CA Inter

CA Inter Syllabus & Subjects 2023 (New & Old) – Paper wise Syllabus, Important Topics, Exam Pattern

ca intermediate syllabus

New and Old CA Intermediate Syllabus 2023 – On July 1, 2023, the Institute of Chartered Accountants of India (ICAI) made the revised CA Intermediate syllabus available on its official website, as part of the ICAI revised Scheme of Education and Training 2023. The institute has announced that the November 2023 session would not be covered by the New Scheme of Education (CA New Scheme). In accordance with the current scheme’s outdated syllabus, the final CA Intermediate exam will be held in November 2023. Therefore, candidates are encouraged to prepare using the outdated curriculum (Existing scheme). From the BoS Knowledge Portal of the official ICAI website, candidates can obtain the CA Intermediate 2023 syllabus in pdf format. Before starting their preparation, candidates who have registered for the May/November session exam must use the syllabus as their primary source of information. In 2023, intermediate exams will be offered twice: in May and in November.

On the ICAI-provided syllabus, the CA Intermediate question paper is based. Candidates need to be informed that the ICAI will solely base the exam paper on the new syllabus. So it is essential for students to review the official syllabus and create a study plan before beginning their preparation for the CA Intermediate exams. The curriculum lists all of the topics and subtopics studied for the CA Intermediate exams in detail.

CA Inter Syllabus 2023 (New Course)

Let’s quickly review the new CA Inter curriculum under the new system before going on to the specifics of the CA Inter syllabus for November 2023.

New CA Intermediate Syllabus

The following 6 papers are included in the revised CA intermediate syllabus that was published on July 1, 2023 by the ICAI. In accordance with the current plan, the first CA Inter test will be held in May 2024.

Paper 1 Advanced Accounting
Paper 2 Corporate and Other Laws
Part 1: Company Law and Limited Liability Partnership Law
Part 2: Other Laws
Paper 3 Taxation
Section A: Income Tax Law
Section B: Goods and Services Tax
Paper 4 Cost and Management Accounting
Paper 5 Auditing and Ethics
Paper 6 Financial Management and Strategic Management
Section A: Financial Management
Section B: Strategic Management

Paper included in CA Intermediate November 2023 exam

There are eight papers of 100 points each in the CA Intermediate 2023 test format for the previous curriculum. During exam preparation, candidates must concentrate on these papers. There are two groups created from the eight papers.

Groups Papers Details
Group 1 Paper-1 Accounting
Paper-2 Corporate and Other Laws
Paper-3 Cost and Management Accounting
Paper-4 Taxation
Group 2 Paper-5 Advanced Accounting
Paper-6 Auditing and Assurance
Paper-7 Enterprise Information Systems & Strategic Management
Paper-8 Financial Management & Economics for Finance

Comprehensive CA Intermediate Syllabus 2023

The following is the CA Intermediate syllabus for the tests in May 2023, based on the papers stated above.

Group I

There are four papers in Group-I of CA Intermediate syllabus May 2023.

Paper 1 - Accounting (100 marks)

Objective – Gaining the knowledge necessary to prepare and present financial statements for diverse business entities while applying specific accounting rules and laws to various transactions and events.
1. Process of formulation of Accounting Standards including Ind AS (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. Applications of Accounting Standards: AS 1 : Disclosure of Accounting Policies

AS 2 : Valuation of Inventories

AS 3 : Cash Flow Statements

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

4. Company Accounts (i) Preparation of financial statements – Statement of Profit and Loss, Balance Sheet

and Cash Flow Statement;

(ii) Managerial Remuneration;

(iii) Profit (Loss) prior to incorporation;

(iv) Accounting for bonus issue and right issue;

(v) Redemption of preference shares;

(vi) Redemption of debentures

5. Accounting for Special Transactions: (i) Investment;

(ii) Insurance claims for loss of stock and loss of profit;

(iii) Hire- purchase and Instalment sale transactions

6. Special Type of Accounting (i) Departmental Accounting;

(ii) Accounting for Branches including foreign branches;

