Syllabus of Integrated Proficiency Competence Course

IPCC Syllabus :

GROUP - 1

Paper - 1 Accounting(100 marks)

1. A General Knowledge of the framing of the accounting standards, national and international

accounting authorities, adoption of international financial reporting standards

2. Accounting Standards

AS 1 : Disclosure of Accounting Policies

AS 2: Valuation of Inventories

AS 3: Cash Flow Statements

AS 6: Depreciation Accounting

AS 7: Construction Contracts (Revised 2002)

AS 9: Revenue Recognition

AS 10: Accounting for Fixed Assets

AS 13: Accounting for Investments

AS 14: Accounting for Amalgamations

3. Company Accounts

(a) Preparation of financial statements – Profit and Loss Account, Balance Sheet and

Cash Flow Statement

(b) Profit (Loss) prior to incorporation

into shares, Accounting for bonus issue

(d) Simple problems on Accounting for business acquisition, Amalgamation and

reconstruction (excluding problems of amalgamation on inter-company holding)

4. Average Due Date, Account Current, Self-Balancing Ledgers

5. Financial Statements of Not-for-Profit Organisations

6. Accounts from Incomplete Records

7. Accounting for Special Transactions

(a) Hire purchase and instalment sale transactions

(b) Investment accounts

9. Issues in Partnership Accounts

Admission
retirement and
death of a partner including treatment of goodwill;

10. Accounting in Computerised Environment

Paper - 2 Business Law , Ethics and Communication(100 marks)

Part I: Business Laws (60 marks)

Business Laws (30 marks)

1. The Indian Contract Act, 1872

2. The Negotiable Instruments Act, 1881Page 4 of 16

3. The Payment of Bonus Act, 1965

4. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952

5. The Payment of Gratuity Act, 1972.

Company Law (30 marks)

The Companies Act, 1956 – Sections 1 to 197

(a) Preliminary

(b) Board of Company Law Administration - National Company Law Tribunal; Appellate Tribunal

(d) Prospectus and allotment, and other matters relating to use of shares or debentures

(e) Share capital and debentures

(f) Registration of charges

(g) Management and administration – general provisions – registered office and name, restrictions

on commencement of business, registers of members and debentures holders, foreign registers

of members or debenture holders, annual returns, general provisions regarding registers and

returns, meetings and proceedings.

(h) Company Law in a computerized environment – e-filing.

Note: If new legislations are enacted in place of the existing legislations, the syllabus would include

the corresponding provisions of such new legislations with effect from a date notified by the

Institute.

Part II: Ethics (20 marks)

1. Introduction to Business Ethics

2. Environment Issues

3. Ethics in Workplace

4. Ethics in Marketing and Consumer Protection

5. Ethics in Accounting and Finance.

Part III: Communication (20 marks)

1. Elements of Communication

Forms of communication: formal and informal, inter-departmental, verbal and non-verbal; active listening and critical thinking.
Presentation skills including conducting meeting, press conference
Planning and composing business messages
Communication channels
Communicating corporate culture, change, innovative spirits
Communication breakdowns
Communication ethics
Groups dynamics; handling group conflicts, consensus building; influencing and persuasion skills; negotiating and bargaining
Emotional intelligence – emotional quotient
Soft skills – personality traits; interpersonal skills; leadership.

2. Communication in Business Environment

Business Meetings – Notice, Agenda, Minutes, Chairperson’s speech
Press releases
Corporate announcements by stock exchanges
Reporting of proceedings of a meeting.

3. Basic Understanding of Legal Deeds and Documents

Partnership deed
Power of Attorney
Lease deed
Affidavit
Indemnity bond
Gift deed
Memorandum and articles of association of a company
Annual Report of a company.

Paper - 3 Cost Accounting and Financial Management (100 marks)

Part I: Cost Accounting (50 marks)

1. Introduction to Cost Accounting

2. Cost Ascertainment

Material Cost
Employee Cost
Direct Expenses
Overheads

3. Cost Book-keeping

non-integrated accounts
integrated accounts
reconciliation of cost and financial accounts.

