CMA Final study guide
Every chapter of all four papers, broken into 1069 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 13: Corporate and Economic Laws
Subjective, written · 19 chaptersInvestment and Loans
- Section 186 Overview and Scope of Loans and Investments
- Limits on Investments, Loans and Guarantees
- Rate of Interest, Board Approval and Conditions for Loans
- Restrictions on Layers of Investment Companies
- Register, Disclosures and Penalties under Section 186
- Exemptions and Special Cases under Section 186
Compromises, Arrangements and Amalgamations
- Compromise and Arrangement under Sections 230-231
- Merger and Amalgamation of Companies (Section 232)
- Fast Track Merger (Section 233)
- Merger with Foreign Company (Section 234)
- Takeover Offer, Squeeze-out and Dissenting Shareholders (Sections 235-236)
- Registers of Contracts and Directors' Interest (Section 189)
Insolvency and Bankruptcy Code, 2016
- IBC 2016 Overview, Definitions and Authorities
- Corporate Insolvency Resolution Process (CIRP)
- Committee of Creditors and Resolution Plan
- Liquidation Process and Distribution of Assets
- Avoidance Transactions and Offences
- Fast Track and Pre-Packaged Insolvency Resolution
- Insolvency of Individuals and Partnership Firms
- Regulators, Information Utilities and Adjudication
Corporate Governance and Social Responsibility and Sustainability
- Corporate Governance: Concept and Principles
- Corporate Governance Framework under Companies Act, 2013
- Applicability of CSR under Section 135
- CSR Committee, CSR Policy and Board Responsibilities
- CSR Expenditure, Schedule VII Activities and Unspent Amount
- CSR Implementation, Impact Assessment and Reporting
- Sustainability and Business Responsibility Reporting
The Competition Act, 2002
- Competition Act 2002: Overview, Extent and Definitions
- Anti-Competitive Agreements
- Abuse of Dominant Position
- Regulation of Combinations (Mergers and Acquisitions)
- Competition Commission of India and Director General
- Extra-Territorial Jurisdiction (Section 32)
- Competition Advocacy (Section 49)
- Appeals, Appellate Tribunal and Enforcement
Laws and Regulations related to Insurance Sector
- Insurance Act 1938: Definitions and Insurance Business
- Registration, Capital and Management of Insurers
- Policyholder Information and Regulated Entities (Section 14C)
- Obligations to Rural, Social Sector and Motor Third Party
- Application of Other Laws Not Barred (Section 28)
- IRDA Act 1999: Authority Composition and Functions
- IRDAI Finances, Accounts, Penalties and Miscellaneous Provisions
Laws and Regulations related to Cyber Security and Data Privacy
- Overview of the Information Technology Act, 2000
- Digital Signature and Electronic Governance
- Cyber Crimes and Penalties under the IT Act
- Cyber Terrorism under Section 66F
- Monitoring of Traffic Data and Cyber Security (Section 69B)
- Intermediary Liability and Adjudication Mechanism
- Data Protection and Privacy Framework
Paper 14: Strategic Financial Management
Subjective, written · 20 chaptersSecuritization
- Introduction to Securitization and Its Process
- Parties and Structure of a Securitization Transaction
- Types of Securitized Instruments (ABS, MBS, PTC)
- Credit Enhancement and Rating of Securitized Assets
- Securitization in India: Legal and Regulatory Framework
- Numerical Problems on Securitization and Valuation of Pools
Digital Finance
- Introduction to Digital Finance and Fintech
- Digital Payments and UPI Ecosystem
- Blockchain and Distributed Ledger Technology
- Cryptocurrencies and Central Bank Digital Currency
- AI, Machine Learning and Data Analytics in Finance
- Digital Lending, Neo-Banking and Open Banking
- Cyber Security, Risks and Regulation in Digital Finance
Paper 15: Direct Tax Laws and International Taxation
Subjective, written · 20 chaptersAssessment of Individuals including Non-residents
- Residential Status of an Individual
- Scope of Total Income and Incidence of Tax
- Special Provisions for Non-residents under Section 213
- Head Office Expenditure of Non-residents (Section 60)
- Computation of Total Income and Tax Liability of Individuals
- Assessment Procedure, Returns and Advance Tax for Individuals
Penalties and Prosecutions
- Penalties under the Income-tax Act, 2025: Overview
- Penalties for Concealment, Misreporting and Other Defaults
- Relief from Penalties and Interest (Section 297)
- Prosecutions and Offences under the Income-tax Act, 2025
- Recovery of Penalties, Fine, Interest and Other Sums (Section 419)
- Publication of Information about Assessees (Section 512)
Business Restructuring
- Amalgamation: Meaning and Tax Neutrality Conditions
- Tax Treatment of Amalgamating and Amalgamated Companies
- Demerger and Resulting Company Provisions
- Slump Sale and Business Transfer
- Conversion and Succession of Business
- Business Reorganisation Involving Cooperative Banks and Others
