Important Announcement: ICAI has Made Changes to the CA Final November 2019 Exam (NEW Syllabus)

Paper

Exclusions

Paper 1: Financial Reporting

Topics excluded:

• Application of existing Accounting Standards, i.e., AS 1, 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) Options

Note that 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

Topics excluded:

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

Paper 3: Advanced Auditing and Professional Ethics

Chapter 14: Special Audit Assignment topic has been excluded

The following engagement and Quality Control Standards have been excluded:

• SA 800: Special Considerations – Audits of Financial Statements prepared in Accordance with Special Purpose Framework
• SA 805: Special Considerations – Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
• SA 810: Engagements to Report on Summary Financial Statements
• SRE 2400: Engagements to Review Historical Financial Statements (Revised)
• SRE 2410: Review of Interim Financial Information Performed by the Independent Auditor of the Entity
• SAE 3400: The Examination of Prospective Financial Information
• SAE 3402: Assurance Reports on Controls at a Service Organisation
• SAE 3420: Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (NEW)
• SRS 4400: Engagements to Perform Agreed Upon Procedures Regarding Financial Information
• SRS 4410 Compilations Engagements (Revised)

The 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 Economics Laws

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

• Winding Up: Sections related to winding up from 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 while the remaining provisions are EXCLUDED
• Producer Companies: This entire topic is excluded
• Miscellaneous Provisions: Sections 366 to 378, 396 to 404, 405, 448, 449, 451 – 454, 456 – 470 are EXCLUDED while the rest are RETAINED
• Compounding of offences, adjudication, Special Courts: Adjudication and special courts are RETAINED while Compounding of offences’ is EXCLUDED
• National Company Law Tribunal and Appellate Tribunal: Provisions dealing with the constitution of NCLT/NCLAT and qualification of chairman and NCLT/NCLAT members, their salary allowances, etc. are EXCLUDED; the rest are RETAINED
• SEBI Act, 1992, SEBI (ICDR) Regulations, 2009 and SEBIT (Listing Obligations and Disclosure Requirement) Regulations, 2015: SEBI Act, 1992 and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 are RETAINED while SEBI (ICDR) Regulations are EXCLUDED
• The Foreign Exchange Management Act: 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
  are INCLUDED while the remaining Rules and Regulations are EXCLUDED
• The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: The relevant definitions covered in the study material and management of asset by the bank and the financial institutions are INCLUDED while the remaining provisions are EXCLUDED
• Insolvency & Bankruptcy Code, 2016: The Corporate and Insolvency resolution process, i.e., up to section 59 are INCLUDED while the remaining provisions from section 60 onwards are EXCLUDED  

Paper 6A: Risk Management

Quantitative Analysis

Paper 6B: Financial Services and Capital Markets

Banking Management

Paper 6D: Economic Laws

World Trade Organization (WTO)

Paper 8: Indirect Tax Laws

The following topics have been excluded from the syllabus of Part II: Customs and FTP:

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

(Note that these exclusions for this paper are applicable for the CA Final (Old Syllabus) also)

Paper

Inclusion

Paper 4: Corporate and Economic Laws

Under the Legislation: The Foreign Exchange Management Act, 1999, the following topics are added:

• Overseas Direct Investment
• Import of Goods and Services
• External Commercial Borrowing Policy

Paper 6A: Risk Management

Evaluation of Risk Management Strategies

Paper 6B: Financial Services and Capital Markets

Leasing and Factoring