4. Costing Systems

Job Costing
Batch Costing
Contract Costing
Process Costing
Operating Costing System

5. Introduction to Marginal Costing

6. Introduction to Standard Costing

7. Budgets and Budgetary Control

Part II: Financial Management (50 marks)

1. Scope and Objectives of Financial Management

2. Time Value of Money

3. Financial Analysis and Planning

Ratio analysis for performance evaluation and financial health
Application of ratio analysis in decision making
Analysis of cash flow statement.

4. Financing Decisions

Cost of Capital
Capital Structure decisions
Business risk and financial risk

5. Types of Financing

6. Investment Decisions

7. Management of working capital

Working capital policies
Funds flow analysis
Inventory management
Receivables management
Payables management
Management of cash and marketable securities
Financing of working capital.

Paper - 4 Taxation (100 marks)

Part I: Income-tax (50 marks)

1. Important definitions in the Income-tax Act, 1961

2. Basis of charge; rates of taxes applicable for different types of assessees

3. Concepts of previous year and assessment year

4. Residential status and scope of total income; Income deemed to be received / deemed to

accrue or arise in India

5. Incomes which do not form part of total income

6. Heads of income and the provisions governing computation of income under different heads

7. Income of other persons included in assessee’s total income

8. Aggregation of income; set-off or carry forward and set-off of losses

9. Deductions from gross total income

10. Computation of total income and tax payable; rebates and reliefs

11. Provisions concerning advance tax and tax deducted at source

12. Provisions for filing of return of income.

Part II: Service tax (25 marks) and VAT (25 marks)

Service tax (25 marks)

1. Service tax – concepts and general principles

2. Charge of service tax and taxable services

3. Valuation of taxable services

4. Payment of service tax and filing of returns

VAT (25 marks)

5. VAT – concepts and general principles

6. Calculation of VAT Liability including input Tax Credits

7. Small Dealers and Composition Scheme

8. VAT Procedures.

GROUP - 2

Paper - 5 Advanced Accounting(100 marks)

1. Conceptual Framework for Preparation and Presentation of Financial Statements

2. Accounting Standards

AS 4 : Contingencies and Events occurring after the Balance Sheet Date
AS 5 : Net Profit or Loss for the Period, 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, Contingent Liabilities and Contingent Assets.

3. Advanced Issues in Partnership Accounts

4. Company Accounts

(a)

Accounting for employee stock option plan,
Buy back of securities
Equity shares with
differential rights
Underwriting of shares and debentures
Redemption of debentures

(b)Advanced problems for business acquisition,

Amalgamation and reconstruction (excluding

problems of amalgamation of inter-company holding)

(d)

Financial Statements of Banking,
Insurance and
Electricity Companies

5. Accounting for Special Transactions

Departmental and branch accounts including foreign branches

Paper - 6 Auditing and Assurance

1. Auditing Concepts

2. Auditing and Assurance Standards

3. Auditing engagement

4. Documentation

5. Audit evidence

6. Internal Control

7. Internal Control and Computerized Environment, Approaches to Auditing in Computerised

Environment.

8. Audit Sampling

9. Analytical review procedures.

10. Audit of payments

11. Audit of receipts

12. Audit of Purchases

13. Audit of Sales

14. Audit of suppliers’ ledger and the debtors’ ledger

15. Audit of impersonal ledger

16. Audit of assets and liabilities.

17. Company Audit

18. Audit Report

19. Special points in audit of different types of undertakings, i.e., Educational institutions, Hotels,

Clubs, Hospitals, Hire-purchase and leasing companies (excluding banks, electricity companies,

cooperative societies, and insurance companies).

20. Features and basic principles of government audit, Local bodies and not-for-profit

organizations, Comptroller and Auditor General and its constitutional role.

Paper - 7 Information Technology and Strategic Management(100 marks)

Section A: Information Technology ( 50 Marks)

1. Introduction to Computers

2. Data Storage, Retrievals and Data Base Management Systems

3. Computer Networks & Network Security

4. Internet and other technologies

5. Flowcharts, Decision Tables.

Section B: Strategic Management (50 marks)

1. Business Environment

2. Business Policy and Strategic Management

3. Strategic Analyses

4. Strategic Planning

5. Formulation of Functional Strategy

6. Strategy Implementation and Control

7. Reaching Strategic Edge