- International Transaction and Restructuring Transfer Pricing
Different Aspects of Tax Planning
- Tax Planning, Tax Avoidance and Tax Evasion
- Tax Planning for New Business and Location Decisions
- Tax Planning for Financial Management Decisions
- Tax Planning for Specific Management Decisions
- Tax Planning for Amalgamation, Demerger and Business Restructuring
- Tax Planning for Special Zones and Incentives
- Tax Planning for Salaried Individuals and Other Assessees
- Statement of Financial Transaction and Reportable Account
Income Computation and Disclosure Standards (ICDS)
- ICDS Framework and Method of Accounting
- ICDS I and ICDS IX: Accounting Policies and Borrowing Costs
- ICDS II and ICDS V: Valuation of Inventories and Tangible Fixed Assets
- ICDS III, IV and VII: Construction Contracts, Revenue and Government Grants
- Foreign Exchange Effects and Taxation of Fluctuation
- ICDS VIII, X and XI: Securities, Provisions and Other Standards
- Disclosures and ICDS Computational Problems
Double Taxation Avoidance Agreements (DTAA)
- Double Taxation and Methods of Relief
- Agreements with Foreign Countries under Section 159
- Adoption of Agreements between Specified Associations
- Treaty Override and Interaction with Domestic Law
- OECD and UN Model Conventions
- Key Treaty Articles and Tie-Breaker Rules
- Foreign Tax Credit and Mutual Agreement Procedure
Paper 16: Strategic Cost Management
Subjective, written · 27 chaptersPaper 17: Cost and Management Audit
Subjective, written · 18 chaptersManagement Reporting Issues and Analysis
- Management Reporting Framework and Principles
- Types and Structure of Management Reports
- Reporting Issues for Divisions, Segments and Responsibility Centres
- Performance Analysis and Variance Reporting
- Balanced Scorecard and Non-Financial Reporting
- Reporting Issues: Quality, Timeliness and Information Systems
Internal Control and Internal Audit
- Internal Control: Concepts, Objectives and Components
- Internal Control Systems and Techniques
- Internal Financial Controls under Companies Act 2013
- Internal Audit: Meaning, Scope and Objectives
- Internal Audit Standards and Engagement Process
- Risk-Based Internal Audit and Role of Internal Auditor
- Internal Audit versus Management and Cost Audit Linkages
Paper 18: Corporate Financial Reporting
Subjective, written · 23 chaptersIncome Taxes (Ind AS 12)
- Ind AS 12 Scope, Definitions and Key Concepts
- Current Tax Recognition and Measurement
- Deferred Tax Liabilities and Taxable Temporary Differences
- Deferred Tax Assets and Unused Tax Losses
- Deferred Tax Computation Problems
- Deferred Tax in Business Combinations and Equity Items
- Presentation and Disclosure under Ind AS 12
Fair Value Measurement (Ind AS 113)
- Scope and Objective of Ind AS 113
- Fair Value Measurement Approach: Asset, Market, Participants
- Highest and Best Use and Valuation Premise for Non-Financial Assets
- Fair Value of Liabilities and Own Equity Instruments
- Valuation Techniques: Market, Cost and Income Approaches
- Fair Value Hierarchy: Level 1, 2 and 3 Inputs
- Initial Recognition and Fair Value at Transaction Price
- Disclosure Requirements under Ind AS 113
Revenue from Contracts with Customers (Ind AS 115)
- Ind AS 115 Scope and Five-Step Model Overview
- Identifying the Contract and Combining Contracts
- Identifying Performance Obligations
- Determining the Transaction Price
- Allocating Transaction Price to Performance Obligations
- Satisfaction of Performance Obligations
- Contract Costs, Contract Balances and Presentation
- Specific Applications: Licensing, Warranties, Repurchase and Others
Accounting of Financial Instruments
- Introduction to Financial Instruments
- Classification of Financial Liabilities and Equity
- Recognition and Classification of Financial Assets
- Measurement and Effective Interest Method
- Impairment of Financial Assets (ECL Model)
- Derecognition of Financial Instruments
- Derivatives and Hedge Accounting
- Presentation and Disclosure (Ind AS 107)
NBFCs - Provisioning Norms, Accounting and Reporting
- NBFC Meaning, Classification and Regulatory Framework
- Prudential Norms: Capital Adequacy and Exposure Limits
- Income Recognition Norms for NBFCs
- Asset Classification Norms
- Provisioning Norms and Computation of Provision
- Accounting for Investments and Valuation Norms
- Disclosure, Reporting and Financial Statements of NBFCs
Accounting for Business Combination and Restructuring
- Business Combination Concepts and Ind AS 103
- Purchase Consideration and Goodwill
- Amalgamation Accounting in Books of Transferee
- Amalgamation Accounting in Books of Transferor
- Internal Reconstruction and Capital Reduction
- Demerger, Slump Sale and Corporate Restructuring
- Regulatory Framework for Mergers and Restructuring
Absorptions, Amalgamations, External Reconstruction
- Meaning and Types of Amalgamation and Absorption
