CMA Professional Program
The Cost and Management Accounting (CMA) professional program is for the aspiring
Professional Accountants aiming for the role of a strategic partner in their career. This program
offers courses under seven interrelated pillars to embed marketable skills with the student’s
cognitive construct. The seven pillars ensure to enlighten students providing necessary technical
skills with a reasonable aptitude for numbers to demonstrate the convergence of global
perspective, business acumen, regulatory requirements, ethical judgment, critical and strategic
thinking, creativity, teamwork, research skills, IT skills, and persuasive communication skills. A
future-ready professional expected to produce by the CMA program will go beyond converting
data into dialogues in the age of digitization and be able to contribute to the global economy
with practices of international standards.
Program Objectives
On completion of the CMA Professional program, the aspiring professional accountants shall be
able to:
1. understand the organizational acumen and operations.
2. apply conceptual and compliance factors in resolving organizational problems.
3. critically evaluate scenarios in developing innovative and ethical decisions.
4. adopt and apply information technology in routine operations and data analytics.
5. carry out projects integrating knowledge from different pillars of the program
6. construct and deliver clear, concise, credible, and convincing arguments.
7. Formulate and implement a strategic course of action with integrity in a given organizational
context.
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Analytical Framework of Curriculum
CMA Program
Objectives
Objectives of
7 K-Pillars
Learning
Outcomes of
21 Courses
Learning
Outcomes of
Topics
Objectives of Knowledge-Pillars
Cost & Management
Accounting
Financial Accounting &
Corporate Reporting
Objectives of
CMA
Professional
Program
Information Technology &
Business Analytics
Economics & Finance
Management & Business
Strategy
Learning
Outcomes
of Each
Course of
respective
K-Pillars
Learning
Outcomes
of Topics of
Each
Course
Audit & Assurance
Governance, Laws &
Taxation
Case Study
P a g e 2 | 158
Qualified CMA
AL2
CM 451:
Strategic
Management
Accounting
(100 Marks)
-
-
-
MS352: Business
Planning and
Strategy
(100 Marks)
AA253:
Cost &
Management
Audit
(100 Marks)
LT 454: Advanced
Income Tax & VAT
(100 Marks)
AL 1
CM 341:
Strategic Cost
Accounting (100
Marks)
FR 342:
Advanced
Financial
Reporting
(100 Marks)
-
EF 343: Corporate
Finance Strategy &
Financial Market
(100 Marks)
-
-
LT 344: Corporate
Governance &
Secretarial Practices
(100 Marks)
IL 2
CM231:
Management
Accounting (100
Marks)
-
-
EF 232: Financial
Management
(100 Marks)
-
AA133:
Auditing (100
Marks)
LT234: Fundamentals
of Tax, VAT & Public
Financial
Management
(100 Marks)
IL 1
FR222:
TA223:
CM121: Cost
Intermediate
Information &
Accounting (100
Financial
CommunicationT
Marks)
Accounting
echnologies
(100 Marks)
(50 Markets)
-
MS 224: Marketing
& Supply Chain
Management
(50 Market)
-
LT 125: Corporate &
Business Laws
(100 Marks)
FL
FR 111:
Fundamentals
of Financial
Accounting
(100 Marks)
EF113: Business
Economics &
International
Business (100
Marks)
MS114:
Fundamentals of
Management &
Business
Communication
(100 Marks)
-
-
Economics &
Finance
Management &
Business Strategy
Audit &
Assurance
Governance, Laws
& Taxation
EFIN
MBS
AA
GLT
Advanced (A)
Intermediate (I)
Foundation (F)
-
Cost &
Management
Accounting
CMA Professional Levels
CMA
TA 112:
Business
Quantitative
Analysis
(100 Marks)
Financial
Information
Accounting & Technology &
Corporate
Business
Reporting
