CA Final Syllabus May 2025: Subjects, Topics, and Study Materials

ICAI introduced an updated CA Final Syllabus in May 2025 under the new scheme, available on its official website. This article provides a complete overview of the revised CA Final Syllabus May 2025 examination, covering all 6 papers.

The Institute of Chartered Accountants of India introduced a revised CA Final syllabus on July 1, 2023, as part of its updated scheme. The new syllabus debuted in the May 2024 examination and was also applied to the November 2024 exam. 

Notably, the revised syllabus features a streamlined curriculum with six papers, reduced from eight, and provides overall coverage of essential topics, subtopics, and papers. Additionally, the updated exam pattern aims to assess students' knowledge and skills effectively. 

CA Final Syllabus for May 2025

The ICAI CA Final Syllabus May 2025 is structured into 6 major subjects, divided into two distinct categories. These extensive subjects cover a broad range of topics, including financial reporting, strategic management, advanced auditing, corporate and allied laws, cost and management accounting, and direct and indirect taxation. Each paper within the CA Final curriculum carries a weightage of 100 marks. 

To achieve success in the CA Final exams, students must meet the minimum passing criteria, which includes securing at least 40% marks in each subject and a cumulative aggregate of 50% across all CA Final subjects. 

To excel in the exams, it is important to adopt a strategic approach, total strict preparation, thorough revision, and extensive practice through CA Final model test papers (MTPs) and revision test papers (RTPs), ultimately leading to outstanding results in the May 2025 exams.

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Highlights of CA Final Syllabus for May 2025

Get familiar with the revised CA Final syllabus, as per the latest ICAI scheme, and explore the comprehensive overview of the papers included in the curriculum.

CA Final Syllabus May 2025
Sl. No Paper Name Marks
Paper 1 Financial Reporting 100 Marks
Paper 2 Advanced Financial Management 100 Marks
Paper 3 Advanced Auditing, Assurance And Professional Ethics 100 Marks
Paper 4 Direct Tax Laws & International
Taxation		 100 Marks
Paper 5 Indirect Tax Laws
Part I: Goods and Services Tax
Part II: Costumes & FTP		 100 Marks
80 Marks
20 Marks
Paper 6 Integrated Business Solutions
(Multi-Disciplinary Case Study With Strategic Management)		 100 Marks

CA Final Syllabus for May 2025 According to New Scheme

The CA Final syllabus, introduced under the new ICAI scheme, comprises six core subjects. Below is a detailed outline of the extensive topics and subtopics covered in each subject of the new CA Final syllabus.

Paper 1: Financial Reporting 

To Objective of the Financial Reporting

  • To develop the ability to apply and resolve real-world issues related to Indian Accounting Standards (Ind AS), enabling the determination of proper accounting treatment and the creation of appropriate accounting policies.
  • To acquire proficiency in identifying and implementing Ind AS disclosure requirements in practice, ensuring accurate preparation and presentation of financial statements.
  • To gain expertise in preparing financial statements using Ind AS for group entities, including subsidiaries, associates, and joint ventures.
  • To develop knowledge of specific accounting standards and learn to navigate complex, real-world scenarios where different standards apply, requiring nuanced treatment.
CA Final Syllabus Financial Reporting
Introduction to General Purpose Financial Statements as per Indian Accounting Standard (Ind AS) Conceptual Framework for Financial Reporting under Indian Accounting Standards (Ind AS)
Statutory provisions: Applicability criteria
Division II of Schedule III to the Companies Act, 2013 and Guidance Note thereupon		  
Application of Ind AS about General Purpose Financial Statements i) Ind AS on Presentation of Items in the Financial Statements
Ind AS 1 “Presentation of Financial Statements”
Ind AS 34 “Interim Financial Reporting”
Ind AS 7 “Statement of Cash Flows”
Ind AS on Measurement based on Accounting Policies
Ind AS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”
Ind AS 10 “Events after the Reporting Period”
Ind AS 113 “Fair Value Measurement”
Ind AS on Income Statement
Ind AS 115* “Revenue from Contracts with the Customers”
Ind AS on Assets and Liabilities of the Financial Statements
Ind AS 2 “Inventories”
Ind AS 16 “Property, Plant and Equipment”
Ind AS 116* “Leases”
Ind AS 23 “Borrowing Costs”
Ind AS 36 “Impairment of Assets”
Ind AS 38 “Intangible Assets”
Ind AS 40 “Investment Property”
Ind AS 105 “Non-current Assets Held for Sale and Discontinued Operations”
Ind AS 19 “Employee Benefits”
Ind AS 37 “Provisions, Contingent Liabilities and Contingent Assets
Ind AS on Items impacting the Financial Statements
Ind AS 12* “Income Taxes”
Ind AS 21 “The Effects of Changes in Foreign Exchange Rates
 