(iii) Accounts from Incomplete Records

Paper 2 - Corporate and Other Laws (100 marks)


Objective- To gain knowledge of business law requirements and the capacity to handle challenges that are application-specific.
The Companies Act, 2013 – Sections 1 to 148

1. Preliminary

2. Incorporation of Company and Matters Incidental thereto

3. Prospectus and Allotment of Securities

4. Share Capital and Debentures

5. Acceptance of Deposits by companies

6. Registration of Charges

7. Management and Administration

8. Declaration and Payment of Dividend

9. Accounts of Companies

10. Audit and Auditors


Objective – (a) To gain knowledge of the guidelines in a few laws and the capacity to handle challenges that are application-specific.

(b) Gaining knowledge of the guidelines for interpreting statutes

1. The Indian Contract Act, 1872 (Specific contracts covered from section 123 onwards) Contract of Indemnity and Guarantee, Bailment, Pledge, Agency
2. The Negotiable Instruments Act, 1881 Meaning of Negotiable Instruments, Characteristics, Classification of Instruments, Different provisions relating to Negotiation, Negotiability, Assignability, Right and Obligation of parties, presentment of Instruments, Rules of Compensation
3. The General Clauses Act, 1897 Important Definitions, Extent and Applicability, General Rules of Construction, Powers and Functionaries, Provisions as to Orders, Rules, etc. made under Enactments, Miscellaneous
4. Interpretation of statutes Rules of Interpretation of statutes, Aids to interpretation, Rules of Interpretation/construction of Deeds and Documents

Paper 3 - Cost and Management Accounting (100 marks)

Objectives –

(a) To gain knowledge of the fundamental ideas and methods for calculating the costs involved in the manufacture of goods and the delivery of services and applying those methods to set pricing.

(b) To become familiar with cost accounting statements.

(c) To develop the capacity to use data for cost estimation, planning, control, and decision-making.

1. Overview of Cost and Management Accounting (i) Introduction to Cost and Management Accounting-

a) Objectives and Scope of Cost and Management Accounting,

b) The users of Cost and Management accounting information, Functions of

management accounting

c) Role of cost accounting department in an organisation and its relation with

other departments

d) Installation of Costing System

e) Relationship of Cost Accounting, Financial Accounting, Management

Accounting and Financial Management.

f) Cost terms and Concepts

g) Cost Reduction and Cost Control

h) Elements of Costs

i) Cost behaviour pattern, Separating the components of fixed, variable, semi variable and step costs.

j) Methods of Costing, Techniques of Costing.

k) Cost Accounting with use of Information Technology

(ii) Elements of Cost and preparation of Cost Sheets

a) Functional classification and ascertainment of cost

b) Preparation of Cost Sheets for Manufacturing sector and for the Service sector

2. Ascertainment of Cost and Cost Accounting System (i) Material Cost

a) Procurement procedures- Stored procedures and documentation in respect of

receipts and issue of stock, Stock verification,

b) Valuation of material receipts,

c) Inventory control- Techniques of fixing level of stocks

– minimum, maximum, reorder point, safety stock, determination of optimum stock level,

– Determination of Optimum Order quantity- Economic Order Quantity (EOQ),

– Techniques of Inventory control- ABC Analysis, Fast, Slow moving and Non moving (FSN), High, Medium, Low (HML), Vital, Essential, Desirable

(VED), Just-in-Time (JIT)

– Stock taking and perpetual inventory system, use of control ratios,

d) Inventory Accounting

(ii) Employee Cost

a) Attendance and Payroll procedures-

– Elements of wages- Basic pay, Dearness Allowance, Overtime, Bonus,

Holiday and leave wages, Allowances and perquisites.

b) Employee Cost Control

c) Employee Turnover- Methods of calculating employee turnover, causes of

employee turnover, effects of employee turnover.

d) Utilisation of Human Resource, Direct and indirect employee Cost, charging of

employee cost, Identifying employee hours with work orders or batches or

capital jobs.

e) Remuneration systems and incentive schemes- Premium Bonus Method

(Halsey Plan and Rowan Plan)

(iii) Overheads

a) Functional analysis- Factory, Administration, Selling, Distribution, Research

and Development.

b) Behavioural analysis- Fixed, Variable and Semi- Variable.

c) Allocation and Apportionment of overheads using Absorption Costing Method.

d) Factory Overheads- Primary and secondary distribution,

e) Administration Overheads- Method of allocation to cost centres or products,

f) Selling & Distribution Overheads- Analysis and absorption of the expenses in products/ customers, impact of marketing strategies, cost effectiveness of various methods of sales promotion.

g) Treatment of Research and development cost in cost accounting.

