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Here is the answer from Ian Dunt from his book What the Hell Happens Now? BrexitThe Brexit cliff edge31 March 2019Big Ben strikes midnight and Britain is out of the European Union. The talks have fallen apart in mutual acrimony. The UK has not secured continued membership of the single market. It doesn’t even have access. It is out of the treaty that waives tax on imports and exports. It has no trade deals with Europe or anyone else. It is on its own.In the early morning, a lorry is loaded in Glasgow with radio equipment bound for the Czech Republic. When the lorry arrives at Calais, it is stopped by a customs official. Until today, Britain has enjoyed a seamless trading relationship with Europe. It means that European Union countries recognise UK standards and paperwork and vice-versa, allowing goods to be transported over borders without additional checks. Now the paperwork is worthless. Everything has to be checked.The lorry is stopped and detained. Inspectors come on board and take samples to send off for testing. Everything will have to be assessed, from the information on the packaging to the environmental impact of the components. This will take several days, during which the lorry is barred from entering the European market.Behind the Glasgow lorry, several other vehicles are taken to one side. By sunset, the bottleneck on the French side means that lorries can no longer drive onto Calais-bound ferries at Dover. They queue on the slow lane of the A2. Within a few days, the tailback stretches back to London.For exporters of animal products, like meat or eggs, the problems are more severe. They are only allowed into the EU through specially designated entry inspection posts, but it has been so long since the UK needed them for trade with Europe that none exist. British exports of salmon, beef, and lamb collapse overnight. In Westminster, ministers demand the inspection posts be established immediately, but they have limited leverage with their European partners. A key export industry starts to rot.The problems aren’t restricted to goods heading to the Continent. The EU has mutual recognition agreements with Australia, Canada, China, Israel, Japan, New Zealand and the United States, mimicking the bureaucracy-free trade on the Continent. British goods for the US had been verified by virtue of their EU accreditation. Now they also need to be checked. Shipments heading for America’s west coast are stopped at customs, detained and sent off for inspection.In the complex world of freight, with one shipment arriving as the other leaves, the effect is devastating. Brexit detonates like a bomb across the world’s trade networks.Thousands of large businesses start haemorrhaging cash, but the effect is not limited to goods going out – it hits those coming in, too. Laptop computers from China and Japan are stopped, alongside jeans from the US, French cheese and wine and chocolates from Belgium. Gaps start to appear on shop shelves.Other bureaucratic requirements re-emerge from the past like zombies. One of them is proof of ‘country of origin’. Products entering the European Customs Union, which waives import and export duty, must be checked to ensure that they are paying the right tariffs. This is incredibly detailed and laborious. Each stage in a global manufacturing process must be accounted for. Firms need to present paperwork detailing the origin of every component part of their products.Her Majesty’s Revenue and Customs hires an army of inspectors to speed up the process, but they are trying to learn on the go. Many products don’t receive their papers in time and don’t make it to the border. They sit in the stockroom. In the first year alone, the country of origin requirement costs Britain £25 billion. By 2030 it has led to a 4.5% reduction in GDP.Products which do make it past border control have tariffs slapped on them. For decades they had been traded freely in the single market, but those days are over. Cars heading from Britain to Europe – almost half the vehicles made in the UK – are hit by a 10% tariff. Electronic goods are badly affected, as are warships and commercial liners. British-made cigarettes, most of which head to Europe, are hit by crippling 57% tariffs.Britain’s aerospace industry, the second largest in the world, is damaged. The rates of the tariff themselves are fairly modest, hovering between 2.7% and 7.7%, but they are being put not just on the finished product when it is sent to Europe. They are also applied to the components shipped from Europe to the UK to make the product. Shares in BAE Systems, Rolls Royce and Airbus plummet. These businesses’ costs have rocketed, and their product has shot up in price, without any of the additional revenue flowing to them.Multiple parts of the British economy, from space stations to cakes, suffer a sudden hit. Companies that still make tangible physical products in Britain – Unilever, Imperial and Penguin among them – are the first to feel the pain.The big banks in the City of London had been dreading this day. They did what they could to prepare, sacking thousands of middle and low income workers and moving their jobs to EU states. They are desperate to maintain their ‘passports’, a legal mechanism which allows them to sell financial products across Europe, but to do so they must prove to European regulators that they have a significant presence on the Continent. So they take the cheaper, back-office admin roles and move them. Anything else would be a waste of a crisis. This way they can kill two birds with one stone: minimising salary costs by transferring the jobs to countries with lower incomes and reducing the damage done by Brexit. They pack off a few high-level bankers and an executive or two to go with them.If they are lucky, firms transferred enough functions in time for the 31 March deadline. But others got caught up in another bottleneck – this time of financial authorities. The sleepy, understaffed regulators in Paris, Warsaw, Frankfurt and Luxembourg couldn’t handle the demand for recognition from City firms. Many companies cannot now sell financial products to customers on the mainland. They lose tens of