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The CA Final syllabus under the ICAI New Scheme is the most advanced and professionally oriented curriculum in the CA programme. Spanning financial reporting under Ind AS, complex financial management, advanced auditing standards, international taxation, advanced GST, and an integrative business solutions paper, the Final level demands not just knowledge but the professional judgment to apply it in real-world situations. This page provides the complete chapter-wise syllabus for all six papers with preparation guidance.
For the complete CA Final exam overview, visit the CA Final main page.
| Topic Link | |
| CA Final Overview | CA Final Exam Guide |
| Eligibility Criteria | CA Final Eligibility Criteria |
| Exam Pattern | CA Final Exam Info |
| Previous Year Papers | CA Final PYQ |
| Syllabus Tracker | CA Final Syllabus Tracker |
| Exam Analysis | CA Final Exam Analysis |
| Paper Group Name Marks Format | ||||
| Paper 1 | Group I | Financial Reporting | 100 | Fully Subjective, 3 hours |
| Paper 2 | Group I | Advanced Financial Management | 100 | Fully Subjective, 3 hours |
| Paper 3 | Group I | Advanced Auditing, Assurance and Professional Ethics | 100 | Fully Subjective, 3 hours |
| Paper 4 | Group II | Direct Tax Laws and International Taxation | 100 | Fully Subjective, 3 hours |
| Paper 5 | Group II | Indirect Tax Laws | 100 | Fully Subjective, 3 hours |
| Paper 6 | Group II | Integrated Business Solutions (IBS) | 100 | Open-book Case Study, 4 hours |
Track completion across all six papers using the CA Final Syllabus Tracker.
Paper 1 is the most technically demanding accounting paper in the entire CA programme. It covers the full suite of Indian Accounting Standards (Ind AS) and their application to complex financial reporting situations including business combinations and group accounts.
| Chapter Topic | |
| 1 | Framework for Preparation and Presentation of Financial Statements under Ind AS |
| 2 | Ind AS 1: Presentation of Financial Statements |
| 3 | Ind AS 2: Inventories |
| 4 | Ind AS 7: Statement of Cash Flows |
| 5 | Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors |
| 6 | Ind AS 10: Events After the Reporting Period |
| 7 | Ind AS 12: Income Taxes (Deferred Tax) |
| 8 | Ind AS 16: Property, Plant and Equipment |
| 9 | Ind AS 17 / Ind AS 116: Leases (Right-of-Use Asset approach) |
| 10 | Ind AS 19: Employee Benefits (Defined Contribution and Defined Benefit Plans) |
| 11 | Ind AS 20: Accounting for Government Grants |
| 12 | Ind AS 21: The Effects of Changes in Foreign Exchange Rates |
| 13 | Ind AS 23: Borrowing Costs |
| 14 | Ind AS 24: Related Party Disclosures |
| 15 | Ind AS 27: Separate Financial Statements |
| 16 | Ind AS 28: Investments in Associates and Joint Ventures |
| 17 | Ind AS 32 / Ind AS 109 / Ind AS 107: Financial Instruments (Recognition, Measurement, Presentation, Disclosure) |
| 18 | Ind AS 33: Earnings Per Share |
| 19 | Ind AS 36: Impairment of Assets |
| 20 | Ind AS 37: Provisions, Contingent Liabilities and Contingent Assets |
| 21 | Ind AS 38: Intangible Assets |
| 22 | Ind AS 40: Investment Property |
| 23 | Ind AS 41: Agriculture |
| 24 | Ind AS 101: First-time Adoption of Ind AS |
| 25 | Ind AS 102: Share-Based Payments |
| 26 | Ind AS 103: Business Combinations (IFRS 3 equivalent) |
| 27 | Ind AS 104: Insurance Contracts |
| 28 | Ind AS 105: Non-Current Assets Held for Sale and Discontinued Operations |
| 29 | Ind AS 106: Exploration and Evaluation of Mineral Resources |
| 30 | Ind AS 108: Operating Segments |
| 31 | Consolidated Financial Statements under Ind AS (Ind AS 110, 111, 112) |
| 32 | Analysis of Financial Statements: Ratio analysis, limitations |
| 33 | Integrated Reporting: Framework, capitals, connectivity |
| 34 | Corporate Social Responsibility Reporting |
Financial instruments (Ind AS 32, 109, 107) and Business Combinations (Ind AS 103) are consistently the highest-complexity topics. Both require sustained practice with full-length problems.
Consolidated Financial Statements under Ind AS (Group III standards: Ind AS 110, 111, 112) carry significant marks in every session. The treatment of non-controlling interest, goodwill, intra-group eliminations, and associates under equity method must be thoroughly practised.
