(1)

(2)

(3)

S. No. in the revised syllabus

Topics of the syllabus

Exclusions

2.

Application of Indian Accounting

Indian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’

• Appendix B- Stripping Costs in the Production Phase of a Surface Mine

Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’

• Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
• Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment

Standards (Ind AS) with

reference to General Purpose

Financial Statements

(v) Ind AS on Assets and

Liabilities of the Financial

Statements including Industry

specific Ind AS

(viii) Other Ind AS

• Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies
• Indian Accounting Standard (Ind AS) 104 : Insurance Contracts
• Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources
• Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts

5.

Analysis of financial statements

• Analysis of financial Accounting Standards

statements

based

on

S.No

SA

Title of Standard on Auditing

1

SQC 1

Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

2

SA 200

Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

3

SA 210

Agreeing the Terms of Audit Engagements

4

SA 220

Quality Control for Audit of Financial Statements

5

SA 230

Audit Documentation

6

SA 240

The Auditor’s responsibilities Relating to Fraud in an Audit of Financial

Statements

7

SA 250

Consideration of Laws and Regulations in An Audit of Financial Statements

8

SA 260

Communication with Those Charged with Governance (Revised)

9

SA 265

Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

10

SA 299

Joint Audit of Financial Statements (Revised)

11

SA 300

Planning an Audit of Financial Statements

12

SA 315

Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

13

SA 320

Materiality in Planning and Performing an Audit

14

SA 330

The Auditor’s Responses to Assessed Risks

15

SA 402

Audit Considerations Relating to an Entity Using a Service Organization

16

SA 450

Evaluation of Misstatements Identified during the Audits

17

SA 500

Audit Evidence

18

SA 501

Audit Evidence – Specific Considerations for Selected Items

19

SA 505

External Confirmations

20

SA 510

Initial Audit Engagements-Opening Balances

21

SA 520

Analytical Procedures

22

SA 530

Audit Sampling

23

SA 540

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

24

SA 550

Related Parties

25

SA 560

Subsequent Events

26

SA 570

Going Concern

27

SA 580

Written Representations

28

SA 600

Using the Work of Another Auditor

29

SA 610

Using the Work of Internal Auditors

30

SA 620

Using the Work of an Auditor’s Expert

31

SA 700

Forming an Opinion and Reporting on Financial Statements

32

SA 701

Communicating Key Audit Matters in the Independent Auditor’s Report

33

SA 705

Modifications to the Opinion in the Independent Auditor’s Report

34

SA 706

Emphasis of Matter Paragraphs and Other Matter Paragraphs in the

Independent Auditor’s Report

35

SA 710

Comparative Information – Corresponding Figures and Comparative Financial Statements

36

SA 720

The Auditor’s Responsibility in Relation to Other Information

(1)

(2)

(3)

S. No

Topics of the syllabus

Exclusions

1

SA 800

Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework

2

SA 805

Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

3

SA 810

Engagements to Report on Summary Financial Statements

4

SRE 2400

Engagements to Review Historical Financial Statements (Revised)

5

SRE 2410

Review of Interim Financial Information Performed by the Independent Auditor of the Entity

6

SAE 3400

The Examination of Prospective Financial Information

7

SAE 3402

Assurance Reports on Controls At a Service Organisation

8

SAE 3420

Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)

9

SRS 4400

Engagements to Perform Agreed Upon Procedures Regarding Financial Information

10

SRS 4410

Compilations Engagements (Revised)

Inclusions / Exclusions from the syllabus

Chapters/ Topics of the syllabus

(1)

Inclusions

(Provisions which are included from the corresponding chapter of the syllabus)

(2)

Exclusions

(Provisions which are excluded from the corresponding chapter of the syllabus)

(3)

Part I: Section A- Company Law

The entire content included in the October 2021 edition of the Study

Following sections of the Companies Act, 2013 are excluded-

Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

337-351, 359-378, 396-405, 408-

419, 441, 448- 449, 451-453, 456 –

470 and provisions related to Producer Companies.

Even Rules to the extent covered in

the Study material, are only relevant.

Part I: Section B- Securities Laws- Chapter 1: The Securities Contract (Regulation) Act, 1956 and

–

The entire chapter is excluded.