millions of pounds of sales as customers drift off to competitors.The transfers cut the capacity of London’s financial services sector by 10%. Within a year, the City has lost 100,000 jobs and £12 billion in revenue.The pound plunges again. The price of British government bonds rises. Foreign direct investment falls further. The deficit begins to look unsustainable.Ironically, immigration starts to decline. Not just from Europe, where immigration controls have been introduced, but from across the world. The economy is tanking and Britain is no longer a country of opportunity.Years pass, but 2019 comes to be seen as the start of a significant downsizing in the power of the City. Financial services don’t have a heart attack. They bleed out.European regulators start making increased demands on the investment banks with branches in their cities. It starts with requests for more staff but soon includes additional requirements on risk management and capital investment. Firms have to divert more resources to the Continent, but gradually a political dimension develops too. If Europe is where the regulatory decisions are made, perhaps that is where they need to focus their efforts. What began as a technical requirement starts to change into a general financial migration. More and more functions are transferred to the Continent. Less and less money flows into the UK Treasury.Nissan’s car plant in Sunderland is able to survive due to a deal with the government, in which it was offered relief for any losses it would suffer from Brexit. A deal is also offered to BMW. The symbolic effect of Minis with Union Jack roofs being produced in the Czech Republic would have been too much for ministers to bear. Jaguar Land Rover considers the location of its assembly plants in Birmingham, Halewood and Solihull and its three research and development facilities around Warwick. It’s not so much the 10% increase in the price of cars, but future regulation that is the worry. Cars are changing. Driverless technology is turning what used to be a lump of metal around some tech into a tech product with a metal shell. Regulations established now will be with producers for years and they are being made in Brussels, not London. Jaguar Land Rover needs to be whispering into the right person’s ear, but British ministers no longer have a seat at the table.Other less prominent industries warn that they are about to go into a tailspin. Aerospace firms producing commercial and fighter planes in places like Yeovil, Bristol, Stevenage and Portsmouth start laying off workers.UK negotiators head to the World Trade Organisation (WTO) where Brexit campaigners have long insisted they can fall back onto standard-issue trading rules. But there are no rules governing what Britain has done. They go into a meeting with WTO legal advisers who are divided on how Britain should proceed.The UK has been trading under an EU umbrella for decades. Now it tries to extract its tariff and subsidy arrangements from the EU and lay them before the rest of the WTO. In response, the EU initiates a formal dispute. That starts an avalanche. WTO rules allow any country that feels it has been unfairly treated to trigger a dispute. Suddenly Britain’s fall-back insurance policy looks like a nightmare scenario, with 163 countries able to raise disputes against it on any aspect of its trading arrangements. Some disputes are legitimate. Others, like that made by Argentina, appear to be a way to leverage British vulnerability to regain control of the Falklands. Russia watches from the sidelines, calculating how it might benefit.Britain argues that it is still party to an EU arrangement preventing the sale of cheap Chinese steel in Europe. Once those floodgates open, the UK knows domestic steel will be unable to compete. China reacts furiously, demanding that Britain demonstrate domestic injury and unfair trade. But the UK doesn’t have an investigating authority capable of undertaking trade remedy investigations. It cannot fight back because it doesn’t have the regulatory infrastructure. Workers in factories like Port Talbot start to fear for their livelihoods.The WTO disputes mount up, all demanding high degrees of technical expertise and negotiating experience. British teams do their best, but they are beset by problems from every angle.In European cities across the Continent, British professionals find they are unable to practise because their qualifications are no longer recognised. Insurance firms, veterinary clinics, lawyers, medical professionals, architects and countless others find they have to shut down their company and return to the UK.No deal has been put in place for legal rulings, so countries across Europe stop recognising court decisions on divorce and child maintenance and other issues made in London. Unseen and mostly unreported, hundreds of single mothers in the UK go without payments from their former partners. A British man who divorced his wife and married again in Italy suddenly finds that the papers are no longer recognised. He is in a state of marital limbo. A hefty chunk of the work done by London’s once-thriving lawyers vanishes.Regulation fails. Britain did not have time to set up all the authorities required to manage industries ranging from patents to medicine. Pharmaceutical firms are thrown into chaos. British regulators are unable to take on the full workload of the European Medicines Agency, so cannot authorise the sale of anti-inflammatory pills, eczema lotions and other treatments to UK patients. British pharmaceutical development slumps into a state of regulatory bafflement.Regulations across society are in flux. Emergency provisions are made for Single European Sky — which ensures jets fly safely and efficiently — to maintain regulatory authority over UK airspace. But other areas fall into disrepair, causing uncertainty across production lines to complement the chaos in the trading networks.Against this backdrop, Britain seeks trade deals with its closest allies: Australia and the US. Both countries are wary of talking to the UK without knowing its final status with Europe or the WTO, but they agree to open initial negotiations.Ahead of talks, the UK prime minister and the US