Analytics
FACR
ITBA
Articleship
CS505: Case Study (100 Marks)
Industry
Training
Pillar
Knowledge Pillars
Practical
Experience
Professional Accounting Education
Table 1 & 2: Course at different Levels of CMA Professional Program
Positioned on Different Pillars
AL II
AL I
IL II
IL I
FL
CM451
CM341
CM231
CM121
CMA
FL
FR111
TA112
EF113
MS114
MS352
FR342
FR222
FR111
FACR
IL I
CM121
FR222
TA223
MS224
LT125
EF343
EF232
TA223
TA112
ITBA
EF113
EFIN
IL II
CM231
EF232
AU133
LT234
AA253
AA133
MS224
MS114
MBS
AL I
CM341
FR342
EF343
LT344
AA
LT454
LT344
LT234
LT125
GLT
AL II
CM451
MS352
AU253
LT454
P a g e 3 | 158
Figure 1: Structure of CMA Professional Program
Table 3: Summary of Courses of CMA Professional Program
Level
Foundation Level
Code
FACR
100
TA 112
Business Quantitative Analysis
Business Economics & International
Business
Fundamentals of Management & Business
Communication
BQA
ITBA
100
EIB
EFIN
100
MBC
MBS
100
COA
IFA
CMA
FACR
100
100
ICT
ITBA
50
MSM
CBL
MBS
GTL
50
100
Management Accounting
Financial Management
Auditing
Fundamentals of Tax, VAT & Public
Financial Management
MAC
FIM
AUD
CMA
EFIN
AA
100
100
100
TPF
GTL
100
Strategic Cost Accounting
Advanced Financial Reporting
Corporate Finance Strategy &Financial
Market
Corporate Governance & Secretarial
Practices
SCA
AFR
CMA
FACR
100
100
FSM
EFIN
100
GSP
GTL
100
Strategic Management Accounting
Business Planning and Strategy
Cost & Management Audit
Advanced Income Tax & VAT
Case Study
SMA
BPS
CAT
ATV
CAS
CMA
MBS
AA
GTL
-
100
100
100
100
100
EF 113
TA 223
CM 231
EF 232
AA 133
LT 234
CM 341
FR 342
EF 343
LT 344
Advanced Level II
Marks
FFA
MS 224
LT 125
Advanced Level I
KPillar
Fundamentals of Financial Accounting
CM 121
FR 222
Intermediate Level II
Symbol
FR 111
MS114
Intermediate Level I
Course Title
CM 451
MS 352
AA 253
LT 454
CS 505
Cost Accounting
Intermediate Financial Accounting
Information & Communication
Technologies
Marketing & Supply Chain Management
Corporate & Business Laws
P a g e 4 | 158
Cost and Management Accounting Pillar
The Cost and Management Accounting (CMA) pillar aims to provide learners a clear
understanding of the Cost and Management Accounting Systems (CAS and MAS) appropriate
for an entity. This pillar is designed to enable learners in using Cost Accounting as a tool for cost
management and Management Accounting for the best fit decisions. The CMA pillar will help to
ascertain, analyze, report, and control costs, revenue, and other relevant financial and nonfinancial information to support operational and strategic decisions that satisfy the optimum
utilization of existing resources. Considering the dynamic nature and increasingly competitive
environment, the CMA pillar introduces digital costing and Bangladesh Cost Accounting
Standards (BCAS) alongside customary cost and management accounting techniques. It is
expected that by conceptualizing the contents of different courses under the pillar, learners will
be proficient in understanding and applying appropriate cost and management accounting
techniques under different levels of complexities, ambiguity, and uncertainty. The first two
course of the CMA pillar is ‘Cost Accounting’ and ‘Management Accounting’ (in the intermediate
level), followed by the ‘Strategic Cost Accounting’ and ‘Strategic Management Accounting’ (in
the strategic level). At the Intermediate level, learners will be exposed to cost and management
accounting tools and techniques related to short-term decisions and internal affairs of an
organization. Contrary, learners will be exposed to strategic decision-making scenarios
accommodating external affairs in long –term of the organization at the advanced level.
