CMA Final Syllabus 2021 – Latest Changes, Amendments & Updates for June & Dec 2021

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CMA Final Syllabus June 2021, In this article, you will find complete details of the CMA Final Subjects, Chapters, Units that need to crack the CMA Final Exam along with their chapters and topics that are applicable in the CMA Final Syllabus June 2021. Here we mentioned clearly about each and every topic clearly in this article, please go through the complete article for more information regarding the chapters of the CMA Final Syllabus June & Dec 2021 that was released on the official website of ICMAI.

CMA Final Syllabus Applicable for 2021

ICMAI officially not yet announced the CMA Final Syllabus applicable for June 2021 and December 2021. So Full Syllabus Details for 2021 Will be informed Soon.

List Of Subjects/Papers in CMA Final June 2021

The candidates who want to clear the ICMAI Final Exam in June 2021 need to register themselves for the CMA Final Exam before December 2020. To get complete details about CMA Final registration you can visit our website.

Subjects in CMA Final Syllabus

Paper-13 Corporate Laws & Compliance100 Marks
Paper-14 Strategic Financial Management (SFM)100 Marks
Paper-15 Strategic Cost Management – Decision making100 Marks
Paper-16 Direct Tax Laws and International Taxation100 Marks
Paper-17 Corporate Financial Reporting100 Marks
Paper-18 Indirect Tax Laws and Practice (Including Customs Act)100 Marks
Paper-19 Cost and Management Audit100 Marks
Paper-20 Strategic Performance Management and Business Valuation
100 Marks

PAPER 13: CORPORATE LAWS & COMPLIANCE (CLC)

Weightage of Chapters in the Exam point of view.
Section A: Companies Act 60%
1.The Companies Act, 2013   50%
2.Insolvency and Bankruptcy Code, 2016 (Annexure 1) 10%
Section B: Other Corporate Laws 25%
3.SEBI laws and Regulation
4.The Competition Act, 2002 and its role in Corporate Governance
5.Foreign Exchange Management Act, 1999
6.Laws related to Banking Sector
7.Laws related to Insurance Sector
Section C: Corporate Governance 15%
8.Corporate Governance
9.Social, Environmental and Economic Responsibilities of Business
Units and Chapters of Paper 13

1. The Companies Act, 2013 – rules, regulations prescribed thereunder with special reference to:

(a) Company Formation and Conversion

(i) Incorporation of private companies, public companies, company limited by

guarantee and unlimited companies and their conversions/ reconversion/re-registration.

(ii) Nidhi Companies, Mutual Benefit Funds and Producer Companies – concept,

formation, membership, functioning, Dissolution.

(iii) Formation of Not-for-Profit making companies.

(iv) Procedure relating to Foreign Companies Carrying on Business in India.

(v) Conversion of LLPs into Private Limited Companies and vice versa

(b) Investment and loans

(i) Procedure for inter-corporate loans, investments, giving off guarantee and security.

(ii) Acceptance of deposits, renewal, repayment, default and remedies.

(c) Dividends

(i) Profits and ascertainment of divisible profits.

(ii) Declaration and payment of dividend.

(iii) Unpaid and unclaimed dividend – treatment and transfer to Investor Education and Protection Fund

(d) Accounts and Audit

(i) Maintenance of Books of Accounts

(ii) Statutory Auditor, Special Auditor and Cost Auditor – Appointment, resignation,

removal, qualification, disqualification, rights, duties and liabilities

(iii) Companies Auditor Report Order (CARO) Rules.

(e) Board of Directors & Managerial Personnel

(i) Directors and Managerial Personnel-appointment, reappointment, resignation,

removal.

(ii) Payment of remuneration to Directors and Managerial personnel and disclosure

(iii) Powers of Board of Directors and restrictions on the powers of Directors

(iv) Obtaining DIN

(v) Compensation for loss of office

(vi) Waiver of recovery of remuneration

(vii) Making loans to Directors, Disclosure of interest of a Director, Holding of Office or Place of Profit by a Director/relative

(f) Board Meetings and Procedures

(i) Board Meetings, Minutes and Registers

(ii) Powers of the Board

(iii) Corporate Governance & Audit Committee

(iv) Duties and Liabilities of Directors

(v) Powers related to – political contributions.

(g) Inspection, Inquiry and investigation

(h) Compromises, arrangements and amalgamations

(i) Prevention of oppression and mismanagement

(i) Majority Rule but Minority Protection

(ii) Prevention of Oppression and Mismanagement

(j) Revival and Rehabilitation of sick Industrial Companies

(k) Corporate winding up and dissolution –

(i) Kinds of winding up – powers of the Court and Official Liquidator

(l) Companies Incorporated outside India

(m) Offences and Penalties

(n) National Company Law Tribunal and Special Courts

  1. Insolvency and Bankruptcy Code, 2016

(a) An introduction

(b) Corporate Insolvency Resolution Process

(c) Liquidation of a Corporate Person

SECTION B: OTHER CORPORATE LAWS [25 MARKS]