(iv) Concepts of Activity Based Costing (ABC)

(v) Recording and Accounting of Costs

a) Non-integrated Cost Accounting system- Ledger under non-integral system

b) Integrated (Cost and Financial) Accounting system- Ledgers under integral system.

c) Difference between the Non- integrated and Integrated Accounting system.

d) Reconciliation of profit as per Cost and Financial Accounts (under Non Integrated Accounting System).

3. Methods of Costing (i) Single Output/ Unit Costing

(ii) Job Costing: Job cost cards and databases, collecting direct costs of each job, attributing overheads to jobs, Application of job costing.

(iii) Batch Costing: Determination of optimum batch quantity, Ascertainment of cost for

a batch, Preparation of batch cost sheet, and Treatment of spoiled and defective work.

(iv) Contract Costing

a) Ascertainment of cost of a contract, Progress payment, Retention money,

Escalation clause, Cost-plus contract, Value of work certified, Cost of Work not


b) Determination Value of work certified, Cost of work not certified, Notional or

Estimated profit from a contact.

(v) Process/ Operation Costing

a) Process cost recording, Process loss, Abnormal gains and losses, Equivalent

units of production, Inter-process profit, Valuation of work in process.

b) Joint Products- Apportionment of joint costs, Methods of apportioning joint cost

over joint products,

c) By-Products- Methods of apportioning joint costs over by-products, treatment

of By-product cost.

(vi) Costing of Service Sectors

a) Determination of Costs and Prices of services

4. Cost Control and Analysis
(i) Standard Costing a) Setting up of Standards, Types of Standards, Standard Costing as a method of performance measurement. b) Calculation and Reconciliation of Cost Variances- – Material Cost Variance, employee Cost Variance, Variable Overheads Variance and Fixed Overhead Variance.
(ii) Marginal Costing a) Basic concepts of marginal costing, Contribution margin, Break-even analysis,

Break-even and profit volume charts, Contribution to sales ratio, Margin of

Safety, Angle of Incidence, Cost-Volume-Profit Analysis (CVP), Multi- product break- even analysis, Consideration of Limiting factor (key factor),

b) Determination of Cost of a product/ service under marginal costing method,

determination of cost of finished goods, work-in-progress,

c) Comparison of Marginal costing with absorption costing method- Reconciliation

of profit under the both methods,

d) Short term decision making using the above concepts (basic / fundamental


(iii) Budget and Budgetary Control a) Meaning of Budget, Essentials of Budget, Budget Manual, Budget setting

process, Preparation of Budget and monitoring procedures.

b) The use of budget in planning and control

c) Flexible budget, Preparation of Functional budget for operating and nonoperating functions, Cash budget, Master budget,

d) Introduction to Principal/ Key budget factor, Zero Based Budgeting (ZBB),

Performance budget, Control ratios and Budget variances.

Paper 4 - Taxation (100 marks)


Objective: To gain knowledge of the provisions of the income tax and the goods and services tax laws and to develop the skills necessary to apply that information in order to do calculations and deal with application-specific problems.
1. Basic Concepts (i) Income-tax law: An introduction

(ii) Important definitions in the Income-tax Act, 1961

(iii) Concept of the previous year and assessment year

(iv) Basis of Charge and Rates of Tax

2. Residential status and scope of total income (i) Residential status

(ii) Scope of total income

3. Incomes which do not form part of total income (other than charitable trusts and

institutions, political parties and electoral trusts)