Securities Contract (Regulation) Rules, 1957

Part I: Section B- Securities Laws– Chapter 2: The Securities Exchange Board of India Act, 1992 and SEBI (LODR) Regulations, 2015

The entire content included in the October 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall

Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f),

2(1)(fa), 2(1)(g), 21, 25, 28,33 & 35.

only be relevant for the said

examinations.

In particular, SEBI (LODR)

Regulations, 2015 to the extent

covered in the study material, shall

only be applicable for the

examination.

Part II: Economic Laws

The FEMA, 1999 along with the following Rules/Regulations to the extent covered in the October 2021 edition of the study material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations-

• FEM (Permissible Capital Account Transactions) Regulations, 2000
• FEM (Current Account Transactions) Rules, 2000
• FEM (Export of Goods & Services) Regulations, 2015
• Overseas Direct Investment
• Import of Goods and Services
• External Commercial Borrowing Policy

Following provisions of the FEMA,

Chapter 1: The Foreign Exchange Management Act, 1999

1999 is excluded for the examination-Sections 2(cc) & Section 2(gg), 16(2)- 16(6) ,17(4)

17(6), 19 to 34, 37(2) – 37(3), 37A,

45, 46, 47 & 48.

All other FEM (Regulations)/ Rules

except given in column (2), are

excluded.

Chapter 2: SARFAESI Act, 2002

–

The entire chapter is excluded.

Chapter 3: The Prevention of Money

The entire content included in the

Following Sections are excluded for

Laundering Act, 2002

October 2021 edition of the Study

examination: 2(1)(a), (b)(c), (d), (da),

Material and the Legislative

(f), (g), (h), (i), (ia), (ib), (j), (ja), (k),

amendments hosted on the website

(m), (na), (o), (q), (r), (rc), (s), (sb),

for May 2023 examinations, shall

(sc), (t), (va), (z) , (zb) & (2)-

only be relevant for the said

Definitions, 6(3)-6(15), 7, 16 to 24,

examinations.

27-34, 35(1), 35(3)- 35(5), 36- 37,

39- 40, 49 to 54, 73, 74 & 75.

Rules to the extent covered in the

Study material are only relevant.

Chapter 4: The Foreign Contribution Regulation Act, 2010

The entire content included in the October 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

Rules related to FCRR, 2011 is relevant to the extent covered in the Study Material.

Following Sections are excluded for examination:

Section 2(1)(a), (b), (c), (d), (e), (f),

(k), (l), (o), (p), (q), (s), (t), & (u)-

Definitions, 21, 23 – 27, 44, 45, 49,

53 & 54.

Chapter 5: The Arbitration and Conciliation Act, 1996

The entire content included in the October 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

–

Chapter 6: The Insolvency and Bankruptcy Code, 2016

The entire content included in the October 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations covering-

• Relevant definitions in the Study Material
• Provisions uptill section 59

Even Rules and the Regulations related to Insolvency and Bankruptcy Code, are relevant to the extent covered in the Study Material.

Provisions from section 60 onwards are excluded.

(1)

(2)

(3)

Inclusions

Exclusions

Chapters/ Topics of the syllabus

(Provisions which are included from the corresponding chapter of the syllabus)

(Provisions which are excluded from the corresponding chapter of the syllabus)

Chapter 1- The Competition Act, 2002 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments (if any)

Following Sections of the Competition Act, 2002 are excluded for the examination: 34, 37, 38, 40 are excluded.

hosted on the website, shall only

be relevant.

Significant Rules/Regulations

related to the Competition Act to

the extent covered in the study

material, are only relevant for said

examination.

Chapter 2- Real Estate (Regulation and Development) Act, 2016 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments, if any, hosted on the website, shall only

Regulations pertaining to RERA are excluded.

be relevant.

Chapter 3- The Insolvency and Bankruptcy Code, 2016 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments hosted on the website(if any), shall only be

Following sections are excluded of the Notified chapters of the Code:

3(2), 3(3), 3(5), 3(14), 3(22), 3(24),

3(25), 3(26), 3(28), 3(29), 3(32),

3(36), 3(37), 5(2) to 5(4), 5(16),

relevant for the said examinations

5(19).

In specific, Regulations/ Rules

related to Insolvency and

Bankruptcy, are covered in a

limited manner and not in entirety.

These shall only be applicable to

the extent covered in the study

material.

Chapter 4- The Prevention of Money Laundering Act, 2002 and Rules/Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments (if any) hosted on the website, shall only be relevant.

