ICAI CA Final Course 2024 Syllabus and Paper Pattern

Mar 27, 2024
ICAI CA Final Course 2024 Syllabus and Paper Pattern

Introduction

The Institute of Chartered Accountants of India (ICAI) created and administers the CA Final Exam Pattern for 2024. Candidates studying for the CA Final mock test paper should be aware of the controversial points that the exam will ask of them. Based on the offline format, the test typically takes place in May/June and November/December, consisting of six complete papers. All papers will last roughly three hours, with the exception of Paper 6, which will require four hours. The absence of any columns with negative markings is a crucial observation.

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CA Final Syllabus 2024

In the CA Final Exam, there are 6 courses, of which the courses are in groups of 3 papers each. The sixth paper consists of a choice of the six optional subjects, and the aspirant has to pick one.

Presently, ICAI has gone through the revision of the syllabus by making some modifications, such as the reduction in the number of papers from 6. As the CA Final Exam falls in the first fortnight of May 2024, they have to make sure that they keep track of the latest CA Final Study Materials to prepare themselves in the best way possible.

Having the curriculum understood, candidates can take their CA final with the promise of getting ready for the exams that will be coming up.

It is thus advisable to always check the topics covered in the newest CA Final syllabus under the ICAI scheme’s revised pattern.

CA Final Syllabus 2024
Paper Paper Name Marks
Paper 1 Financial Reporting 100 Marks
Paper 2 Advanced Financial Management 100 Marks
Paper 3 Advanced Auditing, Assurance And Professional Ethics 100 Marks
Paper 4 Direct Tax Laws & International Taxation 100 Marks
Paper 5 Indirect Tax Laws
Part I: Goods and Services Tax
Part II: Costumes & FTP
100 Marks
80 Marks
20 Marks
Paper 6 Integrated Business Solutions (Multi-Disciplinary Case Study With Strategic Management) 100 Marks

 

CA Final Paper Pattern 2024

There is a required CA Final Paper Pattern structure as per the way it has been set by the Institute of Chartered Accountants of India (ICAI). It covers major exam-related factors such as their mode, total number of questions, time limits, difficulty levels, exam groups, overall number of papers, and samples of types of papers. It’s important for candidates to be aware of this pattern before exam preparations begin.

CA Final Exam Pattern 2024
Particulars Details
Mode of exam Offline
Frequency (twice in a year) May/June

November/December

Paper(s) 6 papers
Duration of the question papers 3 hours
Paper 6 – 4 hours
Negative marking No

 

Paper Wise Weightage for CA Final 2024

PAPER 1: FINANCIAL REPORTING (100 Marks)
Contents Weightage
1. Introduction to General Purpose Financial Statements as per Indian Accounting Standard (Ind AS)

  • Statutory provisions: Applicability criteria.
  • Division II of Schedule III to the Companies Act, 2013 and Guidance Note thereupon.
10%-15%
2. Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS) 10%-15%
3. Application of Ind AS with reference to General Purpose Financial Statements:

(i) Ind AS on Presentation of Items in the Financial Statements

  • Ind AS 1 “Presentation of Financial Statements”
  • Ind AS 34 “Interim Financial Reporting”
  • Ind AS 7 “Statement of Cash Flows”

 

(ii) Ind AS on Measurement based on Accounting Policies

  • Ind AS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”
  • Ind AS 10 “Events after the Reporting Period” Ind AS 113 “Fair Value Measurement”
10%-15%
(iii) Ind AS on Income Statement Ind AS 115* “Revenue from.

Contracts with the Customers”

5%-10%
(iv) Ind AS on Assets and Liabilities of the Financial Statements

Ind AS 2 “Inventories”

Ind AS 16 “Property, Plant and Equipment”

Ind AS 116* “Leases”

Ind AS 23 “Borrowing Costs”

Ind AS 36 “Impairment of Assets”

Ind AS 38 “Intangible Assets”

Ind AS 40 “Investment Property”

Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”

Ind AS 19 “Employee Benefits”

Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets”

15%-25%
(v) Ind AS on Items impacting the Financial Statements

Ind AS 12* “Income Taxes”

Ind AS 21 “The Effects of Changes in Foreign Exchange Rates”

 

(vi) Ind AS on Disclosures in the Financial Statements

Ind AS 24 “Related Party Disclosures”

Ind AS 33 “Earnings per Share”

Ind AS 108 “Operating Segments”

 

(vii) Other Ind AS

Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance”

Ind AS 102 “Share Based Payment”

Ind AS 41 “Agriculture”

15%-20%
(viii) Ind AS on Financial Instruments (it includes Ind AS 32, Ind AS 109, Ind AS 107)