(i) Incomes not included in total income

(ii) Tax holiday for newly established units in Special Economic Zones

4. Heads of income and the provisions governing computation of income under

different heads

(i) Salaries

(ii) Income from house property

(iii) Profits and gains of business or profession

(iv) Capital gains

(v) Income from other sources

5. Income of other persons included in assessee’s total income (i) Clubbing of income: An introduction

(ii) Transfer of income without transfer of assets

(iii) Income arising from revocable transfer of assets

(iv) Clubbing of income of income arising to spouse, minor child and son’s wife in

certain cases

(v) Conversion of self-acquired property into property of HUF

6. Aggregation of income; Set-off, or carry forward and set-off of losses (i) Aggregation of income

(ii) Concept of set-off and carry forward and set-off of losses

(iii) Provisions governing set-off and carry forward and set-off of losses under different

heads of income

(iv) Order of set-off of losses

7. Deductions from gross total income (i) General provisions

(ii) Deductions in respect of certain payments

(iii) Specific deductions in respect of certain income

(iv) Deductions in respect of other income

(v) Other deductions

8. Computation of total income and tax liability of individuals (i) Income to be considered while computing total income of individuals

(ii) Procedure for computation of total income and tax liability of individuals

9. Advance tax, tax deduction at source and introduction to tax collection at source (i) Introduction

(ii) Direct Payment

(iii) Provisions concerning deduction of tax at source

(iv) Advance payment of tax

(v) Interest for defaults in payment of advance tax and deferment of advance tax

(vi) Tax collection at source – Basic concept

(vii) Tax deduction and collection account number

10. Provisions for filing return of income and self-assessment (i) Return of Income

(ii) Compulsory filing of return of income

(iii) Fee and Interest for default in furnishing return of income

(iv) Return of loss

(v) Provisions relating to belated return, revised return etc.

(vi) Permanent account number

(vii) Persons authorised to verify return of income

(viii) Self-assessment


1. Concept of indirect taxes (i) Concept and features of indirect taxes

(ii) Principal indirect taxes

2. Goods and Services Tax (GST) Laws (i) GST Laws: An introduction including Constitutional aspects

(ii) Levy and collection of CGST and IGST

  • a) Application of CGST/IGST law
  • b) Concept of supply including composite and mixed supplies
  • c) Charge of tax including reverse charge
  • d) Exemption from tax
  • e) Composition levy

(iii) Basic concepts of time and value of supply

(iv) Input tax credit

(v) Computation of GST liability

(vi) Registration

(vii) Tax invoice; Credit and Debit Notes; Electronic way bill

(viii) Returns

(ix) Payment of tax

Group II

Group II also contains four papers. To pass the CA Intermediate exam, candidates must meet the requirements for both groups.

Paper-5 Advanced Accounting (100 marks)


1. gaining the knowledge necessary to prepare and present financial accounts for different transactions and events and to apply certain accounting standards and laws;

2. To comprehend and put into practise the NBFCs’ and banking companies’ regulatory obligations for financial reporting.

1. Application of Accounting Standards: 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 7 : Construction Contracts

AS 9 : Revenue Recognition

AS 14 : Accounting for Amalgamations

AS 17 : Segment Reporting

AS 18 : Related Party Disclosures

AS 19 : Leases

AS 20 : Earnings Per Share

AS 22: Accounting for Taxes on Income

AS 24 : Discontinuing Operations

AS 26 : Intangible Assets

AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

2. Special Aspects of Company Accounts (i) Accounting for employee stock option plan;

(ii) Buy back of securities;

(iii) Equity shares with differential rights

3. Reorganisation and liquidation of Companies (i) Accounting for amalgamation (excluding intercompany holding) and


(ii) Accounting involved in liquidation of companies

4. Banking Companies and Non-Banking Financial Companies and regulatory requirements thereof.
5. Consolidated Financial Statements Concept of consolidation and simple problems on Consolidated Financial Statements with single subsidiary (excluding problems involving acquisition of Interest in Subsidiary at Different Dates; Different Reporting Dates of Holding and Subsidiary; Disposal of a Subsidiary and Foreign Subsidiaries)
6. 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


Paper-6 Auditing and Assurance (100 marks)


To obtain the knowledge necessary to apply generally accepted auditing methods, techniques, and skills in audit and attestation engagements as well as to develop a grasp of auditing concepts.

