CMA Final December 2026: applicable amendments and notifications

Companies Act · notice of 15 Sept 2026

Companies Act 2013, MCA rules and other corporate laws amended up to 31 May 2026

For December 2026, the Companies Act 2013, significant MCA rules, notifications, circulars and orders, and the other corporate laws in the syllabus are examinable as amended up to 31 May 2026. This applies to Paper 13 (Corporate and Economic Laws), Paper 17 (Cost and Management Audit) and Paper 18 (Corporate Financial Reporting). The Paper 13 supplementary also covers 2025-26 changes to SEBI regulations, FEMA regulations and insurance laws.

What to do: Read the Paper 13 supplementary chapter by chapter against the July 2026 reprint of the study material.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Company Formation and Conversion (Corporate and Economic Laws); Investment and Loans (Corporate and Economic Laws); Dividends (Corporate and Economic Laws); Accounts and Audit (Corporate and Economic Laws); Board of Directors and Key Managerial Personnel (Corporate and Economic Laws); Board Meetings and Procedures (Corporate and Economic Laws); Inspection, Inquiry and Investigation (Corporate and Economic Laws); Compromises, Arrangements and Amalgamations (Corporate and Economic Laws); Prevention of Oppression and Mismanagement (Corporate and Economic Laws); SEBI Laws and Regulations (Corporate and Economic Laws); Foreign Exchange Management Act, 1999 (Corporate and Economic Laws); Laws and Regulations related to Insurance Sector (Corporate and Economic Laws); Operational Audit and Internal Audit under Companies Act, 2013 (Cost and Management Audit)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 13, December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Other · notice of 15 Sept 2026

Insolvency and Bankruptcy Code (Amendment) Act, 2026

ICMAI's Paper 13 supplementary for December 2026 covers the IBC (Amendment) Act, 2026, which received assent on 6 April 2026 with the relevant provisions in force from 26 May 2026. It changes the corporate insolvency resolution process, resolution plans, avoidance transactions and liquidation.

Effective: Applicable for the December 2026 term of examination (26 May 2026) · Attempts: December 2026

Chapters affected: Insolvency and Bankruptcy Code, 2016 (Corporate and Economic Laws)

Official source: ICMAI - Supplementary for Paper 13, December 2026 term (Syllabus 2022) · ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026)

Standards · notice of 15 Sept 2026

Cost Records and Audit Rules and CAS amended up to 31 May 2026

The Companies (Cost Records and Audit) Rules, 2014 and Cost Accounting Standards 1 to 24 are examinable as amended up to 31 May 2026 in Paper 17 (Cost and Management Audit) for December 2026. ICMAI points students to the July 2026 reprint of the Paper 17 study material and the term supplementary.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Basics of Cost Audit (Cost and Management Audit); Companies (Cost Records and Audit) Rules, 2014 (Cost and Management Audit); Cost Auditor (Cost and Management Audit); Overview of Cost Accounting Standards and GACAP (Cost and Management Audit); Preparation and Filing of Cost Audit Report (Cost and Management Audit)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Paper 17 Cost and Management Audit study material (reprint July 2026) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Standards · notice of 15 Sept 2026

New CAS 25 (Valuation of Inventory) added to Paper 17

The Paper 17 supplementary for December 2026 inserts CAS 25, the Cost Accounting Standard on Valuation of Inventory issued by the ICMAI Council, after CAS 24 in the module on cost accounting standards, effective from 1 April 2026. It sets out which cost elements go into inventory value and the valuation methods to use.

What to do: Add CAS 25 to your cost accounting standards revision for Paper 17.

Effective: Applicable for the December 2026 term of examination (1 Apr 2026) · Attempts: December 2026

Chapters affected: Overview of Cost Accounting Standards and GACAP (Cost and Management Audit)

Official source: ICMAI - Supplementary for Paper 17, December 2026 term (Syllabus 2022) · ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026)

Tax law · notice of 15 Sept 2026

Direct tax: Finance Act 2025 with amendments up to 31 May 2026

ICMAI names the Finance Act 2025 for Paper 15 (Direct Tax Laws and International Taxation) in December 2026, with amendments up to 31 May 2026 applicable. The supplementary is framed on the Income-tax Act, 1961 and covers the CBDT circular on mandatory DIN for communications, CRS reporting changes for crypto-assets, the ITR house-property change and the GAAR grandfathering clarification in Rule 10U.

