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CA Sri Lanka

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FAQ for Curriculum 2015

The curriculum of CA Sri Lanka has been designed in response to the globalization of business activities and professional education in a changing world. In order to achieve this objective and maintain this standard the curriculum is updated and revised every five years..

The next curriculum revision will be effective from the ........... examinations onwards.

The new curriculum consists of three pillars: Knowledge, Skills and Personal and three levels: Executive, Business and Corporate as shown in the curriculum framework below.

According to this structure it is enables the student to progressively reach higher levels of achievement equipping him/herself with a distinct set of functional and people skills and employment prospects, throughout. Thus, this structure offers two optional exit routes, based on one’s choice of career path, before reaching the top-as a fully-fledged Chartered Accountant.

The interrelationship between the pillars, levels and the qualification to be obtained at each level is depicted below:

Each of the three pillars cuts across the three levels. The Knowledge Pillar comprises five sub pillars, which lead to five modules at each of the three levels, with a total of 15 modules. Likewise, the Skills Pillar, with two sub pillars, leads to a total of six course modules.The Personal Pillar is training and development oriented, with each level having its specific requirements.

The core pillar of the CA qualification is the Knowledge Pillar. Fifteen modules structured under five sub pillars will equip CAs with the technical knowledge required to perform their pivotal roles based on an ethical foundation. It will broaden their horizons enabling them to partner businesses through financial leadership and value creation.

The five sub pillars are:

Sub pillar 1: Financial Accounting and Reporting (FA&R)
Sub pillar 2: Management Accounting and Finance (MA&F)
Sub pillar 3: Taxation and Law (T&L)
Sub pillar 4: Assurance and Ethics (A&E)
Sub pillar 5: Management and Contemporary Issues (M&C)

The three-character code for each course module represents the pillar, level and sub pillar number respectively. For example, KB3 stands for Knowledge Pillar (K), Business Level (B) and sub pillar number (3).

Skills Pillar
The Skills Pillar has been developed from the ground up to address the need for soft skills of CAs. Two modules structured under two sub pillars will develop the communication skills and IT literacy of the students.

The two sub pillars are:

Sub pillar 1: Communication and People Skills (C&PS)
Sub pillar 2: Information Technology and Systems (IT&S)

Personal Pillar
The Personal Pillar entails practical training within a period of three years in an approved training organization. Training requirements have been developed in line with the research carried out and based on IFAC IESs for developing professional competencies.

During this training period, students are expected to acquire sufficient practical work experience in technical and functional skills, intellectual skills, personal skills, interpersonal and communication skills, organizational and business management skills and professional values, ethics and attitudes.

No. You can apply Business Level subjects only if you have completed Executive communication skills (SE 1) or Business English II in previous syllabus.

The Practical Training scheme was revamped along with the new curriculum and the new training requirements have been developed in line with the International Accounting Education Standards for developing professional competences for aspiring professional accountants and based on stakeholder expectations.

The total training requirement has been designed to be completed within a 3-year period while completing a minimum of 660 working days. There will not be any change in the total training period but the name of each level will be changed as follows:

The total period of approved practical training is divided into two phases:

  1. Executive Level
  2. Business & Corporate Level
    1. Business Level
    2. Corporate level

The training should be registered under a Training Agreement in order to be recognized as valid practical training. The Executive Level Training Agreement shall be separated from the Corporate Level Training Agreement.

2010 Training Scheme 2015 Training Scheme
Students who completed Certificate level training
Exempted from: Executive level training
Students who completed STR Level I training (Diploma level) Exempted from: Business level training
Students who completed STR Level II training Exempted from: Corporate level training

Existing training agreements as at 31.12.2014

Certificate level
: These students can continue training with the existing scheme
Strategic level
: These students can continue training with the existing scheme and in addition should complete the new Ethics module

  • Introducing the online professional ethics module
  • Combination of input and output based approach
  • Six month review by a supervising member
  • Recognition of work performed at weekends
  • The supervising member should sign off Regulations 27 & 29 at executive level training prior to commencement of the Business & Corporate.

