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Six subjects and Seven Papers of study in IPCC are – Group I Paper 1: Accounting (100 marks) Paper 2: Law, Ethics and Communication Part I: Law (60 marks) Business Laws (30 marks) Company Law (30 marks) Part II: Business Ethics (20 marks) Part III: Business Communication (20 marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) Group II Paper 5: Advanced Accounting (100 marks) Paper 6: Auditing and Assurance (100 marks) Paper 7: Information Technology and Strategic Management Section A: Information Technology (50 marks) Section B: Strategic Management (50 marks) The level of knowledge expected of students in the above subjects is ‘working knowledge’.
adoption of international financial reporting standards Accounting Standards Working knowledge of: AS 1 : Disclosure of Accounting Policies AS 2: AS 3: AS 6: AS 7: AS 9: Valuation of Inventories Cash Flow Statements Depreciation Accounting Construction Contracts (Revised 2002) Revenue Recognition AS 10: Accounting for Fixed Assets AS 13: Accounting for Investments AS 14: Accounting for Amalgamations 3.INTEGRATED PROFESSIONAL COMPETENCE COURSE (IPCC) Syllabus GROUP I OF IPCC/ ACCOUNTING TECHNICIAN COURSE (ATC) Paper 1: Accounting (One paper – three hours – 100 marks) Level of Knowledge: Working Knowledge Objectives: (a) (b) (c) (d) To lay a foundation for the preparation and presentation of financial statements. and To familiarize students with the fundamentals of computerized system of accounting. 2. Account Current. To gain working knowledge of the principles and procedures of accounting and their application to different practical situations. partnership and companies. Self-Balancing Ledgers . Company Accounts (a) (b) (c) (d) 4. Conversion of fully paid shares into stock and stock into shares. Preparation of financial statements – Profit and Loss Account. Contents 1. Accounting for bonus issue Simple problems on Accounting for business acquisition. To gain the ability to solve simple problems and cases relating to sole proprietorship. national and international accounting authorities. Amalgamation and reconstruction (excluding problems of amalgamation on inter-company holding) Average Due Date. A General Knowledge of the framing of the accounting standards. Balance Sheet and Cash Flow Statement Profit (Loss) prior to incorporation Alteration of share capital.
Codification of accounts. Accounting packages and consideration for their selection. Announcements and Limited Revisions to ASs are withdrawn or new ASs. Accounting in Computerised Environment An overview of computerized accounting system – Salient features and significance. the syllabus will accordingly include/exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute. 7. Concept of grouping of accounts. Maintaining the hierarchy of ledger. . Announcements and Limited Revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs.5. Financial Statements of Not-for-Profit Organisations Accounts from Incomplete Records Accounting for Special Transactions (a) (b) (c) Hire purchase and instalment sale transactions Investment accounts Insurance claims for loss of stock and loss of profit. 10. 6. 9. retirement and death of a partner including treatment of goodwill. Note : If either old Accounting Standards (ASs). Generating Accounting Reports. Issues in Partnership Accounts Final accounts of partnership firms – Admission. Announcements and Limited Revisions to ASs.
registers of members and debentures holders. 1972. 3. Part II: Ethics (20 marks) Objective: To have an understanding of ethical issues in business. meetings and proceedings. restrictions on commencement of business. Contents: 1. general provisions regarding registers and returns. Appellate Tribunal Incorporation of company and matters incidental thereto Prospectus and allotment. Company Law (30 marks) The Companies Act. Company Law in a computerized environment – e-filing. Contents: Business Laws (30 marks) 1. Introduction to Business Ethics (h) Note: . and other matters relating to use of shares or debentures Share capital and debentures Registration of charges Management and administration – general provisions – registered office and name. 4. 1872 The Negotiable Instruments Act.Paper 2: Business Laws. annual returns. foreign registers of members or debenture holders. The Indian Contract Act. 1956 – Sections 1 to 197 (a) (b) (c) (d) (e) (f) (g) Preliminary Board of Company Law Administration . 1965 The Employees’ Provident Fund and Miscellaneous Provisions Act. If new legislations are enacted in place of the existing legislations. 1881 The Payment of Bonus Act.National Company Law Tribunal. the syllabus would include the corresponding provisions of such new legislations with effect from a date notified by the Institute. 5. Ethics and Communication (One paper – three hours . 2.100 marks) Level of Knowledge: Working knowledge Part I: Business Laws (60 marks) Objective: To test working knowledge of business laws and company law and their practical application in commercial situations. 1952 The Payment of Gratuity Act.
