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IPCC Syllabus for May 2014 Exams | ATC Course



[Renamed from Integrated Professional Competence Course (IPCC) to Intermediate (Integrated Professional Competence)

This article is for all the CPT pass outs who have been curious to know about the next quest which they are to be set for. IPCC Syllabus as been divided into two groups. Students have the option of appearing for one group at a time or (if they are courageous enough) to appear for both groups in a single sitting. However, all India ranks are only awarded to the students who have cleared both groups in a single attempt.

Group 1 of IPCC Syllabus consists of four subjects while group 2 contains only three subjects. It’s not very difficult to make out from the number of subjects that group 1 (since having more subjects) should be tougher. Group 2, is actually a mix of easier subjects, even if the number of subjects are ignored.

Subjects contained in Group 1 of IPCC Syllabus

  1. Accounting (100 marks)
  2. Business Laws, Ethics and Communication (100 marks)
  3. Cost Accounting and Financial Management (100 marks)
  4. Taxation (100 marks)

Subjects contained in Group 2 of IPCC syllabus are

  1. Advanced Accounting (100 marks)
  2. Auditing and Assurance (100 marks)
  3. Information Technology and Strategic Management(100 marks)
  • Section A: Information Technology (50 marks)
  • Section B: Strategic Management (50 marks)

IPCC Syllabus May 2014



Detailed List Of Topics in IPCC Syllabus |

For the curious ones amongst you, here is a detailed list of topics covered under each subject of group 1 and group 2 of IPCC Syllabus    

  Click here to  Download IPCC Syllabus or Scroll down




                                                Paper 1: Accounting

                                                       (3 hours)

  1. Accounting Standards
    1. Introduction to Accounting Standards
    2. Overview of 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

AS 9: Revenue Recognition

AS 10: Accounting for Fixed Assets

AS 13: Accounting for Investments

AS 14: Accounting for Amalgamations

  1. Financial statements  of Company
    1. Preparation of financial statements
    2. Cash flow Statement (Profit and Loss Account, Balance Sheet and Cash Flow Statement)


  1. Profit/Loss prior to incorporation
  2. Accounting for Bonus Issue
  3. Amalgamation and Reconstruction


  1. Average Due Date and Account Current
  2. Self-Balancing Ledgers
  3. Financial Statements of Not-for-Profit Organisations
  4.  Accounts from Incomplete Records
  5.  Accounting for Special Transactions

(a) Hire purchase and installment sale transactions

(b) Investment accounts

(c) Insurance claims for loss of stock and loss of profit.

  1.  Issues in Partnership Accounts
  2.  Accounting in Computerized Environment


                    Paper 2: Business Laws, Ethics and Communication

                                                      (3 hours)

Business Laws (30 marks)

  1. The Indian Contract Act, 1872
  2. The Negotiable Instruments Act, 1881
  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

  1. Preliminary
  2. Prospectus
  3. Share and Share capital
  4. Meetings

 Ethics (20 marks)

1. Principles of Business Ethics

2. Environment Issues.

3. Ethics in Workplace

4. Ethics in Marketing and Consumer Protection

5. Ethics in Accounting and Finance

Communication (20 marks)

1. Elements of Communication

2. Communication in Business Environment

3. Basic Understanding of Legal Deeds and Documents


                       Paper 3: Cost Accounting and Financial Management

                                                                (3 hours)

  Cost Accounting

  1. Introduction to Cost Accounting
  2. Materials
  3. Labour
  4. Overheads
  5. Non-Integrated Accounts
  6. Methods of
    1. Job and Batch
    2. Contract
    3. Operating
    4. Process and Operation
    5. Standard Costing
    6. Marginal Costing
    7. Budgets and Budgetary Control


Financial Management

  1. Scope and Objectives of Financial Management
  2. Time Value of Money
  3. Financial Analysis and Planning
  4. Financing Decisions
  5. Types of Financing
  6. Investment Decisions
  7. Management of working capital


                                              Paper 4: Taxation

                                                       (3 hours) 

Part 1: Income-tax (50 marks)

The Income-tax Act, 1961

  1. Basic concepts
  2. Residential status and scope of total income
  3. Incomes which do not form part of total income ( Sec 10)
  4. 5 Heads of income
  5. Provisions of Clubbing
  6. Set-off and carry forward of losses
  7. Deductions from gross total income
  8. Computation of total income and tax payable
  9. Provisions concerning Advance tax and TDS
  10. Provisions for filing of return of income.