1. Nature, Objective and Scope ofAudit Auditing Concepts: Nature, objective and scope of Audit; Relationship of auditing with

other disciplines;

Standard Setting Process: Overview, Standard-setting process, Role of International Auditing and Assurance Standards Board (IAASB) & Auditing and Assurance Standards Board (AASB); Standards on Auditing, Guidance Note(s) issued by the ICAI;

Engagement Standards: Qualities of Auditor, Elements of System of Quality Control

(SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical

Financial Information, and Other Assurance and Related Services Engagements);

Ethical requirements relating to an audit of financial statements; Inherent Limitations of

an audit (SA 200 Overall Objectives of the Independent Auditor and the Conduct of an

Audit in Accordance with Standards on Auditing); Preconditions for an audit; Audit

Engagement; Agreement on Audit Engagement Terms; Terms of Engagement in

Recurring Audits (SA 210 Agreeing the Terms of Audit Engagements); Leadership

Responsibilities for Quality on Audits; Concept of Auditor’s Independence; Threats to Independence; Acceptance and Continuance of Client Relationships and Audit Engagements (SA 220 Quality Control for an Audit of Financial Statements)

2. Audit Strategy, Audit Planning and Audit Programme: Audit Strategy; Audit planning (SA 300 Planning an Audit of Financial statements); Audit programme; Development of Audit Plan and Programme, Control of quality of audit work – Delegation and supervision of audit work; Materiality and Audit Plan; Revision of Materiality; Documenting the Materiality; Performance Materiality (SA 320 Materiality in Planning and Performing an Audit).
3. Audit Documentation and Audit Evidence: Concept of Audit Documentation; Nature & Purpose of Audit Documentation; Form, Content & Extent of Audit Documentation; Completion Memorandum; Ownership and custody of Audit Documentation (SA 230 Audit Documentation); Audit procedures for obtaining audit evidence; Sources of evidence; Relevance and Reliability of audit evidence; Sufficient appropriate audit evidence, Evaluation of Audit Evidence (SA 500 Audit Evidence); Written Representations as Audit Evidence; Objective of Auditor regarding Written Representation; Management from whom Written Representations may be requested; Written Representations about Management’s Responsibilities (SA 580 Written Representations); Obtaining evidence of existence of inventory; Audit procedure to identify litigation & claims (SA 501 Audit Evidence – Specific Considerations for Selected Items); External confirmation procedures; Management’s refusal to allow the auditor to send a confirmation request; Negative Confirmations (SA 505 External Confirmations); Audit evidence about opening balances; Accounting policies relating to opening balances; Reporting with regard to opening balances (SA 510 Initial Audit Engagements-Opening Balances); Meaning of Related Party; Nature of Related Party Relationships & Transactions; Understanding the Entity’s Related Party Relationships & Transactions (SA 550 Related Parties); Meaning of Subsequent Events; Auditor’s obligations in different situations of subsequent events (SA 560 Subsequent Events); Responsibilities of the Auditor with regard to Going Concern Assumption; Objectives of the Auditor regarding Going Concern; Events or Conditions that may cast doubt about Going Concern Assumption; Audit Procedures when events or conditions are identified (SA 570 Going Concern).
4. Risk Assessment and Internal Control Audit Risk, Identifying and Assessing the Risk of Material Misstatement, Risk Assessment procedures; Understanding the entity and its environment; Internal control, Documenting the Risks; Evaluation of internal control system; Testing of Internal control; Internal Control and IT Environment (SA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment); Materiality and audit risk (SA 320 Materiality in Planning and Performing an Audit); Internal audit, Basics of Standards on Internal Audit (SIAs) issued by the ICAI; Basics of Internal Financial Control and reporting requirements; Distinction between Internal Financial Control and Internal Control over Financial Reporting.
5. Fraud and Responsibilities of the Auditor in this Regard Responsibility for the Prevention and Detection of Fraud; Fraud Risk Factors; Risks of Material Misstatement Due to Fraud; Communication of Fraud (SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements); Provisions of the Companies Act 2013 relating to fraud and rules thereunder including reporting requirements under CARO
6. Audit in an Automated Environment Key features, Impact of IT related Risks, Impact on Controls, Internal Financial Controls as per Regulatory requirements, Types of Controls, Audit approach, Understanding and documenting Automated environment, Testing methods, data analytics for audit, assessing and reporting audit findings
7. Audit Sampling Meaning of Audit Sampling; Designing an audit sample; Types of sampling; Sample Size and selection of items for testing; Sample selection method (SA 530 Audit Sampling)
8. Analytical Procedures Meaning, nature, purpose and timing of analytical procedures; Substantive analytical procedures, Designing and performing analytical procedures prior to Audit; investigating the results of analytical procedures (SA 520 Analytical Procedures)
9. Audit of Items of Financial Statements
  • Audit of sale of Products and Services; Audit of Interest Income, Rental Income, Dividend Income, Net gain/loss on sale of Investments etc.
  • Audit of Purchases, Employee benefits expenses, Depreciation, Interest expense, Expenditure on Power & Fuel, Rent, Repair to building, Repair to Machinery, Insurance, Taxes, Travelling Expenses, Miscellaneous Expenses etc.
  • Audit of Share Capital, Reserve & Surplus, Long Term Borrowings, Trade Payables, Provisions, Short Term Borrowings & Other Current Liabilities. Audit of Land, Buildings, Plant & Equipment, Furniture & Fixtures, Vehicles, Office Equipments, Goodwill, Brand/Trademarks, Computer Software etc. Audit of Loan & Advances, Trade Receivable, Inventories, Cash & Cash Equivalent, Other Current Assets. Audit of Contingent Liabilities.
10. The Company Audit Eligibility, Qualifications and Disqualifications of Auditors; Appointment of auditors; Removal of auditors; Remuneration of Auditors; Powers and duties of auditors; Branch audit; Joint audit; Reporting requirements under the Companies Act, 2013 including CARO; Other Important Provisions under the Companies Act, 2013 relating to Audit and Auditors and Rules made thereunder
11. Audit Report Forming an opinion on the Financial Statements; Auditor’s Report- basic elements (SA 700 Forming an Opinion and Reporting on Financial Statements); Types of