Pillar Objectives
On successful completion the CMA pillar, the aspiring professional accountant will be able to:
1. comprehend the changing role of cost and management accountant in the contemporary
business environment
2. apply the pertinent cost and management accounting techniques in the age of digitization
3. apply the provision of Bangladesh Cost Accounting Standards (BCAS) to generate a reliable
cost of goods sold figure
4. recognize, analyze, evaluate, and select the best available alternative to accomplish strategic
goals of the organization
5. adopt appropriate performance management systems for organizational units
6. analyze and interpret internal operational and external environmental information to
demonstrate the way of achieving competitive advantages
7. formulate CAS and MAS to ensure optimum value creation considering the environmental
and behavioral aspects
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Course Title:
Cost Accounting (COA)
Knowledge Pillar
Cost & Management
Accounting
Level
Intermediate
level I
Course Title
Cost Accounting
Course Code
CM121
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
D
Segment Title
Cost accounting fundamentals
Cost accounting systems
Cost accounting methods and techniques
Contemporary issues in cost accounting
Weight (%)
15%
20%
50%
15%
Course Description
This is the first course of the Cost and Management Accounting pillar. This course provides the
in-depth knowledge of understanding and applying different cost accounting methods and
techniques to manage different cost elements considering the nature of organizational
operations. In the process, analysis and decision orientation is also emphasized. The subject
covers fundamentals of cost accounting concepts introducing Bangladesh Cost Accounting
Standards; elements of costs in explaining different cost elements; appropriateness and
application of different cost accounting methods and techniques; and also provides preliminary
idea of the contemporary cost accounting issues. On completion of this subject students will be
developed skills of analysis, evaluation and synthesis in cost and, in the process, created an
awareness of current developments and issue in the area.
Course Objectives
The main objective of this course is to enable learners to provide in-depth knowledge of cost
accounting concepts, principles, and methods to apply and analyze cost accounting data to meet
the requirements of different manufacturing organization. This course ensures the conceptual
foundation of different types of cost and its implication in the organization for a learner to
provide data that are required for management decision making. The course aims to provide the
basic concepts and principles of cost accounting that one can apply in preparing management
reports and provide a base to develop analytical skill.
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
1.
describe the fundamentals of cost accounting concepts, conventions, and doctrines
2.
understand the underlying principles of Bangladesh Cost Accounting Standards
3.
identify and ascertain cost of a cost object preparing necessary cost statements
4.
apply different cost accounting methods and techniques
5.
build argument in selecting a cost accounting method/technique in a given context
P a g e 6 | 158
6.
7.
apply and analyze the principles relating to the costing and control of different
organizational resource
understand the application of cost accounting in a digital and lean management ecosystem
Detail Contents
Parts
A. Cost
accounting
fundamentals
(15%)
Topics
Level of
study
required
A1. Introduction to
cost accounting
R, U
A2. Bangladesh Cost
Accounting
Standards
A3. Cost concepts,
classification, and
cost statements
R, U
Subtopics
 Definition of Cost
Accounting
 Comparison of Cost
Accounting with Financial
Accounting and
Management Accounting
 The role of Cost Accounting
 Methods and Techniques of
Cost Accounting
 Characteristics of an ideal
Cost Accounting Systems
 Installation of a Cost
Accounting Systems
 Modern Trends in Cost
Accounting
Learning outcomes
of topics
weight
1. understanding
the scope and
mechanisms of
cost accounting
2. identify the
basic principles
and trends in
cost accounting
25%
R, U, AP  Bangladesh Cost Accounting
Standards Board
 Objectives and Functions of
Cost Accounting Standards
Board
 BCAS issued by ICMAB
3. illustrate the
role and
applications of
BCAS
35%
 The Concepts of Cost and
explain why the concept of
‘cost’ needs to be defined, in
order to be meaningful
 Cost Classification for
Inventory Valuation and
Profit Measurement
 Financial, Cost and
Management Accounting
Concepts
 describe how information
can be used to identify
performance within an
organization
 explain the differences
between financial
information requirements
for companies, public bodies
and society.