  1. SEBI Laws and Regulation:

(a) The Securities and Exchange Board of India Act, 1992 – Rules, Regulations and

Guidelines issued there under Clause 49 and SEBI (Issue of Capital and Disclosure

Regulations), 2018

(b) The Securities Contracts (Regulation) Act, 1956

  1. The Competition Act, 2002

(a) Competition – Meaning, objectives, extent and applicability

(b) Competition Commission of India

(c) Areas affecting competition

  1. Foreign Exchange Management Act, 1999

Exports, Imports and Foreign Funds under Deferred Payment, ECB route, loans and export

remittance and import remittances

  1. Laws related to Banking Sector:

(a) The Banking Regulation Act, 1949

(b) The Securitization and Reconstruction of Financial Assets and Enforcement of Security

Interest Act, 2002

(c) The Prevention of Money Laundering Act, 2002 – Role of Cost Accountants in AntiMoney Laundering (AML) Audits to check tax evasion and transfer of funds

  1. Laws related to Insurance Sector:

(a) The Insurance Act, 1938;

(b) The Insurance Regulatory and Development Authority Act, 1999

SECTION C: CORPORATE GOVERNANCE [15 MARKS]

  1. Corporate Governance

(a) Overview-Issues and Concepts

(b) Corporate Governance Practices/Codes in India,

(c) Corporate Governance in family business

(d) Corporate Governance in state-owned business – the MOU system

  1. Social, Environmental and Economic Responsibilities of Business.

(a) National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business

(b) Corporate Social Responsibility – Nature of activities; Evaluation of CSR projects

(c) E-governance

PAPER 14: STRATEGIC FINANCIAL MANAGEMENT (SFM)

Weightage of Chapters in the Exam point of view.
Section A: Investment Decisions 25 %
1.Investment Decisions, Project Planning and Control
2.Evaluation of Risky proposal for Investment decisions
3.Leasing Decisions
Section B: Financial Markets and Institutions
4.Institutions in Financial Markets
5.Instruments in Financial Markets
6.Capital Markets
7.Commodity Exchange
Section C: Security Analysis and Portfolio Management
8.Security Analysis & Portfolio Management
Section D: Financial Risk Management
9.Financial Risks & Management
10.Financial Derivatives –Instruments For Risk Management
11.Financial Risk Management in International Operations
Units and Chapters of Paper 14

SECTION A: INVESTMENT DECISIONS [25 MARKS]

  1. Investment Decisions, Project Planning and Control

(i) Estimation of project cash flow

(ii) Relevant cost analysis for projects

(iii) Project appraisal Methods – DCF and Non-DCF Techniques

(iv) Capital Rationing

(v) Social Cost-Benefit analysis

  1. Evaluation of Risky Proposals for Investment decisions

(i) Investment decisions under uncertainties

(ii) Effect of Inflation on Capital Budgeting Decisions

(iii) Sensitivity Analysis, Certainty Equivalent Approach, Decision Tree Analysis, Standard

Deviation in Capital Budgeting, Risk-Adjusted Discount Rate, Options in Capital Budgeting

  1. Leasing Decisions

(i) Lease Financing – Evaluation of Lease vs Buy options

(ii) Break-Even Lease rental determination

(iii) Cross Boarder leasing, Sale and Leaseback

SECTION B: FINANCIAL MARKETS AND INSTITUTIONS [20 MARKS]

  1. Institutions in Financial Markets

(i) Reserve Bank of India, Commercial Banks, NBFCs

(ii) Insurance Companies, Pensions Funds.

  1. Instruments in the Financial Market

(i) Money Market Instruments – Call money, Treasury Bills, Commercial Bills, Commercial Paper; Certificate of Deposits, Repo, Reverse Repo and Promissory Notes, Government Securities, Bonds, valuation of Bonds, Price Yield relationship.

(ii) Hedge Funds

(iii) Mutual Funds – Computation of NAV and Evaluation of Mutual fund’s Performance

  1. Capital Markets

(i) Primary and secondary markets and its instruments

(ii) Optionally convertible debentures, Deep discount bonds

(iii) Rolling settlement, Clearing house operations

(iv) Dematerialization, Re-materialization and Depository system

(v) Initial Public Offering (IPO) / Follow on Public Offer (FPO) ; Book Building

(vi) Insider trading

(vii) Credit rating – Credit rating agencies in India

  1. Commodity Exchange

(i) Regulatory Structure, Design of markets

(ii) Issues in Agricultural, Non-Agricultural Markets, Product design, Spot price, and present

practices of commodities exchanges

(iii) Intermediaries in the commodity exchanges & Clearing house operations, risk

management related issues

(iv) Commodity Options on futures and its mechanism

SECTION C: SECURITY ANALYSIS & PORTFOLIO MANAGEMENT [25 MARKS]

