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CA Final AFM paper is moderately challenging. By preparing with the official ICAI syllabus topics, candidates can accurately answer almost all the questions of AFM.
What is the syllabus for the CA final exam?
CA Final exam syllabus comprises 6 papers across 2 groups. ICAI publishes the detailed syllabus of the CA Final on its official website.
How many chapters are in CA Final Paper 2?
CA Final Paper 2 consists of 15 chapters.
Which subject is most difficult in CA final?
Subjects like Advanced Financial Management, Strategic Cost Management, and Direct Tax Laws are considered the most difficult in the CA Final.
What if I fail in one subject in CA final?
If candidates fail one paper of the CA Final, they are required to reattempt all the papers in the next exam session to qualify as a CA
CA Final Syllabus Breakdown Paper 1, Advanced Auditing, Financial Reporting, AFM
CA Final syllabus breakdown for paper 1 covers all the topics covered in advanced accounting, financial reporting and AFM. Check detailed overview of CA Final syllabus breakdown.
Muskan Verma28 Jun, 2025
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CA Final Syllabus Breakdown: ICAI designs the comprehensive syllabus for all six papers of the CA Final level. This final stage of the Chartered Accountancy course is divided into two groups, each comprising three papers. Group 1 includes some of the most critical and challenging subjects, such as Financial Reporting, Advanced Auditing, and Advanced Financial Management.
For CA Final aspirants, having a clear and detailed understanding of the topics covered in each of these papers is essential. This breakdown helps candidates understand the topics they must master to perform well in the exam. Additionally, it enables aspirants to create an effective and strategic study plan, helping them allocate their time and efforts wisely as they prepare for the CA Final.
CA Final Syllabus Breakdown Overview
The CA Final examination is meticulously designed to evaluate candidates' knowledge and skills across diverse areas of accounting and finance. The examination structure ensures a comprehensive assessment of theoretical knowledge, practical application, and professional judgment required in the field of CA. Group 1, consisting of three fundamental papers, forms the core foundation of advanced accounting and auditing knowledge essential for every CA professional.
The table below presents the key highlights of the CA final syllabus breakdown for Group 1:
CA Final Syllabus Breakdown Paper 1 Overview
Particulars
Details
Syllabus Creating Authority
Institute of Chartered Accountants of India (ICAI)
No. of Papers in Group 1
3 Papers
Paper 1
Financial Reporting
Paper 2
Advanced Auditing and Assurance
Paper 3
Advanced Financial Management
Total Marks per Paper
100 Marks
No. of Questions per Paper
6 Questions
Passing Marks
40% in each paper (minimum 40 marks out of 100)
Examination Pattern
Written examination with theoretical and practical questions
CA Final Syllabus Breakdown of Financial Reporting
Financial reporting forms the basis of accounting for CA aspirants. This paper focuses on topics like Indian Accounting Standards (Ind AS) and their practical application. This paper emphasises the preparation, presentation, and analysis of financial statements in accordance with current regulatory frameworks. The comprehensive coverage of Financial Reporting topics helps candidates develop expertise in complex accounting treatments and financial statement preparation.
The topics in this paper are subdivided into the following five modules.
Financial Reporting Module 1 Syllabus
This foundational module covers the core principles and framework for Indian Accounting Standards. Here are the major topics included in Module 1 of Financial Reporting.