4. identify costs
from different
perspectives
5. prepare cost
statements
40%
P a g e 7 | 158
Parts
Topics
Level of
study
required
Subtopics
Learning outcomes
of topics
weight
6.
decide
material costs
to be reported
in the cost
statements
manage
material costs
adopting
different
techniques and
relevant BCAS
25%
 Prepare the statement of
cost of goods sold
B. Elements
of Costs
(20%)
B1. Costing of
Materials
AP, AN,
E, D










B2. Costing of Labor
B3. Costing of
Overhead
AP, AN,
C
AP, AN
Classification
of
Materials
Objectives of materials
management and control
Accounting for materials
Stock
control
in
Advanced Manufacturing
Environment
7.
Inventory
System
–
Periodic
System
&
Perpetual System
Maintenance of General
Ledger and Subsidiary
Ledger
Methods of Pricing issues
FIFO, LIFO, Weighted /
Moving Average
Valuation of closing /
inventory for Balance
sheet
Pricing of returns –
selection
of
pricing
Method. Recording.
Corresponding BCAS




Productivity and Labor Costs
Remuneration methods
Recording labor costs
Employee cost reporting and
measurement of efficiency
 Corresponding BCAS
8.
design labor
pay scheme in
a given context
control labor
costs through
proper
recording and
reporting
20%
 Define Overheads; Overhead
allocation, apportionment of
overhead
 Absorption of factory
overhead,
 Absorption and treatment of
over or under absorption of
overheads
 Accounting for specific items
of production overheads
 Treatment of Non –
Manufacturing Overheads
 Corresponding BCAS
10. illustrate the
process of
identifying and
applying
predetermined
overhead rates
11. report
overhead costs
after necessary
adjustments
30%
9.
P a g e 8 | 158
Parts
Topics
B4. Cost Accounting
Records as per
BCAS
C. Cost
accounting
methods and
techniques
(50%)
C1. Job, batch and
contract costing
C2. Process costing
C3. Service costing
Level of
study
Subtopics
required
U, AP
 Maintaining Cost
Accounting Records (CARs)
 Learn how CARs are
maintained for different
sectors/Industries
 Total Cost Management and
Framework process
R, U, AP  Job and batch Costing;
Nature of job costing – Job
Cost sheet and job ledger –
Recording costs on Jobs –
Recording completed jobs &
Batch costing – Economic
Batch quantity.
 Contract costing; Differences
between job and contract
costing, calculating the
percentage of completion,
calculating the profit based
on the percentage of
completion.
U, AP
 The basics of process costing
 Objective of Process Cost
System
 Characteristics of a Process
Cost System
 Comparison of Job Order
and Process Cost
Accumulation System
 FIFO, LIFO and Weighted
average cost flow methods
 Treatment of Normal loss,
abnormal loss, Normal and
abnormal losses with scrap
value and waste with
Disposal Cost, Addition of
units and effect on cost,
Treatment of Abnormal gain
in process costing
U, AP
 Distinguishing features of
service costing
 Features of service
organization
 cost units and analysis
 Application of service
costing in different
organization
Learning outcomes
of topics
weight
12. maintain
proper cost
accounting
recordsas per
BCAS
25%
13. determine cost
of products
under different
methods
10%
14. determine cost
in a process
costing
environment
15. explain
treatment for
normal and
abnormal
losses
30%
16. determine cost
of services
10%
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Parts
Topics
C4. Standard costing
D.
