CA Final Subjects for May 2023 Exam: A Comprehensive Overview

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Looking for the CA Final syllabus and subjects for the May 2023 exam? You’ve come to the right place. Here, you can find the updated CA Final exam schedule and a comprehensive list of subjects for the May 2023 examination.

The final milestone on the path to becoming a Chartered Accountant is the CA Final examination.

The CA Final Syllabus 2023 consists of two groups, comprising a total of eight subjects, with one subject being optional.

To successfully pass the CA Final exams, students must achieve a minimum of 40% in each subject and a minimum overall score of 50%. The CA Final New Syllabus paper carries a total of 100 marks.

Students can access the updated details regarding the CA Final course, including information about the CA Final subjects and more.

CA Final New Course 2023

The Institute of Chartered Accountants of India (ICAI) conducts the CA Final exam twice a year, in May and November. It is important for students to check the dates for the CA Final exams in May 2023. The deadline for CA Final Registration is January 1, 2023, and the registration process has already commenced.

To be eligible for the CA Final exams, a student must have passed both groups of the CA Intermediate exams. Additionally, candidates can only appear for the CA Final test after completing three years of practical training and the AICITSS (Advanced Integrated Course on Information Technology and Soft Skills).

The final registration for the CA course remains valid for a duration of five years. In the event that a student does not pass the CA Final exam in their first attempt, they have the opportunity to attempt it again up to eight more times within the five-year period without the need to pay the registration fees again.

CA Final Subjects for May 2023

The CA Final Syllabus is organized into four subjects in each group, which are as follows:

CA Final Subjects for May 2023

1. Paper 1- Financial Reporting
2. Paper 2- Strategic Financial Management
3. Paper 3- Advanced Auditing and Professional Ethics
4. Paper 4- Corporate and Economic Laws

CA Final Group-II Subjects

1. Paper 5- Strategic Cost Management and Performance Evaluation
2. Paper 6A- Risk Management

  • Paper 6B- Financial Services and Capital Markets
  • Paper 6C- International Taxation
  • Paper 6D- Economic Laws
  • Paper 6E- Global Financial Reporting Standards
  • Paper 6F- Multidisciplinary Case Study

3. Paper 7- Direct Tax Laws and International Taxation
4. Paper 8- Indirect Tax Laws

In the CA Final course, each subject holds equal significance, and it is essential to achieve a minimum score of 40% in each subject, along with an overall cumulative mark of 50%.

Alongside the listed syllabus, students should diligently keep track of recent developments that could impact their exam preparation. This includes staying updated on accounting standards, statements on standard auditing practices, guidance notes from the institute, and legislative amendments introduced within six months prior to the exam.

CA Final Syllabus May 2023- Subject Wise

Here is the detailed breakdown of the comprehensive CA Final syllabus for the upcoming 2023 exams, categorized by subject. Take the time to review the syllabus thoroughly to enhance your understanding and prepare effectively for the CA Final test in May 2023.

Paper 1: Financial Reporting Syllabus

(One paper – Three hours – 100 marks)

1 Framework for preparation & Presentation of Financial Statements
2 Application of Indian Accounting Standards
3 Indian Accounting Standards on Group Accounting
4 Accounting & Reporting of Financial Instruments
5 Analysis of Financial Statements
6 Integrated Reporting
7 Corporate Social Responsibility Reporting

Paper 2: Strategic Financial Management Syllabus

(One paper – Three hours – 100 marks)

1 Financial Policy and Corporate Strategy
2 Risk Management
3 Security Analysis
4 Security Valuation
5 Portfolio Management
6 Securitization
7 Mutual Fund
8 Derivatives Analysis and Valuation
9 Foreign Exchange Exposure and Risk Management
10 International Financial Management
11 Interest Rate Risk Management
12 Corporate Valuation
13 Mergers, Acquisitions and Corporate Restructuring
14 Startup Finance

Paper 3: Advanced Auditing and Professional Ethics Syllabus

(One paper – Three hours – 100 marks)

1 Auditing Standards, Statements and Guidance Notes
2 Audit Planning, Strategy and Execution
3 Risk Assessment and Internal Control
4 Special aspects of Auditing in an Automated Environment
5 Audit of Limited Companies
6 Audit Reports
7 Audit Committee and Corporate Governance
8 Audit of Consolidated Financial Statements
9 Special features of audit of Banks, Insurance & Non Banking Financial Companies
10 Audit under Fiscal Laws
11 Audit of Public Sector Undertakings
12 Liabilities of Auditors
13 Internal Audit, Management and Operational Audit
14 Due Diligence, Investigation and Forensic Audit
15 Peer Review and Quality Review
16 Professional Ethics

Paper 4: Corporate and Economic Law Syllabus

(One paper – Three hours – 100 marks)

Part 1 Corporate Law

Section A: Company Law

1 The Companies Act, 2013          
2 Corporate Secretarial Practice
Section B: Securities Law

Part 2 : Economic Law

1 The Foreign Exchange Management Act, 1999
2 The Securitisation and Reconstruction of Financial Assets and Enforcement ofSecurity Interest Act, 2002
3 The Prevention of Money Laundering Act, 2002
4 Foreign Contribution Regulation Act, 2010
5 The Arbitration and Conciliation Act, 1996
6 The Insolvency and Bankruptcy Code, 2016

Paper 5 : Cost Management Syllabus

(One paper – Three hours – 100 marks)