Modified Opinion; Circumstances When a Modification to the Auditor’s Opinion is

Required, Qualified, Adverse, Disclaimer of Opinion (SA 705 Modification to the Opinion in the Independent Auditor’s Report); Qualification, Disclaimer, Adverse opinion, SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report; Nature of Comparative Information; Corresponding Figure; Comparative Financial Statements (SA 710 Comparative Information- Corresponding Figures and Comparative Financial Statements)

12. Audit of Banks Understanding of accounting system in Banks, Audit Approach, Audit of Revenue items, Special Consideration in Bank Audit with emphasis on Advances and NPAs.
13. Audit of Different Types of Entities Appointment of Auditor, Audit Procedure and Audit Report in respect of different Category of Entities: Government; Local bodies and Not-for-profit organisations; Partnership Firms, Audit of different type of undertakings, i.e., Educational institutions, Hotels, Clubs, Hospitals Basics of Limited Liability Partnerships (LLPs) audit and Co-operative Societies Audit

Paper-7 Enterprise Information Systems & Strategic Management (100 marks)


Objective: To gain knowledge of information systems enabled by technology and their effects on corporate operations, hazards, and controls.
1. Automated Business Processes (i) Introduction to Enterprise Business Processes, Benefits, Risks and Controls;

(ii) Diagrammatic representation of business processes using Flowcharts;

(iii) Risks and controls for specific business processes: Procure to Pay (P2P), Order to

cash, Inventory Cycle, Hire to Retire, Supply Chain Management, Fixed Assets etc.