Ind AS differs from older AS in fundamental principles: fair value measurement, component depreciation, effective interest rate, and ECL (Expected Credit Loss) model for financial assets. These differences must be understood deeply, not just memorized.
Paper 2 builds on the Financial Management foundation from CA Intermediate and extends it to complex financial instruments, risk management, international finance, and strategic corporate financing decisions.
| Chapter Topic | |
| 1 | Financial Policy and Corporate Strategy: Strategic financial decisions; financial restructuring |
| 2 | Risk Management: Types of financial risk; VaR; credit risk; operational risk |
| 3 | Security Analysis: Fundamental and technical analysis; efficient market hypothesis |
| 4 | Security Valuation: Valuation of bonds, equities, preference shares |
| 5 | Portfolio Management: Sharpe, Treynor, and Jensen ratios; capital market line; SML |
| 6 | Derivatives: Forwards, futures, options (pricing using Black-Scholes and binomial), swaps (interest rate and currency swaps) |
| 7 | Foreign Exchange Exposure and Risk Management: Types of forex exposure; hedging using forwards, futures, options, swaps; internal hedging techniques |
| 8 | International Financial Management: Foreign direct investment; cross-border M&A; international capital budgeting with forex considerations |
| 9 | Interest Rate Risk Management: Duration, convexity, immunization; interest rate swaps; FRAs; caps, floors, and collars |
| 10 | Corporate Valuation: DCF, EVA, MVA, relative valuation (P/E, EV/EBITDA) |
| 11 | Mergers, Acquisitions and Corporate Restructuring: Valuation in M&A; exchange ratios; post-merger EPS; LBO; demerger; buyback |
| 12 | Project Finance and Infrastructure: BOT, PPP, financing of infrastructure projects |
| 13 | Startup Finance and Venture Capital: Angel investing, PE, VC, exit strategies |
Derivatives (Chapter 6) and Forex Risk Management (Chapter 7) together account for 20 to 35 marks in most sessions and are the highest-difficulty topics. Black-Scholes model, binomial option pricing, forward rate agreements, and swap valuations must be practised to fluency.
Corporate Valuation (Chapter 10) and Mergers and Acquisitions (Chapter 11) are the second most critical cluster. Post-merger EPS accretion/dilution, exchange ratio calculations, and EVA/MVA computations appear regularly.
International Financial Management (Chapter 8) introduces interest rate parity, purchasing power parity, and cross-border capital budgeting: topics not covered at Intermediate. These require fresh conceptual study.
Paper 3 covers the full spectrum of professional auditing at an advanced level: all Standards on Auditing, specialized audit assignments, sector-specific audits, regulatory compliance, and professional ethics.
| Chapter Topic | |
| 1 | Auditing Standards, Statements and Guidance Notes: ICAI framework; overview of all SAs |
| 2 | Ethics and Professional Responsibilities: ICAI Code of Ethics; independence; threats and safeguards; NOCLAR; IESBA alignment |
| 3 | Risk-based Auditing: ISA 315 equivalent; risk assessment at entity and assertion level |
| 4 | Audit Planning, Strategy and Execution: Audit programme; documentation; sampling methods |
| 5 | Internal Controls and Information Technology Audit: COSO framework; IT General Controls; application controls; data analytics in audit |
| 6 | Materiality and Audit Evidence: SA 320, SA 500 series in depth |
| 7 | Audit of Companies: CARO 2020; key audit matters; modified opinions; emphasis of matter; Other Information (SA 720) |
| 8 | Audit Report: SA 700, SA 701, SA 705, SA 706, SA 710, SA 720, SA 800 series in depth |
| 9 | Peer Review: Mechanism; findings; process |
| 10 | Audit Quality Review: NFRA; CAG audit |
| 11 | Bank Audit: RBI guidelines; LFAR; branch audits; NPA provisioning |
| 12 | Insurance Audit: IRDAI guidelines; valuation of liabilities |
| 13 | Audit of Public Sector Undertakings: CAG mandate; compliance audit; performance audit |
| 14 | Audit of Non-Governmental Organizations |
| 15 | Forensic Audit and Investigation |
| 16 | Due Diligence Review: Types; scope; procedures |
| 17 | Sustainability and ESG Assurance: BRSR; GRI standards; assurance over sustainability disclosures |
| 18 | Group Audit: SA 600; component auditor responsibilities |
| 19 | Joint Audit: SA 299 |
| 20 | Audit of Cooperative Societies; Educational Institutions; Hospitals |
CARO 2020 (Companies Audit and Auditors Report Order) is now a major focus area. All 21 reporting requirements under CARO 2020 must be studied in full.