Part A: Strategic Cost Management and Decision Making

Sub Part A: Strategic Cost Management

1 Introduction to Strategic Cost Management
2 Modern Business Environment
3 Lean System and Innovation
4 Cost Management Techniques
5 Cost Management for Specific Sectors
Sub Part B: Decision Making

1 Decision Making
2 Pricing Strategies/ Decisions

Paper 6: Management Information and Control Systems Syllabus

(One paper – Three hours – 100 marks)

Part B: Performance Evaluation and Control

Sub Part 1: Performance Evaluation and Reporting

1 Performance Measurement and Evaluation
2 Divisional Transfer Pricing
3 Strategic Analysis of Operating Income
Sub Part 2: Managerial Control

1 Budgetary Control
2 Standard Costing

Part C: Case Study

Paper 6A: Risk Management (100 Marks)

1 Introduction to risk
2 Source and evaluation of risks
3 Risk management
4 Evaluation of Risk Management Strategies
5 Risk model
6 Credit Risk Measurement and Management
7 Risk associated with Corporate Governance
8 Enterprise Risk Management
9 Operational Risk Management

Paper 6B: Financial Services and Capital Markets

1 Global Financial Markets
2 Impact of various Policies of Financial Markets
3 Capital Market – Primary
4 Capital Market – Secondary
5 Money Market
6 Institutions and Intermediaries
7 Commodity Market
8 Banking as source of Capital including NBFCs
9 Mutual Funds
10 Private Equity
11 Investment Banking
12 Credit Rating
13 Treasury Operations
14 Risk Management
15 Credit Derivatives
16 Leasing Decisions
17 Factoring
18 SEBI Guidelines

Paper 6C: International Taxation (100 Marks)

Part 1: International Taxation and Non-Resident Taxation in India

1 Transfer Pricing provisions under the Income-tax Act, 1961
2 Other Provisions relating to taxation of international transactions and non-resident taxationunder the Income-tax Act, 1961
3 Law and Procedures under the Black Money (Undisclosed Foreign Income and Assets) andImposition of Tax Act, 2015

Part 2: Other Aspects of International Taxation

1 Overview of Model Tax Conventions
2 Tax treaties, Application and Interpretation
3 Anti Avoidance Measures
4 Taxation of E-Commerce Transactions

Paper 6D: Economics Law(100 Marks)

1 World Trade Organization (WTO) covering its Role, Principles, Functions andDispute Settlement Mechanism
2 Competition Act, 2002 and Rules/ Regulations
3 Real Estate (Regulation and Development) Act, 2016 [Central Act and Rules/ Regulations]
4 Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations
5 Prevention of Money Laundering Act, 2002 and Rules/ Regulations
6 Foreign Exchange Management Act, 1999 and Rules/ Regulations
7 Prohibition of Benami Property Transactions Act, 1988 and Rules/ Regulations

Paper 6E: Global Financial Reporting Standards(100 Marks)

1 Conceptual Framework for Financial Reporting as per IFRS
2 Application of International Financial Reporting Standards
3 Significant differences between IFRS and US GAAPs

Paper 6F: Multidisciplinary Case Study(100 Marks)

1 Financial Accounting and Reporting
2 Audit and Assurance
3 Taxation
4 Finance and Financial Management
5 Management Accounting
6 Corporate Laws
7 Business Strategy and Management

Paper 7: Direct Tax Law and International Taxation

Part 1: Direct Tax Law

1 Basis of charge, residential status, income which do not form part of total income,heads of income, income of other persons included in assesses total income, aggregation of income, set-off and carry forward of losses, deductions from gross total income, rebates and reliefs
2 Special provisions relating to companies and certain persons other than a company
3 Provisions relating to charitable and religious trust and institutions, political parties and electoral trusts
4 Tax Planning, Tax Avoidance & Tax Evasion
5 Collection & Recovery of Tax, Refunds
6 Income-tax Authorities, Procedure for assessment, Appeals and Revision
7 Settlement of Tax Cases, Penalties, Offences & Prosecution
8 Liability in Special Cases
9 Miscellaneous Provisions and Other Provisions

Part 2: International Taxation

1 Taxation of international transactions and Non-resident taxation
2 Overview of Model Tax Conventions – OECD & UN
3 Application and interpretation of Tax Treaties
4 Fundamentals of Base Erosion and Profit Shifting

Paper 8: Indirect Tax Laws Syllabus

Part-I: Goods and Services Tax (75 Marks)

1 Introduction to GST in India including Constitutional aspects
2 Levy and collection of CGST and IGST
3 Place of supply
4 Time and Value of supply
5 Input tax credit
6 Computation of GST liability
7 Procedures under GST including registration, tax invoice, credit and debit notes,electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job work
8 Liability to pay in certain cases
9 Administration of GST; Assessment and Audit
10 Inspection, Search, Seizure and Arrest
11 Demand and Recovery
12 Offences and Penalties
13 Advance Ruling
14 Appeals and Revision
15 Other provisions

Part 2: Customs and FTPs (25 Marks)

1 Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
2 Foreign Trade Policy to the extent relevant to the indirect tax laws

CA Final Exam Pattern

After becoming familiar with the CA Final syllabus and subjects, it is essential to examine the CA Final exam pattern. As students commence their preparations for the CA Final test in May 2023, having a clear understanding of the paper format is crucial.

Exam Mode Pen and Paper based Exam
Type of question Objective as well as subjective
Medium of Exam English/Hindi
Total Number of papers 8
Marks 100 marks each paper(800 in total)
Negative marking No negative marking

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