conservation of natural resources. Basic Understanding of Legal Deeds and Documents (a) (b) (c) Partnership deed Power of Attorney Lease deed . innovative spirits Communication breakdowns Communication ethics Groups dynamics. change. Ethics in Accounting and Finance Importance. 2. influencing and persuasion skills. 3. Minutes. Elements of Communication (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 2. Forms of communication: formal and informal. handling group conflicts. corporate social responsibility. Ethics in Marketing and Consumer Protection Healthy competition and protecting consumer’s interest. ethical issues in corporate governance. ethical and social implications of business policies and decisions. active listening and critical thinking Presentation skills including conducting meeting. ethics and conflicts of interests. 3. 4. Ethics in Workplace Individual in the organisation. purpose of ethics and morals for organizational interests. discrimination. verbal and non-verbal. Agenda. issues and common problems. Contents: 1. interpersonal skills.The nature. Communication in Business Environment (a) (b) (c) (d) Business Meetings – Notice. Part III: Communication (20 marks) Objective: To nurture and develop the communication and behavioural skills relating to business. harassment. leadership. 5. press conference Planning and composing business messages Communication channels Communicating corporate culture. Environment Issues Protecting the Natural Environment – prevention of pollution and depletion of natural resources. inter-departmental. negotiating and bargaining Emotional intelligence – emotional quotient Soft skills – personality traits. gender equality. consensus building. Chairperson’s speech Press releases Corporate announcements by stock exchanges Reporting of proceedings of a meeting.
(d) (e) (f) (g) (h) Affidavit Indemnity bond Gift deed Memorandum and articles of association of a company Annual Report of a company. .
ABC classification. charging of labour cost. decision making and control Coding systems Elements of cost Cost behaviour pattern. separating the components of semi-variable costs Installation of a costing system Relationship of cost accounting. direct and indirect labour. basis for consumption entries in financial accounts. overview of statutory requirements. maximum and reorder levels. economic order quantity. stock verification Inventory control . financial accounting.Paper 3: Cost Accounting and Financial Management (One paper – three hours .store procedures and documentation in respect of receipts and issue of stock.identification with products of cost centres.techniques of fixing of minimum. Objectives and scope of cost accounting Cost centres and cost units Cost classification for stock valuation. monitoring consumption. management accounting and financial management. and To be able to solve simple cases. planning. Employee Cost (i) (ii) (iii) (iv) Attendance and payroll procedures. Introduction to Cost Accounting (a) (b) (c) (d) (e) (f) (g) (h) 2. To be able to interpret cost accounting statements. Cost Ascertainment (a) Material Cost (i) (ii) (iii) (iv) (b) Procurement procedures . profit measurement. To be able to analyse and evaluate information for cost ascertainment. control and decision making. overtime.100 marks) Level of Knowledge: Working knowledge Part I: Cost Accounting (50 marks) Objectives: (a) (b) (c) (d) To understand the basic concepts and processes used to determine product costs. stocktaking and perpetual inventory Inventory accounting Consumption . idle time and incentives Labour turnover Utilisation of labour. identifying labour hours with work orders or batches or capital jobs Efficiency rating procedures . Contents: 1.
applications of job costing. 7. selling. (d) Overheads (i) Functional analysis – factory. impact of marketing strategies. process loss. principal budget factors. setting of standards. (d) Process Costing Double entry book keeping. attributing overhead costs to jobs. 6. (e) Operating Costing System 5. Cost Book-keeping Cost ledgers – non-integrated accounts. equivalent units. accounting for plant used in a contract. breakeven analysis and profit volume graph. basic concepts of material and labour standards and variance analysis. criteria for choosing suitable basis for allotment. (iii) (iv) 3. Introduction to Marginal Costing Marginal costing compared with absorption costing. accounting for material. Direct Expenses Sub-contracting – control on material movements. distribution. . budget variances. Introduction to Standard Costing Various types of standards. Budgets and Budgetary Control The budget manual.(v) (c) Remuneration systems and incentive schemes. contract accounts. Costing Systems (a) Job Costing Job cost cards and databases. flexible budget. identification with the main product or service. inter-process profit. reconciliation of cost and financial accounts. research and development Behavioural analysis – fixed. preparation and monitoring procedures. collecting direct costs of each job. semi variable and step cost (ii) Factory overheads – primary distribution and secondary distribution. escalation clause. retention money. fixed absorption rates for absorbing overheads to products or services Administration overheads – method of allocation to cost centres or products Selling and distribution overheads – analysis and absorption of the expenses in products/customers. variable. cost effectiveness of various methods of sales promotion. preparation of functional budget for operating and non-operating functions. capacity cost adjustments. (b) (c) Batch Costing Contract Costing Progress payments. integrated accounts. master budget. cash budget. 4. contract profit and balance sheet entries. contribution. administration. abnormal gains and losses. joint products and by products.
