CA Final study guide
Every chapter of all four papers, broken into 816 topics. Each topic shows the concept, a step-by-step way to solve questions, the quickest method for the exam, the mistakes students make and worked examples.
Paper 1: Financial Reporting
Subjective, written · 44 chaptersInd AS 7 Statement of Cash Flows
- Objective, Scope and Key Definitions of Ind AS 7
- Classification of Cash Flows into Operating, Investing and Financing
- Reporting Operating Activities: Direct and Indirect Method
- Presentation of Statement of Cash Flows and Special Items
- Subsidiaries, Associates and Joint Ventures in Cash Flows
- Changes in Liabilities from Financing and Ind AS vs IAS 7 Differences
Ind AS 113 Fair Value Measurement
- Ind AS 113 Scope, Objective and Definition of Fair Value
- Fair Value Measurement Approach: Asset, Market and Price
- Highest and Best Use and Valuation Premise for Non-Financial Assets
- Fair Value of Liabilities and Entity's Own Equity Instruments
- Fair Value at Initial Recognition
- Valuation Techniques: Market, Cost and Income Approaches
- Fair Value Hierarchy: Level 1, 2 and 3 Inputs
- Ind AS 113 Disclosures and Differences from IFRS 13
Ind AS 2 Inventories
- Ind AS 2 Scope and Definitions of Inventories
- Cost of Inventories: Purchase and Conversion Costs
- Other Costs and Costs Excluded from Inventories
- Cost of Agricultural Produce and Service Providers
- Cost Measurement Techniques: Standard Cost, Retail, FIFO, Weighted Average
- Net Realisable Value and Write-down of Inventories
- Recognition as an Expense, Disclosures and Comparison with IAS 2
Ind AS 16 Property, Plant and Equipment
- Ind AS 16 Scope and Recognition of PPE
- Measurement at Recognition and Cost of PPE
- Decommissioning and Restoration Costs (IFRIC 1)
- Measurement after Recognition: Cost and Revaluation Models
- Depreciation and Component Accounting
- Impairment, Compensation and Derecognition
- Stripping Costs in Mining (IFRIC 20)
- Disclosures and Differences from IAS 16
Ind AS 19 Employee Benefits
- Scope, Definitions and Short-term Employee Benefits
- Defined Contribution Plans and Multi-employer Plans
- Defined Benefit Plans: Recognition and Measurement
- Remeasurements, Service Cost and Net Interest
- Asset Ceiling and Minimum Funding (IFRIC 14)
- Other Long-term Employee Benefits
- Termination Benefits
- Presentation, Disclosure and Differences from IAS 19
Ind AS 12 Income Taxes
- Ind AS 12 Scope, Definitions and Current Tax
- Deferred Tax: Temporary Differences and Tax Base
- Recognition of Deferred Tax Assets and Liabilities
- Measurement of Deferred Tax and Tax Rate Changes
- Recognition of Tax in Profit or Loss, OCI and Equity
- Presentation, Offsetting and Disclosures
- Appendix C: Uncertainty over Income Tax Treatments
- Appendix A: Changes in Tax Status and Ind AS 12 vs IAS 12
Ind AS 21 The Effects of Changes in Foreign Exchange Rates
- Scope, Definitions and Functional Currency
- Initial Recognition and Subsequent Reporting of Foreign Currency Transactions
- Foreign Currency Transactions with Advance Consideration (IFRIC 22)
- Change in Functional Currency
- Translation to a Presentation Currency and Foreign Operations
- Net Investment in a Foreign Operation and Disposal
- Tax Effects, Disclosures and Differences from IAS 21
Ind AS 115 Revenue from Contracts with Customers
- Scope and Five-Step Model of Ind AS 115
- Identifying the Contract with a Customer
- Identifying Performance Obligations
- Determining the Transaction Price
- Allocating Transaction Price to Performance Obligations
- Recognising Revenue: Over Time and Point in Time
- Contract Costs, Contract Assets and Liabilities
- Specific Applications: Licensing, Warranties, Repurchase and Others
Ind AS 102 Share Based Payment
- Ind AS 102 Scope, Definitions and Recognition Principles
- Equity-Settled Share-Based Payment Transactions
- Cash-Settled Share-Based Payments and SARs
- Modification, Cancellation and Settlement of Awards
- Share-Based Payments with Cash Alternatives
- Group Share-Based Payment Transactions
- Fair Value Measurement, Disclosures and Transition
Ind AS 103 Business Combinations
- Scope and Definition of Business Combination
- Acquisition Method and Identifying the Acquirer
- Recognition and Measurement of Assets and Liabilities
- Consideration Transferred and Goodwill or Bargain Purchase
- Reverse Acquisitions and Measurement Period Adjustments
- Business Combinations Under Common Control
- Disclosures and Differences from IFRS 3
Consolidated Financial Statements
- Ind AS 110 Scope and Control Concept
- Exemption from Consolidation and Investment Entities
- Consolidation Procedures and Uniform Accounting Policies
- Non-Controlling Interest and Goodwill Computation
- Changes in Ownership and Loss of Control