Contemporary
issues in cost
accounting
(15%)
Level of
study
Subtopics
required
R, U,
 Purpose of Using Standard
AP, AN
Costing
&E
 Variance Analysis
 Materials, Labor and
overhead standards
 Variance Analysis for Costs,
volume and price variances,
sales mix, and yield
variances
 Responsibility analysis for
cost variances
 Reconcile standard profit
and actual profit using
absorption and marginal
costing systems
 Accounting disposition of
variances
 Interpretation of variances
and Inter-relationships
between variances
Learning outcomes
of topics
weight
17. determine
standards for
different cost
elements
18. compare
actual and
standard costs
in identifying
variances
19. evaluate
variances for
corrective
actions
30%
C5. Joint product and
by-product costing
AP, AN,
E, D
 Joint Products in Process
Accounts
 Accounting treatment of ByProducts
 Methods of Allocation of
joint cost
 Decision to sell by-product
at the time of separation or
by further process
20. account for
joint and byproduct
applying
different
methods
21. decide whether
to sell or
process further
10%
C7. Activity-basedcosting
R, U




22. understands
basic elements
of ABC
23. outline the
steps in
designing an
ABC system
10%
D1. Nature of cost
R, U,
AN
24. analyze new
business
models in
modern
business
environment
40%
accounting in
modern business
environment
Outline of an ABC system
Cost Pools and Cost Drivers
Designing an ABC system
Absorption costing versus
ABC
 Marginal costing versus ABC
 Benefits of ABC System




Characteristics of
changed business
environment
Fourth industrial
revolution and cost
accounting
Nature of cost accounting
information required in
the changed business
environment
Challenges for Cost
accountant in providing
P a g e 10 | 158
Parts
Level of
study
required
Topics
Subtopics
Learning outcomes
of topics
weight
information required in
the changed business
environment
D2. Lean Cost
Management
R, U,
AN
 Lean manufacturing
Overview
 Defining and understanding
core lean tools
 Effects of lean management
in the organization
25. identify the key
elements in
lean cost
management
26. analyze lean
management
ecosystem
60%
Here, R = Remembering,U=Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Text Book
ICMAB. (2021). ICMAB Learning Manual for Cost Accounting. Dhaka: ICMAB
Recommended Text Book
1. Horngren, C. T., Datar, S. M., Foster, G., Rajan, M. V., and Ittner, C. (2009). Cost
Accounting: A Managerial Emphasis. India: Pearson Prentice Hall
2. Polimeni, R. S., Fabozzi, F. J., &Adelherg, A. H. (1991). Cost Accounting. McGraw Hill
Reference Books/Other Learning Materials
1. ICMAB. (2021). Bangladesh Cost Accounting Standards. Dhaka: ICMAB
2. CIMA. (2019). Management Accounting, Study Text. UK: Kaplan Publishing
3. Usry, M. F., & Hammer, L. H. (2013)
. Cost Accounting. Thomson South-Western
COA Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
6
2, 3
6
2
1, 6
1
4, 5, 6,7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 7
1, 3, 4
2
5
6
7
5
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 12, 15, 20, 23
3, 6, 7, 8, 9, 10, 12
4, 5, 6, 14, 16, 20,
7, 10, 11, 13, 14, 17, 20, 22
8, 13, 15, 20, 21,
7, 9, 14, 17, 18, 19, 21, 23
24, 25, 26
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 11 | 158
Course Title:
Management Accounting (MAC)
Knowledge Pillar
Cost & Management
Accounting [CMA]
Level
Intermediate
Level II
Course Title
Management
Accounting
Course Code
CM231
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
D
Segment Title
Management accounting fundamentals
Short term decision-making techniques
Performance measurement and control
Contemporary issues in management accounting
Weight (%)
10%
50%
25%
15%
Course Description
Management accounting, as the core discipline of cost and management accountants, provides
them with a sound understanding of the planning, decision making and control aspects of an
organization. This professional level course unit equips students with an introduction to
management accounting, short-term decision-making techniques, Performance measurement
and control and contemporary issues in management accounting so as to help them understand
the role of management accounting and control systems within organizations while improving
their knowledge of the use of accounting information in various managerial functions.
Course Objectives
Management Accounting is an essential tool that enhances a manager's ability to make effective
economic decisions. The course objective is to provide learners a good understanding about the
concepts and techniques of management accounting. The course also provides basic knowledge
on contemporary issues in management accounting so that the students get an overall idea on
contemporary issues of Management Accounting.
Course Learning Outcomes
On successful completion of this course, the student will be able to:
1. understand the changing role of management accounting profession
2. illustrate the implications of cost behavior on costing
3. analyze revenue and costs in making managerial decisions
4. evaluate the behavioral aspects of different performance and control measures
5. prepare and utilize budget as a control mechanism
6. critically evaluate the appropriateness of different management accounting methods and
techniques
7. outline the strategic implications of environmental management accounting
P a g e 12 | 158
Detail Contents
Parts
A.
