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SYLLABUS - 2016 PAPERS & CONTENTS Syllabus 2016 – 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 & Statistics Syllabus 2016 – Intermediate Course: Group – 1 Paper – 5 Financial Accounting Paper – 6 Laws & Ethics Paper – 7 Direct Taxation Paper – 8 Cost Accounting Syllabus 2016 – Intermediate Course: Group – 2 Paper – 9 Operations Management & Strategic Management Paper – 10 Cost & Management Accounting and Financial Management Paper – 11 Indirect Taxation Paper – 12 Company Accounts & Audit Syllabus 2016 – Final Course: Group – 3 Paper – 13 Corporate Laws & Compliance Paper – 14 Strategic Financial Management Paper – 15 Strategic Cost Management – Decision Making Paper – 16 Direct Tax Laws and International Taxation Syllabus 2016 – Final Course: Group – 4 Paper – 17 Corporate Financial Reporting Paper – 18 Indirect Tax Laws & Practice Paper – 19 Cost & Management Audit Paper – 20 Strategic Performance Management and Business Valua tion. PAPER – 1: FUNDAMENTALS OF ECONOMICS AND MANAGEMENT CONTENTS Weightage Section A : Fundamentals of Economics 1. Basic concepts of Economics 25% 2. Forms of Market 25% 3. Money and Banking 10% Section B : Fundamentals of Management 4. Management Process 40% Section A : Fundamentals of Economics [50 Marks] 1. Basic Concepts of Economics – Micro & Macro Econ omics (a) The Fundamentals of Economics (b) Utility, Wealth, Production (c) Theory of Demand ( meaning, determinants of demand, law of demand, elasticity of demand- price, income and cross elasticity) and Supply (mea ning, determinants, law of supply and elasticity of supply) (d) Equilibrium (e) Theory of Production ( meaning , factors, laws of p roduction- law of variable proportion, laws of returns to scale) (f) Cost of Production ( concept of costs, short-run an d long-run costs, average and marginal costs, total, fixed and variable costs) 2. Forms of Market Pricing strategies in various forms of market s 3. Money and Banking (a) Definition of Money, Types, Features and Functions (b) Definition, functions, utility, principles of Banki ng (c) Commercial Banks, Central Bank (d) Measures of credit control and Money Market Section B : Fundamentals of Management [50 Marks] 4 Management Process (a) Introduction, planning, organizing, staffing, leadi ng, control, communication, co-ordination (b) Concept of Power, Authority, Delegation of Authorit y, Responsibility, Accountability (c) Leadership & Motivation – Concept & Theories (d) Decision-making - types of decisions, decision-making process. SYLLABUS-2016 FOUNDATION COURSE PAPER – 2: FUNDAMENTALS OF ACCOUNTING CO N T E N T S W e i g h t a g e S e c t i o n A : Fu n d a m e n t a l s o f F i n a n c i a l A c c o u n t i n g 1 . A c c o u n t in g Fu n d a m e n t a ls 3 5 % 2 . A c c o u n t in g f o r Sp e c i a l T ra n s a c t i o n s 2 0 % 3 . P r e p a ra t i o n o f F i n a l A c c o u n t s 2 5 % S e c t i o n B : Fu n d a m e n t a l s o f C o s t A c c o u n t i n g 4 . Fu n d a m e n t a ls o f C o s t A c c o u n t i n g 2 0 % Section A : Fundamentals of Financial Accounting [8 0 Marks] 1. Accounting Basics (a) Accounting Principles, Concepts and Conventions (b) Capital and Revenue transactions - capital and reve nue expenditures, capital a nd revenue receipts (c) Double entry system, Books of prime entry, Subsidia ry Books, Cash Book (d) Journal, Ledger, Trial Ba lance (e) Depreciation - Methods (Straight Line and Diminishi ng Balance methods only) (f) Rectif ication of Errors (g) Opening entries, Transfer entries, Adjustment entri es, Closing entries (h) Bank Reconciliation Statements 2. Accounting for Special Transactions (a) Bills of Exchange (excluding accommodation bill, in solvency) (b) Consignment (cost price, invoice price, commissio n & va luation of stock) (c) Joint Venture 3. Preparation of Final Accounts: (a) Of a Profit mak ing concern (for sole proprietorship concern only) (i) Accounting treatment of bad debts, reserve for bad and doubtful debts, provision for discount on debtors and provision for discount on c reditors. (ii) Preparation of Trading Account, Profit & Loss Accou nt and Ba la nce Sheet. (b) Of a Not-for- Profit making concern (i) Preparation of Receipts and Payments Account (ii) Preparation of Income and Expenditure Account Section B : Fundamentals of Cost Accounting [20 Ma rks] 4. Fundamentals of Cost Accounting (a) Meaning, Definition, Significance of Cost Accou nting, its relationship with Financial Accounting & Management Accounting. (b) Classif ication of Costs (c) Format of Cost Sheet PAPER - 3: FUNDAMENTALS OF LAWS AND ETHICS CONTENTS W e i g h t a g e Section A : Fundamentals of Commercial Laws 1. Indian Contracts Act, 1872 40% 2. Sale of Goods Act, 1930 20% 3. Negotiable Instruments Act, 1881 10% Section B : Fundamentals of Ethics 4. Ethics and Business 30% Section A : Fundamentals of Commercial and Industri al Laws [ 1. Indian Contracts Act, 1872 (a) Essential elements of a contract, offer and accepta nce (b) Void and voidable agreements (c) Consideration, legality of object and consideration (d) Capacity of Parties, free consent (e) Quasi Contracts, Contingent Contracts (f) Performance of contracts (g) Discharge of contracts (h) Breach of Contract and Remedies for Breach of Contr act 2. Sale of Goods Act, 1930 (a) Definition (b) Transfer of ownership (c) Conditions and Warranties (d) Performance of the Contract of Sale (e) Rights of Unpaid Vendor (f) Auction Sales 3 Negotiable Instruments Act, 1881 (a) Negotiable Instruments –Characteristics of Negotiab le Instruments (b) Definitions of Promissory Note, Bill of Exchange an d Cheque (c) Differences between Promissory Note, Bill of exchan ge and Cheque (d) Crossing – Meaning, Definition and Types of Crossin g. Section B : Fundamentals of Ethics 4. Ethics and Business (a) Ethics – Meaning, Importance (b) The “Seven Principles of Public Life” – selflessnes s, integrity, objectivity, accountability, openness, honesty and leadership (c) The relationship between Ethics and Law (d) Ethics in Business PAPER – 4 : FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS C O NT EN TS W e i g h ta g e Se c ti o n A : Fu n da me n ta ls o f B u s in e ss M a th e m a t ics 1 . A r it h m et i c 2 0% 2 . A lg e b ra 2 0% Se c ti o n B : Fu n d a me n ta ls o f B u s in e s s S ta t is ti cs 3 . St a ti s ti ca l rep r e sen ta t io n of Da ta 1 0% 4 . M ea su r es o f C en tra l Ten d en c y a nd D i sp e r s io n 3 0% 5 . C o r r e la t i o n a n d R eg r e s sio n 1 0% 6 . P r o b a b il it y 1 0% Section A : Fundamentals of Business Mathe matics [4 0 Marks] 1. Arithmetic (a) Ratios, Varia tions a nd Proportions (b) Simple and Compound interest (c) Arithmetic Progression and Geometric Progression. 