A web based module on Professional Ethics and Attitudes has been introduced prior to the viva-voce.

Accordingly, by the end of the training period a trainee should be:

  • Familiar with the Professional Code of Ethics of the institutes.
  • Able to identify and analyze the ethical issues likely to be encountered in their work environment.
  • Understand the procedures for resolving ethical issues.

Instead of the traditional method of measuring achievement only through an input based approach with a specified number of working days as a minimum, a combination of input based and output based approaches will be used in the revised training scheme.

Under this approach, trainees are required to record their achievements in acquiring professional skills and competencies in every quarter while supervising members are required to evaluate and sign them off every six months.

The following areas should be developed by students seeking to become professional accountants.

  • Technical and functional skills
  • Professional Skills
    • Intellectual skills
    • Personal skills
    • Interpersonal and communication skills
    • Organizational and business management skills
    • Professional values, ethics and attitudes

Yes. Work carried out during weekends will be recognized up to a maximum of 10 days per annum

The six-month penalty extension owing to unauthorized interruptions will be changed in the new syllabus. The penalty period will be reduced as follows:

Period of interruption Extension period
Less than 1 month Warning (no extension)
I month < 6 months 1 month
6 months < 1 year 2 months
More than 1 year 6 months

  • Students who have completed practical training two years ago or do not have a proper topic for the viva from the training period are allowed to prepare a presentation from their current experience.
  • Link the viva with the final assessment of the soft skill development process
  • Set guidelines for preparation of the viva presentation

  • Marking Scheme:
    Students should be assessed according to a marking scheme and those who are unable to achieve the required marks should present it again to the same panel or another panel as appropriate.

    Proposed criteria for marking
    • Preparation of the presentation; development of the case rationally, flow, appropriateness of slides, content, free of errors
    • Presentation skills (voice, body language, analytical skills, eye contact, etc.)
    • Technical knowledge of the topic

The following are the training concessions for Corporate Level examination – June/December.

Students who complete the following training requirements before the closing date for Corporate Level examination applications or Corporate Level examination date, are permitted to sit for the Corporate Level examination in June and December, subject to the satisfaction of all other specified requirements:

  • Successful completion of Executive & Business level training
  • Completion of Business Level training (220 days) after being eligible for the Certified Business Accountant (CBA)

Note: Transitional arrangement for pre-2010 curriculums will be decided based on the transitional arrangements for curriculum 2010

General FAQs

Yes, the changes apply to all current CA students.

Executive Level I & II Sinhala Medium / Tamil Medium / English Medium
Business Level English Medium
Corporate Level English Medium

There is no such requirement.

Level Nature of assessment
Executive Level

Close book examination
Business Level
KB1/3
Open book examination
KB2/4/5 Close book examination
Corporate Level
KC1/ KC3/ KC4/ KC5 Open book examination
KC2 Close book examination

Recommended open book material (For December 2018 Business & Corporate Level exam)

KB 1 & KC 1

  • Sri Lanka Accounting Standards 2018
  • Open Book Referential - Student Version (Statement of Alternative Treatment, Sri Lanka Statement of Recommended practice, IFRICS and SICs)
  • CA Sri Lanka approved Statement of Alternative Treatment on Comparatives for Interim Financial Reporting
  • CA Sri Lanka approved IFRIC 22: Foreign Currency Transactions and Advance Consideration
  • CA Sri Lanka approved IFRIC 23: Uncertainty over Income Taxes
  • Code of Best Practice on Corporate Governance 2017
  • Sri Lanka Accounting Standard for SMEs 2015
  • Publication on SLFRS 9, SLFRS 15 and SLFRS 16
  • Sri Lanka Accounting Standard for Smaller Entities - 2015

KB 3

  • Business Taxation
    • Value Added Tax Act No. 14 of 2002 and the subsequent amendments
    • Nation Building Tax Act No. 09 of 2009 and the subsequent amendments
    • Inland Revenue Act No. 24 of 2017 and the subsequent amendments
  • Business Law
    • Company Act No. 07 of 2007