Management
accounting
fundamentals
(10%)
B. Short-term
decisionmaking
techniques
(50%)
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Weight
(%)
A1.
Introduction
to
Management
Accounting
R, U
 Branches of accounting
 History of management
accounting
 Scientific management
movement
 Shift from cost management
to cost accounting to
management accounting
 The changing Role of
Management Accounting
 Contemporary status of the
global management
accounting profession
 Data and Information
 ICMA Bangladesh and its
Role for Management
Accountancy profession
1.
understand the
evolution of
management
accounting
2. explain the status
and role of
management
accounting
profession
50%
A2. Cost
behavior and
cost structure
U, AN,
C
 Cost behavior and levels of
activity
 Cost behaviors patterns
 Cost behavior classification
issues and the need for
different costs for different
purposes
 Fixed Costs, variable costs
and semi-variable costs
 Linear Equations and Graphs
3. analyze cost based
on activity levels
4. formulate cost
formula in
explaining cost
behavior
50%
B1. Absorption
and variable
costing
U, AP,
E, C
 Introduction to marginal
costing
 Principles of marginal costing
 Marginal costing versus
absorption costing
 Product and period cost
under both methods
 Calculation of profit under
marginal and absorption
costing
 Reconciliation of profit
5.
evaluate and
comment on
business
performance under
variable and
absorption costing
6. build arguments in
application of
absorption and
marginal costing
10%
B2. CVP
Analysis
U, AP,
AN, D




7.
15%
Contribution margin
Break-even analysis
The concept of sales mix
Contribution margin versus
gross margin
make short term
decisions
developing costvolume-profit
relationships
P a g e 13 | 158
Parts
Topics
B3. Relevant
Cost Analysis
Level of
Study
required
U, AN,
D
Subtopics
Learning outcomes of
topics
Weight
(%)
 Single product CVP, BEP
analysis and chart
 Multiproduct CVP, BEP
analysis and chart
 Target profit analysis for
Single and multi-products
 Sensitivity analysis
 Differences between the
accountant’s and the
economist’s model of CVP
analysis.
 Underlying assumptions,
limitations and information
requirements for CVP
analysis
8. describe the
applications,
assumptions and
limitations
underlying CVP
analysis.
9. conduct sensitivity
analysis
 Relevant Costs and Revenues
10. identify and
analyze relevant
costs in making
short- and longterm decisions
20%
 Concept of Out-of-pocket
cost, Opportunity Cost, Sunk
cost
 The Make or buy decision
 Special orders
 Application of relevant cost to
short- and long-term decision
making
B4.
Profitability
Analysis
U, AP,
AN, D
 Product/customer/distributio
n channel profitability
analysis
 Product profitability analysis
and strategic cost
management
 Pareto analysis
 Sales mix and quantity
variances
 Market share and size
variances
11. understand and
application of
different technique
for profitability
analysis
10%
B5. Pricing
Decisions and
Strategies
U, AP,
AN, E,
D
 Basis of pricing decision
 The economists’ approach to
pricing
 Pricing methods
 Pricing for the short run
 Pricing for the long run
 Target costing for target
pricing
 Service companies (Time and
material pricing
 Pricing strategies for new
12. decide prices
applying
appropriate
methods
13. contrast short-term
and long-term
pricing decisions.
14. explain the
importance of
qualitative factors
in decision making.
15%
P a g e 14 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Weight
(%)
products
 Special pricing decisions
(minimum pricingdecisions)
 Limiting factor analysis with
minimum demand constraint
C.
Performance
measurement
and control
(25%)
B6.