Ind AS on Disclosures in the Financial Statements
Ind AS 24 “Related Party Disclosures”
Ind AS 33 “Earnings per Share”
Ind AS 108 “Operating Segments”
Other Ind AS
Ind AS 20 “Accounting for Government Grants and Disclosure of Government Assistance”
Ind AS 102 “Share Based Payment”
Ind AS 41 “Agriculture
Ind AS on Financial Instruments (it includes Ind AS 32, Ind AS 109, Ind AS 107)
Financial Instruments: Scope and Definitions
Classification and Measurement of Financial Assets and Financial Liabilities
Financial Instruments: Equity and Financial Liabilities
Derivatives and Embedded Derivatives
Recognition and Derecognition of Financial Instruments
Hedge Accounting
Disclosures
Ind AS on Group Accounting Business Combinations (Ind AS 103)
ii Consolidated and Separate Financial Statements (it includes Ind AS 110, Ind AS 111, Ind AS 27, Ind AS
28, Ind AS 112)
First-time adoption of Indian Accounting Standards (Ind AS 101) Analysis of financial statements (as per Ind AS)
Identify and explain the key ethical issues Ethics with Accounting Concepts
Evolution of Accounting in the technological environment Technology and Accounting

 

Paper 2: Advanced Financial Management

Developing the ability to apply financial management concepts, theories, and techniques to inform strategic decision-making processes.

