Changes in IPCC May 15 Syllabus


Changes in IPCC May 15 Syllabus 



Revision of the syllabus for May 2015 exams and afterwards Due to enactment of the Companies Act, 2013

Having regard to the above development, the Council at its 333th meeting, revised the syllabus in a comprehensive manner in the following papers of Intermediate (IPC) and Final Course(s) as annexed
herewith (shown in Bold cum Italics):
For IPCC Group 1 paper:-

Changes in IPCC May 15 Syllabus :-
(One paper – Three hours – 100 Marks)
Level of Knowledge : Working Knowledge
Objectives :
(a) To lay a foundation for the preparation and presentation of financial statements,
(b) To gain working knowledge of the principles and procedures of accounting and their
application to different practical situations,
(c) To gain the ability to solve simple problems and cases relating to sole proprietorship,
partnership and companies and
(d) To familiarize students with the fundamentals of computerized system of accounting.
Contents :
1. A General Knowledge of the framing of the accounting standards, national and
international accounting authorities, adoption of international financial reporting
2. Accounting Standards
Working knowledge of:
AS 1 : Disclosure of Accounting Policies
AS 2 : Valuation of Inventories
AS 3 : Cash Flow Statements
AS 6 : Depreciation Accounting
AS 7 : Construction Contracts (Revised 2002)
AS 9 : Revenue Recognition
AS 10 : Accounting for Fixed Assets
AS 13 : Accounting for InvestmentsAS 14 : Accounting for Amalgamations
3. Company Accounts
(a) Preparation of financial statements – Balance Sheet, Profit and Loss Account
Cash Flow Statement, Statement of Changes in Equity and Explanatory Notes
(b) Profit (Loss) prior to incorporation
(c) Alteration of share capital, Conversion of fully paid shares into stock and stock
into shares, Accounting for bonus issue
(d) Simple problems on Accounting for business acquisition, Amalgamation and
reconstruction (excluding problems of amalgamation on inter-company holding)
4. Average Due Date, Account Current, Self-Balancing Ledgers
5. Financial Statements of Not-for-Profit Organisations
6. Accounts from Incomplete Records
7. Accounting for Special Transactions
(a) Hire purchase and instalment sale transactions
(b) Investment accounts
(c) Insurance claims for loss of stock and loss of profit.
8. Issues in Partnership Accounts
Final accounts of partnership firms – Admission, retirement and death of a partner
including treatment of goodwill.
9. Accounting in Computerised Environment
An overview of computerized accounting system–Salient features and significance,
Concept of grouping of accounts, Codification of accounts, Maintaining the hierarchy of
ledger, Accounting packages and consideration for their selection, Generating
Accounting Reports.
Note : If either old Accounting Standards (ASs), Announcements and Limited Revisions to
ASs are withdrawn or new ASs, Announcements and Limited Revisions to ASs are
issued by the Institute of Chartered Accountants of India in place of existing ASs,
Announcements and Limited Revisions to ASs, the syllabus will accordingly
exclude/include such new developments in place of the existing ones with effect from
the date to be notified by the Institute.


Level of Knowledge: Depth Working knowledge
To test working knowledge of Business Laws and Company Law and their practical application
in commercial situations.
Business Laws (30 Marks)
1. The Indian Contract Act, 1872
2. The Negotiable Instruments Act, 1881
3. The Payment of Bonus Act, 1965
4. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
5. The Payment of Gratuity Act, 1972.
Company Law (30 Marks)
The Companies Act, 2013 – Sections 1 to 122
(a) Preliminary
(b) Incorporation of Company and Matters Incidental thereto
(c) Prospectus and Allotment of Securities
(d) Share Capital and Debentures
(e) Acceptance of Deposits by companies
(f) Registration of Charges
(g) Management and Administration
(i) Company Law in a computerized Environment – E-filing.Note:
(i) The provisions of the Companies Act, 1956 which are still in force would form part
of the syllabus till the time their corresponding or new provisions of the
Companies Act, 2013 are enforced.
(ii) If new legislations are enacted in place of the existing legislations, the syllabus
would include the corresponding provisions of such new legislation with effect
from a date notified by the Institute.
Part II – ETHICS (20 Marks)
To have an understanding of ethical issues in business.
1. Introduction to Business Ethics
The nature, purpose of ethics and morals for organizational interests; Ethics and
Conflicts of Interests; Ethical and Social Implications of business policies and decisions;
Corporate Social Responsibility; Ethical issues in Corporate Governance.
2. Environment issues
Protecting the Natural Environment – Prevention of Pollution and Depletion of Natural
Resources; Conservation of Natural Resources.
3. Ethics in Workplace
Individual in the organisation, discrimination, harassment, gender equality.
4. Ethics in Marketing and Consumer Protection
Healthy competition and protecting consumer’s interest.
5. Ethics in Accounting and Finance
Importance, issues and common problems.
To nurture and develop the communication and behavioural skills relating to business
Contents:1. Elements of Communication
(a) Forms of Communication: Formal and Informal, Interdepartmental, Verbal and nonverbal;
Active listening and critical thinking
(b) Presentation skills including conducting meeting, press conference
(c) Planning and Composing Business messages
(d) Communication channels
(e) Communicating Corporate culture, change, innovative spirits
(f) Communication breakdowns
(g) Communication ethics
(h) Groups dynamics; handling group conflicts, consensus building; influencing and
persuasion skills; Negotiating and bargaining
(i) Emotional intelligence – Emotional Quotient
(j) Soft skills – personality traits; Interpersonal skills ; leadership
2. Communication in Business Environment
(a) Business Meetings – Notice, Agenda, Minutes, Chairperson’s speech
(b) Press releases
(c) Corporate announcements by stock exchanges
(d) Reporting of proceedings of a meeting
3. Basic understanding of legal deeds and documents
(a) Partnership deed
(b) Power of Attorney
(c) Lease deed
(d) Affidavit
(e) Indemnity bond
(f) Gift deed
(g) Memorandum and articles of association of a company
(h) Annual Report of a company






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