Bank audit (Chapter 11) is high-weightage and complex. NPA classification, LFAR (Long Form Audit Report), and provisioning norms require study of RBI circulars alongside ICAI material.
Sustainability and ESG Assurance (Chapter 17) is a new addition under the revised syllabus and reflects growing regulatory requirements. BRSR (Business Responsibility and Sustainability Report) and GRI standards feature increasingly in recent papers.
Paper 4 is divided between Indian Income Tax law at an advanced level and International Taxation, which is unique to CA Final.
| Chapter Topic | |
| 1 | Basic Concepts and Tax Liability: Residential status; incidence of tax |
| 2 | Income from Salaries (Advanced): ESOPs; retirement benefits; expatriate taxation |
| 3 | Income from House Property (Advanced) |
| 4 | Profits and Gains from Business or Profession (Advanced): Section 44AA to 44AH; presumptive taxation |
| 5 | Capital Gains (Advanced): Slump sale; conversion of capital asset; block of assets |
| 6 | Assessment of Companies: Minimum Alternate Tax (MAT); Alternate Minimum Tax (AMT) |
| 7 | Assessment of Other Entities: Partnership firms; LLPs; co-operative societies; trust taxation |
| 8 | Tax Deducted at Source (Advanced): Section 192 to 206 in depth |
| 9 | Advance Tax; Self-Assessment Tax; Refund |
| 10 | Return of Income; Assessment Procedures: Types of assessment; reassessment; best judgment |
| 11 | Appeals and Revision: CIT(A); ITAT; High Court; Supreme Court procedures |
| 12 | Penalties and Prosecution: Sections 270A to 280 |
| 13 | Tax Planning, Tax Avoidance and Tax Evasion: GAAR (General Anti-Avoidance Rules); Section 96 to 102 |
| 14 | Tax Incentives and Deductions: Section 10AA; Section 80-IC; Section 80-IBA |
| Chapter Topic | |
| 1 | Taxation of Non-Residents: Sections 5, 6, 9, 115A, 115BBA, 115E |
| 2 | Double Taxation Avoidance Agreements (DTAA): Treaty interpretation; Article-by-article analysis; tie-breaker rule |
| 3 | Transfer Pricing: Arm's length principle; methods; documentation; APAs; safe harbours |
| 4 | BEPS (Base Erosion and Profit Shifting): Action Plans 1 to 15; Pillar One and Pillar Two overview |
| 5 | Controlled Foreign Corporations: CFC provisions |
| 6 | Equalization Levy: Digital services tax; Section 165 and 165A |
| 7 | Foreign Tax Credit: Section 90 and 91 relief |
Transfer Pricing (Chapter 3, International Taxation) is the most complex and consistently high-marks area in the international section. The arm's length principle, six TP methods, and documentation requirements must be studied thoroughly.
MAT computation (Chapter 6) is a perennial examination topic. The book profit computation under Section 115JB with its numerous additions and deductions must be memorized and practised.
GAAR (Chapter 13) has been prominent in recent sessions. Understanding what constitutes an impermissible avoidance arrangement and the GAAR implications under the treaty override provisions is important.
Paper 5 covers advanced GST law and Customs, both of which are subject to annual updates through Finance Acts, GST Council decisions, and CBIC notifications.
| Chapter Topic | |
| 1 | Overview and Constitutional Framework of GST |
| 2 | Supply: Taxable supply; composite and mixed supply; Schedule I to III; negative list |
| 3 | Charge of GST: Regular and reverse charge; ECO liability |
| 4 | Exemptions: Exempted goods and services; conditional and unconditional exemptions |
| 5 | Place of Supply: Detailed rules for goods and services; cross-border supply |
| 6 | Time of Supply: Continuous supply; reverse charge; importation |
| 7 | Value of Supply: Transaction value; GST inclusions and exclusions; related party transactions |
| 8 | Input Tax Credit: Eligibility; blocked credits; proportionate credit; reversal provisions; GSTR-2B reconciliation |
| 9 | Registration: Threshold; compulsory; cancellation; revocation |
| 10 | Returns, Payment and Refund: GSTR-1, GSTR-3B, GSTR-9, GSTR-9C; refund under inverted duty structure; export refund |
| 11 | Assessment and Audit: Self-assessment; scrutiny; departmental audit; GST audit |
| 12 | Demand and Recovery: Proper officer; tax, interest, penalty; fraud provisions |
| 13 | Appeals and Revision: GST Appellate Authority; GSTAT; High Court |
| 14 | Advance Ruling: Authority and Appellate Authority for Advance Rulings |
| 15 | Inspection, Search, Seizure and Arrest |
| 16 | Offences and Penalties |
| 17 | Anti-profiteering |
| 18 | CGST, IGST, UTGST, and GST Compensation Cess: Key provisions |
| 19 | Electronic Commerce Operators (ECO): GST liability and compliance |
| Chapter Topic | |
| 1 | Customs Act, 1962: Levy and collection; types of duties (BCD, IGST, CVD, SWS) |
| 2 | Classification of Goods: HSN; Rules of Interpretation |
| 3 | Valuation of Goods: Transaction value; customs valuation rules |
| 4 | Import and Export Procedures: Bill of Entry; Shipping Bill; warehousing |
| 5 | Duty Drawback and Refund |
| 6 | Baggage; Post; Stores |
| 7 | Foreign Trade Policy (FTP): FTP 2023; key schemes (MEIS replaced by RoDTEP; SEIS; EPCG) |
Input Tax Credit (Chapter 8) is the most consistently tested and complex GST chapter. Blocked credits, proportionate credit under Rule 42 and 43, and GSTR-2B reconciliation must be mastered in full.