president hold a joint press conference. Theresa May says it shows countries are still keen to trade with the UK, while her American counterpart confirms the US commitment to the special relationship. Then the doors of the negotiating room close and the two leaders are replaced by grim-faced trade experts.Britain had a chronic shortage of negotiators during the EU talks and the situation has not improved. The ones facing the American team are those who are not required to fight the fires at the WTO. Many are civil servants who have had to read up on trade in the years since Brexit. They face highly specialised trade experts who have been doing this their entire careers.The public rhetoric disappears. It is replaced by hard-headed demands. US trade officials inform their British counterparts of the reality of the situation. The UK is in a position of unique and historic vulnerability. Investor confidence has dissolved. Its economy is facing its most significant shock since the Second World War. It has no time. It has no negotiating capacity. But Washington wants to help. It is prepared to rush a trade deal through Congress. It could take less than two years. But for this to be achievable, the UK needs to accept all of its demands. The Americans slide a piece of paper across the desk. The British team read the demands: they are horrendous. Consumer protections are reduced across the board, along with environmental regulations and safeguards for the NHS.UK civil servants have little option but to capitulate. The only way to protect what remains of the British economy is to sell off British sovereignty. The control wrestled from Brussels is now sold off to the highest bidder, behind closed doors, in a conference room in Washington.Ian Dunt has posted this intro to his book on the open Britain website, and I am sure he is glad to share it here. To hear more from him, subscribe to the Remainiacs podcast.Remainiacs - The Brexit Podcast by Remainiacs on Apple PodcastsRemainiacs - The Brexit PodcastThe Brexit cliff edge - By Ian Dunt

Toggle navigationCOURSESign In / Sign UpPast Year PapersCA Intermediate Syllabus (New) For May and Nov 2018 and Chapter wise WeightageBy Admin |150 Views (0) (0)Check CA Intermediate (Earlier CA IPCC) Revised Syllabus for May 2018 and November 2018 and Marks Weightage. In our latest articles, we have given CA IPCC Study Material & Practice Manual For Nov 2017 and CA IPCC RTP For November 2017. Today we are providing CA Intermediate Group - 1 and Group - 2 new syllabus which is applicable from May 2018 attempt. There are 8 papers in CA Intermediate I;e Accounting, Corporate and Other Laws, Cost and Management Accounting, Taxation, Advanced Accounting, Auditing and Assurance, Enterprise Information Systems & Strategic Management and Financial Management & Economics for Finance. May 2019 is the last attempt to write CA IPCC in old syllabus. Later, old registration students should also write CA Intermediate in new syllabus. Now check CA Intermediate course syllabus and marks weightage.CA Intermediate Accounting Syllabus(One paper – Three hours – 100 Marks)Weightage: 20% to 25%1. Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRS; convergence or adoption; objective and concepts of carve outs.2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards)3. Applications of Accounting Standards:- AS 1: Disclosure of Accounting Policies- AS 2: Valuation of Inventories- AS 3: Cash Flow Statements- AS 4: Contingencies and Events occurring after the Balance Sheet Date- AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies- AS 10: Property, Plant and Equipment- AS 11: The Effects of Changes in Foreign Exchange Rates- AS 12: Accounting for Government Grants- AS 13: Accounting for Investments- AS 16: Borrowing Costs- AS 17: Segment Reporting- AS 22: Accounting for Taxes on IncomeWeightage: 25% to 30%4. Company Accounts- Redemption of preference shares- Redemption of debentures- Accounting for bonus issue and right issue- Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”- Managerial Remuneration- Preparation of financial statements – Statement of Profit and Loss, Balance Sheet and Cash Flow Statement- Profit (Loss) prior to incorporation;Weightage: 30% to 35%5. Accounting for Special Transactions:- Investment- Insurance claims for loss of stock and loss of profit- Hire - purchase and Instalment Sale Transactions6. Special Type of Accounting- Departmental Accounting- Accounting for Branches including foreign branches- Accounts from Incomplete RecordsWeightage: 15% to 20%7.Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.Note : If either a new Accounting Standards (AS), Announcements and Limited Revisions to AS are issued or the earlier one are withdrawn or new AS, Announcements and Limited Revisions to AS are issued in place of existing AS, Announcements and Limited Revisions to AS, the syllabus will accordingly include/exclude such new developments in the place of the existing ones with effect from the date to be notified by the Institute.CA Intermediate Corporate and Other Laws Syllabus(One paper – Three hours - 100 Marks)Part 1: Company Law (60 Marks)The Companies Act, 2013 – Sections 1 to 148Weightage: 30% to 40%- Preliminary- Incorporation of Company and Matters Incidental thereto- Prospectus and Allotment of Securities- Share Capital and DebenturesWeightage: 30% to 40%- Acceptance of Deposits by companies- Registration of Charges- Management and AdministrationWeightage: 25% to 35%- Declaration and payment of Dividend- Accounts of Companies- Audit and AuditorsNote: The provisions of the Companies Act, 1956 which are still in force would form part of the syllabus till the time their corresponding or new provisions of the Companies Act, 2013 are enforced.Part 2: Other Laws (40 Marks)1.The Indian Contract Act, 1872 (Specific contracts covered from section 123 onwards): Contract of Indemnity and Guarantee, Bailment, Pledge, Agency Weightage: 25% to 35%2.The Negotiable Instruments Act, 1881: Meaning of Negotiable Instruments, Characteristics, Classification of Instruments, Different provisions relating to Negotiation, Negotiability, Assignability, Right and Obligation of parties, presentment of Instruments, Rules of