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

2. Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS)

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”        

(iii) Ind AS on Income Statement

Ind AS 115* “Revenue from Contracts with the Customers”

(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”

(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”

(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

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)

5. First time adoption of Indian Accounting Standards (Ind AS 101)

6. Analysis of financial statements (as per Ind AS)

7. Ethics with Accounting Concepts
Identify and explain the key ethical issues

8. Technology and Accounting
Evolution    of    Accounting    in    the technological environment

1. Financial Policy and Corporate Strategy

(i) Advanced role of CFO in various matters including Value Creation
(ii) Strategic    decision    making framework
(iii) Interface of Financial Policy and strategic management
(iv) Balancing financial goals vis-à-vis sustainable growth.

2. Risk Management

(i) Identification of types of Risk faced by an organisation

(ii) Evaluation of Financial Risks

(iii) Value at Risk (VAR)

(iv) Evaluation of appropriate method for the identification and management of financial risk

3. Advanced Capital Budgeting Decisions
(i) 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
(ii) Dealing with Risk in Investment Decisions
(iii) Internal and External Factors affecting capital budgeting decision
(iv) Methods of incorporating risk in Capital Budgeting
(iv) Adjusted Present Value
(v) Optimum Replacement Cycle

4. Security Analysis

(i) Fundamental Analysis

(ii) Technical Analysis

(a) Meaning

(b) Assumptions

(c) Theories and Principles

(d) Charting Techniques – Basics

(e) Efficient Market Hypothesis (EMH) Analysis

(iii) Equity Research and tools available

5. Security Valuation

((i) Theory of Valuation
(ii) Return Concepts
(iii) Equity Risk Premium
(iv) Required Return on Equity
(v) Discount Rate Selection in Relation to Cash Flows
(vi) Approaches to Valuation of Equity Shares
(vii) Valuation of Preference Shares
(viii) Valuation of Debentures/ Bonds

(ix) Role and Responsibilities of Valuers
(x) Precautions need to be taken by a Valuer before accepting any valuation assignment.

6. Portfolio Management

(i) Portfolio Analysis

(ii) Portfolio Selection

(iii) Capital Market Theory

(iv) Portfolio Revision

(v) Portfolio Evaluation

(vi) Asset Allocation

(vii) Fixed Income Portfolio

(viii) Risk Analysis of Investment in Distressed Securities

(ix) Alternative Investment Strategies

–    Real Estate
–    Gold
–    Private Equity
–    REITs
–    Hedge Funds
–    ETFs
–    Mutual Funds
–    Commodities

7. Securitization

(i) Introduction

(ii) Concept and Definition

(iii) Benefits of Securitization

(iv) Participants in Securitization

(v) Mechanism of Securitization

(vi) Problems in Securitization

(vii) Securitization Instruments

(viii) Pricing of Securitization Instruments

(ix) Risks in Securitization

(x) Tokenization

(xi) Securitization in India

8. Mutual Funds

(i)     Meaning
(ii)    Types
(iii)    Advantages and Disadvantages of Mutual Funds
(iv)    Evaluation of Mutual Funds
(v)    Role of Fund Manager in Mutual Funds
(vi)    Hedge Funds
(vii)    Role of FIIs in Mutual Funds

9. Derivatives Analysis and Valuation

(i)    Introduction to Forwards, Futures and Options
(ii)    Futures Market
(iii)    Pricing of Forwards and Futures
(iv)    Hedging using Futures
(v)    Options
   – Option Pricing
   – Option Greeks
   – Exotic Options
(vi)    Credit Derivatives
(vii)    Real Options
(viii)    Derivative Mishaps and Lessons
(ix)    Swaps
(x)    Commodity Derivatives
(xi)    Weather Derivatives
(xii)    Electricity Derivatives