CA Final Syllabus Advanced Financial Management
Risk Management
  • Identification of types of Risks faced by an organization
  • Evaluation of Financial Risks
  • Value at Risk (VAR)
  • Evaluation of appropriate method for the identification and management of financial risk
Financial Policy and Corporate Strategy
  • Advanced role of CFO in various matters, including Value Creation
  • Strategic decision-making framework
  • Interface of Financial Policy and strategic management
  • Balancing financial goals vis-à-vis sustainable growth
Advanced Capital Budgeting Decisions
  • Current Trends in Capital Budgeting
  • Impact of Inflation on Capital Budgeting Decisions
  • Impact of change in technology on Capital Budgeting
  • Impact of Change in Government Policies on Capital Budgeting
  • Dealing with Risk in Investment Decisions
  • Internal and External Factors affecting capital budgeting decision
  • Methods of incorporating risk in Capital Budgeting
  • Adjusted Present Value
  • Optimum Replacement Cycle
Security Analysis
  • Fundamental Analysis
  • Technical Analysis
  • Meaning
  • Assumptions
  • Theories and Principles
  • Charting Techniques – Basics
  • Efficient Market Hypothesis (EMH
  • Equity Research and tools available
Security Valuation
  • Theory of Valuation
  • Return Concepts
  • Equity Risk Premium
  • Required Return on Equity
  • Discount Rate Selection in Relation to Cash Flows
  • Approaches to Valuation of Equity Shares
  • Valuation of Preference Shares
  • Valuation of Debentures/ Bonds
  • Role and Responsibilities of Valuers
  • Precautions need to be taken by a Valuer before accepting any valuation assignment
Securitization
  • Introduction
  • Concept and Definition
  • Benefits of Securitization
  • Participants in Securitization
  • Mechanism of Securitization
  • Problems in Securitization
  • Securitization Instruments
  • Pricing of Securitization Instruments
  • Risks in Securitization
  • Tokenization
  • Securitization in India
Portfolio Management
  • Portfolio Management
  • Portfolio Analysis
  • Portfolio Selection
  • Capital Market Theory
  • Portfolio Revision
  • Portfolio Evaluation
  • Asset Allocation
  • Fixed Income Portfolio
  • Risk Analysis of Investment in Distressed Securities
  • Alternative Investment Avenues
  • Real Estate
  • Gold
  • Private Equity
  • REITs
  • Hedge Funds
  • ETFs
  • Mutual Funds
  • Commodities
Mutual Funds
  • Meaning
  • Types
  • Advantages and Disadvantages of Mutual Funds
  • Evaluation of Mutual Funds
  • Role of Fund Manager in Mutual Funds
  • Hedge Funds
  • Role of FIIs in Mutual Funds
Derivatives Analysis and Valuation
  • Introduction to Forwards, Futures and Options
  • Futures Market
  • Pricing of Forwards and Futures
  • Hedging using Futures
  • Options
– Option Pricing
– Option Greeks
– Exotic Options
  • Credit Derivatives
  • Real Options
  • Derivative Mishaps and Lessons
  • Swaps
  • Commodity Derivatives
  • Weather Derivatives
  • Electricity Derivatives
Foreign Exchange Exposure and Risk Management
  • Factors affecting foreign exchange rate
  • Role of SWIFT in Foreign Exchange
  • National and International Payment Gateways
  • Exchange rate determination
  • Foreign currency market
  • Management of Foreign Exchange Risk
International Financial Management
  • International Capital Budgeting
  • Offshore Investment Strategies vis-à-vis Domestic Capital Budgeting
  • Project vis-à-vis Parent Cash Flows
  • Discounting Rate and Adjusting Cash Flows
  • Adjusted Present Value
Interest Rate Risk Management
  • Benchmark Rates
  • Interest Rate Risk
  • Hedging Interest Rate Risk
  • Traditional Methods
  • Asset and Liability Management (ALM)
  • Forward Rate Agreement (FRA)
  • Modern methods, including Interest Rate Derivatives
  • Interest Rate Futures
  • Interest Rate Options
  • Swaps
  • Swaptions
Business Valuation
  • Conceptual Framework of Valuation
  • Approaches/ Methods of Valuation
-Assets Based Valuation Model
-Cash Flow Based Models
-Earning Based Models
-Measuring Cost of Equity
  • Capital Asset Pricing Model
  • Arbitrage Pricing Theory
  • Estimating Beta of an unlisted company
-Relative Valuation
  • Steps involved in relative valuation
  • Equity valuation multiples
  • Enterprise valuation multiple
  • Other approaches to Value Measurement
  • Economic Value Added (EVA)
  • Market Value Added (MVA)
  • Shareholder Value Analysis (SVA)
-Arriving at Fair Value
  • Going concern and non going concern valuation
  • Valuation of distressed companies
  • Valuation of startups
  • Valuation of digital platforms
  • Valuation of professional / consultancy firms
  • Impact of ESG on valuation
Mergers, Acquisitions and Corporate Restructuring
  • Conceptual Framework
  • Rationale
  • Forms
  • Mergers and Acquisitions
-Financial Framework
– Takeover Defensive Tactics
– Reverse Merger
  • Divestitures
-Partial Sell off
– Demerger
– Equity Carve outs
  • Ownership Restructuring
-Going Private
– Management/ Leveraged Buyouts
  • Unlocking the value through Mergers & Acquisitions and Business Restructuring
  • Cross Border Mergers
  • Special Purpose Acquisition Companies (SPACs)
Startup Finance
  • Introduction including Pitch Presentation
  • Concept of Unicorn
  • Startup Initiative of GOI
  • Sources of Funding
  • Succession planning in Business

Paper 3: Advanced Auditing, Assurance, and Professional Ethics 

Key objectives include:

  • Developing the skills to analyze, evaluate, and apply contemporary auditing practices and procedures in real-world auditing engagements.
  • Enhancing the ability to effectively address and resolve complex cases and issues that arise during audit engagements.
CA Final Syllabus Advance Auditing, Assurance and Professional Ethics
General Auditing Principles and Auditors Responsibilities
  • SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
  • SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements
  • SA 260 Communication with Those Charged with Governance
  • SA 299 Joint Audit of Financial Statements
  • SA 402 Audit Considerations Relating to an Entity Using a Service Organisation
Quality Control
  • SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements
  • SA 220 Quality Control for an Audit of Financial Statements
Audit Planning, Strategy, and Execution
  • SA 300: Planning an Audit of Financial Statements; (Content is covered in depth at Intermediate level, Therefore, the application part of SA 300 may be discussed in the form of Case Study at Final level.)
  • SA 450 Evaluation of Misstatements identified During the Audit
  • SA 520 Analytical Procedures
  • SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related
  • Disclosures
  • SA 610 Using the Work of Internal Auditors
  • SA 620 Using the Work of an Auditor’s Expert
Materiality, Risk Assessment and Internal Control
  • Evaluation of Internal Control Procedures; Components of Internal Controls; Internal Control and Risk Assessment; Auditor’s response to assessed risks; Risk-Based Audit- Audit Risk Analysis; Reporting on Internal Control Weaknesses, Framework on Reporting of Internal Controls
  • SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
  • SA 330 The Auditor’s Responses to Assessed Risks
Audit Evidence Completion and Review
Specialised Areas
  • Basic and overview of SA 800 special considerations – Audits of financial statements
  • Basic and overview of SA 805 special considerations – audits of single financial statements
  • Basic and Overview of SA 810 Engagements to Report on Summary Financial Statements
Reporting
  • SA 700 Forming an Opinion and Reporting on Financial Statements
  • SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
  • SA 705 Modifications to the Opinion in the Independent Auditor’s Report
  • SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
  • SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
  • SA 720 The Auditor’s Responsibility in Relation to Other Information
Audit-related Services
  • Basic and Overview of SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information
  • Basic and Overview of SRS 4410 Compilation Engagements
Review of Financial Information
  • Basic and Overview of SRE 2400 Engagements to Review Historical Financial Statements
  • Basic and Overview of SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
Digital Auditing and Assurance Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing
Prospective Financial Information and Other Assurance Services
  • Basic and Overview of SAE 3400 The Examination of Prospective Financial Information
  • Basic and Overview of SAE 3402 Assurance Reports on Controls at a Service Organisation
  • Basic and Overview of SAE 3420 Assurance Engagements to Report on the Compilation of Pro-forma financial information included in a prospectus
Group Audits
  • Audit of Consolidated Financial Statements Responsibility of Parent Company, Auditor of the
  • Consolidated Financial Statements; Audit Considerations – Permanent Consolidation, Current Period
  • Consolidation; Reporting
  • Audit of Group Financial Statements including the work of Component Auditors
  • (SA 600 Using the Work of Another Auditor)
Special Features of Audit of Banks & Non-Banking Financial Companies
Overview of Audit of Public Sector Undertakings Concept of Propriety Audit; Performance Audit; Comprehensive Audit
Internal Audit
  • Provisions of Internal Audit as per Companies Act, 2013; Scope of Internal Auditing;
  • Relationship between Internal and External Auditor; Basics of Internal Audit Standards issued by the
  • ICAI; Drafting of Internal Audit Report; Audit Trail, Internal Audit as a Management Function
Due Diligence, Investigation and Forensic Accounting:
  • Due Diligence Review; Audit versus
  • Investigation; Steps for Investigation; Types of Investigation; Procedure, Powers, etc. of Investigator;
  • Types of Fraud, Indicators of Fraud, Follow-up thereof; Forensic Accounting- meaning, difference
  • between Statutory Audit and Forensic Accounting, Forensic Accounting and Investigation Report,
  • Introduction of Forensic Accounting and Investigation Standards
Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance, etc
Professional Ethics and Liabilities of Auditors:
  • Introduction of Code of Ethics as per IESBA and Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations thereunder;
  • Application of Fundamental Principles; Application of Threats,
  • Evaluation of Threat
  • Addressing Threats and Safeguards
  • Conceptual Framework
  • Important Provisions of Chartered Accountants Act,1949 and Chartered Accountants Regulations, 1988

Paper 4: Direct Law & Tax and International Taxation 

Key objectives include:

  • Developing expertise in analyzing and interpreting the provisions of direct tax laws to provide optimal, tax-efficient solutions to real-world problems.
  • Acquiring the ability to apply the principles, guidelines, and regulations of international taxation, as well as direct tax laws, to develop effective solutions for issues arising from cross-border transactions.
CA Final Syllabus: Direct Tax Laws & International Laws
  Comprehensive computation of income-tax liability of companies and other entities under the alternative tax regimes under the Income-tax Act, 1961 to optimise tax liability.
General provisions under the Act for computation of total income and tax liability of companies and other entities
Special tax regimes under the Act for companies and other entities
Optimisation of tax liability of companies and other entities through tax planning
Tax Administration and Appellate Mechanism
  • Deduction, Collection and Recovery of Tax
  • Income-tax Authorities
  • Assessment Procedures
  • Appeals and Revision; and Dispute Resolution
  • Provisions to counteract unethical tax practices
– Taxation of undisclosed income under the Income-tax Act, 1961
– Taxation of undisclosed foreign income and assets
– Penalties and offences and prosecution
  • Miscellaneous Provisions
  • Tax Audit
International Taxation Taxation of cross-border transactions and Non-resident taxation under the Income-tax Act, 1961, including
Transfer Pricing
Non-resident Taxation
Double Taxation Relief
Advance Ruling
Other Aspects of International Taxation, namely,
Significant articles of OECD and UN Model Tax Conventions
Fundamentals of BEPS
Application and Interpretation of Tax Treaties
Latest developments in International Taxation