Financial Instruments: Scope and Definitions

Classification and Measurement of Financial Assets and Financial Liabilities

Financial Instruments: Equity and Financial Liabilities

Derivatives and Embedded Derivatives

Recognition and Derecognition of Financial Instruments

Hedge Accounting

Disclosures

10%-15%
4. Ind AS on Group Accounting

(i) Business Combinations (Ind AS 103)

(ii) Consolidated and Separate Financial Statements (it includes Ind AS 110, Ind AS 111, Ind AS 27, Ind AS 28, Ind AS 112)

10%-20%
5. First time adoption of Indian Accounting Standards (Ind AS 101) 5%-10%
6. Analysis of financial statements (as per Ind AS) 5%-10%
7. Ethics with Accounting Concepts

Identify and explain the key ethical issues

5%-10%
8. Technology and Accounting

Evolution of Accounting in the technological environment

5%-10%
PAPER 2: ADVANCED FINANCIAL MANAGEMENT (100 Marks)
Contents Weightage
Financial Policy and Corporate Strategy 8% – 15%
– Advanced role of CFO in various matters including Value Creation, Strategic decision-making framework, Interface of Financial Policy and strategic management, Balancing financial goals vis-à-vis sustainable growth.
Risk Management
– Identification of types of Risk faced by an organization, Evaluation of Financial Risks, Value at Risk (VAR), Evaluation of appropriate method for the identification and management of financial risk.
Advanced Capital Budgeting Decisions
– Current trends in Capital Budgeting, Impact of Inflation on Capital Budgeting Decisions, Impact of change in technology on Capital Budgeting, Impact of change in Government Policies on Capital Budgeting, Dealing with Risk in Investment Decisions, Internal and External Factors affecting capital budgeting decision, Methods of incorporating risk in Capital Budgeting, Adjusted Present Value, Optimum Replacement Cycle
Security Analysis
– Fundamental Analysis, Technical Analysis (Meaning, Assumptions, Theories and Principles, Charting Techniques – Basics, Efficient Market Hypothesis (EMH) Analysis), Equity Research and tools available
Security Valuation 20% – 30%
– Theory of Valuation, Return Concepts, Equity Risk Premium, Required Return on Equity, Discount Rate Selection in Relation to Cash Flows, Approaches to Valuation of Equity Shares, Valuation of Preference Shares, Valuation of Debentures/ Bonds, Role and Responsibilities of Valuers, Precautions need to be taken by a Valuer before accepting any valuation assignment
Portfolio Management
– Portfolio Analysis, Portfolio Selection, Capital Market Theory, Portfolio Revision, Portfolio Evaluation, Asset Allocation, Fixed Income Portfolio, Risk Analysis of Investment in Distressed Securities, Alternative Investment Avenues (Real Estate, Gold, Private Equity, REITs, Hedge Funds, ETFs, Mutual Funds, Commodities)
Securitization 20% – 30%
– Introduction, Concept and Definition, Benefits of Securitization, Participants in Securitization, Mechanism of Securitization, Problems in Securitization, Securitization Instruments, Pricing of Securitization Instruments, Risks in Securitization, Tokenization, Securitization in India
Mutual Funds
– Meaning, Types, Advantages and Disadvantages of Mutual Funds, Evaluation of Mutual Funds, Role of Fund Manager in Mutual Funds, Hedge Funds, Role of FIIs in Mutual Funds
Derivatives Analysis and Valuation
– Introduction to Forwards, Futures and Options, Futures Market, Pricing of Forwards and Futures, Hedging using Futures, Options (Option Pricing, Option Greeks, Exotic Options), Credit Derivatives, Real Options, Derivative Mishaps and Lessons, Swaps, Commodity Derivatives, Weather Derivatives, Electricity Derivatives
Foreign Exchange Exposure and Risk Management 20% – 25%
– Factors affecting foreign exchange rate, Role of SWIFT in Foreign Exchange, National and International Payment Gateways, Exchange rate determination, Foreign currency market, Management of Foreign Exchange Risk
International Financial Management
– International Capital Budgeting (Offshore Investment Strategies vis-à-vis Domestic Capital Budgeting, Project vis-à-vis Parent Cash Flows, Discounting Rate and Adjusting Cash Flows, Adjusted Present Value), Raising funds from International Sources, Sovereign Funds, International Financial Centre (GIFT City), International Working Capital Management
Interest Rate Risk Management
– Benchmark Rates, Interest Rate Risk, Hedging Interest Rate Risk (Traditional Methods including Asset and Liability Management (ALM), Forward Rate Agreement (FRA); Modern Methods including Interest Rate Futures, Interest Rate Options, Swaps, Swaptions)
Business Valuation 10% – 15%
– Conceptual Framework of Valuation, Approaches/ Methods of Valuation (Assets Based Valuation Model, Earning Based Models, Cash Flow Based Models, Measuring Cost of Equity, Relative Valuation, Other Approaches to Value Measurement), Going concern and Non Going concern valuation, Valuation of Distressed Companies, Valuation of Startups, Valuation of Digital Platforms, Valuation of Professional/Consultancy Firms, Impact of ESG on valuation
Mergers, Acquisitions and Corporate Restructuring
– Conceptual Framework, Rationale, Forms, Mergers and Acquisitions (Financial Framework, Takeover Defensive Tactics, Reverse Merger), Divestitures (Partial Sell off, Demerger, Equity Carve outs), Ownership Restructuring (Going Private, Management/ Leveraged Buyouts), Unlocking the value through Mergers & Acquisitions and Business Restructuring, Cross Border Mergers, Special Purpose Acquisition Companies (SPACs)
Startup Finance 2% – 5%
– Introduction including Pitch Presentation, Concept of Unicorn, Startup Initiative of GOI, Sources of Funding, Succession planning in Business