What to do: Use the Paper 15 supplementary with the updated study material; do not switch to the Income-tax Act 2025 for this term unless ICMAI announces otherwise.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Assessment of Individuals including Non-residents (Direct Tax Laws and International Taxation); Assessment of Companies (Direct Tax Laws and International Taxation); Assessment of Trusts (Direct Tax Laws and International Taxation); Assessment of Mutual Associations (Direct Tax Laws and International Taxation); Return of Income (Direct Tax Laws and International Taxation); Assessment Procedure including Dispute Resolution Process (Direct Tax Laws and International Taxation); Interest and Fees (Direct Tax Laws and International Taxation); Survey, Search and Seizure (Direct Tax Laws and International Taxation); Collection, Recovery and Refund of Tax (Direct Tax Laws and International Taxation); Grievance Redressal (Direct Tax Laws and International Taxation); Penalties and Prosecutions (Direct Tax Laws and International Taxation); Business Restructuring (Direct Tax Laws and International Taxation); Different Aspects of Tax Planning (Direct Tax Laws and International Taxation); CBDT and Other Authorities (Direct Tax Laws and International Taxation); E-commerce Transaction and Liability in Special Cases (Direct Tax Laws and International Taxation); Income Computation and Disclosure Standards (ICDS) (Direct Tax Laws and International Taxation); Black Money Act, 2015 (Direct Tax Laws and International Taxation); Double Taxation Avoidance Agreements (DTAA) (Direct Tax Laws and International Taxation); Transfer Pricing (Direct Tax Laws and International Taxation); GAAR (Direct Tax Laws and International Taxation)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 15, December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Tax law · notice of 15 Sept 2026

GST and customs: amendments up to 31 May 2026

GST and other indirect tax amendments up to 31 May 2026 are applicable for Paper 19 (Indirect Tax Laws and Practice) in December 2026. The supplementary covers amendments from 1 December 2025 to 31 May 2026, including retail-sale-price based GST valuation for tobacco products from 1 February 2026 and the new Baggage Rules, 2026 under the Customs Act from 2 February 2026.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Supply under GST (Indirect Tax Laws and Practice); Time of Supply (Indirect Tax Laws and Practice); Place of Supply (Indirect Tax Laws and Practice); Valuation under GST (Indirect Tax Laws and Practice); Input Tax Credit (Indirect Tax Laws and Practice); Zero Rated Supplies and Deemed Exports (Indirect Tax Laws and Practice); TDS and TCS under GST (Indirect Tax Laws and Practice); E-way Bill (Indirect Tax Laws and Practice); GST Refunds - Inverted Duty Structure and Zero Rated Supplies (Indirect Tax Laws and Practice); GST Returns (Indirect Tax Laws and Practice); Accounts and Records (Indirect Tax Laws and Practice); GST Annual Return and GST Audit Return (Indirect Tax Laws and Practice); Transition to GST (Transitional Provisions) (Indirect Tax Laws and Practice); Dispute Resolution Mechanism under GST (Indirect Tax Laws and Practice); Inspection, Search, Seizure, Arrest and Prosecution (Indirect Tax Laws and Practice); Anti-profiteering (Indirect Tax Laws and Practice); Walkthrough of GSTN Portal (Indirect Tax Laws and Practice); Valuation and Related Party Transactions (Indirect Tax Laws and Practice); Customs Procedures - Baggage and Courier / Post (Indirect Tax Laws and Practice); Manufacture in Bond (Indirect Tax Laws and Practice); Duty Drawback (Indirect Tax Laws and Practice); Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (Indirect Tax Laws and Practice); Remission of Duties (Indirect Tax Laws and Practice); Refund (Indirect Tax Laws and Practice); Trade Facilitation Measures (Indirect Tax Laws and Practice); Export Promotion Schemes under Foreign Trade Policy (Indirect Tax Laws and Practice); Special Economic Zone Scheme (Indirect Tax Laws and Practice)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 19, December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Standards · notice of 15 Sept 2026

Ind AS, XBRL and CSR reporting amended up to 31 May 2026

For Paper 18 (Corporate Financial Reporting) in December 2026, the Ind AS in the syllabus, reporting through XBRL and CSR reporting in India are examinable as amended up to 31 May 2026. The supplementary adds the May 2026 MCA changes letting companies spend up to 10% of CSR outlay on zero coupon zero principal instruments on the Social Stock Exchange.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Accounting Policies, Changes in Accounting Estimates and Errors (Ind AS 8) (Corporate Financial Reporting); Income Taxes (Ind AS 12) (Corporate Financial Reporting); Property, Plant and Equipment (Ind AS 16) (Corporate Financial Reporting); Leases (Ind AS 116) (Corporate Financial Reporting); The Effects of Changes in Foreign Exchange Rates (Ind AS 21) (Corporate Financial Reporting); Borrowing Costs (Ind AS 23) (Corporate Financial Reporting); Impairment of Assets (Ind AS 36) (Corporate Financial Reporting); Intangible Assets (Ind AS 38) (Corporate Financial Reporting); Share based Payment (Ind AS 102) (Corporate Financial Reporting); Operating Segments (Ind AS 108) (Corporate Financial Reporting); Fair Value Measurement (Ind AS 113) (Corporate Financial Reporting); Revenue from Contracts with Customers (Ind AS 115) (Corporate Financial Reporting); Recent Developments in Financial Reporting (Corporate Financial Reporting); Corporate Governance and Social Responsibility and Sustainability (Corporate and Economic Laws)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 18, December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Exam format · notice of 13 Aug 2026

December 2026 Final exam: offline, centre-based, groups on alternate dates

The December 2026 Final exam will be held offline at exam centres, in the 10 am to 1 pm slot, with each group held on alternate dates. ICMAI tells candidates to follow the Directorate of Studies clarifications issued for the term.

Effective: December 2026 term of examination · Attempts: December 2026

Scope: the whole exam, not one chapter.

Official source: ICMAI - Time table and programme, Intermediate and Final Examination, December 2026