ICWA / CMA / ICWAI

Institute of Cost Accountants of India Scroll Down to Learn More

About ICWA / CMA / ICWAI. 

How to Become Cost Accountant | ICWA / CMA Course Complete Details | ICWA / CMA Course Information

A professional course is a course that leads to a Professional Qualification. A professional qualification will entitle u to register with a professional body like the Association of Chartered Accountants, Cost Accountants, Company Secretaries, Institution of Engineers, Medical Association, etc.

Hence, a professional course is the one which enables someone, upon qualification, to be licensed to start their own practice. Such a licensed person will operate under the relevant laws of the respective country under which they are authorized and subject to national / international standards and best practice for that profession. The professionally qualified persons are awarded with a Certificate of qualification upon completion of the respective course curriculum.

ICWA Full Form / CMA Full Form:

The full form of ICWAI stands for “The Institute of Cost & Works Accountants of India”, popularly known as ICWA institute.

Institute of Cost & Works Accountants of India (ICWAI) has changed its name to The Institute of Cost Accountants of India (ICAI) recently. Also, the term “ICWA” course has changed into “CMA” course and the full form of CMA translates into “Cost and Management Accountant”. There is no difference between ICWAI and CMA. They are two different words used to describe the same course.

CMA / ICWA as a Professional Course:

ICWAI / ICWA / CMA institute is a premier professional body of Management Accountants in our country. It is a statutory body, specifically established on 28th May, 1959 under the Cost and Works Accountants Act, 1959 as amended by the Cost and Works Accountants (Amendment) Act, 2006 and Cost and Works Accountants (Amendment) Act, 2011.

 The ICWA / CMA institute is monitored under the Administrative Jurisdiction of ‘The Ministry of Corporate Affairs’, Government of India.

For complete details about the ICWA / CMA institute, please check the official website of the institute – http://icmai.in/

Subjects to Study: Syllabus 2016

With effect from 1st August 2016, CMA institute changed the syllabus and introduced “Syllabus 2016”. Click on the respective subject below to expand and view the detailed contents.

I. Foundation Level

PAPER – 1: FUNDAMENTALS OF ECONOMICS AND MANAGEMENT

Section A : Fundamentals of Economics

1. Basic concepts of Economics 

2. Forms of Market 

3. Money and Banking 

Section B : Fundamentals of Management

4. Management Process 

PAPER – 2: FUNDAMENTALS OF ACCOUNTING

Section A : Fundamentals of Financial Accounting

1. Accounting Fundamentals 

2. Accounting for Special Transactions 

3. Preparation of Final Accounts 

Section B: Fundamentals of Cost Accounting

4. Fundamentals of Cost Accounting 

PAPER - 3: FUNDAMENTALS OF LAWS AND ETHICS

Section A : Fundamentals of Commercial Laws

1. Indian Contracts Act, 1872 

2. Sale of Goods Act, 1930 

3. Negotiable Instruments Act, 1881 

Section B : Fundamentals of Ethics

4. Ethics and Business 

PAPER – 4 : FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

Section A : Fundamentals of Business Mathematics

1. Arithmetic 

2. Algebra 

Section B : Fundamentals of Business Statistics

3. Statistical representation of Data 

4. Measures of Central Tendency and Dispersion 

5. Correlation and Regression 

6. Probability 

II. Intermediate Level:

Group – I:

PAPER-5 : FINANCIAL ACCOUNTING

Sec-A : Accounting – Basics 

1. Fundamentals of Accounting

2. Accounting for Special Transactions

Sec-B : Preparation of Financial Statements 

3. Preparation of Final Accounts of Profit Oriented organizations, Non-Profit Organizations and from Incomplete Records.

4. Partnership Accounts

Sec-C : Self Balancing Ledgers, Royalties, Hire Purchase & Installment System, Branch & Departmental Accounts. 