- Consolidated Statement of Profit and Loss and Complex Structures
- Ind AS 110 Differences from IFRS 10
Paper 2: Advanced Financial Management
Subjective, written · 15 chaptersPaper 3: Advanced Auditing, Assurance and Professional Ethics
Subjective, written · 19 chaptersGeneral Auditing Principles and Auditors Responsibilities
- Overall Objectives of the Auditor under SA 200
- Ethical Requirements and Professional Skepticism
- Professional Judgment in an Audit
- Sufficient Appropriate Audit Evidence and Audit Risk
- Conduct of Audit in Accordance with SAs
- Fraud and Error: Responsibilities under SA 240
- Risks of Material Misstatement Due to Fraud
- Fraud Communications, Documentation and Reporting
Audit Planning, Strategy and Execution
- SA 300: Planning an Audit of Financial Statements
- Overall Audit Strategy and Audit Plan
- Judgment, Direction and Supervision in Planning and Execution
- SA 450: Evaluation of Misstatements Identified During the Audit
- SA 610 (Revised): Using the Work of Internal Auditors
- SA 540: Auditing Accounting Estimates and Related Disclosures
Completion and Review
- SA 560 Subsequent Events: Objective and Types
- Events Occurring up to the Date of Auditor's Report
- Facts Discovered After the Date of the Auditor's Report
- Facts Known After Financial Statements Are Issued
- SA 580 Written Representations: Objective and Requirements
- Reliability, Doubts and Refusal of Written Representations
Reporting
- SA 700 (Revised): Forming an Opinion on Financial Statements
- Auditor's Report Format and Elements under SA 700
- Reporting on More Than One Set of Financial Statements
- Reporting Implications of Modified Opinions (SA 700 link)
- SA 706 (Revised): Emphasis of Matter and Other Matter Paragraphs
- SA 720 (Revised): Responsibilities Relating to Other Information
- Other Information Section in the Auditor's Report
Specialised Areas
- Audit of Banks: Branch and Statutory Central Audit
- Audit of Insurance Companies
- Audit of Non-Banking Financial Companies
- Audit of Public Sector Undertakings and CAG Audit
- Audit of Not-for-Profit Organisations and Co-operative Societies
- Audit of Mutual Funds, Stock Brokers and Capital Market Entities
- Audit of Power, Infrastructure and Other Specialised Sectors
Review of Financial Information
- Review Engagements under SRE 2400 (Revised): Scope
- Acceptance, Terms and Preconditions of Review
- Materiality in a Review of Financial Statements
- Obtaining Understanding and Information Needed for Review
- Evaluating Evidence, Misstatements and Written Representations
- Review Conclusion and Practitioner's Review Report
Paper 4: Direct Tax Laws & International Taxation
Subjective, written · 28 chaptersProfits and Gains of Business or Profession
- Basis of Charge and Computation of Business Income
- Specific Deductions and Allowable Expenses
- Depreciation and Capital Expenditure Deductions
- Expenses Disallowed and Amounts Not Deductible
- Special Provisions for Computing Business Income
- Safe Harbour for Income Attribution
- Maintenance of Accounts, Audit and Method of Accounting
Income from Other Sources
- Income from Other Sources: Scope and Chargeability
- Dividend Income and Related Deductions
- Gifts and Receipts Without or Below Adequate Consideration
- Issue of Shares at Premium and Other Specific Receipts
- Interest on Compensation, Securities and Other Special Incomes
- Permissible Deductions and Disallowed Amounts
Income of Other Persons included in Assessee's Total Income
- Clubbing of Income: Concept and Transfer of Income
- Clubbing of Spouse's Income
- Clubbing of Income from Assets Transferred to Daughter-in-law and Others
- Clubbing of Minor Child's Income
- Conversion of Self-acquired Property into HUF Property
- Revocable Transfer and Transfer for Benefit of Others
- Income Not Included in Total Income: Charitable and Religious Trusts
- Income of Political Parties and Electoral Trusts
Deductions from Gross Total Income
- General Provisions and Ceiling on Deductions
- Deductions for Payments: Donations, Insurance, Interest
- Deductions for Specified Persons and Individuals
- Deductions for Incentives to Businesses and Employment
- Deductions for Special Areas, SEZ and Regional Development
- Deductions for Royalty, Cooperative Societies and Other Income
Assessment of Trusts and Institutions, Political Parties and Other Special Entities
- Charitable and Religious Trusts: Registration and Approval
- Application of Income and Accumulation by Trusts
- Violations, Taxation of Trusts and Anonymous Donations
- Other Institutions: Universities, Hospitals and Funds
- Political Parties and Electoral Trusts
- Special Entities: Business Trusts, AOP, Cooperatives and Others
Non Resident Taxation
- Residential Status and Scope of Total Income