  1. Security Analysis & Portfolio Management including Equity Reserarch

(i) Security analysis- Fundamental analysis- Economic analysis, Industry analysis, Company

analysis, Technical analysis, Momentum analysis – arguments and criticisms

(ii) Market indicators, Support and resistance level, Patterns in stock price

(iii) Statistic models – Moving Averages, Bollinger bands

(iv) Theories on stock market movements – Dow Jones Theory

(v) Portfolio Management – meaning, objectives and basic principles

(vi) Portfolio Management theories – Efficient Market Hypothesis, Markowitz Model,

Random Walk theory, CAPM, APT, Sharpe Index

(vii)Portfolio Management – Construction of a Portfolio, Computing the Portfolio Total risk,

Classification of risk into systematic and unsystematic, Minimization of Portfolio risk,

Monitoring the Risk and Return of a portfolio

(viii)Portfolio Analysis – Security and Capital Market Line, Beta, Levered and Unlevered

Beta

SECTION D: FINANCIAL RISK MANAGEMENT [30 MARKS]

  1. Financial Risks

(i) Credit Risk, Liquidity Risk, Asset-based risk, Operational Risk

(ii) Foreign investment risk, Market Risk

  1. Financial Derivatives – Instruments for Risk Management

(i) Forward & Futures – Meaning and Difference between Forwards and Future, Stock

futures, Hedging through futures and benefits of Future market, Components of Future

Price, Index based Futures, Margins in the derivatives market,

(ii) Options – Meaning, types of Options (Call & Put), Put-Call Parity theory, Determination

of Option Premium, Strategies in Options market – spread, bull spread, bear spread,

butterfly spread, combination, straddle, Strangle, Strips and Straps, Valuation of

Options using-Option Equivalent, Stock Equivalent, Binomial tree approach, Risk

neutral and Black-Scholes Model

(iii) Swaps and Swaptions – Meaning, types, features, benefits of Swaps, Interest rate

swaps,

(iv) Interest rate derivatives – Meaning, Interest rate caps, interest rate collars, forward

rate agreements

  1. Financial Risk Management in International Operations

(i) Sources of Foreign currency, debt route, depository receipts, American Depository Receipts

(ADRs) – sponsored, unsponsored, Global Depository Receipts (GDRs), Warrants, Foreign

Currency Convertible Bonds (FCCBs), Euro Issues, Euro Commercial Paper, Euro

Convertible Bonds, Note Issuance Facility, Participating Notes, Foreign Direct Investment

(ii) Foreign Exchange Market – Exchange Rate determination – Exchange Rate ForecastingPurchasing Power Parity- Interest Rate Parity

(iii) Exchange Rate Risk management – Forex Hedging tools, exposure netting, currency

forward, cross-currency rollover, Currency futures, options, money market hedge, asset liability management

(iv) Foreign Investment Analysis: International Portfolio Investment – International Capital

Budgeting.

PAPER 15: STRATEGIC COST MANAGEMENT – DECISION MAKING (SCMD)

Weightage of Chapters in the Exam point of view.
Section A: Cost Management 20%
1.Cost Management
Section B: Strategic Cost Management Tools and Techniques 50%
2.Decision-Making techniques
3.Standard Costing in Profit Planning
4.Activity-Based Cost Management – JIT and ERP
5.Cost of Quality and Total Quality Management
Section C : Strategic Cost Management – Application of Statistical Techniques in Business Decisions 30%
6.Application of Operation Research and Statistical Tools in Strategic Decision Making.
Units and Chapters of Paper 15

SECTION A: COST MANAGEMENT [20 MARKS]

  1. Cost Management

(a) Developments in Cost Management:

(i) Life Cycle Costing

(ii) Target costing

(iii) Kaizen Costing

(iv) Value Analysis and Value Engineering

(v) Throughput Costing

(vi) Business Process Re-engineering

(vii) Back-flush Accounting

(viii) Lean Accounting

(ix) Socio Economic Costing

(b) Cost Control and Cost Reduction – Basics, Process, Methods and Techniques of Cost Reduction programme.

SECTION B: STRATEGIC COST MANAGEMENT TOOLS TECHNIQUES [50 MARKS]

  1. Decision Making Techniques

(a) Marginal Costing- Differential costing-CVP Analysis – Profit Volume Graphs –

Contribution Approach

(b) Decisions involving alternative choices – Optimum utilization of resources – Make or Buy – Evaluation of Orders – Multiple scarce resource problems- Product sales pricing….etc

(c) Pricing Decisions and Strategies – New Product Pricing, Use of Costs in Pricing,

Sensitivity Analysis in Pricing Decisions; Monopoly Pricing vs. Competitive Pricing; Bottom Line Pricing

(d) Costing of Service Sector – methods, pricing, performance measurement

(e) Transfer Pricing – Objectives, Methods (Cost Based, Market Price Based, Negotiated Pricing), Advantages and Disadvantages, Criteria for setting Transfer Prices, Transfer Price in different situations, Situations causing Conflicts and resolving the Conflicts;

(f) Relevant Cost Analysis : Relevant Cost, Irrelevant Costs – Sunk or Historical Cost,

Committed Cost, Absorbed Cost, Situations where Fixed Costs become relevant for

decision – making and its related implications

(g) Profitability Analysis – Product wise / Segment Wise/ Customer wise

  1. Standard Costing in Profit Planning

(a) Variance Analysis – Investigation of Variances, Planning and Operating Variances, Controllable/ Non-controllable Variances, Relevant Cost Approach to Variance Analysis; Variance analysis under marginal costing and absorption costing; Activity Ratios; Application of budgetary control and Standard Costing in Profit planning, Standard Costing Vs Budgetary Control, Reconciliation of Actual Profit with Standard Profit and /or Budgeted Profit.