2. Algebra (a) Set Theory (b) Indices a nd Logarithms (basic concepts) (c) Permutation a nd Combinations (basic concepts) (d) Quadratic Equations (basic concepts) Se ction B : Fundamentals of Business Statistics [60 Mark s] 3. Statistical Representation of Data (a) Dia grammatic representation of da ta (b) Frequency distribution (c) Graphical representation of Frequency Distribution – Histogram, Frequency Polygon Curve, Ogive, Pie-cha rt 4. Measures of Central Tendency and Dispersion (a) Mean, Median, Mode, Mean Deviation (b) Range, Quartiles and Quartile Deviation (c) Standard Deviation (d) Co-efficient of Variation (e) Ka rl Pearson and Bowley’s Co-efficient of Skewness 5. Correlation and Regression (a) Scatter diagram (b) Ka rl Pearson’s Coefficient of Correlation (c) Regression lines, Regression equa tions, Regression coefficients 6 . Probability (a) Independent and dependent events; Mutually exclusiv e events (b) Tota l and Compound Probability; Baye’s theorem; Ma t hema tical Expectation P A P E R- 5 : F I N A N CI A L A CC O UN TI N G CONTENTS Weightage Sec-A : Accounting – Basics 25% 1. Fundamentals of Accounting 2. Accounting for Special Transactions Sec-B : Preparation of Financial Statements 40% 3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records. 4. Partnership Accounts Sec-C : Self Balancing Ledgers, Royalties, Hire Pur chase & Installment System, Branch & Departmental Accounts. 20% 5. Self-Balancing Ledgers 6. Royalties, Hire-Purchase and Installment System 7. Branch and Departmental Accounts Sec-D : Accounting in Computerised Environment and Accounting Standards 15% 8. Overview of Computerised Accounting 9. Accounting Standards (Specified only) Section A : Accounting – Basics 1. Fundamentals of Accounting: Accounting - Meaning, Scope and Significance of Acc ounting - Accounting Principles, Concepts and Conventions - Capital and Revenue Transactions – De preciation - Rectification of Errors. 2. Accounting for Special Transactions Bills of Exchange - Consignment - Joint Venture - I nsurance Claims (Loss of Stock and Loss of Profit) Section B : Preparation of Financial Statements 3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records (i) Preparation of Financial statements of Profit Orien ted organizations: P&L Account, Balance Sheet. (ii) Preparation of Financial Statements of Non-Profit m aking organizations: Preparation of Receipts & Payments Account, Income& Expenditure account and B alance Sheet. (iii) Preparation of Financial Statements from incomplete records (Single entry) 4. Partnership Accounts Admission, Retirement, Death, Treatment of Joint Li fe Policy ,Dissolution of partnership firms including piece meal distribution, Amalgamation of partnershi p firms, Conversion of partnership firm into a company and sale of partnership firm to a company SYLLABUS-2016 INTERMEDIATE COURSE GROUP - I Section C: Self Balancing Ledgers, Royalties, Hire P urchase & Installment System, Branch & Departmental Accounts. 5. Self-Balancing Ledgers 6. Royalty Accounts, Hire Purchase and Installment System. 7. Branch and Departmental Accounts. Section D: Accounting in Computerized Environment a nd Accounting Standards 8. Computerized Accounting System – Features, Significa nce, Grouping of Accounts, Ledger hierarchy, Accounting Packages and their selection criteria 9. Accounting Standards (AS-1, AS-2, AS-6, AS-7, AS -9, AS-10) PAPER - 6: LAWS AND ETHICS CO NTENTS Weightage Sec A : Commercial Laws 30% 1. India n Contract Act, 1872 2. Sale of Goods Act, 1930 3. Negotiable Instruments Act, 1881 4. India n Pa rtnership Act, 1932 5. Limited Liability Partnership Act, 2008 Sec B : Industrial Laws 25% 6. Factories Act, 1948 7. Payment of Gratuity Act, 1972 8. Employees Provident Fund Act, 1952 9. Employees State Insurance Act, 1948 10. Pa yment of Bonus Act, 1965 11. Minimum Wages Act, 1948 12. Pa yment of Wages Act, 1936 Sec C : Corporate Law 35% 13. Companies Act 2013 Sec D : Ethics 10% 14. Business Ethics Section A : COMM ERCIAL LAWS 1. Indian Contracts Act, 1872 (a) Essential elements of a contract, offer and ac ceptance (b) Void and voidable agreements (c) Consideration (d) Legality of object (e) e- contracts (f) Constraints to enforce contractua l obligations (g) Qua si-contracts, contingent contracts, termina tion or discha rge of contracts (h) Special contracts: Indemnity and Guarantee; Ba ilment and Pledge; Laws of Agency 2. Sale of Goods Act, 1930 (g) Definition (h) Transfer of ownership (i) Conditions and Warranties (j) Performance of the Contract of Sale (k) Rights of Unpaid Vendor (l) Auction Sales 3. Negotiable Instruments Act, 1881 (a) Definition and features of NI (b) Crossing, Endorsement and Material Alteration (c) Acceptance, Assignment and Negotiation (d) Rights and liabilities of Parties (e) Dishonor of a Negotiable Instrument. 4. Indian Partnership Act, 1932 (a) Nature of Partnership (b) Rights and liabilities of Partners (c) Formation, Reconstitution and Dissolution of Firms 5. Limited Liability Partnership Act, 2008 a) Concept, formation, membership, functioning b) Dissolution SECTIO N B: INDU STRIAL LAWS: Objects, Scope and appl icability of the following acts. 6. Factorie s Act, 1948 7. Payment of Gratuity Act, 1972 8. Employees Provident Fund Act, 1952 9. Employee s State Insurance Act, 1948 10. Payment of Bonus Act, 1965 11. Minimum Wages Act, 1948 12. Payment of Wages Act, 1936 SECTIO N C: CO RPORATE LAWS 13. Companies Act 2013 a) Company types, promotion, formation and related pro cedures i.e, Sec 1 to Sec 122 of Companies Act, 2013. b) Director-Role, Responsibilities, Qualification, dis qualifica tion, appointment, retirement, resignation, removal, remunera tion and powers, Dire ctor Identification Number. SECTION D: ETHICS 14. Business Ethics: a) Ethics-meaning, importance, nature and relevance to business b) Values and attitudes of professional accountants. c) Seven principles of public life-selflessness, integ rity, objectivity, accountability, openness, honesty and leadership. d) Ethics in Business: PAPER - 7: DIRECT TAXATION CONTENTS Weightage SECTION – A: INCOME TAX ACT BASICS 10% 1. Introduction to Income Tax Act, 1961 2. Income which do not form part of Total Income (Section 10, 11 to13A) SECTION – B: HEADS OF INCOME AND COMPUTATION OF TO TAL INCOME AND TAX LIABILITY 70% 3. Heads of Income and Computation of Total Income under various heads. 4. Clubbing Provisions, Set off and Carry forward of Losses, Deductions. 5. Assessment of Income of different persons. 6. Corporate Taxation 7. TDS, TCS and Advance Tax. SECTION C : ADMINISTRATIVE PROCEDURES AND ICDS 20% 8. Administrative Procedures. 