Financial Reporting Module 1 Syllabus
Chapter/Unit
Topic Coverage
Key Areas
Chapter 1
Introduction to Indian Accounting Standards
Framework and adoption of Ind AS
Chapter 2
Conceptual Framework for Financial Reporting
Fundamental principles and concepts
Chapter 3
Ind AS on Presentation of Financial Statements
Unit 1
Ind AS 1 Presentation of Financial Statements
Statement preparation and presentation
Unit 2
Ind AS 34 Interim Financial Reporting
Quarterly and half-yearly reporting
Unit 3
Ind AS 7 Statement of Cash Flows
Cash flow statement preparation
Chapter 4
Ind AS on Measurement based on Accounting Policies
Unit 1
Ind AS 8 Accounting Policies, Changes in Estimates and Errors
Policy changes and error corrections
Unit 2
Ind AS 10 Events after the Reporting Period
Post-balance sheet events
Unit 3
Ind AS 113 Fair Value Measurement
Fair value determination methods
Financial Reporting Module 2 Syllabus
This module comprehensively covers the recognition, measurement, and reporting of various types of assets in financial statements. This includes both tangible and intangible assets. Unit-wise breakdown of the module 2 syllabus is presented below:
Financial Reporting Module 2 Syllabus
Chapter
Unit
Topic Coverage
Key Areas
Chapter 5
Ind AS on Assets of Financial Statements
Unit 1
Ind AS 2 Inventories
Inventory valuation and measurement
Unit 2
Ind AS 16 Property, Plant and Equipment
Fixed asset accounting
Unit 3
Ind AS 23 Borrowing Costs
Capitalization of borrowing costs
Unit 4
Ind AS 36 Impairment of Assets
Asset impairment testing
Unit 5
Ind AS 38 Intangible Assets
Recognition and measurement
Unit 6
Ind AS 40 Investment Property
Investment property accounting
Unit 7
Ind AS 105 Non-current Assets Held for Sale
Discontinued operations
Unit 8
Ind AS 116 Leases
Lease accounting standards
Financial Reporting Module 3 Syllabus
This module focuses on the recognition and measurement of liabilities, complex accounting treatments for items that impact financial statements, and essential disclosure requirements for transparent financial reporting. Here is the detailed breakdown of the module 3 syllabus:
Financial Reporting Module 3 Syllabus
Chapter
Unit
Topic Coverage
Key Areas
Chapter 6
Ind AS on Liabilities of Financial Statements
Unit 1
Ind AS 19 Employee Benefits
Pension and benefit accounting
Unit 2
Ind AS 37 Provisions, Contingent Liabilities
Liability recognition
Chapter 7
Ind AS on Items Impacting Financial Statements
Unit 1
Ind AS 12 Income Taxes
Deferred tax accounting
Unit 2
Ind AS 21 Foreign Exchange Rate Effects
Currency translation
Chapter 8
Ind AS on Disclosures in Financial Statements
Unit 1
Ind AS 24 Related Party Disclosures
Related party transactions
Unit 2
Ind AS 33 Earnings per Share
EPS calculations
Unit 3
Ind AS 108 Operating Segments
Segment reporting
Financial Reporting Module 4 Syllabus
This module covers essential areas of revenue recognition under the new standards framework. Through this module, students have to understand complex financial instruments accounting, including derivatives and hedge accounting principles.
Here are the key chapters included in module 4 of Financial Reporting syllabus:
Financial Reporting Module 4 Syllabus
Chapter
Unit
Topic Coverage
Key Areas
Chapter 9
Ind AS 115 Revenue from Contracts with Customers
Revenue recognition principles
Chapter 10
Other Indian Accounting Standards
Unit 1
Ind AS 41 Agriculture
Agricultural accounting
Unit 2
Ind AS 20 Government Grants
Grant accounting
Unit 3
Ind AS 102 Share Based Payment
Equity compensation
Chapter 11
Financial Instruments Accounting and Reporting
Unit 1
Financial Instruments: Scope and Definitions
Basic concepts
Unit 2
Classification and Measurement
Asset and liability classification
Unit 3
Equity and Financial Liabilities
Distinction and treatment
Unit 4
Derivatives and Embedded Derivatives
Complex instruments
Unit 5
Recognition and Derecognition
Initial and subsequent measurement
Unit 6
Hedge Accounting
Risk management accounting
Unit 7
Disclosures
Financial instrument disclosures
Financial Reporting Module 5 Syllabus
This advanced module covers business combinations, group accounting principles, and contemporary topics in accounting, including technology integration and professional responsibilities. This module aims to prepare candidates for complex corporate reporting scenarios.
Here are the topics included in module 5 of the CA Final Financial Reporting paper:
Financial Reporting Module 5 Syllabus
Chapter
Unit
Topic Coverage
Key Areas
Chapter 12
Ind AS 103 Business Combinations
Merger and acquisition accounting
Chapter 13
Consolidated and Separate Financial Statements
Unit 1
Introduction to Consolidated Statements
Basic concepts
Unit 2
Important Definitions
Key terminology
Unit 3
Consolidated Financial Statements
Preparation methods
Unit 4
Ind AS 110: Consolidation Procedure
Subsidiary consolidation
Unit 5
Ind AS 111 Joint Arrangements
Joint venture accounting
Unit 6
Ind AS 28 Investments in Associates
Associate company accounting
Unit 7
Ind AS 27 Separate Financial Statements
Parent company statements
Unit 8
Disclosures
Group reporting requirements
Chapter 14
Ind AS 101 First-time Adoption
Transition to Ind AS
Chapter 15
Analysis of Financial Statements
Ratio analysis and interpretation
Chapter 16
Professional and Ethical Duty
CA professional responsibilities
Chapter 17
Accounting and Technology
Digital transformation in accounting
CA Final Syllabus Breakdown of Advanced Financial Management
Paper 2 of CA Final, Advanced Financial Management. focuses on strategic financial decision-making, risk management, and contemporary financial market instruments. This paper is crucial for developing expertise in complex financial analysis, investment decisions, and modern financial management techniques. All these aspects are essential for senior financial professionals. The curriculum covers both theoretical frameworks and practical applications in corporate finance and investment management.