10. Foreign Exchange Exposure and Risk Management

(i) Exchange rate determination

(ii) Foreign currency market

(iii) Management of transaction, translation and economic exposures

(iv) Hedging currency risk

(v) Foreign exchange derivatives – Forward, futures, options and swaps

11. International Financial Management © The Institute of Chartered Accountants of India

(i) International Capital Budgeting

(ii) International Working Capital Management

11. Interest Rate Risk Management

(i) Interest Rate Risk

(ii) Hedging Interest Rate Risk

12. Corporate Valuation

(i) Conceptual Framework of Valuation

(ii) Approaches/ Methods of Valuation

13. Mergers, Acquisitions and Corporate Restructuring

(i) Conceptual Framework

(ii) Rationale

(iii) Forms

(iv) Mergers and Acquisitions

(v) Divestitures

(vi) Ownership Restructuring

(vii) Cross Border Mergers

14. Startup Finance

(i) Introduction including Pitch Presentation

(ii) Sources of Funding

(iii) Start up India Initiative

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 Reports

6. Audit of Limited Companies

7. Audit Committee and Corporate Governance

8. Audit of Consolidated Financial Statements

9. Liabilities of Auditors

10. Special features of audit of Banks, Insurance & Non-Banking Financial Companies

11. Audit under Fiscal Laws

12. Audit of Public Sector Undertakings

13. Internal Audit, Management and Operational Audit

14. Due Diligence, Investigation and Forensic Audit

15. Peer Review and Quality Review

16. Professional Ethics

PART I – Corporate Laws (70 Marks)

Section A: Company Law

1. The Companies Act, 2013 and Rules framed thereunder in its entirety with specific reference to Section 149 onwards

(i) Appointment and Qualification of Directors

(ii) Appointment and remuneration of Managerial Personnel

(iii) Meetings of Board and its powers

(iv) Inspection, inquiry and Investigation

(v) Compromises, Arrangements and Amalgamations

(vi) Prevention of Oppression and Mismanagement

(vii) Winding Up

(viii) Companies incorporated outside India

(ix) Miscellaneous Provisions

(x) Adjudication and Special Courts

(xi) National Company Law Tribunal and Appellate Tribunal 

2. Corporate Secretarial Practice

1. The Securities Contract (Regulation) Act, 1956 (SCRA) and the Securities Contract (Regulation) Rules, 1957

2. The Securities Exchange Board of India Act, 1992 and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015

1. The Foreign Exchange Management Act, 1999 (FEMA): Introduction, broad structure of FEMA, definitions, regulation and management of foreign exchange, contravention and penalties and miscellaneous provisions.

2. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002- Important Definitions, Management of assets by the Banks and the Financial Institutions.

4. The Foreign Contribution Regulation Act, 2010 – Definitions, Regulation of Foreign contribution and miscellaneous provisions

5. The Arbitration and Conciliation Act, 1996- General Provisions, Arbitration agreement, Tribunal, Conciliation

Strategic Cost Management & Decision Making

Sub Part I – Strategic Cost Management (25%)

1. Introduction to Strategic Cost Management

(i) Concept of Strategic Cost Management

(ii) Limitations of Traditional Cost Management

(iii) Traditional vs. Strategic Cost Management

2. Modern Business Environment

(i) Introduction/ Characteristics of the Modern Business Environment

(ii) Cost of Quality, Total Quality Management, Business Excellence Model

(iii) Throughput Accounting and Theory of Constraints

(iv) Supply Chain Management (SCM)

(v) Gain Sharing Arrangements

(vi) Outsourcing

3. Lean System and Innovation

(i) Introduction to Lean System

a) Just-in-Time (JIT)

b) Kaizen Costing

c) 5 Ss

d) Total Productive Maintenance (TPM)

e) Cellular Manufacturing/ One-Piece Flow Production Systems

f) Six Sigma(SS)

(ii) Introduction to Process Innovation and Business Process Re-engineering (BPR) 

4. Cost Management Techniques

(i) Cost Control/ Waste Control, Cost Reduction

(ii) Target Costing

(iii) Value Analysis/ Value Engineering

(iv) Pareto Analysis

(v) Life Cycle Costing

(vi) Environmental Management Accounting

5. Cost Management for Specific Sectors

(i) Agricultural Sector

(ii) Information Technology Sector

(iii) Power Sector

Sub Part II – Decision Making (15%)