Compensation Weightage: 20% to 35%3.The General Clauses Act, 1897: Important Definitions, Extent and Applicability, General Rules of Construction, Powers and Functionaries, Provisions as to Orders, Rules, etc. made under Enactments, Miscellaneous Weightage: 20% to 25%4.Interpretation of statutes: Rules of Interpretation of statutes, Aids to interpretation, Rules of Interpretation/construction of Deeds and Documents Weightage: 15% to 25%Note: If new legislations are enacted in place of the existing legislations, the syllabus would include the corresponding provisions of such new legislations with effect from a date notified by the Institute. Similarly, if any existing legislation ceases to have effect, the syllabus will accordingly exclude such legislation with effect from the date to be notified by the Institute.The specific inclusions/exclusions in the various topics covered in the syllabus will be effected every year by way of Study Guidelines, if required.CA Intermediate Cost and Management Accounting Syllabus(One Paper- Three hours- 100 Marks)Weightage: 10% to 15%1.Overview of Cost and Management Accounting(i) Introduction to Cost and Management Accounting- Objectives and Scope of Cost and Management Accounting,- The users of Cost and Management accounting information- Functions of management accounting.- Role of cost accounting department in an organisation and its relation with other departments.- Installation of Costing System- Relationship of Cost Accounting, Financial Accounting, Management Accounting and Financial Management.- Cost terms and Concepts- Cost Reduction and Cost Control- Elements of Costs- Cost behavior pattern, Separating the components of fixed, variable, semi- variable and step costs.- Methods of Costing, Techniques of Costing.- Cost Accounting with use of Information Technology.(ii) Elements of Cost and preparation of Cost Sheets- Functional classification and ascertainment of cost- Preparation of Cost Sheets for Manufacturing sector and for Service sectorWeightage: 35% to 40%2. Ascertainment of Cost and Cost Accounting System(i) Material Cost- Procurement procedures- Store procedures and documentation in respect of receipts and issue of stock, Stock verification,- Valuation of material receipts,- Inventory control* Techniques of fixing level of stocks- minimum, maximum, re-order point, safety stock, determination of optimum stock level,* Determination of Optimum Order quantity- Economic Order Quantity (EOQ),* Techniques of Inventory control- ABC Analysis, Fast, Slow moving and Non moving (FSN), High, Medium, Low (HML), Vital, Essential, Desirable (VED), Just-in-Time (JIT)- Stock taking and perpetual inventory system, use of control ratios,- Inventory Accounting- Consumption- Identification with products of cost centres, Basis for consumption entries in financial accounting, monitoring consumption.(ii)Employee Cost- Attendance and Payroll procedures* Elements of wages- Basic pay, Dearness Allowance, Overtime, Bonus, Holiday and leave wages, Allowances and perquisites.- Employee Cost Control- Employee Turnover- Methods of calculating employee turnover, causes of employee turnover, effects of employee turnover.- Utilisation of Human Resource, Direct and indirect employee Cost, charging of employee cost, Identifying employee hours with work orders or batches or capital jobs.- Remuneration systems and incentive schemes* Time Rate System, Piece Rate System, Differential piece rate system, Calculation of wages, Effective Wages.(iii) Direct Expenses- Direct expenses- Nature of Direct or Chargeable expenses.- Sub-contracting- Control on material movements, Identification with the main product or service.(iv) Overheads- Functional analysis- Factory, Administration, Selling, Distribution, Research and Development.- Behavioral analysis- Fixed, Variable and Semi- Variable.- Allocation and Apportionment of overheads using Absorption Costing Method.- Factory Overheads- Primary and secondary distribution,- Administration Overheads- Method of allocation to cost centres or products,- Selling & Distribution Overheads- Analysis and absorption of the expenses in products/ customers, impact of marketing strategies, cost effectiveness of various methods of sales promotion.- Treatment of Research and development cost in cost accounting.(v) Concepts of Activity Based Costing (ABC)(vi) Recording and Accounting of Costs- Non-integrated Cost Accounting system- Ledger under non-integral system- Integrated (Cost and Financial) Accounting system- Ledgers under integral system.- Difference between the Nonintegrated and Integrated Accounting system.- Reconciliation of profit as per Cost and Financial Accounts (under Non- Integrated Accounting System).Weightage: 25% to 30%3.Methods of Costing(i) Single Output/ Unit Costing(ii) Job Costing: Job cost cards and databases, collecting direct costs of each job, attributing overheads to jobs, Application of job costing.(iii) Batch Costing: Determination of optimum batch quantity, Ascertainment of cost for a batch, Preparation of batch cost sheet, Treatment of spoiled and defective work.(iv) Contract Costing- Ascertainment of cost of a contract, Progress payment, Retention money, Escalation clause, Cost plus contract, Value of work certified, Cost of Work not certified.- Determination Value of work certified, Cost of work not certified, Notional or Estimated profit from a contact.(v) Process/ Operation Costing- Process cost recording, Process loss, Abnormal gains and losses, Equivalent units of production, Inter-process profit, Valuation of work in process.- Joint Products- Apportionment of joint costs, Methods of apportioning joint cost over joint products,- By-Products- Methods of apportioning joint costs over by-products, treatment of By-product cost.(vi) Costing of Service Sectors- Determination of Costs and Prices of services of following sectors/ Industries:* Transport, Toll roads, Hospitals, Canteen/ Restaurants, Hotels/ Lodges, Educational Institutions, Financial Institutions/ Banks, Insurance, IT sector and other services.Weightage: 20% to 25%4.Cost Control and Analysis(i) Standard Costing- Setting up of Standards, Types of Standards, Standard Costing as method of performance measurement.