(iv) Applicable regulatory and compliance requirements including computer-related

offences, privacy, cyber-crime, Sensitive Personal Data Information of Information

Technology Act, 2000

2. Financial and Accounting Systems (i) Integrated (ERP) and non-integrated systems with related risks and controls;

(ii) Business process modules and their integration with Financial and Accounting


(iii) Reporting Systems and MIS, Data Analytics and Business Intelligence

(iv) Business Reporting and fundamentals of XBRL (eXtensible Business Reporting


(v) Applicable regulatory and compliance requirements

3. Information Systems and Its Components (i) Components of Automated Information Systems: Application Systems, Database,

Network and Operating System with related risks and controls.

(ii) Mapping of Organization structure with segregation of duties in Information


4. E-commerce, M-commerce and Emerging Technologies (i) Components and Architecture of E-Commerce and M-Commerce with related risks

and controls

(ii) Business process flow with its related risks and controls

(iii) Applicable regulatory and compliance requirements

(iv) Emerging technologies with its related risks and controls

5. Core Banking Systems (i) Components and Architecture of CBS and related risks and controls

(ii) Core modules of banking and Business process flow and its related risks and


(iii) Reporting Systems and MIS, Data Analytics and Business Intelligence

(iv) Applicable regulatory and compliance requirements


Objectives: To comprehend the principles and methods of strategic management and to have the business application skills necessary to use them.
1. Introduction to Strategic Management • Business Policy

• Meaning and Nature of Strategic management

• Business Strategy

• Strategic Levels in Organizations

• Strategic Management in Government and Not-for-profit organisation

2. Dynamics of Competitive Strategy • Competitive Landscape

• Strategic Analysis

• Industry and Competitive Analysis

• Core Competence

• Competitive Advantage

• Internal and External Analysis

• SWOT Analysis

• Globalisation

3. Strategic Management Process • Strategic Planning

• Strategic Intent – Vision, Mission and Objectives

• Strategy Formulation

4. Corporate Level Strategies • Concepts and Nature of Corporate Strategy

• Strategic Alternatives at Corporate Level

➢ Stability

➢ Growth/Expansion

➢ Business Combinations- Merger and Acquisition

➢ Strategic Alliances

➢ Retrenchment/Turnaround

➢ Combination

5. Business Level Strategies • Competitive Strategies at Business Level

• Michael Porter’s Generic Strategies

• Best-Cost Provider Strategy

6. Functional Level Strategies • Marketing Strategy and Financial Strategy

• Operations Strategy

• Human Resource Strategy

• Research and Development

7. Organisation and Strategic Leadership • Organisation Structure

• Strategic Business Unit

• Strategic Leadership

• Strategy Supportive Culture

• Entrepreneurship and Intrapreneurship

8. Strategy Implementation and Control • Strategy Implementation

• Strategic Change

• Strategic Control

• Strategy Audit

• Business Process Reengineering

• Benchmarking

Paper-8 Financial Management & Economics for Finance (100 marks)


Objective: To gain knowledge of several facets of financial management and the capacity to use that knowledge when making decisions.
1. Financial Management and Financial Analysis (i) Introduction to Financial Management Function

  • a) Objective and scope of financial management
  • b) Role and purpose
  • c) Financial management environment
  • d) Functions of finance executives in an organisation
  • e) Financial distress and insolvency

(ii) Financial Analysis through Ratios

  • a) Users of the financial analysis
  • b) Sources of financial data for analysis
  • c) Calculation and Interpretation of ratios:
    • – Analysing liquidity
    • – Analysing leverage
    • – Analysing solvency
    • – Analysing efficiency/ activity
    • – Analysing profitability
  • d) Limitations of ratio analysis
2. Financing Decisions (i) Sources of Finance

a) Different Sources of Finance, Characteristics of different types of long term

debt and equity finance, Method of raising long term finance

b) Different Sources of short term Finance

c) Internal fund as a source of finance

d) International sources of finance

e) Other sources of finance- Lease Financing, Sale and lease back, Convertible

debt, Venture capital, Grants etc.