9. Income computation and disclosure standards – Basic Concepts only S e c t i o n A : INCOME TAX ACT BASICS 1. Introduction to Income Tax Act, 1961 a) Basic Concepts and definitions b) Background, concepts, definitions c) Capital and revenue – receipts, expenditures d) Basis of charge and scope of total income e) Residential Status and Incidence of Tax 2. Incomes which do not form part of Total Income [ Sec.10, and 11 to 13A] SECTION B: HEADS OF INCOME AND COMPUTATION OF TOTAL INCOME AND TAX LIABILITY 3. Heads of Income and Computation of Total Income under various heads (a) Income from salaries (b) Income from House property (c) Profits and gains from Business or Profession (d) Capital gains (e) Income from other sources 4. Clubbing Provisions, Set off and Carry forward o f Losses, Deductions: (a) Income of other persons included in Assessee’s Total Income (b) Aggregation of Income and Set off or Carry For ward of Losses (c) Deductions in computing Total Income (d) Rebates & Reliefs; (e) Applicable Rates of Tax and Tax Liability 5. Assessment of Income of different persons: (a) Taxation of Individuals including Non-residen ts (b) Hindu Undivided Family, (c) Firms, LLP, Association of Persons, (d) Co-operative Societies, (e) Trusts, Charitable and Religious Institutions 6. Corporate Taxation: (a) Classification, tax incidence, computation of taxable income and assessment of tax liability. (b) Dividend Distribution Tax (DDT) (c) Minimum Alternate Tax (MAT) (d) Other special provisions relating to companies 7. TDS, TCS and Advance Tax: (a) Tax Deduction at Source (b) Tax Collection at Source (c) Advance Tax SECTION C: ADMINISTRATIVE PROCEDURE AND ICDS 8. Administrative procedures a) Return Filing and Refund procedures b) Demand, Recovery, Assessment, appeal, revision, and settlement. c) Special Procedure for Assessment of search cases d) E-commerce Transaction and liability in special cas es e) Penalties, fines and prosecution. 9. Income computation and disclosure standards – Ba sic Concepts only PAPER - 8: COST ACCOUNTING CONTENTS Weightage 1. INTRODUCTION TO COST ACCOUNTING 40% 2. COST ASCERTAINMENT - ELEMENTS OF COST 3. COST ACCOUNTING STANDARDS 4. COST BOOK KEEPING 5. METHODS O F COSTING 30% 6. COST ACCOUNTING TECHNIQUES 30% 1. INTRODUCTION TO COST ACCOUNTING: a. Definition, Scope, objectives and significance of c ost accounting, its rela tionship with financia l accounting and management accounting b. Cost Objects, Cost centers and cost units c. Elements of cost d. Classifica tion of costs 2. COST ASCERTAINMENT - ELEM ENTS OF COST: a) Mate rial Costs: i) Procurement of Ma teria ls, ii) Inventory Management and Control, iii) Inventory Ac counting & Valuation iv) Physical Verification, treatment of losses v) Scra p, spoilage, def ectives and wa sta ge. b) Employee Costs: i) Time keeping, Time booking and payroll, ii) Labour Turnover, Overtime and idle time iii) Principles and methods of remunera tion and incentiv e schemes iv) Employee cost reporting a nd measurement of efficien cy. c) Direct E xpense s d) Overheads: i) Collection, classif ication and apportionment and al location of overhea ds ii) Absorption and treatment of over or under absorptio n of overheads iii) Reporting of overhea d costs 3. COST ACCOUNTING STANDARDS (Basic Understanding o nly) (CAS 1 to CAS 23) 4. COST BOOK KEEPING: a) Cost Accounting Records, Ledgers and Cost Statement s b) Items excluded from cost a nd normal and abnormal it ems/cost c) Integral accounts d) Reconciliation of cost accounting records with fina ncial accounts e) Infrastructure, Educational, Healthcare and Port se rvices 5. METHODS O F COSTING: a) Job Costing b) Batch Costing c) Contract Costing d) Process Costing – Normal and a bnormal losses, equiv alent production, Joint and By Products. e) Operating Costing or Service Costing – Transport, H otel a nd Hospital 6. COST ACCOUNTING TECHNIQUES: (Basic Understanding only) Marginal Costing i) Meaning of Ma rgina l Cost and Marginal Costing ii) Absorption Costing vs. Ma rgina l Costing iii) Break-even analysis iv) Ma rgin of safety v) Application of Marginal Costing for decision making - ba sic (simple problems only) vi) Standard Costing (Material & Labour variances only) vii) Budget and Budgeta ry Control (simple problems only) PAPER – 9: OPERATIONS MANAGEMENT & STRATEGIC MANAGEMENT CONT ENTS W e igh tage Se ctio n – A : Ope ration s M anage me n t 1. O p era tion s Management – In trodu ction 15% 2. O p era tion s P lann ing 3. D esign ing o f op era tiona l systems and con tro l 35% 4. P rod u c tio n pla nn in g a nd c on tro l 5. P rod u c tivity ma nagem en t a nd qua lity mana gemen t 6. P ro ject Ma nag emen t 20% 7. E co no mics of Ma in tena nc e a nd spa res mana gemen t Se ctio n – B : Strate gic M anage m en t 8. Stra tegic Mana gemen t In trod uction 30% 9. Stra tegic Ana lysis an d Stra tegic P lan n in g 10. Fo rmu la tion and Imp lemen ta tion o f Stra teg y Section – A: Operations Management 1. Operation Management Introduction: Scope characteristics of modern operations function s - recent trends in production / operations management. 2. Operations Planning: Demand forecasting – capacity planning - capacity r equirement planning - facility location - facility layout – Resource aggregate planning – Material requiremen ts planning – Manufacturing resource planning – Economic Batch quantity. 3. De s ign ing of o pe ratio nal s ys te ms and co n tro l: Product Design, Process design - Selection - Produc t Life Cycle – Process Planning – Process Selection. 4. Production planning and Control: Introduction – Control Measures – Time study, Work study, Method study, Job Evaluation, Job Allocation (Assignment Technique), Scheduling Queuing Models, Simulation and Line Balancing – Optimum Allocation of resources – Lean Operations – JIT – Transportation Model and Linear Programming Technique (Formulation of equations only). SYLLABUS-2016 INTERMEDIATE COURSE GROUP - II 5. Productivity Management and Quality Management: Measurement techniques of productivity index, produ ctivity of employee, productivity of materials, productivity of management resources, productivity of other factors – productivity improving methods – TQM basic tools and certification – ISO standards basics. 