News Flash: ICAI Announcement Syllabus Change. Yes! there is surprisingly great news for CA Inter November 19 aspirants who are just toiling hard to meet up with their syllabus. ICAI has a wonderful announcement for you all. A recent announcement has been made on the Board of studies announcement portal on the exclusion of topics from the scope of syllabi of selected subjects. Yes! you got it right. ICAI has excluded certain topics and the exclusion is to be effective from November 19 examination onwards!
ICAI Announcement Syllabus Change: The exclusions effective from November 19
The announcement made on 24-06-2019 preaches on the removal of certain syllabi from subjects of CA Intermediate. Modification has been executed in Paper 2: Corporate and Other Law, Paper 3: Cost Accounting, Paper 6: Auditing & Assurance, and Paper 8: Financial Management. Yes, not in just one but four of the subjects!
Modifications in the syllabi of select subjects by ICAI for CA Intermediate (New Course)
Paper 2: Corporate and other Law
All together 13 sections have been removed from a lot of sec 1 -148 of the Company Law. The 13 Sections comprises of sections of
- Prospectus and Allotment of securities sec-24, 30, 33, 38, & 41.
- Share Capital and Debenture sec-44, 45, 60, 65 & 72
- Acceptance of deposits by companies sec-75
- Registration of charges sec-81 & 85
Paper 3: Cost Accounting
Paper 3 noted the modification in four topics namely Material Consumption, Employee Cost, Direct expense, and, Costing of Service Sectors.
Paper 6: Auditing & assurance
Total of 9 SA and quality control engagements have been removed from a lot of 35 SAs (that was in the syllabus). A series of guidance note has also been excluded.
Paper 8A: Financial Management
Minimal changes have been made in certain portions of Capital budgeting. Including Risk Analysis in Capital Budgeting. Monte Carlo Simulation and Decision Tree Analysis have been excluded.
The modification and Additions: Effective from May 2020
The announcement also notes additions and modifications in the syllabi of selected subjects that would be effective from May 2020 examination onwards. The declaration also certified modifications and addition thereto to the certain topics. The subjects to which the assertions targets are Paper 1: Accounting, Paper 4A: Income-tax Law, Paper 5: Advanced Accounting and, Paper 8A: Financial Management. The modifications made are as follows:
Paper 1: Accounting
Rejoice! because the only alteration produced is the shifting of topics from Paper 1 to Paper 5. Accounting Standards: AS 4, AS 5, AS 17, and AS 22 will be shifted to Paper 5. Along with Dissolution of Partnership Firms including piecemeal distribution of assets; the amalgamation of partnership firms; conversion of partnership firm into a company and sale to a company; issues related to accounting in Limited Liability Partnership.
Paper 4A: Income-tax Law
Income Tax Law, i.e Paper 4, makes the inclusion of a study guideline topic, i.e., Computation of AMT in relation to section 35AD and 10AA.
Paper 5: Advanced Accounting
Hold on if you were bothered that your Advance accounting syllabus will become comprehensive on the shift. ICAI has removed certain topics from the syllabus. Topics removed from the syllabus included
- Underwriting of Shares and Debentures
- Application of Guidance Notes issued by the ICAI on specified accounting aspects
- Valuation of Goodwill
- Financial Reporting of Insurance Companies and Mutual Funds and regulatory requirements thereof
Also, ICAI has restricted Topic 5 of the content to Banking companies and NBFCs only.
Paper 8A: Financial Management
Chill out, because the Modification to your paper 8 further is nothing but a great exclusion. The entire topic of Lease Financing has been excluded. It has also omitted the intro to Lease Financing from the topic of Types of Financing.
You can read or download the ICAI modification announcement from the link provided.
Given the length and scope of the syllabus, the students face. ICAI makes a positive move on the exclusion of certain topics keeping in line the time, extent and relativity of the syllabus. The modification marks relief to the aspirants who were laboring hard to meet up with their syllabus.
Check out| Important Announcement on SSP Portal
You can also watch the video here-