Intermediate level is the second level of C.A. Course.
Candidates can get registered for this level through two routes, namely
1. After Qualifying C.A. Foundation Course, or
2. Through Direct Entry,
If Candidates are Graduates or Post Graduates (with minimum 55% marks for Commerce Graduates and 60% marks for Other Graduates) or have passed the Intermediate level of the Institute of Companies Secretaries of India and or the Institute of Cost Accountants of India, then can be directly admitted to the Intermediate level of C.A. Course.
This level of C.A. Education focuses on the need for practical knowledge along with the theoretical aspects. A student would undergo theoretical education and three years of practical training after passing either Group – 1 or both Groups of Intermediate level. But before commencement of practical training, one has to successfully complete four weeks Integrated Course on information technology and soft skills (ICITSS) at any time after getting registered for Intermediate Course.
It covers the Framework for preparation and Presentation of Financial Statements (as per AS), process of formulation of AS / Ind AS, National and International Accounting authorities, adoption of Financial Reporting Standards, Important Accounting Standards – (ASs) AS – 1, 2, 3, 4, 5, 10, 11, 12, 13, 16, 17, 22, Company Accounts, Accounting for special transactions (Insurance, Investment, Hire – Purchase & Installment sale transactions), Some special types of Accounting (Departmental Accounting, Accounting for Branches, Accounts from incomplete Records), Issues regarding Dissolution of Partnership firms etc.
This paper has been divided into two parts :
Part I: Company Laws (60 Marks) : It Covers the provisions of section 1 to section 148 of THE COMPANIES ACT, 2013.
Part II : Other Laws (40 Marks) : It has The Indian Contract Act, 1872, The Negotiable Instruments Act, 1881, The General Clauses Act, 1897, and Interpretation of Statutes.
It includes objectives and scope of Cost and Management Accounting, Cost concepts, Elements of Cost and Preparation of Cost Sheets, Ascertainment of Material Cost, Employee Cost, Direct expenses, Overheads, Concept of ABC, Costing of Service Sector, Standard & Marginal Costing, Budget etc.
This paper has been divided into two sections :
Section A : Income Tax (50 Marks) It Covers Concept of previous year & Assessment year, Basis of Charge and Rates of tax, Residential Status, Heads of Income and its Relevant Provisions, Provisions relating to clubbing of incomes, Concept of Set-off & Carry – forward and Set-off of Losses, Provisions relating to filing of returns, and Self – Assessment.
Section B : Indirect Taxes (50 Marks)
It Covers concept and features of Indirect taxes, Principal Indirect Taxes, Goods and Services Tax (GST) Laws.
It Covers AS – 7, 9, 14, 18, 19, 20, 24, 26, 29, Different Guidance Notes issued by ICAI, Company Accounts (Special Aspects), Re-organization of Companies, Financial Reporting of Banking, Financial Services & Insurance (BFSI), Valuation of Goodwill, Consolidated Financial Statements.
To understand the Nature, objective and scope of Audit, Auditing Concepts, Standard setting process, Engagement Standards, Audit Strategy, Audit Planning and Audit Programme, Audit Documentation and Audit Evidence, Risk Assessment and Internet Control, Fraud & Responsibilities of the Auditor, Audit in an Automated Environment Audit Sampling, Analytical Procedures, Audit of items of Financial Statements, the Company Audit, Audit Report, Audit of Banks, Audit of different types of Entities.
This paper has been divided into two parts :
Part I : Enterprise Information System (50 Marks)
It Covers basic understanding of technology enabled Information System and their impact on enterprise wide processes, risks & Controls and other Aspects like Automated Business Processes, Financial & Accounting Systems, Information system & its Components, E-Commerce, M-Commerce, etc.
Part II : Strategic Management (50 Marks)
It includes Introduction to Strategic Management, Dynamics of Competitive Strategy, Strategic Management processes, Corporate level Strategies & other Different Strategies, Strategy Implementation & Control.
This paper has been divided into two sections :
Section A : Financial Management (60 Marks)
It includes basic knowledge of Financial Management Functions, Financial Analysis through Ratios, Financial decisions regarding sources of finance, lease financing, cost of capital, Capital Structure decisions and leverages etc.
Section B : Economic for Finance (40 Marks)
It includes basic knowledge of Public Finance, the money market, the international trade and some important concepts regarding determination of national income
