Check the Updated and Latest CA Intermediate Syllabus May 2024

CA Intermediate Exam for the CA Intermediate Syllabus May 2024 will be conducted in May 2024. The dates for the exams have already been circulated by ICAI, as per which the students need to prepare themselves. Now, coming to the preparation, students should first go through the CA intermediate syllabus required to prepare for the exam and revise.

The very first thing that a student must be aware of is the CA Intermediate Syllabus. The syllabus consists of all the topics asked in the exam. ICAI provides the latest CA Intermediate syllabus on their official site. You can also get the CA Intermediate mock test papers on the official site of ICAI to revise each paper of the Intermediate course. Here, we will be discussing the updated syllabus of the Intermediate course by ICAI.

ICAI CA Intermediate Syllabus May 2024

So, the ICAI CA Intermediate syllabus for May 2024 has been divided into six papers. Now, let us see what topics are included in each of these papers.

Paper 1: ADVANCE ACCOUNTING

Advance accounting majorly deals with accounting standards and helps students prepare financial statements in business.

• Introduction to Accounting Standards
• Framework for Preparation and Presentation of Financial Statements
• Applicability of Accounting Standards
• Presentation and Disclosures Based Accounting Standards
• Assets Based Accounting Standards
• Liabilities Based Accounting Standards
• Accounting Standards Based on Items Impacting Financial Statement
• Revenue Based Accounting Standards
• Other Accounting Standards
• Accounting Standards for Consolidated Financial Statement
• Financial Statements of Companies
• Buyback of Securities
• Amalgamation of Companies
• Accounting for Reconstruction of Companies
• Accounting for Branches including Foreign Branches

Paper 2: CORPORATE AND OTHER LAWS

So, Paper 2, i.e., Corporate and other laws, has been divided into two sections, and here we will go through the topics of both parts.

Part I. Company Law

• Preliminary
• Incorporation of Company and Matters Incidental Thereto
• Prospectus and Allotment of Securities
• Share Capital and Debentures
• Acceptance of Deposits by Companies
• Registration of Charges
• Management & Administration
• Declaration and Payment of Dividend
• Accounts of Companies
• Audit and Auditors
• Companies Incorporated Outside India
• The Limited Liability Partnership Act, 2008

Part II. Other Laws

• The General Clauses Act, 1897
• Interpretation of statutes
• The Foreign Exchange Management Act, 1999

Paper 3: TAXATION

Again, taxation has been divided into two different sections the one is Income Tax law and the other is Goods and Service Tax.

Section A. Income Tax Law

• Basic Concepts
• Residential and scope of total income
• Heads of income 
• Income of other persons included in the assessee’s total income
• Aggregation of Income, Set-Off and Carry Forward of Losses
• Deductions from gross total income
• Advance Tax, Tax Deduction at Source and Tax Collection at Source
• Provisions for filing return of income and self-assessment
• Income Tax Liability – Computation and Optimisation

Section B. Goods and Service Tax

• GST in India – An Introduction
• Supply under GST
• Charge of GST
• Place of Supply
• Exemptions from GST
• Time of Supply
• Value of Supply
• Input Tax Credit
• Registration
• Tax Invoice; Credit and Debit Notes
• Accounts and Records
• E-Way Bill
• Payment of Tax
• Tax Deduction at Source and Collection of Tax at Source
• Returns

Paper 4: COST AND MANAGEMENT ACCOUNTING

• Introduction to Cost and Management Accounting
• Material Cost
• Employee Cost and Direct Expenses
• Overheads – Absorption Costing Method
• Activity Based Costing
• Cost Sheet
• Cost Accounting Systems
• Unit and Batch Costing
• Job Costing
• Process and Operation Costing
• Joint Products and By Products
• Service Costing
• Standard Costing
• Marginal Costing
• Budgets and Budgetary Control

Paper 5: AUDITING AND ASSURANCE

• Nature, Objective and Scope of Audit
• Audit Strategy, Audit Planning and Audit Programme
• Risk Assessment and Internal Control
• Audit Evidence
• Audit of Items of Financial Statements
• Audit Documentation
• Completion and Review
• Audit Report
• Special Features of Audit of Different Type of Entities
• Audit of Banks
• Ethics and Terms of Audit Engagements

Paper 6: FINANCIAL MANAGEMENT AND STRATEGIC MANAGEMENT

Section A. Financial Management

• Scope and Objectives of Financial Management
• Types of Financing
• Financial Analysis and Planning – Ratio Analysis
• Cost of Capital
• Financing Decisions – Capital Structure
• Financing Decisions – Leverages
• Investment Decisions
• Dividend Decision
• Management of Working Capital

Section B. Strategic Management

• Introduction to Strategic Management.
• Strategic Analysis: External Environment
• Strategic Analysis: Internal Environment
• Strategic Choices
• Strategy Implementation and Evaluation

CA Intermediate Syllabus Updates – May 2024

After adding some new laws and amendments, ICAI has also updated its syllabus for May 2024 CA Intermediate Exam. As per the new syllabus, some topics have been recently added to the course, whereas some old topics have been removed. So, let us go through the topics added and removed from the syllabus.

Addition of Topics in the CA Intermediate Syllabus 2024

All the topics that have been newly added to the syllabus of CA Intermediate for 2024 are:

• The topics of Paper 1, which was Accountings, have now been added to Advanced Accounting, Paper 5.
• ICAI has added new topics in Limited Liability Partnership. These topics include the dissolution of Partnership, Issues related to accounting such as sale to a company, and conversion of a partnership firm into a company. It has also included piecemeal distribution.

Deduction of Topics in the CA Intermediate Syllabus May 2024

Now, let us go through the topics that have been deducted from the CA Intermediate Syllabus for May 2024 session.

• Goodwill Valuation.
• ICAI’s application of Guidance Notes on specific accounting aspects.
• Share and Debentures Underwriting.
• Parties to notes, Bills, and Cheques, Presentment of Negotiable Instruments, Payment & Interest, and Noting & Protest.
• Financial Reporting of Insurance Companies and Mutual Funds and regulatory requirements thereof.

Conclusion

Therefore, ICAI updates the CA Intermediate syllabus as per the requirements and the new amendments. Hence, whenever there are any recent amendments to any new laws related to the course of CA Intermediate. Also, if any part of the syllabus needs to be cut down, ICAI does it and updates the new syllabus on the official site. So, the students must keep themselves updated with the latest syllabus as per the ICAI. Also, you can check the newly added and removed topics from the syllabus in the above blog. For more details, you can visit CA Wizard.

Also Read: 10 Things You Want to Avoid Before Exams, But You Cannot!