6. Project Management: Project planning – project life cycle – Gantt chart s, PERT and CPM. 7. Economics of Maintenance and Spares Management: Break down Maintenance – Preventive Maintenance – R outine Maintenance – Replacement of Machine – Spare Parts Management. Se ctio n – B : Strate gic Manage me nt 8. Strate gic Manage men t In trodu ctio n Vision - Mission a nd o b jec tive 9. Strate gic Analys is an d Strate gic Plan n in g Situ a tio na l Ana lysis –SWOT Ana lysis – P ortf o lio Ana lysis – BCG Ma trices – Sta g es in Stra tegic P lann ing – Altern atives in Strateg ic P la nn ing 10. Fo rmu lation and Im p lem entation of Strategy: Stra teg y f o rmu la tion f unc tion wise (P roduc tion Stra tegy, Ma rketing Stra tegy, Man P ower Stra teg y) – Stru ctu rin g o f O rga nisa tion fo r implem e n ta tion o f stra tegy – Stra tegic Bu sin ess Un it – Bu sin ess P ro cess re- en g in eerin g. PAPER 10: COST & MANAGEMENT ACCOUNTING AND FINANCIAL MANAGEMENT CO NTENTS Weightage Section A: Cost & Manage ment Accounting 1. Cost and Management Accounting – Introduction 50% 2. Decision Making Tools 3. Budgeting and Budgeta ry Control 4. Standard Costing and Varia nce Ana lysis 5. Learning Curve Section B: Financial Management 6. Introduction to Financia l Management 50% 7. Tools f or Financia l Analysis a nd Planning 8. Working Capital Management 9. Cost of Capital, Capital Structure Theories, Divide nd Decisions and Leverage Analysis 10. Ca pital Budgeting – Investment Decisions Section A: Cost & Management Accounting: 1. Cost and Management Accounting: Introduction to Management Accounting – Relationshi p between Management Accounting and Cost Accounting 2. Decision Making Tools: a) Marginal Costing: Break Even Analysis and cost-volu me-profit analysis; break-even charts and profit charts; differential cost analysis; stock valuation under marginal costing vs. absorption costing; applications of marginal costing in decision making . b) Transfer Pricing – Determination of Inter-departmen tal or Inter-company Transfer Price. 3. Budgeting and Budgetary Control: a) Budgetary Control and Preparation of Functional and Master Budgeting b) Fixed, Variable, Semi-Variable Budgets c) Zero Based Budgeting (ZBB) 4. Standard Costing & Variance Analysis: Computation of variances for each of the elements o f costs, Sales Variances, Investigation of variances – Valuation of Stock under Standard Costing – Uniform Costing and Inter-firm comparison. 5. Learning Curve: Concept of Learning curve and its application Section B: Financial Management: 7. Introduction to Financial Management: Meaning – Objectives – Scope of Financial Managemen t sources of Finance – Introduction to Financial Markets. 8. Tools for Financial Analysis and Planning: Financial Ratio Analysis – Funds Flow Analysis – Ca sh Flow Analysis. 9. Working capital Management: Working Capital Management – Financing of Working C apital 10. Cost of Capital, Capital Structure Theories, Di vidend Decisions and Leverage Analysis: Meaning of Cost of Capital – Computation of Cost of Capital – Capital Structure Theories and Dividend Decisions Theories (Walters – MM – Gordon Models) – Leverage Analysis. 11. Capital Budgeting – Investment Decisions: Concept of Capital Budgeting – Non-Discounted and D iscounted Cash Flow Method – Ranking of Projects. PAPER 11 : INDIRECT TAXATION CONTENTS Weightage 1. Canons of Taxation - Indirect Tax 35% 2. Central Excise 3. Customs Law 15% 4. Service Tax 30% 5. Central Sales Tax and VAT 20% 1. Canons of Taxation - Indirect Tax: Features of Indirect Tax and Constitutional Validit y 2. Central Excise: a) Central Excise Law – Goods – Manufacturer – Valuati on Rules – Related Party – Captive Consumption - Registration – Payment of Duty – Monthly Returns – Job Work. b) CENVAT – input Services capital goods and procedure s under Cenvat Credit Rules c) Export procedures d) SSI provisions 3. Customs Laws: a) Concepts of Customs Law – Types of Duties, Anti-dum ping duties b) Valuation rules – Import Procedures – Export Proced ures – Baggage – Stores – Warehousing – Demurrage 4. Service Tax: a) Introduction, Nature of Service Tax, Service Provid er and Service Receiver b) Registration Procedure, Records to be maintained c) Negative List of Services, Exemptions and Abatement s d) Valuation of Taxable Services (applicable services will be notified for each term of exam) e) Payment of Service Tax, Returns of Service Tax f) Point of Taxation Rules, 2012 g) Place of Provision of Service Rules, 2012 h) Other aspects of Service Tax 5. Central Sales Tax and VAT: a) Central Sales Tax i) Introduction, Definitions , Salient Features of CST Act ii) Stock Transfer, Branch transfer, Inter State Sale iii) Various forms for filing of returns under CST iv) Procedures under Central Sales Tax (CST) b) Value Added Tax (VAT) i) Introduction, definitions, salient features of Sate VAT Act ii) Treatment of stock & branch transfer under State VA T Act iii) Filing of return under State VAT Act iv) Accounting & Auditing VAT PAPER 12: COMPANY ACCOUNTS AND AUDIT CONTENTS Weightage Section A : Accounts of Joint Stock Companies 1. Accounting of Shares and Debentures 25% 2. Presentation of Financial Statements (as Per Schedule III) 3. Cash Flow Statement 4. Accounts of Banking, Electricity and Insurance Comp anies 25% 5. Accounting Standards (AS-11, 12, 15, 16, 17, 18 and 19) Section B : Auditing 6. Auditing Concepts 20% 7. Provision relating to Audit under Companies Act 30% Section A: Accounts of Joint Stock Companies 1. Accounting of Shares and Debentures: a) Issue of shares, rights issue, bonus issue, sweat e quity shares, forfeiture of share, buy-back of shares b) Issue and redemption of preference shares, debentur es c) Under writing of shares and debentures 2. Presentation of Financial Statements (as per Sch edule III): a) Statement of Profit and Loss b) Balance Sheet 3. Cash Flow Statement (AS 3) 4. Accounts of Banking, Electricity and Insurance C ompanies: a) Accounts of Banking Company b) Accounts of an Electricity Company c) Accounts of Insurance Company 5. Accounting Standards (AS - 11, 12, 15, 16, 17, 1 8 and 19) Section B: Auditing 6. Auditing Concepts a) Nature, Scope and Significance of Auditing b) Audit Engagement, Audit Program, Audit Working Pape rs, Audit Note Book, Audit Evidence and Audit Report c) Internal Check, Internal Control, Internal Audit - Industry Specific. 