Wednesday, 14 September 2016

ICWAI Syllabus 2017 Few Changes in Foundation/Intermediate/Final Paper

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ICWAI Syllabus

ICWAI Syllabus 2017: Few Changes in Foundation, Intermediate, Final Paper!!! Go Through the Latest ICWAI Syllabus: Institute of Cost and Works Accountants is one of primary Financial Schools in India. Once in a year, ICWA selects the best students for its Cost Accountancy Course. Candidates need to qualify all three levels of exam. The ICWA Exam consists of three stages (Foundation / Intermediate/ Final). Candidates who are going to prepare for the ICWAI Exam may get the ICWAI Exam Syllabus through this page. 

ICWAI Syllabus
Through this exam, the institute evaluates the comprehensive understanding of candidates in areas like cost and financial management, communication skills and capability to maintain a fine balance between expenses and means.  We the team of privatejobshub.in is providing ICWAI Syllabus for Foundation, Intermediate and Final Exam with ICWAI Exam Pattern on this page. Interested candidates may go through below given page and download it in PDF format

ICWAI Syllabus

ICWAI Syllabus for Foundation

Paper 1: Fundamentals of Economics and Management (FEM)
Fundamentals of Economics
1.Basic concepts of Economics
2.Forms of Market
3.National Income
4.Money
5.Banking
Fundamentals of Management
1. Evolution of Management Thought
2. Management Process
    (a) Introduction, Planning, Organizing, staffing, leading, control, communication, co-ordination
    (b) Concept of Power
    (c) Leadership & Motivation
3. Group Dynamics & Organizational Conflicts
    (a) Group Dynamics
    (b) Management of Organizational Conflicts
4.Decision-making – types and process

Paper 2: Fundamentals of Accounting (FOA)
Fundamentals of Financial Accounting
1. Accounting Process
2. Reconciliation Statement
3. Accounting for Depreciation
4. Preparation of Final Accounts
5. Accounting for Special Transactions
Fundamentals of Cost & Management Accounting
1. Fundamentals of Cost Accounting
 2. Fundamentals of Management Accounting – basic knowledge

Paper 3: Fundamentals of Laws and Ethics (FLE)
Fundamentals of Commercial and Industrial Laws
1. Laws of Contracts
2. Laws relating to Sale of Goods
3. Indian Partnership Act,1932
4. The Child Labour (Prohibition and Regulation) Act,1986
Fundamentals of Ethics
1. Ethics and Business

Paper 4 : Fundamentals of Business Mathematics and Statistics(FBMS)
Fundamentals of Business Mathematics
1. Arithmetic
2. Algebra
3. Calculus
Fundamentals of Business Statistics
1. Statistical representation of Data
2. Measures of Central Tendency and Dispersion
3. Correlation and Regression
4. Index Numbers
5. Time Series Analysis- basic applications including Moving Average
6. Probability
7. Theoretical Distribution


ICWAI Syllabus for Intermediate

Paper 5: Financial Accounting
Generally Accepted Accounting Principles & Accounting Systems
1. Accounting Process
2. Accounting Standards
3. Reconciliation Statements
Preparation of Accounts
1. Accounting for Depreciation, Depletion, Amortization and Impairment of Assets
2. Preparation of Financial Statements
3. Partnership
4. Branch and Departmental Accounts
5. Royalty and Hire-Purchase
Control of Accounting Systems
Self-Balancing Ledgers and Sectional Balancing Ledgers
Accounting in Service Sectors
Accounting in Service Sectors
Accounting for Special Transactions
Accounting for Special Transactions
Accounting for Banking, Electricity and Insurance Companies
Banking , Electricity and Insurance Companies

Paper 6 Laws, Ethics and Governance
Industrial and Economic Laws
1. Laws of Contracts (Advanced level)
2. Laws relating to Sale of Goods (Advanced level)
3. Laws relating to Employees: (Bare Act)
4. Negotiable Instruments Act,1881 (Advanced Level)
5. Laws related to Partnership: (Advanced level)
6. Prevention of Money Laundering Act,2011
Corporate Laws and Governance
1. Essentials of Corporate Laws
2. RTI Act, 2005
3. Governance
Ethics
1. Ethics and Business
2. Ethical Conflict


