Recently ICMAI relaesed a notification regarding various amendments applicable for CMA Intermediate and CMA Final. Following are the various amendments applicable for CMA Final Corporate Financial Reporting (CFR) Subject. We have made a comparison between what has been added or deleted for the upcoming CMA Final CFR Exam.
Clarification on CMA Final Corporate Financial Reporting Amendments – June 2020
|Recognition & Valuation of Financial Instruments (Ind AS-32, Ind AS-107 & Ind AS-109||As given in August 2019 Edition|
|Goods and Services Tax (GST) Accounting||As given in August 2019 Edition|
|NBFC – Provisioning Norms and Accounting||NEW|
|Valuation of Shares||As given in August 2019 Edition|
|Valuation of Goodwill||As given in August 2019 Edition|
Clarification on CMA Final Corporate Financial Reporting Amendments – December 2019
- Section A of the Syllabus currently comprising 30% of the Total Syllabus of the Paper has cut down to 20% for forthcoming terms.
- Point No (b) of Section A – Accounting Standards (AS) – Applicability, Interpretation, Scope and Compliance has been replaced by “ Overview of Accounting Standards”.
- Point no (e) of Section A — “Relative view of AS vs Ind AS vs IFRS” hasbeen removed.
- Weightage of Section D. has increased by 10%
- As regards the following topics Problems and Solutions as per “Ind AS” will be given shortly, in place of existing “AS” based Problems and Solutions:
(i) Section B: 2. Accounting of Business Combinations & Restructuring
(ii) Section C: 3. Group Financial Statements
(iii) Section D: 5. Valuation, Accounting and Reporting of Financial Instruments and Others
(iv) Section D: 6. Share Based Payments
- CENVAT & VAT Accounting has been removed and GST Accounting will be added.
CMA Final Corporate Financial Reporting Amendments – Annexure 1
Step by step inclusion of sums has necessitated reshuffling of certain areas under the existing curriculum which may be helpful for the students in their study. As a matter of convenience, the subjective discussions had already been incorporated for June, 2019 term of examination and the relevant sums are now been incorporated gradually.
REVISED CONTENTS FOR DECEMBER 2019 TERM OF EXAMINATION
- Downsizing Study Note 1 of Section A by 10% weightage [from 30% to 20%] the matter related to AS, comparison of AS, IFRS and Ind AS have been revised/modified/omitted accordingly.
- Point No. 1(b) of Section A – “Accounting Standards (AS) – Applicability, Interpretation, Scope and Compliance” has been replaced by “Overview of Accounting Standards”.
- Point No. 1(e) of Section A – “Relative view of AS vs Ind AS vs IFRS” has been removed.
- In Section D, 10% of the weightage has been increased [from 15% to 25%] by the inclusion of certain emerging topics which are also need of the hour. Inclusion of the following topics are carried out in the existing structure of the Syllabus of Paper 17 suitably:
- Sustainability Reporting
- Integrated Reporting
- Corporate Social Responsibility Reporting
- Business Responsibility Reporting
- GST Accounting
- Ind AS based Problems & Solutions
CENVAT & VAT Accounting has been removed completely.
CMA Final CFR Amendments – Official Notification
Also refer CMA Final Study Plan for proper guidance in CMA Final exam preparations.
CMA Final CFR Amendments – My Analysis
CMA Final CFR Amendments – Applicable Books
After providing amendments institute will update the modules which will be applicable for the upcoming exams. Here is the link to download various CFR study materials
Any change will be updated here. Follow CMA Final Study Plan for scoring good marks in CMA Final CFR and other subjects.