CA IPCC Syllabus | November 2014 Exams | Law, Tax

IPCC Syllabus for May 2014 Exams

Renamed from Integrated Professional Competence Course (IPCC) to Intermediate (Integrated Professional Competence) Course


  Each paper for 100 Marks

 IPCC/IPC Syllabus for May 2014 Exams

Note : Further changes like new amendments,exceptions may announced by ICAI in future

Group I

Paper 1: Accounting

                                                       (3 hours)

  1. Accounting Standards
    1. Introduction to Accounting Standards
    2. Overview of Accounting Standards

AS 1: Disclosure of Accounting Policies

AS 2: Valuation of Inventories

AS 3: Cash Flow Statements

AS 6: Depreciation Accounting

AS 7: Construction Contracts

AS 9: Revenue Recognition

AS 10: Accounting for Fixed Assets

AS 13: Accounting for Investments

AS 14: Accounting for Amalgamations

  1. Financial statements  of Company
    1. Preparation of financial statements
    2. Cash flow Statement (Profit and Loss Account, Balance Sheet and Cash Flow Statement)
    3. Profit/Loss prior to incorporation
    4. Accounting for Bonus Issue
    5. Amalgamation and Reconstruction
    6. Average Due Date and Account Current
    7. Self-Balancing Ledgers
    8. Financial Statements of Not-for-Profit Organisations
    9. Accounts from Incomplete Records
    10. Accounting for Special Transactions

(a)   Hire purchase and installment sale transactions

(b)   Investment accounts

(c)   Insurance claims for loss of stock and loss of profit.

  1. Issues in Partnership Accounts
  2. Accounting in Computerized Environment

Paper 2: Business Laws, Ethics and Communication

                                                      (3 hours)

Business Laws (30 marks)

  1. The Indian Contract Act, 1872
  2. The Negotiable Instruments Act, 1881
  3. The Payment of Bonus Act, 1965
  4. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
  5. The Payment of Gratuity Act, 1972

Company Law (30 marks)

The Companies Act, 1956 – Sections 1 to 197

  1. Preliminary
  2. Prospectus
  3. Share and Share capital
  4. Meetings

 Ethics (20 marks)

1. Principles of Business Ethics

2. Environment Issues.

3. Ethics in Workplace

4. Ethics in Marketing and Consumer Protection

5. Ethics in Accounting and Finance

Communication (20 marks)

1. Elements of Communication

2. Communication in Business Environment

3. Basic Understanding of Legal Deeds and Documents

 Paper 3: Cost Accounting and Financial Management

                                                                (3 hours)

  Cost Accounting

  1. Introduction to Cost Accounting
  2. Materials
  3. Labour
  4. Overheads
  5. Non-Integrated Accounts
  6. Methods of
    1. Job and Batch
    2. Contract
    3. Operating
    4. Process and Operation
    5. Standard Costing
    6. Marginal Costing
    7. Budgets and Budgetary Control

Also read : How to Revaluate Answer Books of CPT,IPCC,Final Exams

Financial Management

  1. Scope and Objectives of Financial Management
  2. Time Value of Money
  3. Financial Analysis and Planning
  4. Financing Decisions
  5. Types of Financing
  6. Investment Decisions
  7. Management of working capital

 Paper 4: Taxation

                                                       (3 hours) 

Part 1: Income-tax (50 marks)

The Income-tax Act, 1961

  1. Basic concepts
  2. Residential status and scope of total income
  3. Incomes which do not form part of total income ( Sec 10)
  4. 5 Heads of income
  5. Provisions of Clubbing
  6. Set-off and carry forward of losses
  7. Deductions from gross total income
  8. Computation of total income and tax payable
  9. Provisions concerning Advance tax and TDS
  10. Provisions for filing of return of income.

Part 2: Service tax (25 marks)

  1. Concepts and general principles
  2. Charge of service tax and Valuation
  3. Payment of service tax and filing of returns

Part 3: VAT (25 marks)

  1. Concepts and general principles
  2. Input Tax Credits and Composition Scheme for Small Dealers
  3. VAT Procedures

Also Read : Best Reference Books for CA IPCC Exams Preparation (November 2014)

Group II

Paper 5: Advanced Accounting

                                                       (3 hours) 

  1. Conceptual Framework for Preparation and Presentation of Financial Statements
  2. Accounting Standards

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 11: The Effects of Changes in Foreign Exchange Rates

AS 12: Accounting for Government Grants

AS 16: Borrowing Costs

AS 19: Leases

AS 20: Earnings per Share

AS 26: Intangible Assets

AS 29: Provisions, Contingent Liabilities and Contingent Assets

  1. Advanced Issues in Partnership Accounts
  2. Company Accounts

a)     Employee stock option plan and Buy back of securities

b)     Amalgamation and Reconstruction

c)     Underwriting of shares and debentures

d)     Redemption of debentures

e)     Accounting for Special Transactions

  1. Insurance Companies
  2. Banking Companies
  3. Electricity Companies
  4. Departmental accounts
  5. Branch accounts including foreign branches

Paper 6: Auditing and Assurance

                                                              (3 hours) 

  1. Auditing Concepts
  2. Auditing and Assurance Standards
  3. Preparation for an Audit
  4. Internal Control
  5. Vouching
  6. Verification of Assets and Liabilities
  7. Company Audit
  8. Audit Report
  9. Special Audits

 Paper 7: Information Technology and Strategic Management

                                                       (3 hours) 

Part 1: Information Technology

  1. Computer software
  2. Data Storage, Retrievals and Data Base Management Systems
  3. Computer Networks & Network Security
  4. Internet and other technologies
  5. Flowcharts, Decision Tables

Part 2: Strategic Management

  1. Business Environment
  2. Business Policy and Strategic Management
  3. Strategic Analyses
  4. Strategic Planning
  5. Formulation of Functional Strategy
  6. Strategy Implementation and Control
  7. Reaching Strategic Edge

All the Best Friends…!

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