PAPER 3: ADVANCED AUDITING, ASSURANCE, AND PROFESSIONAL ETHICS (100 marks)
Contents Weightage
Quality Control: 45%-55%
– SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements; SA 220 Quality Control for an Audit of Financial Statements
General Auditing Principles and Auditors Responsibilities:
– SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements; SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements; SA 260 Communication with Those Charged with Governance; SA 299 Joint Audit of Financial Statements; SA 402 Audit Considerations Relating to an Entity Using a Service Organisation
Audit Planning, Strategy, and Execution:
– SA 450 Evaluation of Misstatements identified During the Audit; SA 520 Analytical Procedures; SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures; SA 610 Using the Work of Internal Auditors; SA 620 Using the Work of an Auditor’s Expert
Materiality, Risk Assessment and Internal Control:
– Evaluation of Internal Control Procedures; Components of Internal Controls; Internal Control and Risk Assessment; auditor’s response to assessed risks; Risk-Based Audit- Audit Risk Analysis; Reporting on Internal Control Weaknesses; Framework on Reporting of Internal Controls; SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management; SA 330 The Auditor’s Responses to Assessed Risks
Audit Evidence:
– SA 500 Audit Evidence; SA 501 Audit Evidence – Specific Considerations for Selected Items; SA 505 External Confirmations; SA 510 Initial Audit Engagements – Opening Balances; SA 530 Audit Sampling & SA 550 Related Parties
Completion and Review:
– SA 560 Subsequent Event; SA 570 Going Concern and SA 580 Written Representation
Reporting:
– SA 700 Forming an Opinion and Reporting on Financial Statements; SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report; SA 705 Modifications to the Opinion in the Independent Auditor’s Report; SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report; SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements; SA 720 The Auditor’s Responsibility in Relation to Other Information
Specialised Areas:
– Basic and Overview of SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks; Basic and Overview of SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; Basic and Overview of SA 810 Engagements to Report on Summary Financial Statements
Related Services:
– Basic and Overview of SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information; Basic and Overview of SRS 4410 Compilation Engagements
Review of Financial Information:
– Basic and Overview of SRE 2400 Engagements to Review Historical Financial Statements; Basic and Overview of SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
Prospective Financial Information and Other Assurance Services:
– Basic and Overview of SAE 3400 The Examination of Prospective Financial Information; Basic and Overview of SAE 3402 Assurance Reports on Controls at a Service Organisation; Basic and Overview of SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
Digital Auditing and Assurance: 3% -6%
– Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing
Group Audits:
– Audit of Consolidated Financial Statements – Responsibility of Parent Company, Auditor of the Consolidated Financial Statements; Audit Considerations – Permanent Consolidation, Current Period Consolidation; Reporting; Audit of Group Financial Statements including the work of Component Auditors; SA 600 Using the Work of Another Auditor
Special Features of Audit of Banks & Non-Banking Financial Companies
Overview of Audit of Public Sector Undertakings:
– Concept of Propriety Audit; Performance Audit; Comprehensive Audit
Internal Audit: 17%-24%
– Provisions of Internal Audit as per Companies Act, 2013; Scope of Internal Auditing; Relationship between Internal and External Auditor
Due Diligence, Investigation and Forensic Accounting:
Audit versus Investigation; Steps for Investigation; Types of Investigation; Procedure, Powers, etc. of Investigator; Types of Fraud, Indicators of Fraud, Follow-up

 

