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IPCC Group I Syllabus: A Summary
Group I of Intermediate (Integrated Professional Competence) Course (IPCC) Exam includes 4 papers– Accounting; Business laws, Ethics, and Communication; Cost accounting and Financial management; and Taxation.
Paper 1: Accounting
- General knowledge about national and international accounting authorities, framing of account standards, and adoption of international financial reporting standards.
- Accounting standards
- Company accounts
- Financial statements of not-for-profit organizations
- Average due date, Self-balancing ledgers, Account current
- Accounting for special transactions
- Accounts from incomplete records
- Issues in partnership accounts
- Accounting in computerized environment
Paper 2: Business Laws, Ethics, and Communication
- Part I– Business Law
- Business Law
- The Payment of Gratuity Act, 1972
- The Payment of Bonus Act, 1965
- The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
- The Negotiable Instruments Act, 1881
- The Indian Contract Act, 1872
- Company Law
- The Companies Act, 2013 (Section 1–22)
- Part II– Ethics
- Introduction to Business Ethics
- Environment issues
- Ethics in workplace
- Ethics in accounting and finance
- Ethics in marketing and consumer protection
- Part III– Communication
- Elements of Communication
- Communication in business environment
- Basic understanding of legal documents and deeds
Paper 3: Cost Accounting and Financial Management
- Part I– Cost Accounting
- Introduction to Cost Accounting
- Cost ascertainment
- Costing systems
- Cost book-keeping
- Budget and Budgetary control
- Introduction to Standard Costing
- Introduction to Marginal Costing
- Part II– Financial Management
- Scope and Objectives of Financial Management
- Financial analysis and planning
- Time value of money
- Types of financing
- Financing decisions
- Investment decisions
- Management of working capital
Paper 4: Taxation
- Important definitions in the IT Act, 1961
- Basis of charge; Tax rates on different kinds of assesses
- Concepts of assessment and previous year
- Residential status and scope of total income ; Income deemed to arise or accrue/ deemed to be received in India
- Incomes which are not a part of total income ( excluding political parties and electoral trusts and charitable institutions and trusts)
- Heads of income and the provisions regarding income computation under various heads
- Income of other individuals encompassed in the total income of an assesse
- Aggregation of income; set-off of losses and set-off or carry forward losses
- Deductions from gross total income
- Computation of total income and tax liability of individuals
- Provisions for filing of return of income
- Provisions concerning tax deduction at source and advance tax
- Section B– Indirect Taxes
- Concept of Indirect Taxes
- Goods and Service Tax (GST) Laws