Contents: 1. discounted payback period and profitability index. To gain knowledge of management and financing of working capital. modified internal rate of return. net present value. various capital structure theories Business risk and financial risk – operating and financial leverage. Financing Decisions (a) (b) (c) 5. accounting rate of return. Types of Financing (a) (b) (c) (d) (e) 6. Financial Analysis and Planning (a) (b) (c) Ratio analysis for performance evaluation and financial health Application of ratio analysis in decision making Analysis of cash flow statement. Scope and Objectives of Financial Management (a) (b) (c) 2.Part II: Financial Management (50 marks) Objectives: (a) (b) (c) (d) To develop ability to analyse and interpret various tools of financial analysis and planning. designing optimum capital structure. Working capital policies Funds flow analysis Inventory management 4. importance and objectives Conflicts in profit versus value maximisation principle Role of Chief Financial Officer.payback period method. Meaning. Cost of Capital – weighted average cost of capital and marginal cost of capital Capital Structure decisions – capital structure patterns. objective. Investment Decisions (a) (b) (c) (d) 7. Time Value of Money Compounding and discounting techniques – concepts of annuity and perpetuity. To understand concepts relating to financing and investment decisions. internal rate of return. trading on equity. ranking of projects with unequal lives. 3. process Understanding different types of projects Techniques of decision making: non-discounted and discounted cash flow approaches . Purpose. and To be able to solve simple cases. Ranking of competing projects. Different sources of finance Project financing – intermediate and long term financing Negotiating term loans with banks and financial institutions and appraisal thereof Introduction to lease financing Venture capital finance. (a) (b) (c) Management of working capital . constraints.
(d) (e) (f) (g) Receivables management Payables management Management of cash and marketable securities Financing of working capital. .
and covering the areas mentioned in the contents below.three hours – 100 marks) Level of Knowledge: Working knowledge Objectives: (a) (b) To gain knowledge of the provisions of Income-tax law relating to the topics mentioned in the contents below. 7. Part II: Service tax (25 marks) and VAT (25 marks) Objective: To gain knowledge of the provisions of service tax as mentioned below and basic concepts of Value Added Tax (VAT) in India. Service tax – concepts and general principles Charge of service tax and taxable services Valuation of taxable services Payment of service tax and filing of returns VAT (25 marks) 5. 3. 2. and To gain ability to solve simple problems concerning assessees with the status of ‘Individual’. 7. 12. Service tax (25 marks) Contents: 1. VAT – concepts and general principles Calculation of VAT Liability including input Tax Credits Small Dealers and Composition Scheme . 4.Paper 4: Taxation (One paper . 2. 6. Important definitions in the Income-tax Act. 4. 6. 10. 3. rebates and reliefs Provisions concerning advance tax and tax deducted at source Provisions for filing of return of income. 8. Income deemed to be received / deemed to accrue or arise in India Incomes which do not form part of total income Heads of income and the provisions governing computation of income under different heads Income of other persons included in assessee’s total income Aggregation of income. set-off or carry forward and set-off of losses Deductions from gross total income Computation of total income and tax payable. 11. 1961 Basis of charge. Contents: Part I: Income-tax (50 marks) 1. 5. rates of taxes applicable for different types of assessees Concepts of previous year and assessment year Residential status and scope of total income. 9.
Students shall not be examined with reference to any particular State VAT Law. . Note: VAT Procedures. If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in the place of the existing legislations with effect from the date to be notified by the Institute.8.
