ICAI CA Intermediate Accounting Subject Syllabus | konceptca
CA Intermediate Accounting Subject Syllabus for ICAI CA Inter Student

Objective:

To acquire the ability to apply specific Accounting Standards and legislations to different transactions and events and in preparation and presentation of financial statements of various business entities.

Contents

1. Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRSs; convergence vs adoption; objective and concepts of carve outs.
2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards).
3. Application of Accounting Standards:
   
   • AS 1 : Disclosure of Accounting Policies
   • AS 2 : Valuation of Inventories
   • AS 3 : Cash Flow Statements
   • AS 4 : Contingencies and Events occurring after the Balance Sheet Date
   • AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
   • AS 10 : Property, Plant and Equipment
   • AS 11 : The Effects of Changes in Foreign Exchange Rates
   • AS 12 : Accounting for Government Grants
   • AS 13 : Accounting for Investments
   • AS 16 : Borrowing Costs
   • AS 17 : Segment Reporting
   • AS 22 : Accounting for Taxes on Income
4. Company Accounts
   
   1. Preparation of financial statements - Statement of Profit and Loss, Balance Sheet and Cash Flow Statement;
   2. Managerial Remuneration;
   3. Accounting for tax: Concept of deferred tax asset and deferred tax liability in line with AS 22 “Accounting for Taxes”;
   4. Profit (Loss) prior to incorporation;
   5. Accounting for bonus issue and right issue;
   6. Redemption of preference shares;
   7. Redemption of debentures.
5. Accounting for Special Transactions
   
   1. Investment;
   2. Insurance claims for loss of stock and loss of profit;
   3. Hire - purchase and Instalment sale transactions.
6. Special Type of Accounting
   
   1. Departmental accounting;
   2. Accounting for branches including foreign branches;
   3. Accounts from incomplete records.
7. Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.

NOTE: If either new Accounting Standards (AS), Announcements and Limited Revisions to AS are issued or the earlier ones are withdrawn or new AS, Announcements and Limited Revisions to AS are issued in place of existing AS, Announcements and Limited Revisions to AS, the syllabus will accordingly include/exclude such new developments in the place of the existing ones with effect from the date to be notified by the Institute.

Summary of CA Intermediate Accounting Syllabus

The accounting standards aim at improving the quality of financial reporting by promoting comparability, consistency, and transparency, in the interests of users of financial statements. The ICAI has, so far, issued twenty nine Accounting Standards. However, AS 6 on ‘Depreciation Accounting’ has been withdrawn on the revision of AS 10 ‘Property, Plant and Equipment and AS 8 on ‘Accounting for Research and Development’ has been withdrawn consequent to the issuance of AS 26 on ‘Intangible Assets’. Thus effectively, there are 27 Accounting Standards at present.

As per the Notification, Indian Accounting Standards (Ind AS) converged with International Financial Reporting Standards (IFRS) shall be implemented on a voluntary basis from 1st April 2015 and mandatorily from 1st April 2016. Separate roadmaps have been prescribed for the implementation of Ind AS to Banking, Insurance companies and NBFCs respectively.

In the scenario of globalization, India cannot insulate itself from the developments taking place worldwide. In India, so far as the ICAI and the Government authorities and various regulators such as Securities and Exchange Board of India and Reserve Bank of India are concerned, the aim has always been to comply with the IFRS to the extent possible with the objective to formulate sound financial reporting standards.

Indian Accounting Standards (Ind-AS) are IFRS converged standards issued by the Central Government of India under the supervision and control of the Accounting Standards Board (ASB) of ICAI and in consultation with the National Advisory Committee on Accounting Standards (NACAS).

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