The Institute of Chartered Accountants of India (ICAI) has introduced significant changes to the Education and Training of the CA Course with the proposed ICAI New Scheme for the 2023 exams.
The CA Course now comprises three levels: CA Foundation, CA Inter, and CA Final.
These changes involve the removal of certain sections, the merging of others, and the introduction of new elements within the CA Syllabus for the 2023 exams.
For a more comprehensive understanding, continue reading to explore the details of ICAI's new scheme for the upcoming exams in 2023.
CA Foundation New Syllabus Papers 2024
In the new syllabus of CA Foundation, under the new ICAI scheme, the following papers have been included :
| Sl. No | Paper Name | Marks | Type of Questions |
| Paper 1 | Accounting | 100 Marks | Objective |
| Paper 2 | Business Laws | 100 Marks | Objective |
| Paper 3 | Quantitative Aptitude | 100 Marks Part A: 40 Marks Part B: 20 Marks Part C: 40 Marks | Objective |
| Paper 4 | Business Mathematics | 100 Marks | Subjective |
CA Foundation Syllabus Under New Scheme 2024
The most recent version of the ICAI CA Foundation curriculum for each of the aforementioned papers is presented in the table below.
The specifics are also the core concepts for each CA Foundation discipline.
Paper 1: Accounting
Objective: To gain a fundamental understanding of accounting ideas and principles and to apply that knowledge while preparing financial statements and addressing simple challenges.
Below are the mentioned topics for Paper 1
| Topics | Sub Topics |
| Theoretical Framework | Accounting's Meaning and Scope. Accounting principles, concepts, and conventions. Capital and revenue expenditures, capital and revenue receipts, contingent assets, and contingent liabilities are all examples of capital and revenue expenditures. Accounting Principles. Accounting as a measurement discipline consists of valuation concepts and accounting estimates. Accounting Standards-concepts and objectives. |
| Accounting Process | Accounting transactions are recorded using the principles of double-entry bookkeeping, original entry journals, subsidiary books, cash books, ledger format, posting from journals and subsidiary books, and balancing accounts. Trial Balance Preparation. Correction of Errors |
| Bank Reconciliation Statement | Introduction, justification, and creation of a bank reconciliation statement |
| Inventories | Meaning, basis, and procedure of inventory valuation, inventory cost, net realizable value, and inventory record system |
| Depreciation and Amortisation | The meaning and distinctions between tangible and intangible assets, as well as concepts, computing methods, and accounting treatment of amortization and depreciation, as well as revisions to the depreciation method, are all discussed. |
| Bills of Exchange and Promissory Notes | The meaning of bills of exchange and promissory notes, as well as their accounting treatment; and accommodation bills. |
| Preparation of Final accounts of Sole Proprietors | Financial statement elements, such as closing adjustment entries, trading accounts, profit and loss accounts, and balance sheets for manufacturing and non-manufacturing businesses |
| Financial Statements of Not-for-Profit | OrganisationsThe distinction between the profit and loss account and the income and expenditure account, as well as the importance and creation of the receipt and payment account, the income and expenditure account, and the balance sheet |
| Accounts from Incomplete Records (excluding preparation of accounts based on ratios). | - |
| Partnership And LLP Accounts | Accounts for partnership firms and LLPs. Admission, retirement, and death of a partner, including goodwill treatment. Dissolution of partnership firms and LLPs, including asset distribution in pieces. |
| Company Accounts | Accounts for partnership firms and LLPs. Admission, retirement, and death of a partner, including goodwill treatment. Dissolution of partnership firms and LLPs, including asset distribution in pieces. |
Paper 2: Business Laws
Objective: To obtain general legal knowledge of contract law, and sales law, and an understanding of different company structures and how they operate to regulate the business environment, as well as the ability to address minor application-oriented difficulties.
Below are the mentioned topics for Paper 2
| Topics | Sub Topics |
| Indian Regulatory Framework | Major Regulatory Bodies: Ministry of Finance, Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice, etc. |
| Indian Contract Act, 1872 | General Terms of the Contract, Consideration and Additional Requirements for a Binding Agreement, Contract of Indemnity and Guarantee, Performance Contract, Breach of Contract, Conditional and Quasi-Contract, Contract of Agency, Contract of Bailment and Pledge |
| Sale of Goods Act, 1930 | Formation of the contract of sale, Conditions and Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights |
| Indian Partnership Act, 1932 | General Nature of Partnership, Rights and Duties of partners, Reconstitution of firms, Registration and Dissolution of a firm |
| Limited Liability Partnership Act, 2008 | Introduction: nature, scope, Essential features, Characteristics of LLP, Incorporation, and Differences with other forms of organizations |
| Companies Act, 2013 | Essential features of a company, Corporate veil theory, Classes of companies, Types of share capital, Incorporation of a company, Memorandum of Association, Articles of Association, Doctrine of Indoor Management |
| Negotiable Instruments Act, 1881 | Meaning of Negotiable Instruments, Characteristics and Classification of Instruments, Provisions relating to Negotiation, Presentment of Instruments, Rules of Compensation |
PAPER 3: QUANTITATIVE APTITUDE
Objective:
Students become acquainted with key statistical and quantitative principles and apply them to business, finance, and economic issues.