- Calculation and Reconciliation of Cost Variances* Material Cost Variance, employee Cost Variance, Variable Overheads Variance and Fixed Overhead Variance.(ii) Marginal Costing- Basic concepts of marginal costing, Contribution margin, Break-even analysis, Break –even and profit volume charts, Contribution to sales ratio, Margin of Safety, Angle of Incidence, Cost-Volume-Profit Analysis (CVP), Multi- product break- even analysis, Consideration of Limiting factor (key factor),- Determination of Cost of a product/ service under marginal costing method, determination of cost of finished goods, work-in-progress,- Comparison of Marginal costing with absorption costing method- Reconciliation of profit under the both methods,- Short term decision making using the above concepts (basic / fundamental level).(iii) Budget and Budgetary Control- Meaning of Budget, Essentials of Budget, Budget Manual, Budget setting process, Preparation of Budget and monitoring procedures.- The use of budget in planning and control- Flexible budget, Preparation of Functional budget for operating and non- operating functions, Cash budget, Master budget,- Introduction to Principal/ Key budget factor, Zero Based Budgeting (ZBB), Performance budget, Control ratios and Budget variances.CA Intermediate Taxation Syllabus(One paper ? Three hours – 100 Marks)Section A: Income Tax Law (60 Marks)Weightage: 5% to 10%1. Basic Concepts- Income-tax law: An introduction- Important definitions in the Income-tax Act, 1961- Concept of previous year and assessment year- Basis of Charge and Rates of TaxWeightage: 10% to 15%2. Residential status and scope of total income- Residential status- Scope of total incomeWeightage: 25% to 30%3.Incomes which do not form part of total income (other than charitable trusts and institutions, political parties and electoral trusts)- Incomes not included in total income- Tax holiday for newly established units in Special Economic Zones4.Heads of income and the provisions governing computation of income under different heads- Salaries- Income from house property- Profits and gains of business or profession- Capital gains- Income from other sourcesWeightage: 15% to 20%5.Income of other persons included in assessee's total income- Clubbing of income: An introduction- Transfer of income without transfer of assets- Income arising from revocable transfer of assets- Clubbing of income of income arising to spouse, minor child and son’s wife in certain cases- Conversion of self-acquired property into property of HUF6. Aggregation of income; Set-off, or carry forward and set-off of losses- Aggregation of income- Concept of set-off and carry forward and set-off of losses- Provisions governing set-off and carry forward and set-off of losses under different heads of income- Order of set-off of losses7. Deductions from gross total income- General provisions- Deductions in respect of certain payments- Specific deductions in respect of certain income- Deductions in respect of other income- Other deductionsWeightage: 20% to 25%8. Computation of total income and tax liability of individuals- Income to be considered while computing total income of individuals- Procedure for computation of total income and tax liability of individualsWeightage: 10% to 15%9. Advance tax, tax deduction at source and introduction to tax collection at source- Introduction- Direct Payment- Provisions concerning deduction of tax at source- Advance payment of tax- Interest for defaults in payment of advance tax and deferment of advance tax- Tax collection at source – Basic concept- Tax deduction and collection account number10. Provisions for filing return of income and self-assessment- Return of Income- Compulsory filing of return of income- Fee and Interest for default in furnishing return of income- Return of loss- Provisions relating to belated return, revised return etc.- Permanent account number- Persons authorized to verify return of income- Self-assessmentSection B: Indirect Taxes (40 Marks)Weightage: 30% to 35%1.Concept of indirect taxes- Concept and features of indirect taxes- Principal indirect taxes2.Goods and Services Tax (GST) Laws- GST Laws: An introduction including Constitutional aspects- Levy and collection of CGST and IGST* Application of CGST/IGST law* Concept of supply including composite and mixed supplies* Charge of tax* Exemption from tax* Composition levy- Basic concepts of time and value of supply- Input tax creditWeightage: 20% to 30%- Computation of GST liabilityWeightage: 25% to 40%- Registration- Tax invoice; Credit and Debit Notes; Electronic waybill- Returns- Payment of tax including reverse chargeWeightage: 0% to 5%- Concept of indirect taxes - Concept and features of indirect taxes; Principal indirect taxes- GST Laws: An introduction including Constitutional aspectsNote – If any new legislation(s) is enacted in place of an existing legislation(s), the syllabus will accordingly include the corresponding provisions of such new legislation(s) in place of the existing legislations) with effect from the date to be notified by the Institute. Similarly, if any existing legislation ceases to have effect, the syllabus will accordingly exclude such legislation with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State GST Law.Consequential/corresponding amendments made in the provisions of the Income-tax law and Goods and Services Tax laws covered in the syllabus of this paper which arise out of the amendments made in the provisions not covered in the syllabus will not form part of the syllabus. Further, the specific inclusions/exclusions in the various topics covered in the syllabus will be effected every year by way of Study Guidelines. The specific inclusions/exclusions may also arise due to additions/deletions every year by the annual Finance Act.Group 2CA Intermediate Advanced Accounting Syllabus(One paper – Three hours – 100 Marks)Weightage: 20% to 25%1.Accounting Standards:- AS 7: Construction Contracts AS 9 : Revenue Recognition- AS 14: Accounting for Amalgamations- AS 18 : Related Party Disclosures- AS 19: Leases- AS 20 : Earnings Per Share- AS 24 : Discontinuing Operations- AS 26 : Intangible Assets- AS 29 : Provisions, Contingent Liabilities and Contingent