 

Paper 5: Indirect Tax & Laws

Section I: TAX ON GOODS AND SERVICES

Objective:

To develop the ability to analyze, interpret, and provide solutions to diverse case studies and scenarios related to the Goods and Services Tax (GST) law.

CA Final Syllabus Indirect Tax Laws
Goods and Services Tax (GST) Law as contained in the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017 including Case studies based on following:
Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Classification; Exemption from tax; Place of supply; Time of Supply; Value of supply; Input tax credit; Computation of GST liability
Procedures under GST including registration, tax invoice, credit and debit notes, electronic way-bill, accounts and records, returns, payment of tax
Refunds and case studies based on refund provisions
Job work
Liability to pay in certain cases
Administration of GST; Assessment and Audit
Inspection, Search, Seizure and Arrest
Demand and Recovery; Offences and Penalties
Appeals and Revision
Advance Ruling
Ethics under GST
Other provisions
PART II: CUSTOMS & FTP
Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
  • Introduction to customs law including Constitutional aspects
  • Levy of customs duties including application of customs law, taxable event, charge of customs duty, exceptions to levy of customs duty, exemption from custom duty
  • Types of customs duties
  • Classification and valuation of imported and export goods
  • Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores
  • Warehousing
  • Refund
Foreign Trade Policy
  • Introduction to FTP: legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions
  • Basic concepts relating to import and export
  • Basic concepts relating to export promotion schemes provided under FTP

Paper 6: Integrated Business Solutions

The objective of this assignment is to develop the ability to analyze and apply the concepts, rules, and provisions of various disciplines, including corporate laws, accounting, auditing, taxation, finance, and business strategy and management, to resolve real-world issues presented in case studies.

This case-study-based assignment will assess students' complete knowledge and understanding of the following key topics:

  • Financial Reporting
  • Advanced Financial Management
  • Advanced Auditing, Assurance and Professional Ethics
  • Direct Tax Laws & International Taxation
  • Indirect Tax Laws
  • Corporate and Economic Laws
  • Strategic Cost & Performance Management

FAQs

What is the structure of the CA Final syllabus?

The syllabus for the CA final consists of eight subjects divided into two groups. Group I includes four subjects, and Group II includes four subjects. Each subject has a specific weightage and duration.

What are the subjects in the CA Final syllabus?

As per the ICAI new syllabus, there are 6 subjects in the CA final syllabus . The CA final syllabus 2025 course includes all related topics, such as taxation, auditing, and business law.

What is the passing criteria for the CA Final Exam?

To pass the CA Final Exam, a candidate must score a minimum of 40% in each subject and an aggregate of 50% in each group. Additionally, the candidate must complete the Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) and meet the training requirements.

Can I appear for the CA Final Exam without completing the training requirements?

No, you cannot appear for the CA Final Exam without completing the required training. You must complete the Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) and meet the training requirements specified by the Institute of Chartered Accountants of India (ICAI).

How many attempts are allowed to clear the CA Final Exam?

There is no restriction on the number of attempts to clear the CA Final Exam. However, you must re-register for the exam after the expiry of your initial registration.

Can I appear for a single group in the CA Final Exam?

Yes, you can appear for a single group in the CA Final Exam. However, you must clear both groups within six years from the date of your initial registration.

What is the duration of the CA Final Exam?

The CA Final Exam consists of eight subjects, each with a duration of three hours.

Are there any exemptions available in the CA Final Syllabus?

Yes, exemptions are available in certain subjects of the CA Final Syllabus. However, these exemptions are subject to specific conditions and requirements specified by the Institute of Chartered Accountants of India (ICAI).