to strengthen your logic.
Below are the mentioned topics for Paper 3
| Topics | Sub Topics |
| Part A: Business Mathematics | Ratio and Proportion, Time and Work-related problems, Indices, Logarithms, Laws of Indices, Exponents, Antilogarithms, Linear Equations up to Three Variables, Quadratic and Cubic equations in one variable, Linear Inequalities, Mathematics of Finance, Permutations and Combinations, Sequence and Series, Sets, Relations, Functions, Limits, Differential and Integral calculus in Business and Economics |
| Part B: Logical Reasoning | Number Series, Coding and Decoding, Odd Man Out, Direction Tests, Seating Arrangements, Blood Relations |
| Part C: Statistics | Statistical Representation of Data, Sampling, Measures of Central Tendency and Dispersion, Probability, Theoretical Distributions, |
Paper 4: Business Economics
Objective: To grasp the concepts and theories of Economics and gain the capacity to handle practical, real-world problems based on this knowledge.
Below are the mentioned topics for Paper
| Topics | Sub Topics |
| Introduction to Business Economics | Meaning and scope of Business Economics, Basic Problems of an Economy, Role of Price Mechanism |
| Theory of Demand and Supply | Determinants of Demand, Law of Demand, Elasticity of Demand (Price, Income, Cross), Theory of Consumer Behaviour (Indifference Curve approach), Determinants of Supply, Law of Supply, Elasticity of Supply, Market Equilibrium, Social Efficiency |
| Theory of Production and Cost | Factors of Production, Short Run and Long Run, Law of Production (Variable Proportions, Returns to Scale), Producer’s Equilibrium, Concepts of Costs (Short-run and long-run costs, Average and Marginal Costs, Total, Fixed and Variable Costs) |
| Price Determination in Different Markets | Market Structures (Perfect Competition, Monopoly, Monopolistic Competition), Game Theory in Oligopoly, Price-Output Determination in Different Markets |
| Determination of National Income | Macro Economic Aggregates, Measurement of National Income, Keynes’ Models for Determining National Income (Two Sector, Three Sectors, Four Sectors), Business Cycles |
| Public Finance | Fiscal Functions, Centre and State Finance, Government Intervention, Budget Making Process (Revenue Sources, Expenditure Management, Public Debt), Fiscal Policy |
| Money Market | Money Demand, Theories of Demand for Money, Money Supply, Monetary Policy, Cryptocurrency, Monetary Instruments |
| International Trade | Theories of International Trade, Trade Policy Instruments, Trade Negotiations, Exchange Rates, Economic Effects, International Capital Movements, Foreign Direct Investment |
| Indian Economy | Pre-1950 Indian Economy, OECD Paper (1950-1991), Post-1991 Economic Developments |
Here are the key modifications in the ICAI's new exam pattern. Students are encouraged to thoroughly review these changes and understand the prerequisites before commencing their preparations.
1. Two subjects have been eliminated from the CA Foundation level.
2. The CA Intermediate level now consists of 6 papers, grouped into two sections.
3. The CA Final level comprises 6 papers, once more grouped into two sections.
4. The duration of the articleship period has been shortened from 3 years to 2 years.
Here's the information presented in a table format for better clarity:
| Aspect | Proposed Changes by ICAI | Old CA Foundation Syllabus |
| Eligibility | Students must pass the 10th board examination | No specific limit on attempts for the CA Foundation course |
| Validity | Valid for 4 years | Previously, no specific limitation on CA Foundation registration validity |
| Registration | No cutoff dates for CA Foundation registration | Cutoff dates such as January 1 or July 1 for CA Foundation Level |
This table outlines the differences between the proposed changes in the ICAI CA Foundation New Syllabus and the old CA Foundation Syllabus.