(b) Uniform Costing and Inter-firm comparison.

  1. Activity Based Cost Management – JIT and ERP

(a) Activity Based Cost Management – Concept , purpose, benefits, stages, relevance in decision-making and its application in Budgeting, Responsibility accounting, Traditional Vs. ABC System – comparative analysis

(b) JIT – introduction, Benefits, Use of JIT in measuring the Performance

(c) ERP and its applications in strategic cost management

(d) Bench Marking

  1. Cost of Quality and Total Quality Management

(a) TQM – Basics, Stages, Principles, Control, Corrective actions

(b) PRAISE-Steps, Problems, implementation

(c) PARETO Analysis

(d) Quality Costs

SECTION C: STRATEGIC COST MANAGEMENT – APPLICATION OF STATISTICAL TECHNIQUES IN BUSINESS DECISIONS [30 MARKS]

  1. Application of Operation Research and Statistical Tools in Strategic Decision Making

(a) Learning Curve,

(b) Linear Programming (Formulation only)

(c) Assignment,

(d) Transportation

(e) Simulation

(f) Network Analysis – CPM / PERT

PAPER 16: DIRECT TAX LAWS AND INTERNATIONAL TAXATION (DIT)

Weightage of Chapters in the Exam point of view.
Section A: Advance Direct Tax Laws [50 Marks]
1.Assessment of income and Computation of tax liability of Various Entities
2.Tax Management, Return and Assessment Procedure
3.Grievance Redressal
4.Penalties and Prosecutions
5.Business Restructuring
6.Different aspect of Tax Planning
7.CBDT & Other Authorities
8.E-commerce Transaction and liability in special cases
9.Income Computation and Disclosure Standards (ICDS)
10.Black Money Act, 2015
Section B: International Taxation [30 Marks]
11.Double Taxation and Avoidance Agreements [Sec. 90, 90A and 91]
12.Transfer Pricing
Section C: Case Study Analysis [20 Marks]
Units and Chapters of Paper 16

SECTION A: ADVANCED DIRECT TAX LAWS [50 MARKS]

  1. Assessment of Income and Computation of Tax Liability of Various Entities

(a) Individual including non-resident

(b) Company

(c) Trust

(d) Mutual Association

  1. Tax Management, Return and Assessment Procedure

(a) Return of Income

(b) Assessment Procedure

(c) Interest and Fees

(d) Survey, Search and Seizure

(e) Refund, Demand and Recovery

  1. Grievance Redressal

(a) Appeal

(b) Rectification

(c) Revision

(d) Settlement Commission

(e) Advance Ruling

  1. Penalties and Prosecutions
  2. Business Restructuring

(a) Amalgamation

(b) Demerger

(c) Slump Sale

(d) Conversion of sole Proprietary Business to Company

(e) Conversion of firm into company

(f) Conversion of Private Limited Company/Unlisted Public Company into LLP

  1. Different aspect of Tax Planning
  2. CBDT & Other Authorities
  3. E-Commerce Transaction and Liability in Special Cases
  4. Income computation and Disclosure Standards (ICDS)
  5. Black Money Act, 2015

(a) Introduction to Black Money Act

(b) Highlights of Black Money Act

SECTION B: INTERNATIONAL TAXATION [30 MARKS]

  1. Double Taxation and Avoidance Agreements (DTAA) [Sec. 90, 90A and 91]
  2. Transfer Pricing

(a) Transfer Pricing including specified domestic transactions

(b) Application of Generally Accepted Cost Accounting Principles and Techniques for

determination of Arm’s Length Price

(c) Advance Pricing Agreement (APA) – Concept and Application

(d) Safe Harbour Rules & Their Capitalisation

SECTION C: CASE STUDY ANALYSIS [20 MARKS]

PAPER 17: CORPORATE FINANCIAL REPORTING (CFR)

Weightage of Chapters in the Exam point of view.
Section A: GAAP and Accounting Standards 20 %
Accounting Standards
Section B: Accounting of Business Combinations & Restructuring 20%
Accounting of Business Combinations & Restructuring (Ind AS)
Section C: Consolidated Financial Statements 20%
Group Financial Statements (Ind AS)
Section D: Developments in Financial Reporting 25%
Recent Trends in Financial Reporting
Valuation, Accounting, and Reporting of Financial Instruments and others (Ind AS)
Share-based payments (Ind AS)
Reporting through XBRL (Extended Business Reporting Language)
Section E: Government Accounting in India 15%
Government Accounting Procedure and Standards
Units and Chapters of Paper 17