Part 2: Service tax (25 marks)

  1. Concepts and general principles
  2. Charge of service tax and Valuation
  3. Payment of service tax and filing of returns

Part 3: VAT (25 marks)

  1. Concepts and general principles
  2. Input Tax Credits and Composition Scheme for Small Dealers
  3. VAT Procedures



                                        Paper 5: Advanced Accounting

                                                          (3 hours) 

  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

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

  1. Advanced Issues in Partnership Accounts
  2. Company Accounts
    1. Employee stock option plan and Buy back of securities
    2. Amalgamation and Reconstruction
    3. Underwriting of shares and debentures
    4.  Redemption of debentures
    5. Accounting for Special Transactions
      1. Insurance Companies
      2. Banking Companies
      3. Electricity Companies
      4. Departmental accounts
      5. Branch accounts including foreign branches


                                       Paper 6: Auditing and Assurance

                                                              (3 hours) 

  1. Auditing Concepts
  2. Auditing and Assurance Standards
  3. Preparation for an Audit
  4. Internal Control
  5. Vouching
  6. Verification of Assets and Liabilities
  7. Company Audit
  8. Audit Report
  9. Special Audits


               Paper 7: Information Technology and Strategic Management

                                                       (3 hours) 

Part 1: Information Technology

  1. Computer software
  2. Data Storage, Retrievals and Data Base Management Systems
  3. Computer Networks & Network Security
  4. Internet and other technologies
  5. Flowcharts, Decision Tables

Part 2: Strategic Management

  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


New Accounting Standards, Announcements and Limited Revisions to ASs, Amendments and Legislations are issued by ICAI in place of existing ones then the syllabus will change accordingly with effect from the notified date. Syllabus will also include all the new enactments.



Students should be more focused on understanding the concepts instead of worrying about which books to follow and which teacher to take coaching from. Students should choose their pet subjects and do selective studying in the rest of the subjects. Although it is difficult but not impossible .



69 Responses to IPCC Syllabus for May 2014 Exams | ATC Course

  1. Please tell me about the amendments in ipcc gr. 1st may 2014 attempt.

  2. If there is any changes in Nov 2014 for ipcc group attempt. please send the details

  3. please tell me a syllabus of ipcc group 2 for nov.2014 attempt

  4. sir, kindly informed me that whether is there any changes for ipcc g2 advanced accountancy for nov. 14 attempt.???

  5. I have completed Bcom in 2004 with 53% mark and how can I apply ca inter for this year

  6. When do the syllabus of ipcc is going to change ;is it this nov or later

  7. please 2014 Taxation any change please replay me particular in
    november 2014 exam.

  8. I am Sabina.I have passed CA PE-II on November.Can register and apper for CA Final examination without undgergoing articleship

  9. Iam a 2004 bcom graduate student can i directly enter intermediate course straightly

  10. Can you please tell me is there any application of company law 2012 in audit paper for this may 2014 exam

  11. bijender chauhan

    about the study


  13. plz inform me about amended subject of ipcc for may2014 thanks

  14. If there is any changes in may 2014 for ipcc group attempt. please send the details

  15. how to study sm?
    pls advice me bcz it is very lengthy and boring subject.

  16. please send new amendment for ipcc 2nd group exAm may 2014

  17. please told me what are the amendments in syllabus of IPCC May2014

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