Company Accounts Accounting for employee stock option plan. (a) (b) (c) (d) 5. Announcements and Limited Revisions to ASs are withdrawn or new ASs. Amalgamation and reconstruction (excluding problems of amalgamation of inter-company holding) Accounting involved in liquidation of companies. 4. To gain working knowledge of the professional standards and application of accounting principles to different practical situations. Amalgamation of partnership firms. Conceptual Framework for Preparation and Presentation of Financial Statements Accounting Standards Working knowledge of: AS 4 : Contingencies and Events occurring after the Balance Sheet Date AS 5 : Net Profit or Loss for the Period.GROUP II Paper 5: Advanced Accounting (One paper – three hours – 100 marks) Level of Knowledge: Working Knowledge Objectives: (a) (b) (c) 1. Redemption of debentures Advanced problems for business acquisition. Insurance and Electricity Companies Accounting for Special Transactions Departmental and branch accounts including foreign branches Note : If either old Accounting Standards (ASs). and To gain the ability to solve advanced problems in the case of different entities. Statement of Affairs (including deficiency/surplus accounts) and Iiquidator’s statement of account of the winding up. Announcements and Limited Contents . Announcements and Limited Revisions to ASs are issued by the Institute of Chartered Accountants of India in place of existing ASs. Conversion into a company and Sale to a company. Buy back of securities. 3. Equity shares with differential rights. Prior Period Items and Changes in Accounting Policies AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003) AS 12: Accounting for Government Grants AS 16: Borrowing Costs AS 19: Leases AS 20: Earnings Per Share AS 26: Intangible Assets AS 29: Provisions. Advanced Issues in Partnership Accounts Dissolution of partnership firms including piecemeal distribution of assets. Underwriting of shares and debentures. To have an understanding of the conceptual framework for the preparation and presentation of financial statements. Financial Statements of Banking. 2. Contingent Liabilities and Contingent Assets.
the syllabus will accordingly include/exclude such new developments in place of the existing ones with effect from the date to be notified by the Institute. .Revisions to ASs.
Outstanding expenses and income. Audit programme. Analytical review procedures. . Capital expenditure. 9. Audit of Sales – Vouching of cash and credit sales. Relationship of auditing with other disciplines. Evaluation of internal control system. Sale under hire-purchase agreement. Sources of evidence. Cash sales. Internal Control and Computerized Environment. Petty cash payments. Documentation. Audit of impersonal ledger – Capital expenditure. Tests of control. 6. Approaches to Auditing in Computerised Environment. 3. Ownership and custody of working papers. Returnable containers. Repairs and renewals. Total or control accounts. Physical verification. Other Receipts. Test checking. Reliability of audit evidence. Other payments and expenses. Re-computation. Distinction between reserves and provisions. Goods on consignment. Sale returns. 2. Analytical review techniques. Ethical principles and concept of Auditor’s Independence. Sale on approval basis. Auditing engagement – Audit planning. Control of quality of audit work–Delegation and supervision of audit work. Receipts from debtors. 12. Allowance received from suppliers. 4. Bank reconciliation. 10. 11. Writing off of bad debts. Role of International Auditing and Assurance Standards Board and Auditing and Assurance Standards Board in India. Audit Sampling – Types of sampling. deferred revenue expenditure and revenue expenditure. Audit of Purchases – Vouching cash and credit purchases. 14. Application of concept of materiality and audit risk. Review and documentation. 13. Auditing and Assurance Standards – Overview. Direct confirmation. Audit files: Permanent and current audit files. Various types of allowances given to customers. Internal control check list. 7. Forward purchases. 8. Confirmatory statements from credit customers and suppliers. Techniques of test checks. Auditing Concepts – Nature and limitations of Auditing. Implications of change in the basis of accounting. Wages. Bank payments. Audit of receipts – General considerations.Paper 6: Auditing and Assurance (One paper – three hours – 100 marks) Level of knowledge: Working Knowledge Objective: To understand objective and concepts of auditing and gain working knowledge of generally accepted auditing procedures and of techniques and skills needed to apply them in audit and attestation engagements and solving simple case-studies. Basic Principles governing an audit. Provision for bad and doubtful debts. 5. Contents 1. Standard-setting process. 15. Audit of suppliers’ ledger and the debtors’ ledger – Self-balancing and the sectional balancing system. Representation by management. Internal Control – Elements of internal control. Concept of internal audit. Purchase returns. Audit of payments – General considerations. Documentation – Audit working papers. Internal control questionnaire. Methods of obtaining audit evidence. Audit evidence – Audit procedures for obtaining evidence.
i. Hospitals. Disclaimers. 20. Reports and certificates. cooperative societies. Special points in audit of different types of undertakings. Reporting requirements under the Companies Act. Removal of auditors. Note: . Disclosures. Features and basic principles of government audit. Powers and duties of auditors.. 1956. and insurance companies). Clubs. Branch audit. Special audit.16. Hire-purchase and leasing companies (excluding banks. 18. 17. Comptroller and Auditor General and its constitutional role. Audit Report – Qualifications. 19.e. Candidates are expected to have working knowledge of relevant Auditing and Assurance Standards issued by the ICAI with reference to above-mentioned topics. Joint audit. Company Audit – Audit of Shares. Hotels. Adverse opinion. Appointment of auditors. Local bodies and not-for-profit organizations. Educational institutions. Qualifications and Disqualifications of Auditors. electricity companies. Audit of assets and liabilities.