SECTION A: GAAP AND ACCOUNTING STANDARDS [20 MARKS]

  1. Accounting Standards

(a) Generally Accepted Accounting Principles in India

(b) Overview of Accounting Standards (AS)

(c) International Financial Reporting Standards

(d) Over View of Ind AS

SECTION B: ACCOUNTING OF BUSINESS COMBINATIONS & RESTRUCTURING [20 MARKS]

  1. Accounting for Business Combinations & Restructuring (as per Ind AS)

(a) Relevant Terms, Types of merger, methods of accounting, treatment of Goodwill arising on merger, Purchase consideration and settlement

(b) Accounting in books of vendor/ transferor and transferee

(c) Accounting for investment in subsidiary

(d) Accounting for Mergers / Acquisitions (including chain holdings, cross holdings, multiple holdings)

(e) Corporate Financial restructuring, Reconstruction Schemes, De-merger, Reverse

merger

(f) Notes to Accounts & related disclosures under amalgamation

SECTION C: CONSOLIDATED FINANCIAL STATEMENTS [20 MARKS]

  1. Group Financial Statements (as per Ind AS)

(a) Concept of a group, Purposes of consolidated financial statements, Consolidation

procedures, Non-controlling interest, Goodwill, Treatment Pre-acquisition profit and Postacquisition profit and concept of Fair value at the time of acquisition.

(b) Consolidation with two or more subsidiaries, consolidation with foreign subsidiary.

(c) Consolidated Income Statement, balance Sheet and Cash Flow Statements for Group

of companies.

(d) Impact on group financial statements at the point of acquisition

(e) Treatment of investment in associates in consolidated financial statements. Compare

and contrast acquisition and equity methods of accounting

(f) Treatment of investment in joint ventures in consolidated financial statements

SECTION D: DEVELOPMENTS IN FINANCIAL REPORTING AND OTHER ITEM OF REPORTING [25 MARKS]

  1. Recent trends in Financial Reporting

(a) Sustainability Reporting

(b) Triple Bottom Line Reporting

(c) Corporate Social Responsibility Reporting (CSR Reporting)

(d) Fair Value Measurement

(e) Integrated Reporting (IR)

(f) Business Responsibility Reporting

  1. Valuation, Accounting and Reporting of Financial Instruments and others

(a) Recognition & Valuation Financial Instruments (Ind AS)

(b) GST Accounting

(c) NBFC – Provisioning Norms and Accounting

(d) Valuation of Shares

(e) Valuation of Goodwill

  1. Share Based payments transactions (Ind AS)
  2. Reporting Through XBRL (Extended Business Reporting Language)

SECTION E: GOVERNMENT ACCOUNTING IN INDIA [15 MARKS ]

  1. Government Accounting

(a) General Principles and comparison with commercial accounting

(b) Role of Comptroller and Auditor General of India

(c) Role of Public Accounts Committee, Review of Accounts

(d) Government Accounting Standards issued by Government Accounting Standards

Advisory Board (GASAB)

(e) Government Accounting and Reporting

PAPER 18: INDIRECT TAX LAWS AND PRACTICE (ITP)

Weightage of Chapters in the Exam point of view.
Section A : Advanced Indirect Tax and Practice 80%
  1. Goods and Services Tax Act & Rules
50%
Customs Law20%
Foreign Trade Policy10%
Section B: Tax Practice and Procedures 20%
  1. Case Study Analysis
20%
Units and Chapters of Paper 18

SECTION A: ADVANCED INDIRECT TAX AND PRACTICE

  1. Goods and Services Tax Act & Rules

1.1 Introduction

What is GST

Need for GST in India

Cascading effect of tax

Non-integration of VAT and Service Tax causes double taxation

  • No CENVAT Credit after manufacturing stage to a dealer:
  • Cascading of taxes on account of levy of CST Inter-State purchases:
  • The existing Indirect Tax frame work in India suffer from various duties and taxes at
  • Central as well as at State level:
  • Non Availment of Seamless ITC
  • Tedious Process of Issuance and collection of CST Forms and losses suffered due to them
  • Sharing of Data between Centre and States and various Boards
  • One Nation-One Tax
  • Dual GST Model
  • Central Goods and Services Tax Act, 2017 (CGST)
  • State Goods and Services Tax Act, 2017 (SGST)/
  • Union Territory Goods and Services Tax Act, 2017 (UTGST)
  • Integrated Goods and Services Tax Act, 2017 (IGST)
  • Methodology of Flow of Revenue between Centre and States
  • Goods and Services Tax Network (GSTN)
  • The functions of the GSTN (i.e. Role assigned to GSTN)
  • Constitution (101st Amendment) Act, 2016 GST Council
  • Guiding principle of the GST Council
  • Functions of the GST Council
  • Body of GST Law
  • Definitions under CGST Laws

1.2 Levy and Collection of Tax

Scope of supply (Section 7 of CGST Act, 2017)