Assets.2. Application of Guidance Notes issued by the ICAI on specified accounting aspects. Company AccountsWeightage: 35% to 40%3.Special Aspects of Company Accounts- Accounting for employee stock option plan- Buyback of securities- Equity shares with differential rights- Underwriting of shares and debentures.4.Reorganization of Companies- Accounting for Amalgamation (excluding inter-company holding) and reconstruction- Accounting involved in liquidation of companies.Weightage: 15% to 20%5.Financial Reporting of Banking, Financial Services and Insurance (BFSI)- Insurance companies,- Banking companies and- Non-Banking Financial Companies- Mutual funds and regulatory requirements thereof.Weightage: 20% to 25%6.Valuation of goodwill7.Consolidated Financial StatementsConcept of consolidation and simple problems on Consolidated Financial Statements with single subsidiary (excluding problems involving acquisition of Interest in Subsidiary at Different Dates; Different Reporting Dates; Disposal of a Subsidiary and Foreign Subsidiaries)Notes :1.If either a new Accounting Standards (ASs), Announcements and Limited Revisions to ASs are issued or the earlier one are withdrawn or new ASs, Announcements and Limited Revisions to AS are issued in place of existing ASs, Announcements and Limited Revisions to AS, the syllabus will accordingly include/exclude such new developments in the place of the existing ones with effect from the date to be notified.2.The specific inclusions/exclusions, in any topic covered in the syllabus, will be effected every year by way of Study Guidelines. The list of applicable Guidance Notes in Accounting will also form part of the Study Guidelines.CA Intermediate Auditing and Assurance Syllabus (100 Marks)(One paper – Three hours – 100 Marks)Weightage: 20% to 25%1.Nature, Objective and Scope of AuditAuditing Concepts: Nature, objective and scope of Audit; Relationship of auditing with other disciplines;Standard Setting Process: Overview, Standard-setting process, Role of International Auditing and Assurance Standards Board (IAASB) & Auditing and Assurance Standards Board (AASB); Standards on Auditing, Guidance Note(s) issued by the ICAI;Engagement Standards: Qualities of Auditor, Elements of System of Quality Control (SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements); Ethical requirements relating to an audit of financial statements; Inherent Limitations of an audit (SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing); Preconditions for an audit; Audit Engagement; Agreement on Audit Engagement Terms; Terms of Engagement in Recurring Audits (SA 210 Agreeing the Terms of Audit Engagements); Leadership Responsibilities for Quality on Audits; Concept of Auditor’s Independence; Threats to Independence; Acceptance and Continuance of Client Relationships and Audit Engagements (SA 220 Quality Control for an Audit of Financial Statements).2.Audit Strategy, Audit Planning and Audit ProgrammeAudit Strategy; Audit planning (SA 300); Audit programme; Development of Audit Plan and Programme, Control of quality of audit work - Delegation and supervision of audit work; Materiality and Audit Plan; Revision of Materiality; Documenting the Materiality; Performance Materiality (SA 320 Materiality in Planning and Performing an Audit).Weightage: 5% to 15%3.Audit Documentation and Audit EvidenceConcept of Audit Documentation; Nature & Purpose of Audit Documentation; Form, Content & Extent of Audit Documentation; Completion Memorandum; Ownership and custody of Audit Documentation (SA 230 Audit Documentation); Audit procedures for obtaining audit evidence; Sources of evidence; Relevance and Reliability of audit evidence; Sufficient appropriate audit evidence, Evaluation of Audit Evidence (SA 500 Audit Evidence); Written Representations as Audit Evidence; Objective of Auditor regarding Written Representation; Management from whom Written Representations may be requested; Written Representations about Management’s Responsibilities (SA 580 Written Representations); Obtaining evidence of existence of inventory; Audit procedure to identify litigation & claims (SA 501 Audit Evidence - Specific Considerations for Selected Items); External confirmation procedures; Management's refusal to allow the auditor to send a confirmation request; Negative Confirmations (SA 505 External Confirmations); Audit evidence about opening balances; Accounting policies relating to opening balances; Reporting with regard to opening balances (SA 510 Initial Audit Engagements-Opening Balances); Meaning of Related Party; Nature of Related Party Relationships & Transactions; Understanding the Entity's Related Party Relationships & Transactions (SA 550 Related Parties); Meaning of Subsequent Events; Auditor's obligations in different situations of subsequent events (SA 560 Subsequent Events); Responsibilities of the Auditor with regard to Going Concern Assumption; Objectives of the Auditor regarding Going Concern; Events or Conditions that may cast doubt about Going Concern Assumption; Audit Procedures when events or conditions are identified (SA 570 Going Concern).Weightage: 10% to 15%4.Risk Assessment and Internal Control: Audit Risk, Identifying and Assessing the Risk of Material Misstatement, Risk Assessment procedures; Understanding the entity and its environment; Internal control ,Documenting the Risks; Evaluation of internal control system; Testing of Internal control; Internal Control and IT Environment (SA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment); Materiality and audit risk (SA 320 Materiality in Planning and Performing an Audit); Internal audit, Basics of Standards on Internal Audit (SIAs) issued by the ICAI; Basics of Internal Financial Control and reporting requirements; Distinction between Internal Financial Control and Internal Control over Financial Reporting.Weightage: 15% to 20%5.Fraud and Responsibilities of the Auditor in this Regard: Responsibility for the Prevention and Detection of Fraud; Fraud Risk Factors; Risks of Material Misstatement Due to Fraud; Communication of Fraud (SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements); Provisions of the Companies Act 2013 relating to fraud and rules thereunder