidance Note on Audit of Payment of Dividend.
Guidance Note on Audit of Capital and Reserves.
Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
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)