KC 3

  • Inland Revenue Act No. 24 of 2017 and the subsequent amendments
  • Value Added Tax Act No. 14 of 2002 and the subsequent amendments
  • Nation Building Tax Act No. 09 of 2009 and the subsequent amendments
  • Gazette No. 1910/2 dated 16.04.2015 for regulation on Simplified VAT
  • Gazette No. 1868/10 dated 23.06.2014 for regulation on VAT on Financial Services
  • Gazette No. 1267/5 dated 17.12.2002 for zero rated supply on international transportation of goods or passengers

KC 4

  • Sri Lanka Auditing Standards & Sri Lanka Standard on Quality Control (2017 Edition - Volume 01)
  • Sri Lanka Standards on other Assurance Engagements and Related Services (2017 Edition - Volume 02)
  • Sri Lanka Framework for Audit Quality and Sri Lanka Framework for Assurance Engagements (2017 Edition - Volume 03)
  • Code of Ethics 2016
  • Sri Lanka Accounting Standards 2018
  • Open Book Referential - Student Version (Statement of Alternative Treatment, Sri Lanka Statement of Recommended practice, IFRICS and SICs)
  • Statement of Alternative Treatment on Comparatives for Interim Financial Reporting
  • CA Sri Lanka approved IFRIC 22: Foreign Currency Transactions and Advance Consideration
  • CA Sri Lanka approved IFRIC 23: Uncertainty over Income Taxes
  • Code of Best Practice on Corporate Governance 2017
  • Publication on SLFRS 9, SLFRS 15 and SLFRS 16
  • Sri Lanka Accounting Standard for Smaller Entities - 2015