Refund under GST (Chapter 10) is a dedicated high-marks area. Refund on account of exports (with payment of tax and under LUT), inverted duty structure refund, and deemed export refund are regularly tested.
Customs valuation and classification are always present in Paper 5. The Rules of Interpretation under the HSN system and the customs valuation rules (transaction value to residual methods) must be studied in sequence.
IBS is unique in the CA Final examination. It is a four-hour, open-book, multidisciplinary case study that tests whether a candidate can integrate knowledge from all CA Final subjects in the context of a complex business scenario.
IBS does not have a fixed chapter-wise syllabus because it draws from all CA Final subjects. The case study presented in the exam can involve any combination of:
| Subject Area How It Appears in IBS | |
| Financial Reporting (Ind AS) | Recognition, measurement, and disclosure questions on the company in the case |
| Advanced Financial Management | Corporate valuation, M&A decisions, hedging strategy, capital structure |
| Advanced Auditing | Audit issues, internal control weaknesses, CARO 2020 matters |
| Direct Tax Laws | Tax implications of transactions; MAT; GAAR; transfer pricing |
| Indirect Tax Laws | GST liability on transactions; Input Tax Credit; place of supply |
| Corporate Laws | Companies Act compliance; board composition; related party transactions |
| Strategic Management | SWOT analysis; competitive strategy; BCG matrix application |
| Ethics | Ethical dilemmas faced by the company or its auditors |
| Sustainability | ESG and CSR disclosures |
Candidates are permitted to carry specified study material into the IBS examination hall. ICAI announces which materials are permitted in the notification for each session. Typically, permitted material includes ICAI study material and bare acts but not notes, photocopies, or personally annotated material.
The open-book format does not mean the paper is easy. There is no time to look up every concept from scratch; candidates must use the study material only for cross-reference and specific data, not as a primary source of knowledge.
The most important preparation for IBS is genuine integration of all Final subjects. Candidates should:
| Paper Primary Source Supplementary Reference | ||
| Paper 1: Financial Reporting | ICAI Study Material (Ind AS volumes) | ICAI Ind AS Implementation Guides |
| Paper 2: Advanced Financial Management | ICAI Study Material | Prasanna Chandra; IM Pandey |
| Paper 3: Advanced Auditing | ICAI Study Material; ICAI SAs Compilation | ICAI Guidance Notes |
| Paper 4: Direct Tax | ICAI Study Material (AY-specific) | Vinod Singhania (Taxmann); commercial bare Acts |
| Paper 5: Indirect Tax | ICAI Study Material (amendment-specific) | CBIC circulars; ICAI GST Bare Act |
| Paper 6: IBS | All CA Final study materials; bare Acts | ICAI IBS practice papers |
Is the IBS paper the same for all candidates? Yes. The IBS paper is common and uses a single case study for all candidates in a session. All questions are drawn from the same case study.
Does CA Final have any MCQ component? No. Unlike CA Intermediate where all six papers have a 30-mark MCQ section, CA Final papers 1 to 5 are entirely subjective. There are no MCQs at the Final level. Paper 6 (IBS) is also entirely subjective.
Are Ind AS and IFRS the same at CA Final level? Ind AS is the Indian equivalent of IFRS with carve-outs for Indian regulatory requirements. At CA Final level, Ind AS is tested in full, including complex standards like Ind AS 109 (financial instruments) and Ind AS 103 (business combinations). The differences between Ind AS and IFRS/AS are also tested.
Does the GST and Direct Tax syllabus change every year? Yes. ICAI issues amendment circulars before each session specifying the Finance Act and GST notifications applicable. Always verify the current session's amendment circular before beginning Paper 4 or Paper 5 preparation.
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