Here is the detailed breakdown of the topics covered in the CA Final AFM syllabus:
CA Final Syllabus Breakdown of Advanced Financial Management
Chapter
Topic Coverage
Key Learning Areas
Chapter 1
Financial Policy and Corporate Strategy
Strategic financial planning and policy formulation
Chapter 2
Risk Management
Enterprise risk management and mitigation strategies
Chapter 3
Advanced Capital Budgeting Decisions
Complex investment appraisal techniques
Chapter 4
Security Analysis
Fundamental and technical analysis of securities
Chapter 5
Security Valuation
Valuation models for equity and debt securities
Chapter 6
Portfolio Management
Modern portfolio theory and asset allocation
Chapter 7
Securitization
Asset securitization process and instruments
Chapter 8
Mutual Funds
Mutual fund operations and performance evaluation
Chapter 9
Derivatives Analysis and Valuation
Options, futures, and derivative pricing models
Chapter 10
Foreign Exchange Exposure and Risk Management
Currency risk management strategies
Chapter 11
International Financial Management
Cross-border financial operations
Chapter 12
Interest Rate Risk Management
Interest rate derivatives and hedging
Chapter 13
Business Valuation
Enterprise and equity valuation methods
Chapter 14
Mergers, Acquisitions and Corporate Restructuring
M&A analysis and restructuring strategies
Chapter 15
Startup Finance
Venture capital and startup financing
CA Final Syllabus Breakdown of Advanced Auditing and Assurance
Advanced Auditing and Assurance is paper 3 of CA Final level. This paper comprises topics such as auditing standards, specialised audit areas, and professional ethics. With comprehensive coverage of Paper 3 topics candidates can develop expertise in audit planning, execution, and reporting. The syllabus of Paper 3 is decided into three modules.
Advanced Auditing Module 1 Syllabus
This module establishes the core auditing framework, covering quality control systems, professional responsibilities, and the systematic approach to audit planning, risk assessment, and evidence gathering. Here is the detailed breakdown of topics covered in CA Final Advanced Auditing module 1:
Advanced Auditing Module 1 Syllabus
Chapter
Topic Coverage
Key Learning Areas
Chapter 1
Quality Control
Audit firm quality control systems
Chapter 2
General Auditing Principles and Auditor Responsibilities
Professional standards and responsibilities
Chapter 3
Audit Planning, Strategy and Execution
Strategic audit planning and implementation
Chapter 4
Materiality, Risk Assessment and Internal Control
Risk-based audit approach
Chapter 5
Audit Evidence
Evidence gathering and evaluation
Chapter 6
Completion and Review
Audit completion procedures
Chapter 7
Reporting
Audit reporting standards and formats
Advanced Auditing Module 2 Syllabus
This module includes concepts for specialised auditing domains, covering industry-specific requirements, emerging digital audit techniques, and complex audit scenarios. Presented below are the key chapters and topics of CA Final Advanced Auditing module 2:
Advanced Auditing Module 2 Syllabus
Chapter
Topic Coverage
Key Learning Areas
Chapter 8
Specialised Areas
Industry-specific auditing requirements
Chapter 9
Related Services
Assurance and non-assurance services
Chapter 10
Review of Financial Information
Review engagement standards
Chapter 11
Prospective Financial Information and Assurance Services
Forward-looking information assurance
Chapter 12
Digital Auditing & Assurance
Technology-enabled audit procedures
Chapter 13
Group Audits
Multi-location and subsidiary audits
Chapter 14
Special Features of Audit of Banks & NBFCs
Financial services sector auditing
Advanced Auditing Module 3 Syllabus
The last module of Advanced Auditing covers topics that strengthen candidates’ contemporary audit knowledge, including public sector auditing, internal audit functions, forensic accounting, and sustainability assurance. Additionally, candidates learn the critical area of professional ethics that governs auditor conduct and responsibilities in modern practice.
Detailed breakdown of the module 3 syllabus of Advanced Auditing is as follows:
Advanced Auditing Module 3 Syllabus
Chapter
Topic Coverage
Key Learning Areas
Chapter 15
Overview of Audit of Public Sector Undertakings
Government enterprise auditing
Chapter 16
Internal Audit
Internal audit function and governance
Chapter 17
Due Diligence, Investigation & Forensic Accounting