(ii) Cost of Capital

a) Significance of cost of capital

b) Factors of cost of capital

c) Measurement of costs of individual components of capital

d) Weighted average cost of capital (WACC)

e) Marginal cost of capital

f) Effective Interest rate

(iii) Capital Structure Decisions

a) Significance of capital structure

b) Determinants of capital structure

c) Capital structure planning and designing

d) Designing of optimum capital structure

e) Theories of Capital Structure and value of the firm- relevancy and Irrelevancy

of capital structure.

f) EBIT- EPS Analysis, Breakeven- EBIT Analysis.

g) Under/ Over Capitalisation

(iv) Leverages

a) Types of Leverages- Operating, Financial and Combined

b) Analysis of leverages

3. Capital Investment and Dividend Decisions (i) Capital Investment Decisions

a) Objective of capital investment decisions

b) Methods of Investment appraisal:

– Payback period, Discounted payback period

– Accounting Rate of Return (ARR),

– Net Present Value (NPV) – The meaning of NPV, Strengths and

limitations of NPV method, The working capital adjustment in an NPV

analysis, Capital rationing, Equivalent Annual Costs,

– Internal Rate of return (IRR)- Limitations of the IRR method, Multiple


– Modified internal Rate of Return (MIRR)- Definition and explanation of

MIRR, The process for calculating MIRR, Strengths of the MIRR


– Profitability Index

(ii) Adjustment of Risk and Uncertainty in Capital Budgeting Decision

a) Probability Analysis

b) Certainty Equivalent Method

c) Risk Adjusted Discount Rate

d) Scenario Analysis

e) Sensitivity Analysis

(iii) Dividend Decisions

a) Basics of Dividends

b) Forms of dividend

c) Determinants of dividend

d) Relevancy and Irrelevancy of Dividend Policies- Traditional Approach, Walter’s

model, Gordon’s model, Modigliani and Miller (MM) Hypothesis.

4. Management of Working Capital (i) Management of Working Capital

a) The management of working capital- Liquidity and Profitability

b) The Working capital financing decisions- Primary and Secondary Sources of


c) The working Capital Cycle (operating Cycle), Effectiveness of Working Capital

based on its operating and cash conversion cycles

d) Assessment of working capital requirement

e) Management of Accounts Receivables (Debtors)

f) Factoring and Forfaiting

g) Management of Accounts Payables (Creditors)

h) Management of Inventory

i) Management of Cash, Treasury management

j) Banking norms of working capital finance


Objective: To gain knowledge of economic theories and concepts in relation to finance, as well as the capacity to deal with application-focused problems.
1. Determination of National Income (i) Macro Economic Aggregates and Measurement of National Income

(ii) The Keynesian Theory of Determination of National Income

2. The Money Market (i) The Concept of Money Demand: Important Theories of Demand for Money

(ii) The Concept of Money Supply

(iii) Monetary Policy

3. Public Finance (i) Fiscal functions: An Overview.

(ii) Market Failure

(iii) Government Interventions to Correct Market Failure

(iv) Fiscal Policy

4. International Trade (i) Theories of International Trade

(ii) Trade Policy – The Instruments of Trade Policy

(iii) Trade Negotiations

(iv) Exchange Rates and its economic effects

(v) International Capital Movements: Foreign Direct Investment

CA Intermediate Exam Pattern 2023

Under the official CA Intermediate exam pattern 2023, information is provided regarding the method of the exam, the types of questions asked in each of the aforementioned exams, time allotment, marking scheme, etc. When beginning their studies for the CA Intermediate test in 2023, candidates must have a clear understanding of the paper format.

Frequently Asked Questions

How many papers are there in CA Intermediate 2023 Exams?

The CA Intermediate exam consists of 8 papers in total. Two sets of these papers have been evenly divided.

What is the Old syllabus of CA Intermediate 2023?

The themes and subtopics included in the CA Intermediate exam are fully disclosed to candidates.

Is there any change in CA Intermediate syllabus for 2023 exams?

Any alterations to the CA Intermediate syllabus shall be announced in advance by ICAI.