- Income Deemed to Accrue or Arise in India
- Special Rates and Presumptive Taxation of Non-Residents
- Withholding Tax on Payments to Non-Residents
- Certificate for Appropriate Proportion of Sum Payable (Sec 214)
- Special Provisions for Non-Resident Indians
- Relief on Retirement Benefit Accounts in Notified Countries (Sec 158)
Transfer Pricing
- Transfer Pricing Framework and Arm's Length Price
- Associated Enterprises and Specified Domestic Transactions
- Methods for Determining Arm's Length Price
- Comparability Analysis, Adjustments and Range Concept
- Documentation, Accountant's Report and Country-by-Country Reporting
- Reference to Transfer Pricing Officer under Section 166
- Safe Harbour, APA, Secondary Adjustment and Thin Capitalisation
Fundamentals of BEPS
- Introduction to BEPS and OECD/G20 Project
- BEPS Action Plans: Digital Economy and Hybrid Mismatches
- BEPS Action Plans: CFC, Interest Deductions and Harmful Tax
- Treaty Abuse, PE Status and Transfer Pricing Actions
- Transparency, Documentation and Country-by-Country Reporting
- Multilateral Instrument and India's Adoption of BEPS
Application and Interpretation of Tax Treaties
- Tax Treaties: Basics, Models and Section 90
- Interpretation of Tax Treaties and Vienna Convention
- Residence, Tie-Breaker Rules and Treaty Eligibility
- Permanent Establishment and Business Profits
- Taxation of Passive Income under DTAAs
- Taxation of Personal Services, Other Income and Relief
- Anti-Avoidance, MLI, Exchange of Information and MAP
Paper 5: Indirect Tax Laws
Subjective, written · 32 chaptersExemptions from GST
- Exemption Powers under Section 11 of CGST Act
- Exempt Supplies and Nil-Rated, Non-GST Supplies
- Exemption of Services under Notification 12/2017-CT(R)
- Exemption of Goods under Notification 2/2017-CT(R)
- Exemption for Small Suppliers and Composition Related Relief
- Exemptions under IGST: Imports, SEZ and Special Cases
- Exemption Based Practical Questions and Case Laws
Returns
- Furnishing Details of Outward Supplies (GSTR-1, IFF)
- Auto-Drafted Statements and Inward Supplies (GSTR-2A, 2B)
- Monthly/Quarterly Return GSTR-3B and Payment of Tax
- Other Returns: Composition, TDS/TCS, ISD and Annual Return
- Final Return, First Return and Matching Provisions
- Scrutiny of Returns and Notice to Non-Filers
Valuation under the Customs Act, 1962
- Valuation of Imported and Export Goods: Section 14
- Customs Valuation (Determination of Value of Imported Goods) Rules, 2007
- Inclusions and Additions to Transaction Value (Rule 10)
- Rejection of Declared Value and Related Party Transactions
- Valuation of Export Goods and Date for Determining Rate of Duty
- Baggage and Post or Courier: Rate of Duty and Tariff Valuation
Refund
- Refund of Export Duty (Section 26)
- Claim for Refund of Customs Duty (Section 27)
- Unjust Enrichment and Refund to Consumer Welfare Fund
- Interest on Delayed Refund (Sections 27A and 129EE)
- Refund of Pre-deposit on Appeal (Section 129E)
- Penalty for Fraudulent Refund Claims (Section 114AC)
- Refund in Special Cases: Drawback and Other Provisions
Foreign Trade Policy
- FT(D&R) Act 1992 and Legal Framework of FTP
- Foreign Trade Policy 2023: Features and Objectives
- Importer Exporter Code and General Import-Export Provisions
- Export Promotion Schemes: RoDTEP, RoSCTL and Advance Authorisation
- EPCG Scheme and Capital Goods Import
- Export Oriented Units, SEZ and Special Economic Schemes
- Trade Facilitation, Status Holders and Dispute Resolution
Paper 6: Integrated Business Solutions (Multidisciplinary Case Study with Strategic Management)
Subjective, written · 7 chaptersFinancial Reporting
- Ind AS Framework and Conceptual Framework
- Presentation and Disclosure Standards
- Assets and Liabilities Standards
- Financial Instruments (Ind AS 32, 107, 109)
- Revenue and Share-based Payments
- Business Combinations and Ind AS 103
- Consolidated and Separate Financial Statements
- Other Ind AS and Foreign Currency
Advanced Financial Management
- Financial Policy and Corporate Strategy
- Risk Management and Derivatives
- Foreign Exchange and International Financial Management
- Capital Budgeting and Project Appraisal
- Security Valuation and Portfolio Management
- Business Valuation and Mergers and Acquisitions
- Corporate Restructuring and Financing Strategies
- Mutual Funds and Financial Services Analysis
Direct Tax Laws & International Taxation
- Residential Status and Scope of Total Income
- Income from Salary, House Property and Capital Gains
- Profits and Gains of Business or Profession
- Set-off, Carry Forward, Deductions and Clubbing
- Assessment, Procedures, TDS and Advance Tax
- Taxation of Companies, LLPs and Business Reorganisations
- International Taxation: Transfer Pricing and Non-Residents
- DTAA, Equalisation Levy, GAAR and BEPS