The Institute of Taxation

Member of International Fiscal Association

Course Work Only – Economics and
Finance

  • Micro Economics
  • Macro Economics
  • Pakistan Economics
  • Investing Decisions
  • Financing Decisions
  • Working Capital Management

Paper 1 – Accounting – II

Section A – Corporate Reporting

  • Financial Reporting Concepts
  • Preparation of Financial Statements of Limited Liability Companies
  • IAS 1: Preparation of Financial Statements
  • IAS 7: Statement of cash flows
  • IAS 16: Property, plant and equipment
  • Non-Current Assets: Sundry standards
  • IAS 37: Provisions, Contingent Assets and Liabilities
  • IFRS 15: Revenue from contracts with customers
  • Interpretation of financial statements
  • Ethics for Professional Accountants

Section B –
Cost and Management Accounting

  • Overview of cost and management accounting concepts
  • Marginal costing and absorption costing
  • Standard costing and Variance analysis
  • Relevant costs
  • Cost-volume-profit (CVP) analysis
  • Decision making techniques
  • Time value of money and investment appraisal

Paper 2 – Business Law – II

  • Formation and kinds of not-for-profit entities
  • Overview of types of companies and management
  • Companies Act 2017- Share Capital and Prospectus
  • Companies Act 2017- Investments and Dividends
  • Companies Act 2017- Accounts and Audit
  • Filing of Forms & Documents with SECP and secretarial practices
  • Awareness of laws, rules and regulations related to banking companies, insurance companies, securities, issue of capital, listing, modaraba, competition, anti-money laundering and foreign exchange


Paper 3 – Taxation – II

  • Overview of Basic Taxation
  • Income from business – advanced
  • Income from other sources
  • Capital gains
  • Computation of Payroll
  • Income tax returns
  • Foreign source income of a resident person
  • Assessment, records and audit
  • Appeals, references and petitions
  • Sales Tax Laws – Federal and provincial/Capital Territory
  • Sales tax- returns and records
  • Federal Excise Tax
  • Tax Professionals’ responsibilities and ethics
  • Filing of Returns & Statements with FBR and Provincial Revenue Authorities
  • Wealth statement and reconciliation
  • Tax computation
  • Individual
  • Unincorporated business
  • Incorporated business
  • Introduction to legal drafting and pleading
Paper 4 – Business Writing and Comprehension Skills



Syllabus Ref.

Grid

Weightage

A

Comprehension. (Need discussion)

20-30

B

Idea Generation and Arguments

20-30

C

Business Correspondence

40-60

 

Total

100

 Key Examinable Technical Competencies

 

Syllabus Ref.

Learning Outcome

Proficiency Level

Testing Level

A. Comprehension

1

Apply skimming and scanning reading techniques.

P1

T1

2

Summarize a given text.

P2

T2

3

List down essential points briefly.

P1

T1

B. Idea Generation and Arguments

1

Apply brainstorming and thinking techniques.

P1

T1

2

Identify facts, assumptions, and opinions for tax related issues like for grounds of appeal etc.

P1

T2

3

Prepare argument for and against a subject matter focusing on Taxation matters (Assessments, Appeals etc.)

P2

T2

C. Business Correspondence

1

Apply specified vocabulary and phrases.

P1

T3

2

Draft reports, letters, memo and email messages focusing on tax related matters.

P2

T3

 

Eligibility: CTM Knowledge Level passed/referred/Exempted