Paper 7 Direct Taxation
Income Tax
1. Income Tax Act, 1961
2. Income which do not form part of Total Income (Section 10, 10A, 10B and 11-13A)
3. Heads of Income and Computation of Total Income under various heads
4. Income of other Persons included in Assessee’s Total Income; Aggregation of Income and Set off or Carry Forward of Losses; Deductions in computing Total Income; Rebates and Reliefs; Applicable rates of Tax and Tax Liability
5. Taxation of Individuals including Non-residents, Hindu Undivided Family, Firms, LLP, Association of Persons, Cooperative Societies, Trusts, Charitable and Religious Institutions
6. Corporate Taxation – classification, Tax Incidence, computation of Taxable Income and Assessment of Tax Liability, Dividend Distribution Tax ( DDT), Minimum Alternate Tax and other Special provisions relating to Companies
7. Tax Deduction at Source, Tax Collection at Source, Recovery and Refund of Tax, Advance Tax, Refunds
8. Tax Planning and Tax Management
Wealth Tax
1. Wealth Tax Act, 1957 [Wealth Tax Act has been abolished w.e.f. A.Y. 2016-2017
International Taxation
1. (a) Basic concepts of International Taxation and Transfer Pricing
    (b) General Anti-Avoidance Rules ( GAAR) – concept and application
    (c) Advance Pricing Agreement ( APA) – concept and application

Paper 8 Cost accounting and financial management
Cost Accounting – Prime Costs & Overheads
1. General Purpose Cost Statement
2. Business Process Analysis – Cost Centre and Cost Allocation
Financial Management
1. Overview of Financial Management
2. Tools for Financial Analysis & Planning
3. Working Capital Management and Leverage Analysis
4. Cost of Capital, Capital Structure Theories and Dividend Decisions
5. Capital Budgeting

Paper 9 Operation Management Information System
Operation Management
1. (a) Operations Management
    (b) Designing and Managing operations
2. Production Planning
3. Productivity Management and Total Quality Management
4. Economics of Maintenance and Spares Management
Information System
1. Information System Analysis and Design
2. Database management Systems
3. Management Information System (MIS) and Information Economics
4. Enterprise Resource Planning (ERP)
5. Cyber Law, e-commerce


Paper 10 Cost and Management Accounting
Cost & Management Accounting – Methods & Techniques
1. Cost Accounting Methods and Systems
2. Decision Making Tools
3. Budgeting and Budgetary Control
4. Standard Costing
Cost Records and Cost Audit
1. Cost Accounting Records and Cost Audit
Economics for managerial decision-making
1. Economics for managerial decision-making

Paper 11 Indirect Taxation
Canons of Taxation – Indirect Taxes
1. Features of Indirect Tax, Constitutional Validity
2. Indirect Tax Laws, administration and relevant procedures
Central Excise
3. The Central ExciseLaw – Goods, Excisable Goods, Manufactureandmanufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4 CENVAT, Basic Procedure, Export, SSI, Job Work
4. Assessments, Demands, Refund, Exemptions, Power of Officers
5. Adjudication, Appeals, Settlement Commission, Penalties.
6. Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act
7. Impact of tax on GATT 94, WTO, Anti Dumping processing
8. Tariff Commission and other Tariff authorities
Customs Laws
1. Basic concepts of Customs Law
2. Types of customs duties, Anti-Dumping Duty, Safeguard Duty
3. Valuation, Customs Procedures, Import and Export Procedures, Baggage, Exemptions, Warehousing, Demurrage, Project Import and Re-imports
4. Penalties and Offences
EXIM POLICY
1. EXIM Policy
2. Export Promotion Schemes, EOU
3. Duty Drawback
4. Special Economic Zone
Service Tax
1. Introduction, Nature of Service Tax, Service Provider and Service Receiver
2. Registration procedure, Records to be maintained
3.Negative List of Services, Exemptions and Abatements
4. Valuation of Taxable Services
5. Payment of service Tax, Returns of Service Tax
6. CENVAT Credit Rules, 2004
7. Place of Provision of Service Rules, 2012
8. Other aspects of Service Tax
9. Special Audit u/s 72A of the Finance Act, 1994 for Valuation of Taxable Services
Central Sales Tax Act & VAT Act
1. Central Sales Tax
2.Value Added Tax (VAT)
Basic Concepts of International Taxation & Transfer Pricing in the context of Indirect Taxation
1.International Taxation & Transfer Pricing issues in the context of Indirect Taxation
2. Indirect Taxation issues in cross-border services
3. General Anti-Avoidance Rule (GAAR) – concept and application
4.Advance Pricing Agreement (APA) – concept and application


Paper 12 Company Accounts & Audit
Generally Accepted Accounting Principles (GAAP)
1. Conceptual Framework for preparation and Presentation of Financial Statements
2. Accounting Standards
Accounts of Joint Stock Companies
1. Accounting for Shares and Debentures
2. Presentation of Financial Statements (Schedule III)
3. Cash Flow Statement (AS 3)
4. Segmental Reporting (AS 17)
5. Business Combinations and Corporate Restructuring
6. Accounting involved in liquidation of companies, Statement of affairs (including deficiency/surplus accounts) and Liquidator’s statement of account of winding up
Auditing
1. Auditing Concepts
2. Provision relating to Audit under Companies Act