7. Provision relating to Audit under Companies Act a) Auditor’s qualifications, disqualifications, appoin tment, remuneration, removal, powers and duties. b) Cost Audit, Secretarial Audit c) Reporting Requirements under Companies Act, Report vs. Certificate, contents of the reports and qualifications in the report. d) Miscellaneous Audit i. Branch Audit, Joint Audit ii. Audit of shares and debentures iii. Audit of divisible profits and dividends iv. Statutory Auditors Vs Internal Auditors v. Auditing and Assurance Standards relating to audit of inventories and audit of fixed assets vi. Auditing of different types of undertaking – Educat ion, Hospitals, Co- operative Societies, Banks, Trusts, Municipalities, Panchayats Paper 13: Corporate Laws & Compliance CONTENTS Weightage SECTION A: COMPANIES ACT 50% 1. The Companies Act, 2013 SECTION B: OTHER CORPORATE LAWS 30% 2. SEBI Laws and Regulations 3. The Competition Act,2002 and its role in Corporate Governance 4. Foreign Exchange Management Act,1999 5. Laws related to Banking Sector 6. Laws related to Insurance Sector SECTION C: CORPORATE GOVERNANCE 20 % 7. Corporate Governance 8. Social, Environmental and Economic Responsibilities of Business Section A: Companies Act 2013 1. The Companies Act, 2013 – rules, regulations prescri bed there under with special reference to: a) Company Formation and Conversion (i) Incorporation of private companies, public companie s, company limited by guarantee and unlimited companies and their conversions/recon version/re-registration. (ii) Nidhi Companies, Mutual Benefit Funds and Producer Companies - concept, formation, membership, functioning, Dissolution. (iii) Fo rma tion of Not-for-P ro f it ma king c omp an ies. (iv) Procedure relating to Foreign Companies Carrying on Business in India. (v) Conversion of LLPs into Private Limited Companies a nd vice versa b) Investment and loans (i) Procedure for inter-corporate loans, investments, g iving 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 trans fer to Investor Education and Protection Fund d) Accounts and Audit (i) Maintenance of Books of Accounts (ii) Statutory Au d ito r, Specia l Au d itor an d Co st Aud ito r – Appointment, resignation, removal, qualification, disqualification, rights, d uties and liabilities (iii) Companies Auditor Report Order (CARO) Rules. SYLLABUS-2016 FINAL COURSE GROUP - III e) Board of Directors & Managerial Personnel a) Directors and Managerial Personnel- appointment, reappointment, resignation, removal. b) Payment of remuneration to Directors and Managerial personnel and disclosure c) Powers of Board of Directors and restrictions on th e powers of Directors d) Obtaining DIN e) Compensation for loss of office f) Waiver of recovery of remuneration g) Making loans to Directors, Disclosure of interest o f a Director, Holding of Office or Place of Profit by a Director/relative h) Interested Directors 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 c ompanies k) Corporate winding up and dissolution – 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 Court s Section B: Other Corporate Laws 2. SEBI Laws and Regulations: (a) The Securities and Exchange Board of India Act,1992 – Rules, Regulations and Guidelines issued there under Clause 49 and SEBI ( Issue of Ca pital and Disclosure Regulations),2009 (b) The Securities Contracts (Regulation) Act,1956 3. The Competition Act, 2002 (a) Competition - Meaning, objectives, extent and appli cability (b) Competition Commission of India (c) Areas affecting competition 4. Foreign Exchange Management Act, 1999 (Basic Understanding Only) Exports, Imports and Foreign Funds under Deferred P ayment, ECB route, loans and export remittance and import remittances 5. Laws related to Banking Sector: (Basic Understanding Only) (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 Anti- Money Laundering (AML) Audits to check tax evasion and transfer of funds. 6. Laws related to Insurance Sector: (Basic Understanding Only) (a) The Insurance Act,1938; (b) The Insurance Regulatory and Development Authority Act,1999 Section C: Corporate Governance 7. 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 8. Social, Environmental and Economic Responsibilit ies of Business. (a) National Voluntary Guidelines on Social, Environmen tal and Economic Responsibilities of Business (b) Corporate Social Responsibility – Nature of activit ies; Evaluation of CSR projects (c) E-governance Paper 14: Strategic Financial Management CONTENTS Weightage Section A : Investment Decisions 1. Investment Decisions, Project Planning and Control 25% 2. Evaluation of Risky proposals for Investment decisions 3. Leasing Decisions Section B : Financial Markets and Institutions 20% 4. Institutions in Financial Markets 5. Instruments in Financial Markets 6. Commodity Exchange 7. Capital Markets Section C : Security Analysis and Portfolio Managem ent 25% 8. Security Analysis & Portfolio Management Section D : Financial Risk Management 30% 9. Financial Risks & Management 10. Financial Derivatives - Instruments for Risk Ma nagement 11. Financial Risk Management in International Op erations Section A: Investment Decisions 1. Investment Decisions, Project Planning and Cont rol (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 2. Evaluation of Risky Proposals for Investment d ecisions (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 Disco unt Rate, Options in Capital Budgeting 3. Leasing Decisions (i) Lease Financing – Evaluation of Lease vs Buy option s (ii) Break-Even Lease rental determination (iii) Cross Boarder leasing, Sale and Lease back Section B: Financial Markets and Institutions 4. Institutions in Financial Markets (i) Reserve Bank of India, Commercial Banks, NBFCs (ii) Insurance Companies, Pensions Funds. 5. Instruments in Financial Market (i) Money Market Instruments - Call money, Treasury Bil ls, Commercial Bills, Commercial Paper; Certificate of Deposits, Repo, Reverse Repo and Pro missory 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 6. Capital Markets (i) Primary and secondary markets and its instruments (ii) Optionally convertible debentures, Deep discount bo nds (iii) Rolling settlement, Clearing house operations (iv) Dematerialization, Re-materialization and Depositor y system (v) Initial Public Offering (IPO) / Follow on Public Of fer (FPO) ; Book Building (vi) Insider trading (vii) Credit rating - Credit rating agencies in India 7. Commodity Exchange (i) Regulatory Structure, Design of markets (ii) Issues in Agricultural, Non-Agricultural Mar kets, Product design, Spot price and present practices of commodities exchanges (iii) Intermediaries in the commodity exchanges & Cleari ng house operations, risk management related issues (iv) Commodity Options on futures and its mechanism Section C: Security Analysis & Portfolio Management 8. Security Analysis & Portfolio Management including Equity Research (i) Security analysis- Fundamental analysis- Economic a nalysis, Industry analysis, Company analysis, Technical analysis, Momentum analysis - a rguments and criticisms (ii) Market indicators, Support and resistance level, Pa tterns in stock price (iii) Statistic models – Moving Averages, Bollinger bands (iv) Theories on stock market movements – Dow Jones Theo ry (v) Portfolio Management – meaning, objectives and basi c principles (vi) Portfolio Management theories – Efficient Market Hy pothesis, 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 unsystem atic, Minimization of Portfolio risk, Monitoring the Risk and Return of a portfolio (viii) Portfolio Analysis - Security and Capital Market Li ne, Beta, Levered and Unlevered Beta Section D: Financial Risk Management 9. Financial Risks (i) Credit Risk, Liquidity Risk, Asset based risk , Ope rational Risk (ii) Foreign investment risk, Market Risk 10. Financial Derivatives - Instruments for Risk Ma nagement (i) Forward & Futures – Meaning and Difference between Forwards and Future, Stock futures, Hedging through futures and benefits of Future mark et, Components of Future Price, Index based Futures, Margins in the derivatives market, (ii) Options – Meaning, types of Options (Call & Put), Put-Call Pa rity theory, Determination of Option Premium, Strategies in Options market – spre ad, 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, Intere st rate swaps, (iv) Interest rate derivatives – Meaning, Interest rate caps, interest rate collars, forward rate agreements 11. Financial Risk Management in International Oper ations (i) Sources of Foreign currency, debt route, depo sitory receipts, American Depository Receipts (ADRs) – sponsored, unsponsored, Global De pository Receipts (GDRs), Warrants, Foreign Currency Convertible Bonds (FCCBs), Euro Is sues, Euro Commercial Paper, Euro Convertible Bonds, Note Issuance Facility, Particip ating Notes, Foreign Direct Investment (ii) Foreign Exchange Market – Exchange Rate determinati on – Exchange Rate Forecasting- Purchasing Power Parity-Interest Rate Parity (iii) Exchange Rate Risk management – Forex Hedging tools , exposure netting, currency forward, cross currency roll over, Currency futures , options, money market hedge, asset- liability management (iv) Foreign Investment Analysis: International Portfoli o Investment – International Capital Budgeting. Paper 15: Strategic Cost Management – Decision Making CONTENTS Weightage SECTION A: COST MANAGEMENT 20% 1. Cost Management SECTION B: STRATEGIC COST MANAGEMENT TOOLS AND TECHNIQUES 50% 2. Decision Ma king techniques 3. Standard Costing in Profit Planning 4. Activity Based Cost Ma nagement – JIT and ERP 5. Cost of Quality and Total Quality Ma nagement SECTION C: STRATEGIC CO ST MANAGEMENT – APPLICATIO N O F STATISTICAL TECHNIQUES IN BUSINESS DECISIO NS. 30% 6. Application of Operation Research and Statistical Tools in Strategic Decision Making. Section A: Cost Management 1. Cost Management (a ) Developments in Cost Management: (i) Life Cycle costing (ii) Target costing (iii) Kaizen Costing (iv) Value Analysis and Va lue Engineering (v) Throughput Costing (vi) Business Process Re-engineering (vii) Back-flush Accounting (viii) Lean Accounting (ix) Socio Economic Costing (b)Cost Control a nd Cost Reduction – Basics, Proces s, Methods and Techniques of Cost Reduction progra mme. Section B: Strategic Cost Manage ment Tools and Tech niques 2. Decis ion Making Te chniques (a ) Ma rgina l Costing- Diff erentia l costing-CVP Analysis – Profit Volume Graphs – Contribution Approa ch (b) Decisions involving alternative choices – Optimum u tilization of resources – Ma ke or Buy – Eva luation of Orders – Multiple scarce resour ce problems- Product sales pricing….. etc (c) Pricing Decisions and Strategies – New Product P ri cing, 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, perfo rmance mea surement (e) Tra nsfer Pricing - Objectives, Methods ( Cost Based , Market Price Based, Negotia ted Pricing), Advantages and Disadvantages, Criteria fo r setting Transfer Prices, Transfer Price in different situations, Situations causing C onflicts and resolving the Conflicts; (f ) Releva nt Cost Analysis : Releva nt Cost, Irrelevant Costs - Sunk or Historical Cost, Committed Cost, Absorbed Cost, Situations where Fix ed Costs become relevant for decision – making and its related implications (g) Profitability Analysis – Product wise / Segment Wis e / Customer wise 3. Standard Costing in Profit Planning (a ) Variance Analysis - Investigation of Va riances, Pla nning and Operating Variances, Controllable / Non-controllable Variances, Relevant Cost Approa ch to Variance Analysis; Varia nce analysis under marginal costing and absorption costing; Activity Ratios; Application of budgeta ry control a nd Sta nda rd Costing in P rof it planning, Standard Costing Vs Budgetary Control, Reconciliati on of Actual Profit with Sta ndard Profit and /or Budgeted Profit. (b) Uniform Costing and Inter-firm comparison. 4. Activity Based Cost Management – JIT and ERP (a ) Activity Based Cost Ma nagement - Concept , purpose, benef its, stages, relevance in decision-ma king and its application in Budgeting, R esponsibility accounting, Traditional Vs. ABC System – compa rative analysis (b) JIT – introduction, Benefits, Use of JIT in mea suri ng the Performa nce (c) ERP and its applications in strategic cost ma nageme nt (d) Bench Marking 5. Cost of Quality and Total Quality Management (a ) TQ M - Basics, Stages, Principles, Control, Correcti ve actions (b) PRAISE-Steps, Problems, implementation (c) PARETO Analysis (d) Qua lity Costs Section C: Strate gic Cost Management – Application of Statistical Techniques in Business De cisions 6. Application of Operation Research and Statistica l Tools in Strategic Decision Making (a) Learning Curve, (b) Linea r Progra mming (Formulation only) (c) Assignment, (d) Tra nsportation (e) Simulation (f) Network Analysis – CPM / PERT Paper 16: Direct Tax Laws and International Taxation CONTENTS Weightage Section A : Advanced Direct Tax Laws 50% 1. Return of Income & Assessment Procedure 2. Assessment of Various Entities & Tax Planning 3. Clubbing of Income 4. Set-Off and Carry forward and Set-off of losses 5. Deduction in Computing Total Income 6. Business Restructuring 7. Administrative procedures under Direct Taxation 8. Grievances Redressal Procedure 9. Settlement of Cases 10. Black Money Act, 2015 Section B : International Taxation 30% 11. Double Taxation Avoidance Agreements (DTAA) 12. Transfer Pricing Issues Section C : Tax Practice and Procedures 20% 13. Case Study Analysis Section A: Advanced Direct Tax Laws 1. Return of Income & Assessment Procedure (a) Return of Income (b) Annual Information Return [Section 285BA] (c) Assessment Procedure 2. Assessment of Various Entities & Tax Planning (a) Assessment of Individuals (b) Assessment of Hindu Undivided Family (c) Assessment of Firms (d) Assessment of Limited Liability Partnership (LLP) (e) Assessment of Association of Persons / Body of Indi viduals (f) Assessment of Companies (g) Assessment of Co-operative Societies (h) Assessment of Trusts (i) Assessment of Mutual Association (j) Alternate Minimum Tax and Minimum Alternate Tax (k) Different Aspects of Direct Tax Planning 3. Clubbing of Income I ncome of other person's assessed / clubbed in the h ands of the Assessee 4. Set-Off and Carry forward and Set-off of losses (a) Introduction (b) Set off of loss in the Same Year (c) Carry forward and set off of loss in Subsequent Years 5. Deduction in Computing Total Income (a) Introduction (b) Deductions from Gross Total