1. Decision Making

(i) Decision Making using CVP Analysis

(ii) Decision Making using Relevant Cost Concepts

(iii) Decision Making using Activity Based Costing

(iv) Ethical and Non-Financial Considerations Relevant to Decision Making

2. Pricing Strategies/ Decisions

(i) Theory & Principles of Product Pricing

(ii) Pricing – New Product, Finished Products & Pricing of Services

(iii) Sensitivity Analysis in Pricing Decisions

(iv) Pricing Decision under Special Circumstances

(v) Pricing Strategies

Performance Evaluation and Control

Sub Part I – Performance Evaluation & Reporting (25%)

1. Performance Measurement and Evaluation

(i) Responsibility Accounting

(ii) Linking Critical Success Factors (CSFs) to Key Performance Indicators (KPIs) and Corporate Strategy; Performance Measurement Models‒The Balanced Scorecard, The Performance Pyramid, The Performance Prism, The Building Block Model; Divisional Performance Measures; Benchmarking Schemes

(iii) Performance Measurement in the Not-for-Profit Sector

(iv) Preparation of Performance Reports

2. Divisional Transfer Pricing

(i) Meaning, Purpose and Principles of Transfer Pricing

(ii) Methods of Transfer Pricing

(iii) The Behavioural Consequences arising from Divisional Structures

(iv) International Transfer Pricing

3. Strategic Analysis of Operating Income

(i) Operating Profit Analysis

(ii) Advanced Activity Based Costing, Activity Based Management (ABM), Activity Based Budgeting (ABB)

Sub Part II – Managerial Control (15%) 

1. Budgetary Control

(i) The Concept of Feedback and Feed Forward Control

(ii) Behavioural Aspects of Budgeting – Imposed Style, Participative Budget

(iii) Behavioural Aspects of Budgetary Control

(iv) Beyond Budgeting

2. Standard Costing

(i) Analysis of Advanced Variances

(ii) Integration of Standard Costing with Marginal Cost Accounting

(iii) Reconciliation of Profit

(iv) Variance Investigation Techniques, Interpretation of Variances, Possible Interdependence Between Variances and Reporting

(v) Behavioural Aspects of Standard Costing, Limitation of Standard Costing (including its use in the contemporary business environment)

1. Case Study

(i) Case Study (covering Course Concepts)

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, set-off and carry forward of losses, deductions from gross total income, rebates and reliefs

2. Special provisions relating to companies and certain persons other than a company

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

1. Taxation of international transactions and Non-resident taxation

(i) Provisions of the Income-tax Act, 1961

(a) Specific provisions relating to Non-residents

(b) Double Taxation Relief

(c) Transfer Pricing & Other Anti-Avoidance Measures

(d) Advance Rulings

(ii) Equalisation levy

2. Overview of Model Tax Conventions – OECD & UN

3. Application and interpretation of Tax Treaties

4. Fundamentals of Base Erosion and Profit Shifting

1 (ii) Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax (including reverse charge); Exemption from tax; Composition levy

(iii) Place of supply

(iv) Time and value of supply

(v) Input tax credit 1 (vi) Computation of GST liability

(vii) Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, jobwork

(viii) Liability to pay in certain cases

(xi) Demand and Recovery

(xii) Offences and Penalties

(xiii) Advance Ruling

(xiv) Appeals and Revision

(i) Introduction to GST in India including Constitutional aspects

(ix) Administration of GST; Assessment and Audit

(x) Inspection, Search, Seizure and Arrest

(xv) Other provisions

PART II – Customs & FTP(25 Marks)

(i) Levy of and exemptions from customs duties – All provisions including application of customs law, taxable event, charge of customs duty, exceptions to levy of customs duty, exemption from custom duty

(ii) Types of customs duties

(iii) Classification of imported and export goods

(iv) Valuation of imported and export goods

(i) Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores

(ii) Drawback

(iii) Refund

Foreign Trade Policy

(i) Basic concepts relating to export promotion schemes provided under FTP

(i) Introduction to customs law including Constitutional aspects

Foreign Trade Policy

(i) Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions

(ii) Basic concepts relating to import and export