including reporting requirements under CARO.6.Audit in an Automated Environment: Key features, Impact of IT related Risks, Impact on Controls, Internal Financial Controls as per Regulatory requirements, Types of Controls, Audit approach, Understanding and documenting Automated environment, Testing methods, data analytics for audit, assessing and reporting audit findings.7.Audit Sampling: Meaning of Audit Sampling; Designing an audit sample; Types of sampling; Sample Size and selection of items for testing; Sample selection method (SA 530 Audit Sampling).8.Analytical Procedure: Meaning, nature, purpose and timing of analytical procedures; Substantive analytical procedures, Designing and performing analytical procedures prior to Audit; investigating the results of analytical procedures (SA 520 Analytical Procedures).Weightage: 10% to 15%9.Audit of Items of Financial Statements: Audit of sale of Products and Services; Audit of Interest Income, Rental Income, Dividend Income, Net gain/loss on sale of Investments etc.Audit of Purchases, Employee benefits expenses, Depreciation, Interest expense, Expenditure on Power & Fuel, Rent, Repair to building, Repair to Machinery, Insurance, Taxes, Travelling Expenses, Miscellaneous Expenses etc.Audit of Share Capital, Reserve & Surplus, Long Term Borrowings, Trade Payables, Provisions, Short Term Borrowings & Other Current Liabilities. Audit of Land, Buildings, Plant & Equipment, Furniture & Fixtures, Vehicles, Office Equipments, Goodwill, Brand/Trademarks, Computer Software etc. Audit of Loan & Advances, Trade Receivable, Inventories, Cash & Cash Equivalent, Other Current Assets. Audit of Contingent Liabilities.(The list of items is illustrative only)10.The Company Audit: Eligibility, Qualifications and Disqualifications of Auditors;Appointment of auditors; Removal of auditors; Remuneration of Auditors; Powers and duties of auditors; Branch audit; Joint audit; Reporting requirements under the Companies Act, 2013 including CARO; Other Important Provisions under the Companies Act, 2013 relating to Audit and Auditors and Rules made thereunder.Weightage: 5% to 15%11.Audit Report: Forming an opinion on the Financial Statements; Auditor's Report- basic elements (SA 700 Forming an Opinion and Reporting on Financial Statements); Types of Modified Opinion; Circumstances When a Modification to the Auditor’s Opinion is Required (SA 705 Modification to the Opinion in the Independent Auditor’s Report); Qualification, Disclaimer, Adverse opinion (SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent, Auditor’s Report); Nature of Comparative Information; Corresponding Figure; Comparative Financial Statements (SA 710 Comparative Information– Corresponding Figures and Comparative Financial Statements).Weightage: 10% to 20%12.Audit of Banks: Understanding of accounting system in Banks, Audit Approach, Audit of Revenue items, Special Consideration in Bank Audit with emphasis on Advances and NPAs.13.Audit of Different Types of Entities: Appointment of Auditor, Audit Procedure. Audit Report in respect of different Category of Entities mentioned below: government; Local bodies and not-for-profit organizations; Partnership Firms, Audit of different type of undertakings, i.e., Educational institutions, Hotels, Clubs, Hospitals Basics of Limited Liability Partnerships (LLPs) audit and Co-operative Societies Audit.Note:- The specific inclusions/exclusions, in any topic covered in the syllabus, will be effected every year by way of Study Guidelines.- The provisions of the Companies Act, 1956 which are still in force would form part of the syllabus till the time their corresponding or new provisions of the Companies Act, 2013 are enforced.- If new legislations/ Standards on Auditing/Guidance Notes/Statements are enacted in place of the existing legislations, the syllabus would include the corresponding provisions of such new legislations with effect from a date notified by the Institute. The changes in this regard would also form part of Study Guidelines.CA Intermediate Enterprise Information Systems and Strategic Management Syllabus(One paper – Three hours – 100 Marks)Section A: Enterprise Information Systems (50 Marks)Weightage: 15% to 25%1. Automated Business Processes- Introduction to Enterprise Business Processes, Benefits, Risks and Controls;- Diagrammatic representation of business processes using Flowcharts;- Risks and controls for specific business processes: Procure to pay (P2P), Order to cash, Inventory Cycle, Hire to Retire, Supply Chain Management, Fixed Assets etc.- Applicable regulatory and compliance requirements including computer related offences, privacy, cybercrime, Sensitive Personal Data Information of Information Technology Act, 2000Weightage: 15% to 25%2. Financial and Accounting Systems- Integrated (ERP) and non-integrated systems with related risks and controls;- Business process modules and their integration with Financial and Accounting systems.- Reporting Systems and MIS, Data Analytics and Business Intelligence- Business Reporting and fundamentals of XBRL (eXtensible Business Reporting Language).- Applicable regulatory and compliance requirementsWeightage: 15% to 25%3. Information Systems and Its Components- Components of Automated Information Systems: Application Systems, Database, Network and Operating System with related risks and controls.