Rules to the extent covered in the study material are relevant.

–

Chapter 5- The Foreign Exchange Management Act, 1999 and Rules /Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments (if any), hosted on the website, shall only be relevant.

In specific following FEM (Regulations)/ Rules read with the Act, shall only be applicable to the extent covered in the study material-

• Foreign Exchange Management (Current Account Transactions) Rules, 2000
• Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000
• Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
• Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015
• Foreign Exchange Management (Export of Goods and Services) Regulations, 2015
• Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015
• Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2015
• Liberalized Remittance Scheme.
• Import of Goods and Services
• External Commercial Borrowings
• Overseas Direct Investments

Following FEM(Regulations)/ Rules are entirely excluded:

• Foreign Exchange (Authentication of Documents) Rules, 2000
• Foreign Exchange (Compounding Proceedings) Rules, 2000
• Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000
• Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000
• Foreign Exchange Management (Borrowing and lending in Rupees) Regulations, 2000
• Foreign Exchange

Management (Deposit) Regulations, 2016

• Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other place of business) Regulations, 2016
• Foreign Exchange Management (Export and Import of Currency) Regulations, 2015
• Foreign Exchange

Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015

• Foreign Exchange

Management (Foreign

Exchange Derivative Contracts) Regulations, 2000

• Foreign Exchange Management (Guarantees) Regulations, 2000
• Foreign Exchange Management (Insurance) Regulations, 2015
• Foreign Exchange Management (Investment in firm or proprietary Concern in India) Regulations, 2000
• Foreign Exchange Management (Issue of security in India by a Branch Office or Agency of a person Resident in outside India) Regulations, 2000
• Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
• Foreign Exchange Management (Remittance of Assets) Regulations, 2016
• Foreign Exchange Management (Transfer or issue of any Foreign security) Regulations, 2004
• Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000
• Foreign Exchange Management (Withdrawal of General permission to Overseas Corporate Bodies) Regulations, 2003
• Foreign Exchange Management (Removal of Difficulties) Order, 2000
• Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014

• Foreign Exchange

Management (Offshore Banking Unit) Regulations, 2002

• Foreign Exchange Management (International financial Services Centre) Regulations, 2015
• Foreign Exchange Management (Regularization of assets held abroad by a person Resident in India) Regulations, 2015

Chapter 6 – Prohibition of Benami Property Transactions Act,1988 and Rules/ Regulations

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments (if any) hosted on the website, shall only be relevant.

–

Chapter 7- SARFAESI, 2002

The entire content included in the October 2021 edition of the Study Material read with the significant relevant amendments (if any) hosted on the website, shall only be relevant.

–

IFRS

Significant amendments applicable for May, 2023 examination

IAS 16, ‘Property,

Plant and

Equipment’

Para 17(e) of IAS 16 has been amended by adding a clarification that the excess of net proceeds from sale of items produced during testing will be credited to Profit or loss.

IAS 37 ‘Provisions,

Paragraph 68A has been inserted which clarifies which cost needs to be considered

Contingent

in the costs to fulfil a contract while determining whether the contract is onerous.

Liabilities and

Contingent Assets’

As per the amendment, both the incremental costs to fulfil a contract and allocation of directly attributable costs will form part of the cost used for determination of

onerous contract.

Para 69 has been amended by replacing ‘assets dedicated to the contract’ to

‘assets used in fulfilling the contract’. This amendment requires to take into

IFRS

Significant amendments applicable for May, 2023 examination

consideration the impairment loss on all the assets whose cost will be considered in assessing the contract is onerous.

IFRS 3 ‘Business

In March, 2018, IASB revised Conceptual Framework for Financial Reporting.

Combinations’

The amendments made in IFRS 3 is due to change in reference to Conceptual

Framework without change in the accounting requirements for business

combinations.

Due to revision in the Conceptual Framework, there were certain accounting

implications to contingent liabilities and levies within the scope of IAS 37 and

IFRIC 21 ‘Levies’.

As per it, the assets and liabilities in a business combination are recognised if they

meet the definition of an asset or liability as per the Conceptual Framework. The

timing of recognition of a levy may sometimes be different due to specific guidance

given in IFRIC 21. Therefore, while recognizing levies at the acquisition date, an

acquirer might recognise at the acquisition date a liability to pay a levy that it would

not recognise subsequently when applying Appendix C ‘Levies’. This difference

would arise because an entity might recognise a liability earlier by applying the

Conceptual Framework. This liability would be derecognized immediately

afterwards when principles of IFRIC 21 are applied.