Section 7(1)(a) all forms of supply of goods or services or both such as sale, transfer, barter,

exchange, licence, rental, lease or disposal made or agreed to be made for a

consideration by a person in the course or furtherance of business;

Section 7(1)(b) of CGST Act, 2017, import of services for a consideration whether or not in

the course or furtherance of business

Section 7(1)(c) of the CGST Act, 2017 the activities specified in Schedule I, made or

agreed to be made without a consideration

  • Permanent transfer/disposal of business assets
  • Supply between related persons or distinct persons
  • Supply to agents or by agents
  • Importation of Services
  • Section 7(1)(d) the activities to be treated as supply of goods or supply of services as referred to in Schedule II
  • Un-divided share in goods
  • Job work
  • Transfer of business assets
  • Renting of Immovable Property
  • Construction Service
  • Information Technology software
  • Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or
  • to do an act
  • Transfer of the right to use any goods for any purpose
  • Composite supply
  • Supply of goods, by any unincorporated association or body of persons to a member
  • thereof for cash, deferred payment or other valuable consideration.
  • Non-taxable Supplies under CGST Act, 2017
  • Section 7(2) (a) activities or transactions specified in Schedule III;
  • Section 7(2)(b) such activities or transactions undertaken by the Central Government, a

State Government or any local authority in which they are engaged as public authorities,

as may be notified by the Government on the recommendations of the Council,

Section 7(3) the transactions that are to be treated as—

(a) a supply of goods and not as a supply of services; or

(b) a supply of services and not as a supply of goods.

Composite and Mixed Supplies (Section 8 of CGST Act, 2017)

  • Meaning of Composite and Mixed Supplies
  • Composite Supply
  • Mixed supply
  • Levy and Collection
  • Composition Levy Exemption from tax Person liable to pay tax
  • Forward Charge
  • Reverse Charge

A person who is required to pay tax under section 9(5) of CGST Act (i.e. Electronic

Commerce Operator)

Exempt Supply, Non Taxable Supply and Non-GST Supply

Rates of GST

1.3 Classification of Goods and Services under GST – Reading the Rate Schedule

1.4 Time of Supply under GST

Time of Supply in case of Goods

Time of Supply in case of Services

Time of Supply in case of a change in Rate of Tax

1.5 Value of Supply under GST

1.6 Place of Supply under GST

Need for determination of Place of Supply

Place of Supply in case of Goods

Place of Supply in case of Services

Place of Supply in case of Online Information Database Access and Retrieval (OIDAR)

Services

1.7 Input Tax Credit

Eligibility for taking Input Tax Credit (ITC)

Blocked Credits

Method of Reversal of Credits

Input Tax credit in special circumstances

Input Tax Credit in respect of goods sent for Job-Work

Distribution of credit by Input Service Distributor (ISD)

Recovery of Input Tax Credit

1.8 Registration under GST Law

Persons not liable for registration

Compulsory registration

Concept of Distinct Persons under GST

Procedure for registration

Deemed registration

Casual taxable person

Non-resident taxable person

Cancellation vs. Revocation of registration

1.9 Tax Invoice, Credit and Debit Notes and other documents under GST

1.10 Accounts, Other Records under GST

1.11 Payment of Tax

Computation of Tax liability and payment of tax, Interest on delay payment of tax

1.12 TDS & TCS under GST

TDS (Tax Deducted at Source)

TCS (Tax Collected at Source)

1.13 Returns

Sample of Proposed New Returns under GST

GSTR 1

GSTR 3B

1.14 Matching Concept under GST

What is matching?

GSTR 2A

1.15 Exports, Imports and Refunds under GST

Export of Goods and Services

Import of Goods and Services

Zero Rated Supply

Deemed Export

Refunds in case of Exports

Refunds in case of Inverted Duty Structure

Cash Ledger Refunds

1.16 Assessments, Inspection, Search & Seizure

1.17 Audit under GST

Audit by Revenue Authorities

Audit by Professionals

1.18 The Goods and Services Tax (Compensation to States) Act, 2017

1.19 Advance concepts under GST

  • Introduction
  • Demand and recovery, Offence and Penalties
  • Appeals and Revision
  • Advance Ruling
  • Miscellaneous Provisions

1.20 Job Work Under GST

Definitions

The procedure of Job Work

1.21 E _Waybills under GST

1.22 Transitional Provisions

1.23 Anti-profiteering

1.24 Replying to Department Notices under GST – Sample Cases

1.25 Operation of GST Portal – A Walkthrough

  1. Customs Law

2.1 Basic Concepts

  • Introduction
  • Definitions
  • Circumstances of Levy
  • Circumstance under which no duty will be levied
  • Tax Planning v Tax Management
  • Remission/ Abatement of Duty – Pilfered Goods, Damaged or Deteriorated Goods,
  • Lost or Destroyed Goods
  • Derelict, Flotsam etc., Denatured or Mutilated Goods, Re- imported Goods

