IPCC Group I Syllabus: A Summary

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

1. General knowledge about national and international accounting authorities, framing of account standards, and adoption of international financial reporting standards.
2. Accounting standards
3. Company accounts
4. Financial statements of not-for-profit organizations
5. Average due date, Self-balancing ledgers, Account current
6. Accounting for special transactions
7. Accounts from incomplete records
8.  Issues in partnership accounts
9. Accounting in computerized environment

Paper 2: Business Laws, Ethics, and Communication

1. Part I– Business Law
2. Business Law
3. The Payment of Gratuity Act, 1972
4. The Payment of Bonus Act, 1965
5. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
6. The Negotiable Instruments Act, 1881
7. The Indian Contract Act, 1872
8. Company Law
9. The Companies Act, 2013 (Section 1–22)
10. Part II– Ethics
11. Introduction to Business Ethics
12. Environment issues
13. Ethics in workplace
14. Ethics in accounting and finance
15. Ethics in marketing and consumer protection
16. Part III– Communication
17. Elements of Communication
18. Communication in business environment
19. Basic understanding of legal documents and deeds

Paper 3: Cost Accounting and Financial Management

1. Part I– Cost Accounting
2. Introduction to Cost Accounting
3. Cost ascertainment
4. Costing systems
5. Cost book-keeping
6. Budget and Budgetary control
7. Introduction to Standard Costing
8. Introduction to Marginal Costing
9. Part II– Financial Management
10. Scope and Objectives of Financial Management
11. Financial analysis and planning
12. Time value of money
13. Types of financing
14. Financing decisions
15. Investment decisions
16. Management of working capital

Paper 4: Taxation

• Section A– Income Tax

1. Important definitions in the IT Act, 1961
2. Basis of charge; Tax rates on different kinds of assesses
3. Concepts of assessment and previous year
4. Residential status and scope of total income ; Income deemed to arise or accrue/ deemed to be received in India
5. Incomes which are not a part of total income ( excluding political parties and electoral trusts and charitable institutions and trusts)
6. Heads of income and the provisions regarding income computation under various heads
7. Income of other individuals encompassed in the total income of an assesse
8. Aggregation of income; set-off of losses and set-off or carry forward losses
9. Deductions from gross total income
10. Computation of total income and tax liability of individuals
11. Provisions for filing of return of income
12. Provisions concerning tax deduction at source and advance tax

• Section B– Indirect Taxes

1. Concept of Indirect Taxes
2. Goods and Service Tax (GST) Laws