- Mapping of Organization structure with segregation of duties in Information Systems.Weightage: 15% to 25%4. E-Commerce, M-Commerce and Emerging Technologies- Components and Architecture of E-Commerce and M-Commerce with related risks and controls- Business process flow with its related risks and controls- Applicable regulatory and compliance requirements- Emerging technologies with its related risks and controlsWeightage: 15% to 25%5.Core Banking Systems- Components and Architecture of CBS and related risks and controls- Core modules of banking and Business process flow and its related risks and controls- Reporting Systems and MIS, Data Analytics and Business Intelligence- Applicable regulatory and compliance requirementsSection B: Strategic Management (50 Marks)Weightage: 10% to 15%1. Introduction to Strategic Management- Business Policy- Meaning and Nature of Strategic management- Business Strategy- Strategic Levels in Organizations- Strategic Management in Government and Not-for-profit organizationWeightage: 10% to 15%2.Dynamics of Competitive Strategy- Competitive Landscape- Strategic Analysis- Industry and Competitive Analysis- Core Competence- Competitive Advantage- Internal and External Analysis- SWOT Analysis- GlobalizationWeightage: 10% to 15%3.Strategic Management Process- Strategic Planning- Strategic Intent - Vision, Mission and Objectives- Strategy FormulationWeightage: 10% to 15%4.Corporate Level Strategies- Concepts and Nature of Corporate Strategy- Strategic Alternatives at Corporate Level* Growth* Stability* Expansion* Business Combinations – Mergers and Acquisitions* Strategic Alliances* Turnaround* Retrenchment and RetreatWeightage: 10% to 15%5.Business Level Strategies- Competitive Strategies at Business Level- Michael Porter’s Generic Strategies- Best-Cost Provider StrategyWeightage: 10% to 15%6.Functional Level Strategies- Marketing Strategy- Financial Strategy- Operations Strategy- Human Resource Strategy- Research and DevelopmentWeightage: 10% to 15%7.Organisation and Strategic Leadership- Organisation Structure- Strategic Business Unit- Strategic Leadership- Strategy Supportive Culture- Entrepreneurship and IntrapreneurshipWeightage: 10% to 15%8.Strategy Implementation and Control- Strategy Implementation- Strategic Change- Strategic Control- Strategy Audit- Business Process Reengineering- BenchmarkingCA Intermediate Financial Management and Economics For Finance Syllabus(One paper – Three hours – 100 Marks)Section A: Financial Management (60 Marks)Weightage: 10% to 15%1.Financial Management and Financial Analysis- Introduction to Financial Management Function* Objective and scope of financial management* Role and purpose* Financial management environment* Functions of finance executives in an organization* Financial distress and insolvency.- Financial Analysis through Ratios* Users of the financial analysis* Sources of financial data for analysis* Calculation and Interpretation of ratios:^ Analysing liquidity^ Analysing leverage^ Analysing solvency^ Analysing efficiency/ activity^ Analysing profitability* Limitations of ratio analysisWeightage: 40% to 45%2. Financing Decisions- Sources of Finance* Different Sources of Finance, Characteristics of different types of long term debt and equity finance, Method of raising long term finance* Different Sources of short term Finance* Internal fund as a source of finance* International sources of finance* Other sources of finance- Sale and leaseback, Convertible debt, Venture capital, Grants etc.- Lease Financing* Concept and Classification* Significance and Limitations of Lease Financing* Financial Evaluation of Leasing Decision- Cost of Capital* Significance of cost of capital* Factors of cost of capital* Measurement of costs of individual components of capital* Weighted average cost of capital (WACC)* Marginal cost of capital* Effective Interest rate- Capital Structure Decisions* Significance of capital structure* Determinants of capital structure* Capital structure planning and designing* Designing of optimum capital structure* Theories of Capital Structure and value of the firm- relevancy and Irrelevancy of capital structure.* EBIT- EPS Analysis, Breakeven- EBIT Analysis.* Under/ Over Capitalisation.- Leverages* Types of Leverages- Operating, Financial and Combined* Analysis of leveragesWeightage: 30% to 35%3.Capital Investment and Dividend Decisions- Capital Investment Decisions* Objective of capital investment decisions* Methods of Investment appraisal:^ Payback period, Discounted payback period^ Accounting Rate of Return (ARR),^ Net Present Value (NPV) - The meaning of NPV, Strengths and limitations of NPV method, The impact of taxation on the NPV analysis, The impact of Inflation on the NPV analysis, The working capital adjustment in an NPV analysis, Capital rationing, Equivalent Annual Costs, Adjusted present value^ Internal Rate of return (IRR)- Limitations of the IRR method, Multiple IRRs,^ Modified internal Rate of Return (MIRR)- Definition and explanation of MIRR, The process for calculating MIRR, Strengths of the MIRR approach.^ Profitability Index- Adjustment of Risk and Uncertainty in Capital Budgeting Decision* Probability Analysis* Certainty Equivalent Method* Risk Adjusted Discount Rate* Monte Carlo Simulation* Decision Tree Analysis* Scenario Analysis* Sensitivity Analysis- Dividend Decisions* Basics of Dividends* Forms of dividend* Determinants of dividend* Relevancy and Irrelevancy of Dividend Policies- Traditional Approach, Walter’s model, Gordon’s model, Modigliani and Miller (MM) Hypothesis.Weightage: 10% to 15%4.Management of Working Capital- Management of Working Capital* The management of working capital- Liquidity and Profitability* The Working capital financing decisions- Primary and Secondary Sources of Liquidity* The working Capital Cycle (operating Cycle), Effectiveness of Working Capital based on its operating and cash conversion cycles* Assessment of working capital requirement* Management of Accounts Receivables (Debtors)* Factoring and Forfaiting* Management of Accounts Payables (Creditors)* Management of Inventory* Management of Cash, Treasury management* Banking norms of working capital financeSection B: Economics For Finance (Marks: 40)Weightage: 20% to 30%1.Determination of National Income- Macro Economic Aggregates and Measurement of National Income- The Keynesian Theory of Determination of National IncomeWeightage: 20% to 30%2.The Money Market- The Concept of Money Demand: Important Theories of Demand for Money- The Concept of Money Supply- Monetary PolicyWeightage: 20% to 30%3.Public Finance- Fiscal functions: An Overview.- Market Failure- Government Interventions to Correct Market Failure- Fiscal PolicyWeightage: 20% to 30%4.International Trade- Theories of International Trade- Trade Policy – The Instruments of Trade Policy- Trade Negotiations- Exchange Rates and its economic effects- International Capital Movements: Foreign Direct InvestmentI hope this article will help you to check CA intermediate course new syllabus. 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