2.2 Classification under Customs

Customs Tariff Act, 1975

General Rules for the Interpretation of Import Tariff

2.3 Types of Duties

  • Introduction
  • Types of Duties
  • When can provisional measures are imposed
  • Refund on anti-dumping duty
  • Project Imports and Eligible Projects

2.4 Valuation under Customs

Introduction

Valuation of Imported Goods: Transaction Value, Related Persons, Valuation in Case

Goods are Sold to Related Person Adjustments for Costs and Services for Valuation of

Imported Goods

Meaning of Identical Goods, Similar Goods, Transaction Value of Identical Goods and

Similar Goods

Deductive Value, Computed Value and Residual Method of Valuation

Valuation of Export Goods

2.5 Import and Export Procedure

Import Procedure

Export Procedures

Deemed Exports

Stores

Transit and Transhipment of Goods

High Seas Sales

2.6 Warehousing

Licensing of Public Warehouses, Private Warehouses and Special Warehouses

Warehousing Bond, Warehousing Period, Control Over Warehouse Goods

Owner’s Right to Deal with Warehoused Goods

Manufacture in Warehouse

Removal of Goods from Warehouse

Improper Removal of Goods from Warehouse

2.7 Duty Drawback

Duty Drawback Allowable on Re-Export of Duty Paid Goods

Re-Export of Imported Goods (Drawback of Customs Duties) Rules, 1995

Duty Drawback on Imported Materials used in the Manufacture of Goods which are

Exported

Customs and Central Excise Duties Drawback Rules, 2017

Interest on Drawback and Prohibition or Regulation of Duty Drawback

Certification

2.8 Baggage & Postal Articles

Introduction

Baggage

Postal Articles

Import of Samples

Baggage Rules, 2016

2.9 Administrative and other Aspects

Introduction

Appointment of officers of customs

Appointment of customs ports, airports, etc.

First & Second Appraisement System

Self-assessment of Customs Duty

Refund of Customs Duty

Risk Management System

Penalties under Customs

Offences and Prosecutions under Customs

Integrated Declaration under Indian Customs Single Window Project

2.10 Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017

2.11 Search, Seizure, Confiscation, and Miscellaneous Provisions

Search of Persons, Premises and Conveyances

Seizure of Goods, Documents and Things

Confiscation of Goods, Conveyances and Penalty on Improper Importation and

Exportation

Burden of Proof and Redemption Fine

Other Miscellaneous Provisions

2.12 Comprehensive Issues under Customs (including Case Studies)

Introduction

Adjudicating Authority

Offences

Appeals under Customs

Authority for Advance Ruling

  1. Foreign Trade Policy (FTP) 2015-2020

Basic Concepts of Foreign Trade Policy

FTP – Objectives, Administration and Legal Framework

FTP – Certain Definitions

General Provisions Regarding Imports and Exports

Export Promotion Schemes:

Merchandise Exports From India Scheme (MEIS)

Service Exports From India Scheme (SEIS)

L Advance Authorization Scheme

L Duty Free Import Authorization (DFIA) Scheme

L Export Promotion Capital Goods Scheme (EPCG)

L EOU, EHTP, STP & BTP Schemes

L Deemed Exports

Special Economic Zone Scheme (With Amended SEZ Rules)

SECTION – B: TAX PRACTICE AND PROCEDURES

Case Study Analysis

PAPER 19: COST AND MANAGEMENT AUDIT (CMAD)

Weightage of Chapters in the Exam point of view.
Section A: Cost Audit 35%
Natue, Scope, utility and Advantages of Cost Audit
Companies (Cost Records & Audit) Rules, 2014
Professional Ethics, Misconduct, Offences and Penalties
Cost Accounting Standards
Cost Auditing and Assurance Standards
Format of Cost Audit Report – XBRL – Salient Features
Section B: Management Audit 15%
Management Reporting issues under Cost Audit
Manaement Audit – Meaning, Nature, Scope etc
Energy Audit, Efficiency Audit, Propriety Audit, and System Audit
Evaluation of Corporate Image – Corporate Development Audit11. Impact of environmental pollution
Section C: Internal Audit, Operational Audit and other related issues 25%
Concept of Internal Audit
Provisions of Internal Audit under Companies Act, 2013
Audit Planning, Audit Programme, Audit working papers
Receivables Audit, Audit of Services and Local Bodies
Section D: Case Study on Performance Analysis 25%
Units and Chapters of Paper 19

SECTION A: COST AUDIT [35 MARKS]

  1. Nature, Scope, utility and Advantages of Cost Audit
  2. Companies (Cost Records & Audit) Rules,2014
  3. Professional Ethics, Misconduct, Offences and Penalties
  4. Cost Accounting Standards
  5. Cost Auditing Assurance Standards
  6. Format of Cost Audit Report – XBRL – Salient Features

SECTION B: MANAGEMENT AUDIT [15 MARKS]

  1. Management Reporting issues under Cost Audit – Performance Appraisal Report
  2. Management Audit – Meaning, Nature, Scope, Need for Management Audit and

Reporting under Management Audit

  1. Energy Audit, Efficiency Audit, Propriety Audit and Systems Audit
  2. Evaluation of Corporate Image – Corporate Development Audit – Corporate Strategy

Audit

  1. Impact of environmental pollution: Social Cost Benefit Analysis, Corporate Social Audit

and Safety Audit.

