The Institute of Chartered Accountants of India (ICAI) has made essential amendments to the syllabus for the upcoming December 2023 Foundation Course Examination. This article provides comprehensive insights into the updated content for Paper 2, Paper 3, and Paper 4, highlighting the relevance of the study materials and the legislative changes for November 2023 examinations.
The revised content for Paper 2, Business Laws, includes five critical legislative areas, such as The Indian Contract Act, 1872; The Sale of Goods Act, 1930; The Indian Partnership Act, 1932; The Limited Liability Partnership Act, 2008; and The Companies Act, 2013. The content derived from the September 2021 edition of the study materials and the legislative modifications hosted on the BoS Knowledge Portal will be the sole focus for the November 2023 examinations.
Conversely, the Foundation Paper 3 syllabus has seen some topics removed, including Unit II: Matrices from Chapter 2, Syllogism from Chapter 13, and Unit II: Time Series from Chapter 19.
For Paper 4, the September 2021 edition of the study materials remains relevant, with notable amendments such as changes in the CEO, CFO names, Forbes 2023 ranking, and Fortune 2023 ranking in Chapter 3 (Business Organisations) applicable for the November 2023 examination.
Board of Studies
The Institute of Chartered Accountants of India
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for December, 2023 – Foundation Course Examination
Paper 2, Section A: Business Laws for November 2023 examination
Inclusions from the syllabus
| (1) | (2) | (3) |
| S. No. in the syllabus | Chapters/ Topics of the syllabus | Inclusions |
| 1. | Chapter 1: The Indian Contract Act, 1872 | The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations. |
| 2. | Chapter 2: The Sale of Goods Act, 1930 | The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations. |
| 3. | Chapter 3: The Indian Partnership Act, 1932 | The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations. |
| 4. | Chapter 4: The Limited Liability Partnership Act, 2008 | The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations. |
| 5. | Chapter 5: The Companies Act, 2013 | The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations. |
Note:
September 2021 edition of the Study Material is relevant for November 2023 examinations. The amendments – made after the issuance of this Study Material – i.e. for period 1st of May 2021 to 30th April, 2023 shall also be relevant. The relevant Legislative amendments for November 2023 will be available on the BoS Knowledge Portal.
Paper 3 – Business Mathematics. Logical Reasoning and Statistics
The following topics are deleted from the syllabus of Foundation Paper 3: Business Mathematics, Logical Reasoning and statistics from May 2022 examinations:
| Chapter No | Deleted Topics |
| Chapter 2 | Unit II : Matrices |
| Chapter 13 | Syllogism |
| Chapter 19 | Unit II : Time Series |
Paper-4: Part-II: Business and Commercial Knowledge
September 2021 edition of the Study Material is relevant for November 2023 examinations. The amendments made after the issuance of this Study Material i.e., the changes in the names of CEO, CFO etc., Forbes 2023 ranking, Fortune 2023 ranking in chapter 3 (Business Organisations) are applicable for November 2023 Examination. The relevant amendments will be available on the BoS Knowledge Portal.
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