Income 6. Business Restructuring (a) Restructuring business (b) Amalgamation (c) Demerger, Reverse Merger (d) Conversion of sole proprietary business to company (e) Conversion of Firm into Company (f) Conversion of Private Company / Unlisted Public Com pany into Limited Liability Partnership (LLP) 7. Administrative procedures under Direct Taxation (a) CBDT & Other Authorities (b) Survey (c) Search and Seizure (d) Demand, Recovery, Assessment, appeal, revision, and settlement. (e) E-commerce Transaction and liability in special cas es (f) Penalties, Fines and prosecution (g) Income Computation and Disclosure Standards 8. Grievances Redressal Procedure (a) Grievances Redressal Procedure (b) Rectification (c) Appeal and Appellate Hierarchy (d) Revision 9. Settlement of Cases (a) Liability under special cases (b) Settlement of Cases [Section 245A to 245L] (c) Advance Ruling 10. Black Money Act, 2015 (a) Introduction to Black Money Act (b) Highlights of Black Money Act Section B: International Taxation 11. Double Taxation Avoidance Agreements (DTAA) (a) Double Taxation Relief - Agreement with Foreign Cou ntries or Specified Territories [Section 90] (b) Adoption by Central Government of agreement between Specified Associations for Double Taxation Relief [Section 90A] (c) Countries with which no Agreement Exists [Section 9 1] (d) Tax Residency Certificate [TRC] [Section 90 & 90A] 12. Transfer Pricing Issues (including international and domestic transactions) (a) International Taxation & Transfer Pricing issues ( b ) Application of Generally Accepted Cost Accounting P rinciples and Techniques for d e t e r m i n a t i o n o f A r m ’ s L e n g t h P r i c e (c) Advance Pricing Agreement (APA) – Concept and Appli cation Section C: Tax Practice and Procedures 13. Case Study Analysis Disclaimer: The contents of this subject/ paper shall be revie wed every 6 months and shall be incorporated accordingly PAPER 17: CORPORATE FINANCIAL REPORTING CONTENTS Weightage Section A : GAAP and Accounting Standards 30% 1. Accounting Standards Section B: Accounting of Business Combinations & Restructuring 20% 2. Accounting of Business Combinations & Restructuring Section C : Consolidated Financial Statements 20% 3. Group Financial Statements Section D: Developments in Financial Reporting 15% 4. Recent Trends in Financial Reporting 5. Valuation, Accounting and Reporting of Financial Instruments and others 6. Share based payments 7. Reporting through XBRL (Extended Business Reporting Language) Section E: Government Accounting in India 15% 8. Government Accounting Procedure and Standards Section A: GAAP and Accounting Standards 1. Accounting Standards (a) Generally Accepted Accounting Principles in India (b) Accounting Standards (AS) – Applicability, Interpre tation, Scope and Compliance (c) International Financial Reporting Standards (d) Over View of Ind AS (e) Relative view of AS VS Ind AS VS IFRS Section B: Accounting of Business Combinations & Re structuring 2. Accounting for Business Combinations & Restruct uring (as per Ind AS) (a) Relevant Terms, Types of merger, methods of account ing, treatment of Goodwill arising on merger, Purchase consideration and settlement (b) Accounting in books of vendor/ transferor and trans feree (c) Accounting for investment in subsidiary (d) Accounting for Mergers / Acquisitions (including ch ain holdings, cross holdings, multiple holdings) (e) Corporate Financial restructuring, Reconstruction S chemes, De-merger, Reverse merger (g) Notes to Accounts & related disclosures under amalg amation Section C: Consolidate d Financial Statements 3. Group Financial Statements (a ) Concept of a group, Purposes of consolidated financ ia l statements, Consolidation procedures, Minority interest, Goodwill, Treatment Pre-acquisition profit and Post- acquisition profit and concept of Fair value a t the time of acquisition. (b) Consolidation with two or more subsidia ries, consol ida tion with foreign subsidia ry. (c) Consolidated Income Statement, ba lance Sheet and Ca sh Flow Statements for Group of SYLLABUS-2016 FINAL COURSE GROUP - IV companies. (d) Impact on group financial statements at the point o f acquisition (e) Trea tment of investment in associa tes in consolidat ed financial statements. Compa re and contra st acquisition and equity methods of acco unting (f ) Trea tment of investment in joint ventures in consol idated financia l sta tements Section D: De velopments in Financial reporting and Other Item of reporting 4. Recent trends in Financial reporting Concept of Triple Bottom Line Reporting 5. Valuation, A ccounting and Reporting of Financial Instruments and others (a ) Recognition & Valuation Fina ncial Instruments (b) CENVAT / VAT Accounting (c) NBFC – Pro visioning Norms and Accounting (d) Valuation of Shares (e) Valuation of Goodwill 6. Share Based payments (a ) Meaning, Equity settled transactions, Transaction w ith employees and non-employees (b) Vesting conditions, Determination of Fa ir value of Options, Determination of ESOP Provision and Rela ted Disclosure and settlement of ESOP 7. Reporting Through XBRL (Extended Business Report ing Language) Section E: Gove rnment Accounting in India 8. Government Accounting (a ) General Principles and comparison with commercial a ccounting (b) Role of Comptroller a nd Auditor General of India (c) Role of Public Accounts Committee, Review of Accoun ts (d) Government Accounting Standards issued by Governmen t Accounting Standa rds Advisory Boa rd ( GASAB) (e) Government Accounting and Reporting Paper 18: Indirect Tax Laws and Practice CONTENTS Weightage Section A : Advanced Indirect Tax - Laws & Practice 1. Central Excise 20% 2. Customs law 10% 3. Service tax 30% 4. Foreign Trade Policy (with special reference to Tax Planning) 10% 5. Central Sales Tax & Value Added Tax 10% Section B : Tax Practice and Procedures 6. Case study analysis 20% Section A: Advanced Indirect Tax - Laws & Practice 1. Central Excise Act (a) The Central Excise Law – CENVAT Credit availment, U tilization and Reversal (b) Assessments, Demands, Refund, Exemptions, Power of Officers (c) Interpretation of Show Cause Notice and Drafting of response against Show Cause Notice, Adjudication, Appeals, Settlement Commissio n, Penalties (d) Central Excise Audit and Special Audit under 14A an d 14AA of Central Excise Act (e) Tariff Commission and other Tariff authorities 2. Customs Act (a) Valuation, Customs Procedures, Import and Export Pr ocedures, Baggage, Exemptions, Warehousing, Demurrage, Project Import and Re-impor ts (b) Penalties and Offences (c) Anti-dumping Laws – Valuation under Anti-dumping la ws, Safeguards, Countervailing Duties, Relevance of Cost Information, Application of Cost Accounting principles in assessment, Impact of taxation on WTO, Anti Dumping Measures. 