SECTION C: INTERNAL AUDIT, OPERATIONAL AUDIT AND OTHER RELATED ISSUES [25 MARKS]

  1. Concept of Internal Audit
  2. Provisions of Internal Audit under Companies Act, 2013
  3. Audit Planning, Audit Programme, Audit working papers Reporting to Management
  4. Receivables Audit, Audit of Hospitals, Hotels, Educational Institutions, Co-operative

Societies, Self Help Groups, Non-Governmental Organizations (NGOs), Corporations,

Municipalities, Panchayats.

SECTION D: CASE STUDY ON PERFORMANCE ANALYSIS [25 MARKS]

Case Study on the basis of the Companies Performance for managerial decision-making with reference to:

(a) Application of Ratios for assessment of performance

(b) Waste Multiplier

(c) Utilities Consumption i.e., Power, Fuel etc

(d) Capacity determination and Utilization

(e) Value Addition

(f) Inventory valuation

(g) Abnormal Events such as Strike, Lock-out, and other factors

(h) Profitability analysis

(i) Reconciliations of Financial and Cost Records i.e., Profit, Taxation.

PAPER 20: STRATEGIC PERFORMANCE MANAGEMENT AND BUSINESS VALUATION (SPBV)

Weightage of Chapters in the Exam point of view.
Section A: Strategic Performance Management 50%
Conceptual Framework of Performance Management
Performance Evaluation & Improvement Tools
Economic efficiency of the firm – Performance analysis
Enterprise Risk Management
Section B: Business Valuation 50%
Business Valuation Basics
Valuation in Mergers and Acquisitions
Fair Value in Accounting Measurement
Valuation of Intangibles
Units and Chapters of Paper 20

SECTION A: STRATEGIC PERFORMANCE MANAGEMENT [50 MARKS]

  1. Conceptual Framework of Performance Management

(a) Performance Management- concept, components

(b) Performance, Productivity and Efficiency

(c) Financial Performance Analysis

(d) Supply Chain Management (SCM)

(e) Customer Relationship Management (CRM) & Customer Profitability analysis;

  1. Performance Evaluation & Improvement Tools

(a) Balanced Score Card

(b) Du-Pont Analysis

(c) Benchmarking & Bench trending

(d) Six Sigma

(e) Statistical Quality Control (SQC)

(f) Plan- Do- Check- Action (PDCA)

(g) Management Information System

(h) Online Analytical Processing Tools

(i) Tools to Improve Productivity and Profitability – MRP I, MRP II, and ERP

(j) Total Productivity Management

(k) Total Quality Management

  1. Economic Efficiency of the firm – Performance Analysis

(a) Profit-maximization under different market structure

(b) Market factors affecting Pricing decisions

  1. Enterprise Risk Management

(a) Risk Management

(i) Risk Management – Introduction and objectives

(ii) Risk Measurement – Pooling, Diversification, Total Loss Distribution, Ruin Probability

(iii) Risk Analysis – Risk Mapping and Risk indicators

(b) Corporate Risk Management

(i) Enterprise Risk Management

(ii) Risk Retention or Reduction

(iii) Value at Risk (VAR)

(iv) Introduction to Capital Adequacy Norms in Banking Industry

(c) Corporate Failure

(i) Corporate Distress Analysis-Causes

(ii) Corporate Distress Prediction Models: Edward Altmans Model, NCAER Models

SECTION B: BUSINESS VALUATION [50 MARKS]

  1. Business Valuation Basics

(a) Meaning of Value, Valuation and Business Valuation

(b) Principles of Valuation, Valuation Bias, Types of Values

(c) Role of Business Valuation in Corporate Finance and Business Acquisitions

  1. Valuation Models

(a) Non-Discounted Cash Flow Method – Accounting based, Earnings based, Cashflow

based.

(b) Discounted Cash Flow Method

(c) Other methods of valuation

  1. Valuation of Assets and Liabilities

(a) Valuation of Inventory

(b) Valuation of Investments – Bonds and Shares

(c) Valuation of Intangibles – Copy Rights, Goodwill, Brand

(d) Valuation of Human Resources

(e) Value Added, Economic Value Added, Market Value Added

(f) Valuation of Liabilities

  1. Valuation in Mergers and Acquisitions

(a) Meaning of Business Mergers and acquisitions and Types

(b) Application of valuation models for business mergers and acquisitions

(c) Determination of Exchange Ratio (Swap)or Purchase Consideration

(d) Synergistic benefits and distribution of synergy gains

(e) Recognition of Interest of various stakeholders

(f) Selection of the appropriate cost of capital for valuation

(g) Impact of merger on value of share

(b) Total and Compound Probability; Baye’s theorem; Mathematical Expectation

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