ICAI New Syllabus for CA Foundation 2023
The ICAI's new syllabus for CA Foundation in 2023 introduces several changes, which are outlined below:
1. The new scheme reduces the number of subjects from 6 to 4 and papers from 4 to 4. The removed subjects are Business Correspondence & Reporting and Business & Commercial Knowledge.
2. A new negative marking system of 0.25 marks for every incorrect answer has been introduced. This was not a part of the previous system.
3. To pass the Foundation level, students now need to achieve a minimum score of 50%.
ICAI New Scheme 2023- CA Intermediate Level
Here's the information presented in a table format for easier comparison:
| Aspect | CA Intermediate New Course Scheme | CA Intermediate Old Course Scheme |
| Eligibility | No changes in the eligibility criteria | Students eligible after passing CA Foundation and 12th board |
| Registration Validity | 5 years with charges for re-validation | 4 years of registration validity |
| Study Period | Mandatory 8 months study period for Direct Entry Route | 8 months study period for Foundation Route |
| Practical Training | Compulsory practical training of 9 months for Direct Entry Route | - |
This table summarizes the key distinctions between the CA Intermediate New Course Scheme and the CA Intermediate Old Course Scheme, providing a clear comparison of their respective features.
Here are the key highlights of the ICAI CA Inter New Syllabus for 2023, summarized:
1. Two subjects have been eliminated from the CA Inter syllabus.
2. Papers 1 and 5 have been merged into a single subject called "Advanced Accounting."
3. "Enterprise Information Systems" has been removed.
4. "Economics for Finance" is no longer part of paper 8; its content is now integrated into paper 6, under the title "Financial Management and Strategic Management."
5. Paper 2 of CA Intermediate is solely focused on the "Companies Act."
6. The new scheme for 2023 introduces two groups, each consisting of three papers, in the CA Intermediate Syllabus.
7. Business Law is now part of the CA Foundation Level syllabus.
Passing Criteria
Exemptions and passing criteria for CA Intermediate level under the ICAI New Scheme are outlined below:
1. All papers of the CA Intermediate exam will consist of 30% multiple-choice questions (MCQs).
2. Following the implementation of the new scheme, ICAI will consider exempted papers in CA Intermediate as permanently passed. However, students must individually achieve a minimum of 50% marks in the remaining papers.
3. A negative marking of 0.25 will be applied.
4. If a student attains a score of 60% or higher in one or more papers in a single attempt, they will be exempted from those papers for the immediate next three attempts at the intermediate level of CA.
5. Students can opt to surrender the exempted papers only after three attempts have passed.
Here are the changes in the CA Articleship and CA Final Course within the ICAI's New Scheme for 2023:
CA Articleship Change
1. The duration of CA Articleship has been reduced to 2 years from the previous 3 years.
2. Students are required to have a minimum of 1 year of experience in a CA firm.
CA Final Course Changes:
1. To be eligible to take the CA Final exam, students must complete four sets of self-paced modules, categorized as SET A, SET B, SET C, and SET D.
2. All these sets include the following subjects:
- Economic Laws (Compulsory set)
- Strategic Cost Management and Performance Evaluation (Compulsory set)
- Specialization Elective
3. The changes incorporate a multidisciplinary approach in line with the National Education Policy (NEP) of 2020.
Now, take a look at the key highlights of CA Final Syllabus changes proposed by ICAI:
Categories | CA Final Level ICAI New Scheme | CA Final Level Old Scheme |
| Eligibility for Admission | The previous course structure of the CA Final level is the same. | Students who have passed both sets of the CA Inter exam and have finished an integrated information technology and soft skills course |
| Registration Validity | The validity period of ten years (revalidation permitted but at a price) | There are no particular restrictions |
Following the CA Final new scheme, students are required to attain scores exceeding 50% in each module.
The compulsory papers that were part of the CA Final old course have been removed.
In the remaining sets, students have the flexibility to select their preferred topics and proceed with their preparations.
The number of CA Final papers in the syllabus has been reduced from 6 papers to 6 papers. Subjects previously found in papers 4 and 5 will be excluded and incorporated into self-paced modules as mandatory sets.
Elective subjects such as "Risk Management" and "Financial Services" are now included in Set C of self-paced modules.
Under the new CA Final exam pattern, papers will include 30% MCQ-based questions, and there will be a negative marking system for incorrect answers.
This marks a departure from the previous CA scheme, which did not feature negative markings. It's important for aspirants not to be discouraged by these changes.
Regardless of the proposed modifications, being well-prepared remains the key to achieving success.
It's important for aspirants not to be discouraged by these changes. Regardless of the proposed modifications, being well-prepared remains the key to achieving success.
For more, visit Jobaaj.com