Therefore, to resolve this implication, IFRS 3 has been amended with regards to

recognition exception for contingent liabilities and levies by inserting para 21A to

21C. An exception has been added to the requirements of para 11 of I FRS 3 for

liabilities and contingent liabilities that would be within the scope of IAS 37 or

IFRIC 21 if incurred separately, rather than assumed in a business combination.

Further, IFRS 3 prohibited the recognition of contingent assets even prior to the

amendments. However, prohibition was not stated explicitly in IFRS 3 itself.

Therefore, para 23A has been inserted in IFRS 3 to explicitly prohibit recognition of

contingent asset.

IFRS 1 ‘First Time

Para D13 of IFRS 1 provides an exemption to a first-time adopter of IFRS with regard

Adoption of

to cumulative translation differences on the date of transition to IFRS. According to

International

it, first time adopter of IFRS are permitted to deem all cumulative translation

Financial Reporting

differences for all foreign operations to be zero on the date of transition to IFRS.

Standards’

Para D13A has been inserted in IFRS 1 which removes the conflict between the

requirements of paragraph D16(a) of IFRS 1 which provides exemption where a

subsidiary adopts IFRS later than its parents and the exemptions on cumulative

translation differences at the carrying amount included in the parent’s consolidated

financial statements. Similar exemption is available to joint venture and an

associate that uses the exemption in para D16(a) of IFRS 1. Para D16(a) of IFRS

1 provides that a subsidiary can measure its assets and liabilities at the carrying

amounts in parent’s consolidated financial statements.

IFRS

Significant amendments applicable for May, 2023 examination

IFRS 9 ‘Financial Instruments’

As per IFRS 9, a financial liability is derecognised when it is extinguished, which includes exchange between an existing borrower and lender due to different or substantial modification in terms of the contract.

Further, IFRS 9 clarified that terms are considered to have been substantially modified when the net present value of the cash flows under the new terms (including any fees paid net of any fees received) and discounted using the original EIR differs by atleast 10% from the present value of the remaining cash flows under the original terms.

Earlier what is to be included in the fees paid and fees received was not mentioned in the standard.

Now the amendment has been made by substituting para B3.3.6 and inserting para B3.3.6A in IFRS 9 which clarify that the fees paid (for the above purpose) includes amount paid by the borrower to or on behalf of the lender and fees received includes fees amounts paid by the lender to or on behalf of the borrower.

IAS 41 ‘Agriculture’

Earlier para 22 of IAS 41 prescribed certain cash flows that would not be considered for the purpose of assessing the fair values.

Out of those cash flows, the amendment deleted the cash flows for taxation from the exclusion list for measurement of fair value.

This implies that tax cash flows must be included in the fair value measurement of biological assets as per IAS 41.

Final Paper

Paper 1: Financial Reporting

Paper 2: Strategic Financial Management

Paper 3: Advanced Auditing and Professional Ethics

Paper 4: Corporate and Economic Laws

Paper 5: Strategic Cost Management and Performance Evaluation

Paper 7: Direct Tax Laws & International Taxation

Paper 8: Indirect Tax Laws

(1)

(2)

(3)

S.No.

in the syllab us

Topics of the syllabus

Exclusions

(Provisions which are excluded from the corresponding topic of the syllabus)

Part-I: Goods and Services Tax

1(ii)

Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemption from tax; Composition levy

1. Rate of tax prescribed for supply of goods*
2. Rate of tax prescribed for supply of services*
3. Exemptions for supply of goods

Categories of supply of goods, tax on which is payable on reverse charge basis

1(iv)

Time and Value of supply

Value of supply in cases where Kerala Flood Cess is applicable.

1(v)

Input tax credit

Manner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projects

Manner of reversal of credit of additional duty of customs in respect of Gold dore bar

1(xv)

Other provisions

Transitional Provisions

Part-II: Customs & FTP

1.(v)

Officers of Customs; Appointment of customs ports, airports etc.

Completely excluded

1.(vii)

Provisions relating to coastal goods and vessels carrying coastal goods

1.(x)

Demand and Recovery

1.(xi)

Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods

1.(xii)

Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution

1.(xiii)

Appeals and Revision; Advance Rulings; Settlement Commission

1.(xiv)

Other provisions