3. Service Tax (a) Introduction, Nature of Service Tax, Service Provid er and Service Receiver, Registration and related issues (b) Negative List of Services, Exemptions and Abatement s (c) Valuation of Taxable Services (d) Payment of service Tax, Returns of Service Tax (e) CENVAT Credit Rules, 2004 (f) Point of Taxation Rules, 2012 (g) Place of Provision of Service Rules, 2012 (h) Administrative aspects of Service Tax – Return, Pay ment of Tax, Assessment (i) Special Audit u/s 72A of the Finance Act, 1994 for Valuation of Taxable Services 4. Foreign Trade Policy, Export Promotion Schemes, E OU, SEZ, EXIM Policy (a) Foreign Trade Policy (b) Export Promotion Schemes, (c) Export Oriented Units (EOU) (d) Duty Exemption Scheme and Duty Drawback (e) Special Economic Zone (SEZ) 5. Central Sales Tax and VAT Act (a) Assessment of transactions under CST and VAT (b) Returns and assessment procedures under Central Sal es Tax (CST) and VAT Act Section B: Tax Practice and Procedures 6. Case Study Analysis Disclaimer: The contents of this subject/ paper shall be reviewed every 6 months and shall be incorporated accordingly. Paper19: COST AND MANAGEMENT AUDIT CONTENTS Weightage Section A: Cost Audit 35% 1. Nature, Scope, utility and Advantages of Cost Audit 2. Companies (Cost Records & Audit) Rules,2014 3. Professional Ethics, Misconduct, Offences and 4. Cost Accounting Standa rds 5. Cost Auditing and Assurance Standa rds 6. Format of Cost Audit Report – XBRL – Sa lient Features Section B: Management Audit 15% 1. Management Reporting issues under Cost Audit 2. Management Audit – Meaning, Nature, Scope etc 3. Energy Audit, Eff iciency Audit, Propriety Audit and System s Audit 4. Evaluation of Corporate Image - Corpora te Development Audit – 5. Impact of environmental pollution Section C: Internal Audit, Operational Audit and other related issues 25% 1. Concept of Internal Audit 2. Provisions of Internal Audit under Companies Act, 2013 3. Audit Planning, Audit Programme, Audit working pape rs 4. Receivables Audit, Audit of services and local bodies Institutions Section D: Case Study on Perf ormance Analysis 25% Section A: Cost Audit 1. Nature, Scope, utility and Advantages of Cost Audit 2. Companies (Cost Records a nd Audit) Rules, 2014 3. Professional Ethics, Misconduct, Offence s and Penalties 4. Cost Accounting Standa rds 5. Cost Auditing Assurance Standards 6. Format of Cost Audit Report – XBRL – Sal ient features Section B: Manage ment Audit 1. Management Reporting issues under Cost Audit – Perf ormance Appraisal Report 2. Management Audit – Meaning, Nature, Scope, Need for Management Audit a nd Reporting under Management Audit 3. Energy Audit, Efficiency Audit, Propriety Audit and Systems Audit 4. Evaluation of Corporate Image - Corporate Developme nt Audit –Corporate Stra tegy Audit 5. Impact of environmental pollution: Social Cost Bene fit Analysis, Corporate Social Audit and Safety audit. Section C: Internal Audit, Operational Audit and ot her related issues a. Concept of Internal Audit b. Provisions of Internal Audit under Companies Act, 2 013 c. Audit Planning, Audit Programme, Audit working pape rs, Reporting to Management d. Receivables Audit, Audit of Hospitals, Hotels, educ ational Institutions, Co-operative Societies, Self Help Groups, Non-Governmental Organ izations (NGOs), corporations, Municipalities, Panchayats. Section D : Case Study on Performance Analysis Case Study on the basis of the Companies Performanc e for managerial decision-making with reference to: (a) Application of Ratios for assessment of perfor mance. (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 o ther factors (g) Profitability analysis (h) Reconciliations of Financial and Cost Records i.e., Profit, Taxation Paper 20: Strategic Performance Management and Business Valuation CONTENTS Weightage Section A : Strategic Performance Management 50% 1. Conceptual Framework of Performance Management 2. Performance Evaluation & Improvement Tools 3. Economic eff iciency of the firm— Impact analysis on Perf ormance 4. Enterprise Risk Management Section B : Business Valuation 50% 5. Business Va luation Ba sics 6. Valuation in Mergers a nd Acquisitions 7. Fair Value in Accounting Measurement 8. Valuation of Intangibles Section A: Strategic Performance Management 1. Conceptual Framework of Performance Management (a ) Performance Management- concept, components (b) Performance, Productivity and Efficiency (c) Financia l performance ana lysis (d) Supply Chain Management (SCM) (e) Customer Relationship Management (CRM) & Customer P rof itability ana lysis; 2. Performance Evaluation & Improvement Tools (a ) Balanced Score Card (b) Du-Pont Analysis (c) Bench marking & Bench trending (d) Six Sigma (e) Statistical Quality Control (SQL) (f ) Plan- Do- Check- Action (PDCA) (g) Management Information System (h) Online Analytica l processing tools (i) Tools to Improve Productivity and Profita bility – M RP I, MRP II and ERP (j) Tota l Productivity Management (k) Tota l Quality Management 3. Economic Efficiency of the firm –Performance A nalysis (a) Profit-maximization under different market structur e (b) Market factors affecting Pricing decisions 4. 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 Banki ng Industry (c) Corporate Failure (i) Corporate Distress Analysis- Causes (ii) Corporate Distress Prediction Models: Edw ard Altmans Model, NCAER Models Section B: Business Valuation 5. Business Valuation Basics (a) Meaning of Value, Valuation and Business Valuation (b) Principles of Valuation, Valuation Bias, Types of V alues (c) Role of Business Valuation in Corporate Finance and Business Acquisitions 6. Valuation Models (a) Non-Discounted Cash Flow Method (DCF) – Accoun ting based, Earnings based, Cash flow based. (b) Discounted Cash Flow Method (c) Other methods of valuation 7. Valuation of Assets and Liabilities (a) Valuation of Inventory (b) Valuation of Investments – Bonds and Shares (c) Valuation of Intangibles – Copy Rights, Good W ill, Brand (d) Valuation of Human Resources (e) Value Added, Economic Value Added, Market Valu e Added 8. Valuation in Mergers and Acquisitions (a) Meaning of Business Mergers and acquisitions and Ty pes (b) Application of valuation models for business merger s and acquisitions (c) Determination of Exchange Ratio(Swap)or Purchase Co nsideration (d) Synergistic benefits and distribution of synergy ga ins (e) Recognition of Interest of various stakeholders (f) Selection of appropriate cost of capital for valuat ion (g) Impact of merger on value of share --------------------------------------------------- -------------- xxx -------------------------------- -------------------------------




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