bytes. client server databases. object oriented databases. fields. I/O CO processors. Contents: 1. translators (compilers. secondary key. ports (serial. real. input output devices. internet browser and e-mail clients Application software – financial accounting. recycling of backups. floating.Paper 7: Information Technology and Strategic Management (One paper – three hours – 100 marks) Level of Knowledge: Working knowledge Section A: Information Technology ( 50 Marks) Objective: To develop an understanding of Information Technology and its use by the business as facilitator and driver. administration. direct access. on board chips. GB. servers and super computers Computer components – CPU. expert systems. add on cards. Retrievals and Data Base Management Systems (a) (b) Data and information concepts: bits. cache memory. knowledge databases (d) (e) Backup and recovery – backup policy. backup schedules. workstation. foreign key.word processor. grouped fields. KB. scheduler / planner. random. inventory Specialised systems – Enterprise Resource Planning (ERP). advantages . decision support systems – an overview 2. indexed. fixed. MB. expansion slots. strings. multi media cards. logical. USB ports). characters. distributed data bases. key. system utilities General purpose software/ utilities . Data Storage. DBMS. primary key. interpreters and assemblers). DML and DDL (query and reporting). parallel. sequential access. LAN cards. Introduction to Computers (a) Computer hardware Classification of computers – personal computer. referential integrity. random access including randomizing Logical structure and physical structure of files (c) DBMS models and classification: Need for database. data dictionaries. double precision. special fields like date. block sequential. models. storage devices (b) (c) BUS. TB Data organization and access Storage concepts : records. buffers. artificial intelligence. index fields. integers. offsite backups. Storage techniques: sequential. spread sheet. controllers and drivers Computer software Systems software – operating system. frequent checking of recovery of backup Usage of system software like program library management systems and tape and disk management systems – features. payroll. functionalities. variable character fields (Memo).
types (B2B. applications of internet.(f) 3. advantages of LAN Client server technology Limitation of single user systems and need for client server technology Servers – database. C2C). hub. print servers. WAN. switch. mesh. internet servers. payment portal. mail servers. ethernet transmission technologies and protocols – OSI. technological. Network operating system (b) (c) Local Area Networks – components of a LAN. To be able to solve simple cases. Flowcharts. and global. MAN. Electronic Data Interchange (EDI). IDS Introduction to 3-tier and “n” tier architecture (COM. bluetooth and Wi-Fi 5. client server Components . VPN. supply chain management. ISDN etc. peer-to-peer. primary delivery centre and disaster recovery site Network security need. modem Network topologies – bus. Mobile commerce. socio-cultural. competitive environment. extranets. vision. threats and vulnerabilities. transaction servers. bridge.an overview Computer Networks & Network Security (a) Networking concepts – need and scope. techniques 4. repeater. strategic levels in organisations. Decision Tables. gateway. CRM. Business Policy and Strategic Management Meaning and nature. hybrid. security levels. Data mining and data warehousing . strategic management imperative. Business Environment General environment . router. Section B: Strategic Management (50 marks) Objectives: (a) (b) (c) To develop an understanding of the general and competitive business environment. COM+) (d) (e) Data centres: features and functions. application. TCP/IP.nature. To develop an understanding of strategic management concepts and techniques. star. benefits Classification: LAN. Contents: 1. architecture : token ring. Electronic Fund Transfers (EFT). .NIC. ring. mission and objectives. 2. internet protocols E-commerce .demographic. legal/political. intranets. macro-economic. Internet and other technologies (a) (b) (c) Internet and world-wide web. chat servers. e-commerce security. B2C.
Strategic Planning Meaning. leadership and behavioural challenges.3. contemporary strategic issues. production strategy. establishing profit centers by business. benchmarking. 4. 5. establishing strategic business units. six sigma. market segment or customer. 6. total quality management. TOWS matrix. stages. logistics strategy. .BCG matrix. Strategy Implementation and Control Organisational structures. strategy formulation. human resource strategy. Strategic Analyses Situational analysis – SWOT analysis. alternatives. Formulation of Functional Strategy Marketing strategy. product or service. 7. financial strategy. portfolio analysis . Reaching Strategic Edge Business process re-engineering.
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