5. Self-Balancing Ledgers

6. Royalties, Hire-Purchase and Installment System

7. Branch and Departmental Accounts

Sec-D : Accounting in Computerised Environment and Accounting Standards 

8. Overview of Computerised Accounting

9. Accounting Standards (Specified only)

PAPER - 6: LAWS AND ETHICS

Sec A : Commercial Laws 

1. Indian Contract Act, 1872

2. Sale of Goods Act, 1930

3. Negotiable Instruments Act, 1881

4. Indian Partnership Act, 1932 5. Limited Liability Partnership Act, 2008

Sec B : Industrial Laws

6. Factories Act, 1948

7. Payment of Gratuity Act, 1972

8. Employees Provident Fund Act, 1952

9. Employees State Insurance Act, 1948

10. Payment of Bonus Act, 1965

11. Minimum Wages Act, 1948

12. Payment of Wages Act, 1936

Sec C : Corporate Law

13. Companies Act 2013

Sec D : Ethics

14. Business Ethics

PAPER - 7: DIRECT TAXATION

SECTION – A: INCOME TAX ACT BASICS

1. Introduction to Income Tax Act, 1961

2. Income which do not form part of Total Income (Section 10, 11 to13A)

SECTION – B: HEADS OF INCOME AND COMPUTATION OF TOTAL INCOME AND TAX LIABILITY

3. Heads of Income and Computation of Total Income under various heads.

4. Clubbing Provisions, Set off and Carry forward of Losses, Deductions.

5. Assessment of Income of different persons.

6. Corporate Taxation

7. TDS, TCS and Advance Tax.

SECTION C : ADMINISTRATIVE PROCEDURES AND ICDS

8. Administrative Procedures.

9. Income computation and disclosure standards – Basic Concepts only

PAPER - 8: COST ACCOUNTING

1. INTRODUCTION TO COST ACCOUNTING

2. COST ASCERTAINMENT – ELEMENTS OF COST

3. COST ACCOUNTING STANDARDS

4. COST BOOK KEEPING

5. METHODS OF COSTING 

6. COST ACCOUNTING TECHNIQUES 

Group – II:

PAPER – 9: OPERATIONS MANAGEMENT & STRATEGIC MANAGEMENT

Section – A: Operations Management

1. Operations Management – Introduction
2. Operations Planning
3. Designing of operational systems and control
4. Production planning and control
5. Productivity management and quality management
6. Project Management
7. Economics of Maintenance and spares management

Section – B : Strategic Management

8. Strategic Management Introduction
9. Strategic Analysis and Strategic Planning 
10. Formulation and Implementation of Strategy

PAPER 10: COST & MANAGEMENT ACCOUNTING AND FINANCIAL MANAGEMENT

Section A: Cost & Management Accounting1. Cost and Management Accounting – Introduction

1. Cost and Management Accounting – Introduction
2. Decision Making Tools
3. Budgeting and Budgetary Control
4. Standard Costing and Variance Analysis
5. Learning Curve

Section B: Financial Management

6. Introduction to Financial Management
7. Tools for Financial Analysis and Planning
8. Working Capital Management
9. Cost of Capital, Capital Structure Theories, Dividend Decisions and
Leverage Analysis
10. Capital Budgeting – Investment Decisions

PAPER 11 : INDIRECT TAXATION

1. Canons of Taxation – Indirect Tax
2. Central Excise
3. Customs Law
4. Service Tax
5. Central Sales Tax and VAT

PAPER 12: COMPANY ACCOUNTS AND AUDIT

Section A : Accounts of Joint Stock Companies

1. Accounting of Shares and Debentures
2. Presentation of Financial Statements (as Per Schedule III)
3. Cash Flow Statement
4. Accounts of Banking, Electricity and Insurance Companies
5. Accounting Standards (AS-11, 12, 15, 16, 17, 18 and 19)

Section B : Auditing

6. Auditing Concepts
7. Provision relating to Audit under Companies Act

III. Final Level

Group – III:

Paper 13: Corporate Laws & Compliance

SECTION A: COMPANIES ACT

1. The Companies Act, 2013

SECTION B: OTHER CORPORATE LAWS

2. SEBI Laws and Regulations
3. The Competition Act,2002 and its role in Corporate Governance
4. Foreign Exchange Management Act,1999
5. Laws related to Banking Sector
6. Laws related to Insurance Sector

SECTION C: CORPORATE GOVERNANCE

7. Corporate Governance
8. Social, Environmental and Economic Responsibilities of Business

Paper 14: Strategic Financial Management

Section A : Investment Decisions

1. Investment Decisions, Project Planning and Control
2. Evaluation of Risky proposals for Investment decisions
3. Leasing Decisions