ICWAI Syllabus for Final Exam

Paper 13- Corporate Laws and Compliance
Corporate Laws
1. The Companies Act, 2013 ( as amended from time to time) – rules, regulations
2. Laws and Procedures for Corporate Restructuring
3. SEBI Laws and Regulations
4. The Competition Act, 2002 and its role in Corporate Governance
5. Laws related to Banking Sector
6. Laws related to Insurance Sector
7. Laws related to Power Sector
Corporate Governance and Responsibilities
1. Corporate Governance
2. Social, Environmental and Economic Responsibilities of Business

Paper 14- Advanced Financial Management
Financial Markets and Institutions
1. Agents in Financial Markets
2. Financial Market Instruments
3. Commodity Exchange
4. Infrastructure Financing
Financial Risk Management
1. Capital Market Instruments
2. Types of Financial Risks
3. Financial Derivatives as a tool for Risk Management
4. Financial Risk Management in International Operations
Security Analysis and Portfolio Management
1. Security Analysis & Portfolio Management
Investment Decisions
1. (a)Investment Decisions under uncertainty
     (b)Investments in advanced technological environment
     (c)International Investments


Paper 15- Business Strategy & Strategic Cost Management
Business Strategy
1. Business Strategy
2. Strategy Development
3. Strategy Position
4. Strategy Choice
5. Strategic Integration
Strategic Cost Management
1. Strategic Cost Management (SCM) and Control
2. Strategic Decision - Making
3. Budgetary Control and Standard Costing in Profit Planning
4. Process Control and Activity Based Cost Management, JIT& ERP
5. Cost of Quality and Total Quality Management
6. Application of Operation Research and Statistical Tools in Strategic Decision Making (Advanced level)
7. Entrepreneurial approach to Cost Management – with reference to core competencies

Paper 16- Tax Management and Practice
Tax Managemen
1. Central Excise
2. Customs law
3. Service tax
4. Export promotion schemes, foreign trade policies, EOU, SEZ, EXIM Policy (with special reference to impact on tax planning)
5. Central Sales Tax and VAT Act
6. Income Tax
7. Wealth Tax [Wealth Tax Act has been abolished w.e.f. A.Y. 2016-2017]
8. International Taxation
Tax Practice and Procedures
Case study analysis


Paper 17 : Strategic Performance Management
Performance Management
1. Conceptual Framework of Performance Management
2. Performance Evaluation
3. Strategic Performance Evaluation and Management Tools
4. Strategic Reasoning and Decision Analysis
5. Economic efficiency of the firm – impact analysis on performance
6. Financial Perform
IT & Econometric tool in Performance Management
1Application of IT and Econometric tools in Performance Management
Enterprise Risk Management
1. Enterprise Risk Management
2. Performance Evaluation and Corporate Failu

Paper 18- Corporate Financial Reporting
Generally Accepted Accounting Principles (GAAP)
1. Evolution and Convergence of International Accounting Standards
Business Combinations – Accounting & Reporting
1. Accounting for Business Combinations
Group Financial Statements
1. Consolidated Financial Statements
Developments in Financial Reporting
1. Sustainability Reporting 5. Accounting and Reporting of Financial Instruments and other External Reporting 6. Share based payments
2. Voluntary Disclosures 8. Reporting through XBRL (Extended Business Reporting Language)
Government Accounting in India
1. Government Accounting Standards in India [issued by the Government Accounting Standards Advisory Board (GASAB)] – overview and application in Government Accounting, accounting and reporting procedures

Paper 19- Cost and Management Audit
Cost and Management Audit
1. Companies (Cost Records and Audit) Rules, 2014 [in lieu of CARR and CAR]
2. Cost Accounting Standards
3. Cost Auditing Standards [CAAS – renamed as Cost Auditing Standards as per Section 148(3) of Companies Act, 2013]
4. Cost Auditor – appointment and related issues
5. Management Reporting under Cost Audit
Internal Audit and Operational Audit
1. Internal Audit and Operational Audit
Case Study on Performance Analysis
1. Case Study on Performance Analysis – based on information as per Companies (Cost Records and Audit) Rules, 2014


Paper 20- Financial Analysis & Business Valuation
Financial Analysis
1. Financial Modeling – concepts and application
2. The Analysis of the Statement of Shareholders’ Equity
3. The Analysis of the Balance Sheet and Income Statement
4. The Analysis of the Cash Flow Statement
5. The Analysis of Profitability
6. The Analysis of Growth and Sustainable Earnings
Business Valuation
1. Business Valuation Basics 8. Valuation in Mergers and Acquisitions
2. Fair Value in Accounting Measurement
3. Valuation of Intangibles
ICWAI Syllabus