Module Code Module Name Study Materials & Recommended Reading Materials
Financial Accounting & Reporting pillar
KE1 Financial Accounting & Reporting Fundamentals
  • CA Sri Lanka official publications: KE1 - Financial Accounting & Reporting Fundamentals (Study Text and Practice & Revision Kit)
  • Deegan, C. (2012) Australian Financial Accounting, McGraw-Hill.
  • Hoggett, J. et al. (2014) Financial Accounting, John Wiley & Sons.
  • John, J. W., Ken, S. & Barbara, C., (2014) Fundamental Accounting Principles, McGraw-Hill.
  • Alexander, D. & Christopher, N. (2013) Financial Accounting: An International Introduction, Pearson.
  • Williams, J. et al. (2011) Financial Accounting, McGraw-Hill.
KB1 Business Financial Reporting
  • Sri Lanka Accounting Standards 2017 or 2018 (2018 version will be available by end February 2018)
  • Open Book Referential - Student Version (Statement of Alternative Treatment, Sri Lanka Statement of Recommended practice, IFRICS and SICs)
  • CA Sri Lanka approved IFRIC 22: Foreign Currency Transactions and Advance Consideration
  • CA Sri Lanka approved IFRIC 23: Uncertainty over Income Taxes
  • Code of Best Practice on Corporate Governance 2017
  • Sri Lanka Accounting Standard for SMEs 2015
  • Publication on SLFRS 9, SLFRS 15 and SLFRS 16
  • Sri Lanka Accounting Standard for Smaller Entities - 2015
KC1 Corporate Financial Reporting
  • Sri Lanka Accounting Standards 2017 or 2018 (2018 version will be available by end February 2018)
  • Open Book Referential - Student Version (Statement of Alternative Treatment, Sri Lanka Statement of Recommended practice, IFRICS and SICs)
  • CA Sri Lanka approved IFRIC 22: Foreign Currency Transactions and Advance Consideration
  • CA Sri Lanka approved IFRIC 23: Uncertainty over Income Taxes
  • Code of Best Practice on Corporate Governance 2017
  • Sri Lanka Accounting Standard for SMEs 2015
  • Publication on SLFRS 9, SLFRS 15 and SLFRS 16
  • Sri Lanka Accounting Standard for Smaller Entities - 2015
Management Accounting & Finance Pillar
KE2 Management Accounting Information
  • CA Sri Lanka official publications: KE2 – Management Accounting Information (Study Text and Practice & Revision Kit)
  • Drury, C., Management & Cost Accounting. 7th Edition.
  • Arora, M. N., Cost Accounting- Principles & Practice.
  • Lucey, T., Management Accounting.
  • Francis, A., Business Mathematics & Statistics
KB2 Business Management Accounting
  • CA Sri Lanka official publications: KB2 – Business Management Accounting (Study Text and Practice & Revision Kit)
  • Drury, C., Management & Cost Accounting. 7th Edition.
KC2 Corporate Financial and Risk Management
  • CA Sri Lanka official publications: KC2 – Corporate Financial and Risk Management (Study Text and Practice & Revision Kit)
  • Pandey, I. M., Financial Management. 10th Edition.
  • Damodaran, A., Corporate Finance. 2nd Edition. ( online – pages.stern.nyu.edu)
  • Brigham, E. F. (2006) Financial Management. 10th Edition.
  • ICASL/CIMA/ACCA Study packs & Question Banks, 2015.
Tax & Law Pillar
KE3 Fundamentals of Taxation & Law Fundamentals of Taxation
  • CA Sri Lanka official publications: KE3 – Fundamentals of Taxation & Law, Part A: Business Taxation (Study Text and Practice & Revision Kit)
  • Value Added Tax Act No. 14 of 2002 (and subsequent amendments)
  • Nation Building Tax Act No. 09 of 2009 (and subsequent amendments)
  • Inland Revenue Act No. 10 of 2006 (and subsequent amendments)
Fundamentals of Law
  • CA Sri Lanka official publications: KE3 – Fundamentals of Taxation & Law, Part B: Business Law (Study Text and Practice & Revision Kit)
  • Neelakandan, K. (2007) New Companies Act.
  • Werasooria, W. (2009) A Text Book of Commercial Law (Business Law), 2010 Edition.
  • Wickramanayaka, A. (2007) Company Law Act No. 07.
KB3 Business Taxation & Law Business Taxation
  • CA Sri Lanka official publications: KB3 – Business Taxation & Law, Part A: Business Taxation (Study Text and Practice & Revision Kit)
  • Value Added Tax Act No. 14 of 2002 and the subsequent amendments
  • Nation Building Tax Act No. 09 of 2009 and the subsequent amendments
  • Inland Revenue Act No. 10 of 2006 (and subsequent amendments)
Business Law
  • CA Sri Lanka official publications: KB3 – Business Taxation & Law, Part B: Business Law (Study Text and Practice & Revision Kit)
  • Wickramanayaka, A. (2007) Company Law Act No. 07.
KC3 Corporate Taxation
  • Inland Revenue Act No. 10 of 2006 and the subsequent amendments
  • Value Added Tax Act No. 14 of 2002 and the subsequent amendments
