Important Announcement: ICAI Has Made Changes To The CA Final November 2019 Exam (NEW Syllabus)

In a recent notification in June, ICAI announced that they were making a few changes to the CA Final New Syllabus. These changes are applicable for the CA Final November 2019 exams. (If you want a general overview of the syllabus.)

The changes are of two types:

Exclusions of topics from the scope of the Syllabi
Inclusions of topics from the scope of the Syllabi

The table below shows the exclusions of the topics from the scope of the Syllabi:

Topic Exclusions from the CA Final New Syllabus Applicable for the CA Final November 2019 Exam
Paper	Exclusions
Paper 1: Financial Reporting	Topics excluded: Application of existing Accounting Standards, i.e., AS 1, 21, 23, 25, 27 and 28 Application of Guidance Notes issued by ICAI on specified accounting aspects Accounting for Carbon Credits and related Guidance Note Accounting for e-commerce Business and related Guidance Note Human Resource Reporting Value Added Statement Expert Advisory Committee (EAC) Options Note that The Guidance Note on accounting for expenditure on Corporate Social Responsibility activities falling within the scope of topic 13 of Syllabus Contents continues to be applicable
Paper 2: Strategic Financial Management	Topics excluded: Indian Financial System International Financial Centre (IFC) Small & Medium Enterprises
Paper 3: Advanced Auditing and Professional Ethics	Chapter 14: Special Audit Assignment topic has been excluded The following engagement and Quality Control Standards have been excluded: SA 800: Special Considerations – Audits of Financial Statements prepared in Accordance with Special Purpose Framework SA 805: Special Considerations – Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement SA 810: Engagements to Report on Summary Financial Statements SRE 2400: Engagements to Review Historical Financial Statements (Revised) SRE 2410: Review of Interim Financial Information Performed by the Independent Auditor of the Entity SAE 3400: The Examination of Prospective Financial Information SAE 3402: Assurance Reports on Controls at a Service Organisation SAE 3420: Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (NEW) SRS 4400: Engagements to Perform Agreed Upon Procedures Regarding Financial Information SRS 4410 Compilations Engagements (Revised) The Following Guidance Notes and other publications are excluded: Code of Ethics Guidance Note on Independence of Auditors Guidance Note on Audit of Inventories Guidance Note on Audit of Debtors, Loans and Advances Guidance Note on Audit of Investments Guidance Note on Audit of Cash and Bank Balances Guidance Note on Audit of Liabilities Guidance Note on Audit of Revenue Guidance Note on Audit of Expenses Guidance Note on Computer Assisted Audit Techniques (CAATs) Guidance Note on Audit of Payment of Dividend Guidance Note on Audit of Capital and Reserves Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013 Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013
Paper 4: Corporate and Economics Laws	Provisions/sections excluded from/retained in certain topics of the syllabus through Study Guidelines Winding Up: Sections related to winding up from Tribunal (from sections 271-303); and Sections applicable to every mode of winding up (from sections 324 – 336 and 344 -347 and 352 – 358) are RETAINED while the remaining provisions are EXCLUDED Producer Companies: This entire topic is excluded Miscellaneous Provisions: Sections 366 to 378, 396 to 404, 405, 448, 449, 451 – 454, 456 – 470 are EXCLUDED while the rest are RETAINED Compounding of offences, adjudication, Special Courts: Adjudication and special courts are RETAINED while Compounding of offences’ is EXCLUDED National Company Law Tribunal and Appellate Tribunal: Provisions dealing with the constitution of NCLT/NCLAT and qualification of chairman and NCLT/NCLAT members, their salary allowances, etc. are EXCLUDED; the rest are RETAINED SEBI Act, 1992, SEBI (ICDR) Regulations, 2009 and SEBIT (Listing Obligations and Disclosure Requirement) Regulations, 2015: SEBI Act, 1992 and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 are RETAINED while SEBI (ICDR) Regulations are EXCLUDED The Foreign Exchange Management Act: The FEMA, 1999 along with the following Rules/Regulations: Fem (Permissible Capital Account Transactions) Regulations, 2000 Fem (Current Account Transactions) Rules, 2000 FEM (Export of Goods & Services) Regulations, 2015 are INCLUDED while the remaining Rules and Regulations are EXCLUDED The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: The relevant definitions covered in the study material and management of asset by the bank and the financial institutions are INCLUDED while the remaining provisions are EXCLUDED Insolvency & Bankruptcy Code, 2016: The Corporate and Insolvency resolution process, i.e., up to section 59 are INCLUDED while the remaining provisions from section 60 onwards are EXCLUDED
Paper 6A: Risk Management	Quantitative Analysis
Paper 6B: Financial Services and Capital Markets	Banking Management
Paper 6D: Economic Laws	World Trade Organization (WTO)
Paper 8: Indirect Tax Laws	The following topics have been excluded from the syllabus of Part II: Customs and FTP: Warehousing Demand and Recovery Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods Searches, seizures and arrest; Offences; Penalties; Confiscation and Prosecution Appeals and Revision; Advance Rulings; Settlement Commission Officers of Customs; Appointment of customs ports, airports, etc. Provisions related to coastal goods and vessels carrying coastal goods Other provisions (Note that these exclusions for this paper are applicable for the CA Final (Old Syllabus) also)

This table below shows the inclusions of the topics from the scope of the Syllabi:

Topic Inclusions from the CA Final New Syllabus Applicable for the CA Final November 2019 Exam
Paper	Inclusion
Paper 4: Corporate and Economic Laws	Under the Legislation: The Foreign Exchange Management Act, 1999, the following topics are added: Overseas Direct Investment Import of Goods and Services External Commercial Borrowing Policy
Paper 6A: Risk Management	Evaluation of Risk Management Strategies
Paper 6B: Financial Services and Capital Markets	Leasing and Factoring

Now, our esteemed faculty CA Chinmaya Hegde has made an analysis of the changes to the syllabus for the following papers:

His analysis can be found on our Youtube channel. We will be posting more video analysis of the paper changes along with other important information. So, we invite you to subscribe to the channel for notifications about these updates.

If you want more information about these changes and notifications, have a look at the announcement made by ICAI in detail.