Foundation Course
Paper 1: Fundamentals of Economics and Management
Paper 2: Fundamentals of Accounting
Paper 3: Fundamentals of Laws and Ethics
Paper 4: Fundamentals of Business Mathematics & Statistic
Intermediate Course
Paper 5 Financial Accounting
Paper 6 Laws, Ethics and Governance
Paper 7 Direct Taxation
Paper 8 Cost accounting and financial management
Paper 9 Operation Management Information System
Paper 10 Cost and Management Accounting
Paper 11 Indirect Taxation
Paper 12 Company Accounts & Audit
Final Course
Paper 13- Corporate Laws and Compliance
Paper 14- Advanced Financial Management
Paper 15- Business Strategy & Strategic Cost Management
Paper 16- Tax Management and Practice
Paper 17 : Strategic Performance Management
Paper 18- Corporate Financial Reportin
Paper 19- Cost and Management Audit
Paper 20- Financial Analysis & Business Valuation

ICWAI Exam Pattern Foundation:

Paper 1: Fundamentals of Economics and Management (FEM)
Fundamentals of Economics
25
Fundamentals of Management
25
Paper 2: Fundamentals of Accounting (FOA)
Fundamentals of Financial Accounting
30
Fundamentals of Cost & Management Accounting
20
Paper 3: Fundamentals of Laws and Ethics (FLE)
Fundamentals of Commercial and Industrial Laws
40
Fundamentals of Ethics
10
Paper 4 : Fundamentals of Business Mathematics and Statistics(FBMS)
Fundamentals of Business Mathematics
20
Fundamentals of Business Statistics
30


ICWAI Exam Pattern for Intermediate:

Paper 5: Financial Accounting
Generally Accepted Accounting Principles & Accounting Systems
10
Preparation of Accounts
30
Control of Accounting Systems
10
Accounting in Service Sectors
10
Accounting for Special Transactions
20
Accounting for Banking, Electricity and Insurance Companies
20
Paper 6 Laws, Ethics and Governance
Industrial and Economic Laws
60
Corporate Laws and Governance
20
Ethics
20
Paper 7 Direct Taxation
Income Tax
75
Wealth Tax
--
International Taxation
25
Paper 8 Cost accounting and financial management
Cost Accounting – Prime Costs & Overheads
60
Financial Management
40
Paper 9 Operation Management Information System
Operation Management
60
Information System
40
Paper 10 Cost and Management Accounting
Cost & Management Accounting – Methods & Techniques
60
Cost Records and Cost Audit
20
Economics for managerial decision-making
30
Paper 12 Company Accounts & Audit
Generally Accepted Accounting Principles (GAAP)
20
Accounts of Joint Stock Companies
40
Auditing
40

Is this happens with you? Do you forget answers during Exam?

ICWAI Exam Pattern for Final Exam

Paper 13- Corporate Laws and Compliance
Corporate Laws
75
Corporate Governance and Responsibilities
25
Paper 14- Advanced Financial Management
Financial Markets and Institutions
30
Financial Risk Management
25
Security Analysis and Portfolio Management
20
Investment Decisions
25
Paper 15- Business Strategy & Strategic Cost Management
Business Strategy
50
Strategic Cost Management
50
Paper 16- Tax Management and Practice
Tax Managemen
70
Tax Practice and Procedures
30
Paper 17 : Strategic Performance Management
Performance Management
60
IT & Econometric tool in Performance Management
20
Enterprise Risk Management
20
Paper 18- Corporate Financial Reporting
Generally Accepted Accounting Principles (GAAP)
10
Business Combinations – Accounting & Reporting
25
Group Financial Statements
25
Developments in Financial Reporting
25
Government Accounting in India
15
Paper 19- Cost and Management Audit
Cost and Management Audit
60
Internal Audit and Operational Audit
20
Case Study on Performance Analysis
20
Paper 20- Financial Analysis & Business Valuation
Financial Analysis
50
Business Valuation
50

Special Features of Intermediate, Foundation and Final Course Syllabus
  • Groups consisting of four papers segregated into “Module” of two papers at Intermediate Level and Final Level.
  • 7 (seven) Papers at Final Level would be compulsory, spread in Modules.
  • 1 (one) optional paper to be chosen from amongst 5 (five) different specialization options.
  • Each student at Final Course would enjoy the option to go ahead with their respective specialization subject/area, as per choice and preference.
  • Option to appear in Module/Modules as per choice of the student
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