- Purchase Consideration Methods
- Accounting for Amalgamation: Pooling and Purchase Methods
- Accounting in Books of Transferor Company
- Inter-company Holdings, Unrealised Profit and Other Adjustments
- Absorption and Preparing the Post-Merger Balance Sheet
- External Reconstruction
Consolidated Financial Statements and Separate Financial Statements
- Introduction to Consolidation and Ind AS 110 Basics
- Consolidated Balance Sheet: Goodwill and Non-Controlling Interest
- Intra-group Transactions and Unrealised Profit Elimination
- Fair Value Adjustments and Acquisition Accounting
- Consolidated Statement of Profit and Loss
- Changes in Ownership: Step Acquisition, Disposal and Bonus Shares
- Chain Holdings, Mutual Holdings and Multiple Subsidiaries
- Separate Financial Statements (Ind AS 27) and Equity Method Basics
Recent Developments in Financial Reporting
- Integrated Reporting (IR) Framework
- Business Responsibility and Sustainability Reporting (BRSR)
- Sustainability Reporting Standards (GRI, ISSB, IFRS S1 and S2)
- XBRL (eXtensible Business Reporting Language)
- Green Accounting and Environmental Reporting
- Value Added Statement and Economic Value Added
- Human Resource Accounting and Other Emerging Reporting Trends
Paper 19: Indirect Tax Laws and Practice
Subjective, written · 27 chaptersPlace of Supply
- Place of Supply Basics and Scope under IGST Act
- Place of Supply of Goods Other Than Imports and Exports
- Supply on Direction of a Third Person (Bill to Ship to)
- Supply Where No Movement of Goods Takes Place
- Goods Assembled or Installed at Site
- Supply of Goods on Board a Conveyance
- Residual Rule and Illustrations of Section 10
Input Tax Credit
- Eligibility and Conditions for Taking Input Tax Credit
- Blocked Credits under Section 17(5)
- Apportionment of Credit and Reversals
- Matching, Reconciliation and Credit Documents
- Special Cases: Capital Goods, Change in Constitution and Transitions
- Input Service Distributor and Distribution Procedure under Rule 39
- Manner of Utilisation of Input Tax Credit
E-way Bill
- E-way Bill Meaning and Legal Framework
- Generation of E-way Bill: Persons, Value and Part A/B
- E-way Bill for Supply, Non-Supply and Transporters
- Validity, Extension and Cancellation of E-way Bill
- Documents, Invoice Reference Number and Consolidated E-way Bill
- Exemptions from E-way Bill Requirement
- Verification, Inspection, Detention and Penalty of Goods
GST Refunds - Inverted Duty Structure and Zero Rated Supplies
- Refund Provisions Overview and Time Limit
- Zero Rated Supplies: Exports and SEZ Supplies
- Refund of Unutilised ITC on Zero Rated Supplies
- Inverted Duty Structure Refund
- Refund of IGST Paid on Exports
- Application for Refund under Rule 89
- Refund Processing, Orders and Interest
- Unjust Enrichment and Refund to Consumer Welfare Fund
Valuation and Related Party Transactions
- Section 14 Valuation of Goods: Transaction Value
- Customs Valuation (Determination of Value of Imported Goods) Rules
- Related Party Transactions and Rejection of Declared Value
- Cost Adjustments: Additions to Transaction Value
- Valuation of Exported Goods and Rate of Exchange
- Tariff Value and Rate of Duty for Baggage (Section 78)
Paper 20A: Strategic Performance Management and Business Valuation
Subjective, written · 11 chaptersPaper 20B: Risk Management in Banking and Insurance
Subjective, written · 15 chaptersMarket Risk Management
- Introduction to Market Risk
- Trading Book vs Banking Book
- Value at Risk (VaR) Methods
- Stress Testing and Expected Shortfall
- Interest Rate Risk and Duration Gap Analysis
- Foreign Exchange and Liquidity-Linked Market Risk
- Market Risk Capital: Standardised and Internal Models
- Market Risk Governance, Limits and Hedging
Life Insurance
- Life Insurance: Concept, Principles and Contract
- Types of Life Insurance Plans
- Policy Conditions, Premium and Policy Documents
- Underwriting, Risk Selection and Actuarial Valuation
- Claims Settlement in Life Insurance
- Life Insurance Council under Section 64C
- Authorities of the Life Insurance Council under Section 64E
Paper 20C: Entrepreneurship and Startup
Subjective, written · 8 chaptersIdea to Action
- Entrepreneurship Concept and Entrepreneurial Mindset
- Idea Generation and Opportunity Identification
- Idea Validation and Feasibility Analysis
- Business Model Design and Lean Canvas
- Business Plan and MVP Development
- Startup Funding and Resource Mobilisation
- Startup Launch, Legal Setup and Compliance
- Scaling, Growth and Exit Strategies
Types of New Age Business
- New Age Business: Meaning and Characteristics
- E-Commerce and Marketplace Business Models
- Fintech and Digital Payment Businesses
- Subscription, SaaS and Platform Businesses
- Sharing, Gig and On-Demand Economy
- EdTech, HealthTech, AgriTech and Other Sector Startups
- Emerging Technologies: AI, Blockchain, IoT and Crypto Ventures