Must Read: ICAI CA Exam Time Table for 2024

Paper 4: Direct Tax Laws and International Taxation (100 Marks)
Contents Weightage
I. Comprehensive computation of income-tax liabilities of companies and other entities under the alternative tax regimes under the Income-tax Act, 1961 to optimize tax liability 40%-45%
– General provisions under the Act for computation of total income and tax liability for companies and other entities
– Special tax regimes under the Act for companies and other entities
– Optimization of tax liability of companies and other entities through tax planning
– Special Provisions relating to charitable and religious trust and institutions, political parties and electoral trusts, business trusts, securitization trusts, investment funds and other funds/trusts
– Anti-avoidance provisions under the Act
– Provisions to address tax challenges on digitalization
II. Tax Administration and Appellate Mechanism 20%-30%
– Deduction, Collection and Recovery of Tax
– Income-tax Authorities
– Assessment Procedures
– Appeals and Revision; and Dispute Resolution
– Provisions to counteract unethical tax practices
– Taxation of undisclosed income under the Income-tax Act, 1961
– Taxation of undisclosed foreign income and assets
– Penalties and offenses and prosecution
– Miscellaneous Provisions
– Tax Audit
III. International Taxation 30%-35%
– Taxation of cross border transactions and Non-resident taxation under the Income-tax Act, 1961, including Transfer Pricing, Non-resident Taxation, Double Taxation Relief, Advance Ruling
– Other Aspects of International Taxation, namely, Significant articles of OECD and UN Model Tax Conventions, Fundamentals of BEPS, Application and Interpretation of Tax Treaties, Latest developments in international taxation

 

PAPER 5: INDIRECT TAX LAWS (100 MARKS)

PART-I-GOODS AND SERVICES TAX (80 MARKS)

Contents Weightage
Goods and Services Tax (GST) Law as contained in the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017 including
(i) Case studies based on the following: 45%-65%
– Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply, inter-state supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Classification; Exemption from tax; Place of supply; Time of Supply; Value of supply; Input tax credit; Computation of GST liability
(ii) Procedures under GST including registration, tax invoice, credit and debit notes, electronic way-bill, accounts and records, returns, payment of tax 10%-30%
(iii) Refunds and case studies based on refund provisions
(iv) Job work
(v) Liability to pay in certain cases
(vi) Administration of GST; Assessment and Audit 0-5%
– Inspection, Search, Seizure and Arrest
– Other provisions
(vii) Demand and Recovery; Offenses and Penalties 15%-30%
– Advance Ruling
– Appeals and Revision
– Ethics under GST

PART-II-CUSTOMS & FTP (20 MARKS)

Contents Weightage
1. Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
– Levy of customs duties including application of customs law, taxable event, charge of customs duty, exceptions to levy of customs duty, exemption from custom duty 40%-65%
– Types of customs duties
– Classification and valuation of imported and export goods
– Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores 20% – 45%
– Warehousing
– Refund
2. Foreign Trade Policy
– Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions 10%-20%
– Basic concepts relating to export promotion schemes provided under FTP
– Basic concepts relating to import and export
1. Introduction to customs law including Constitutional aspects
Paper 6: Integrated Business Solutions

To achieve the highest level of readiness for the CA Final 2024 examination, do consider the practicing of numerous mock papers. This technique helps to determine the kind of questions and the estimate of time per question that students need to be given.

The analysis that you do of your performance in test samples, you can, thus, make as many adjustments and revisions of your strategy for study for the exam, as may be necessary. Furthermore, ICAI encompasses the professional study module and provides sample question papers for CA Final that is another piece of the news that you need for the exam.

  1. Financial Reporting
  2. Advanced Financial Management
  3. Advanced Auditing, Assurance, and Professional Ethics
  4. Direct Tax Laws and International Taxation
  5. Indirect Tax Laws
  6. Corporate and Economic Laws
  7. Strategic Cost and Performance Management

 

Passing Criteria for CA Final in 2024

  • The new exemption threshold set by ICAI took into account the revision.
  • The exempt papers scored 60+ marks, which is now classified as a pass at the end.
  • Students have to manage to get 50% by themselves in the papers.
  • Besides, students can also dole out exceptions as per ICAI’s new scheme.
  • The alternative is to give-up-the exemptions and allow students to challenge themselves and develop unique skills in particular area.

Also Read: Best CA Foundation Online Classes for 2024

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CA Final 2024 FAQs

1. What are the CA final exam passing criteria?

Students are required to achieve a minimum of 40% in each subject and an overall aggregate of 50% across all subjects.

2. Is there any negative marking for wrong answers in the CA Final Exam?

No, there is no negative marking for wrong answers in the CA Final Exam.

3. What is the salary of a CA topper in India?

Fresher CAs with first-time exam clearing receive higher salary packages of INR 12–13 lakhs per annum, while CA topper salaries in India range from INR 15–20 lakhs per annum.

4. Which subject is easy in CA final?

Business economics, with a weightage of 60 marks, is easy for Commerce students who have studied it in 11th and 12th classes.

Also Read:

ICAI CA Foundation Course: Syllabus and Paper Pattern 2024

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