Section B : Financial Markets and Institutions

4. Institutions in Financial Markets
5. Instruments in Financial Markets
6. Capital Markets
7. Commodity Exchange

Section C : Security Analysis and Portfolio Management
8. Security Analysis & Portfolio Management

Section D : Financial Risk Management

9. Financial Risks & Management
10. Financial Derivatives – Instruments for Risk Management
11. Financial Risk Management in International Operations

Paper 15: Strategic Cost Management – Decision Making

SECTION A: COST MANAGEMENT

1. Cost Management

SECTION B: STRATEGIC COST MANAGEMENT TOOLS AND TECHNIQUES

2. Decision Making techniques
3. Standard Costing in Profit Planning
4. Activity Based Cost Management – JIT and ERP
5. Cost of Quality and Total Quality Management

SECTION C: STRATEGIC COST MANAGEMENT – APPLICATION OF
STATISTICAL TECHNIQUES IN BUSINESS DECISIONS.

6. Application of Operation Research and Statistical Tools in Strategic Decision Making.

Paper 16: Direct Tax Laws and International Taxation

Section A : Advanced Direct Tax Laws

1. Return of Income & Assessment Procedure
2. Assessment of Various Entities & Tax Planning
3. Clubbing of Income
4. Set-Off and Carry forward and Set-off of losses
5. Deduction in Computing Total Income
6. Business Restructuring
7. Administrative procedures under Direct Taxation
8. Grievances Redressal Procedure
9. Settlement of Cases
10. Black Money Act, 2015

Section B : International Taxation

11. Double Taxation Avoidance Agreements (DTAA)
12. Transfer Pricing Issues

Section C : Tax Practice and Procedures

13. Case Study Analysis

Group – IV:

PAPER 17: CORPORATE FINANCIAL REPORTING

Section A : GAAP and Accounting Standards

1. Accounting Standards

Section B: Accounting of Business Combinations & Restructuring

2. Accounting of Business Combinations & Restructuring

Section C : Consolidated Financial Statements

3. Group Financial Statements

Section D: Developments in Financial Reporting

4. Recent Trends in Financial Reporting
5. Valuation, Accounting and Reporting of Financial Instruments and others
6. Share based payments
7. Reporting through XBRL (Extended Business Reporting Language)

Section E: Government Accounting in India

8. Government Accounting Procedure and Standards

Paper 18: Indirect Tax Laws and Practice

Section A : Advanced Indirect Tax – Laws & Practice

1. Central Excise
2. Customs law
3. Service tax
4. Foreign Trade Policy (with special reference to Tax Planning)
5. Central Sales Tax & Value Added Tax

Section B : Tax Practice and Procedures

6. Case study analysis

Paper19: COST AND MANAGEMENT AUDIT

Section A: Cost Audit

1. Nature, Scope, utility and Advantages of Cost Audit
2. Companies (Cost Records & Audit) Rules,2014
3. Professional Ethics, Misconduct, Offences and Penalties
4. Cost Accounting Standards
5. Cost Auditing and Assurance Standards
6. Format of Cost Audit Report – XBRL – Salient Features

Section B: Management Audit

1. Management Reporting issues under Cost Audit
2. Management Audit – Meaning, Nature, Scope etc
3. Energy Audit, Efficiency Audit, Propriety Audit and Systems Audit
4. Evaluation of Corporate Image – Corporate Development Audit –
5. Impact of environmental pollution

Section C: Internal Audit, Operational Audit and other related issues

1. Concept of Internal Audit
2. Provisions of Internal Audit under Companies Act, 2013
3. Audit Planning, Audit Programme, Audit working papers
4. Receivables Audit, Audit of services and local bodies

Section D: Case Study on Performance Analysis

Paper 20: Strategic Performance Management and Business Valuation

Section A : Strategic Performance Management

1. Conceptual Framework of Performance Management
2. Performance Evaluation & Improvement Tools
3. Economic efficiency of the firm— Impact analysis on Performance
4. Enterprise Risk Management

Section B : Business Valuation

5. Business Valuation Basics
6. Valuation in Mergers and Acquisitions
7. Fair Value in Accounting Measurement
8. Valuation of Intangibles