  • Nation Building Tax Act No. 09 of 2009 and the subsequent amendments
Assurance and Ethics Pillar
KE4 Controls, Assurance & Ethics
  • CA Sri Lanka official publications: KE4 – Controls, Assurance & Ethics (Study Text and Practice & Revision Kit)
  • Business Assurance, Ethics & Audit – Study Pack, BPP, 2014.
KB4 Business Assurance, Ethics & Audit
  • CA Sri Lanka official publications: KB4 – Business Assurance, Ethics & Audit (Study Text and Practice & Revision Kit)
  • Business Assurance, Ethics & Audit – Study Pack, BPP, 2014.
KC4 Corporate Governance, Assurance & Ethics
  • Sri Lanka Auditing Standards & Sri Lanka Standard on Quality Control (2017 Edition - Volume 01)
  • (will be available by mid February 2018)
  • Sri Lanka Standards on other Assurance Engagements and Related Services (2017 Edition
    - Volume 02) (will be available by mid-February 2018)
  • Sri Lanka Framework for Audit Quality and Sri Lanka Framework for Assurance Engagements (2017 Edition - Volume 03) (will be available by mid-February 2018)
  • Code of Ethics 2016
  • Sri Lanka Accounting Standards 2017 or 2018 (2018 version will be available by end February 2018)
  • Open Book Referential - Student Version (Statement of Alternative Treatment, Sri Lanka Statement of Recommended practice, IFRICS and SICs)
  • CA Sri Lanka approved IFRIC 22: Foreign Currency Transactions and Advance Consideration
  • CA Sri Lanka approved IFRIC 23: Uncertainty over Income Taxes
  • Code of Best Practice on Corporate Governance 2017
  • Publication on SLFRS 9, SLFRS 15 and SLFRS 16
  • Sri Lanka Accounting Standard for Smaller Entities - 2015
Management & Contemporary Pillar
KE5 Commercial Insight for Management
  • CA Sri Lanka official publications: KE5 – Commercial Insight for Management (Study Text and Practice & Revision Kit)
  • Richard, L. D. (2009) Principles of Management, Cengage Learning India, New Delhi.
  • Stephen P. R. et al. (2009) Fundamentals of Management, Pearson Education.
  • Griffin, R. W. (2012) Management Principles and Applications. 10th edition. Cengage Learning, India.
  • Griffin, R. W. (2014) Fundamentals of management. 7th edition. Cengage Learning India, New Delhi.
  • Dwivedi, D. N. (2010) Macroeconomics; Theory and policy, Tata McGraw-Hill Publishing Company Limited, New Delhi.
  • Thomas, J. W. (2004) Managerial Economics- Theory and Practice, Academic Press, An Imprint of Elsevier.
  • Ahuja, H. L. (2006) Modern Economics,(Thoroughly Revised Twelfth Edition), S. Chand & Company Ltd, Ram Nagar, New Delhi.
  • Petersen C. H, & Lewis, C. W. (1999) Managerial Economics. 4th Edition. Prentice- Hall of India Private Limited, New Delhi.
KB5 Business Value Creation
  • CA Sri Lanka official publications: KE5 - Commercial Insight for Management (Study Text and Practice & Revision Kit)
  • Kotler, P, & Keller, K. (2012) Marketing Management. 14th Edition. Prentice Hall.
  • Dessler, G. (2012) Human Resource Management. 12th Edition. New Delhi: Pearson.
  • Jacobs, F, R. et al. (2013) Operations and Supply Chain Management: The Core, McGraw-Hill.
  • Griffith, R. W, & Moorhead, G (2014) Organizational Behavior: Managing people and organizations. 11th edition. Cengage.
  • John, B, & Brian, R. E. (1997) Operations Management (An Active Learning Approach), Oxford: Blackwell.
  • Mentzer, J. T. (2001) Supply Chain Management. London: Sage Publications.
  • Johnson, G., Scholes, K. & Whittington, R., (2008) Exploring Corporate Strategy. 7th Edition. Pearson Education, India.
KC5 Corporate strategy & Contemporary issues
  • Wheelen, T. L. & Hunger, J. D. (2012) Strategic Management and Business Policy - Toward Global Sustainability. 13th edition.
  • Gerry Johnson, Kevan Scholes and Richard Whittington Exploring Corporate Strategy, 7th Edition, Pearson Education, India, 2008.
  • Richard, M. S. W. & Gilligan, C. (2005) Strategic Marketing Management: Planning, implementation and control. 3rd Edition. Elsevier Butterworth-Heinemann.
  • Bob De Wit and Ron Meyer (2014), Strategy Process, Content, Context: an International Perspective. 4th or 5th Edition.

Please refer page no 13 & 14 in the Curriculum 2015.

www.casrilanka.com –> Students –> Curriculum 2015

Please refer page no 22 in the Curriculum 2015.

www.casrilanka.com –> Students –> Curriculum 2015

Please contact CA Sri Lanka Education Division.

Contact: Student Contact Centre : +94 11 2352099
Office : +94 11 2352029
Fax : +94 11 2352060
Email : This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Web : http://www.casrilanka.com

Understand the procedures for resolving ethical issues.