Responsibility
accounting
and transfer
Pricing
U, AP,
C, D
 Organization structure and
decentralization
 Decentralization and segment
reporting
 Responsibility centers
 shared servicing
 Responsibility accounting in
Multi-National Companies
(MNCs)
 Basic principles of transfer
pricing
 Transfer pricing methods
 Behavioral issues in transfer
pricing
 Transfer pricing with an
imperfect or no external
market
 International transfer pricing
issues
 NBR guidelines in setting up
transfer prices
 Arm’s length principle and its
applications
15. prepare segment
reports
16. determine
appropriate
transfer prices
based on the
context and guiding
principles
17. build arguments on
the behavioral
aspects of
responsibility
accounting and
transfer pricing
15%
B.7Quantitativ
e Techniques
for Planning
R,U,AP
 Linear Programming
 Effects of Constraint
 Linear Programming
Requirements
 Optimal Solution under LP
using Graph and simplex,
Critical Path Method;
 Network Models
18. Understand
different quantitative
techniques for planning
15%
C1. Financial
and nonfinancial
performance
measures
U, AN,
E, C, D
 Types and time horizon of
performance measures
 Alternative definitions
 Target level of performance
 Key performance indicators
(KPIs)
 The Balanced Scorecard
 Benchmarking
 Performance Reports
19. build arguments on
the importance of
non-financial
performance
measures
20. evaluate
performance of
different
responsibility
centers
21. discuss the use of
30%
P a g e 15 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Weight
(%)
balanced scorecard
as an integrated
performance
measurement tool
in assessing
divisional
performance
C2. Budgeting
for planning
and control –
Master Budget
U, AP,
AN, D
















C3. Flexible
budget and
variance
analysis
U, AN,
D
Budgets and its cycle
Forecasting
Steps in Budget preparation
Financial planning models
Types of budget
Preparation of complete
master budget
Different approaches to
budgeting
Preparation of projected
Financial Statements
Budgeting for nonmanufacturing organizations
Budgeting for feasibility
reports
Budgetary Planning and
Control system
Concept of “Beyond
Budgeting”
Project Monitoring
Applicability of traditional
budgeting
Use of spread sheets in
budgeting;
impact of (ERP) on budgeting
 Static Budgets and Flexible
Budgets
 Variances analysis
 Static Budget Variances
 Steps in Developing a Flexible
Budget
 Flexible Budgeting and ABC
 Planning and Fixed Overhead
Costs
 Budgeted overhead cost rates
 4-variances analysis approach
 Salesvolume variances and
the production-volume
variance
 Journal Entries for Overhead
Costs and Variances
22. explain the role of
budgeting as a
control mechanism
23. prepare different
budgets applying
appropriate
method
24. build argument for
better budgeting
approach
25. discuss the use of
IT in budgeting
40%
26. prepare flexible
budgets in
analyzing
performance and
control
30%
P a g e 16 | 158
Parts
Topics
D.
Contemporar
y issues in
management
accounting
(15%)
D1.
Environmental
management
accounting
(EMA)
Level of
Study
required
U & AP
Subtopics
 Introduction to EMA
 The importance of
incorporating environmental
costs and benefits in the
decision making
 Environmental footprints
 Quantification of
environmental costs and
benefits
 Challenges of implementing
EMA
Learning outcomes of
topics
27. Environmental and
Social Management
Accounting [also
known as
Corporate Social
Responsibility
(CSR)] is changing
the way
organizations go
about their
business. This topic
explores what
ESMA is, and what
it means for
organizations, now
and in the future.
28. Describe
Weight
(%)
65%
different
environmental
cost
categorization
methods.
D2.
Management
accounting in
the changed
business
environment
R,U, AN

Improvement in IT
and changed business
model

Nature of MAC
information required
in the changed
business environment

Skills required by
Management
Accountant in the
changed business
environment
29. Recognize the
changing role of
management
accountants in the
changed business
environment
35%
Here, R = Remembering, U= Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Text Book
ICMAB. (2021). ICMAB Learning Manual for Management Accounting. Dhaka: ICMAB
Recommended Text Book
Garrison, R. H., Noreen, E. W., and Brewer, P. C. (2010). Managerial Accounting. USA:
McGraw-Hill Irwin
P a g e 17 | 158
Reference Books/Other Learning Materials
1. Horngren, C. T., Datar, S. M., Foster, G., Rajan, M. V., and Ittner, C. (2009).Cost
Accounting: A Managerial Emphasis. India: Pearson Prentice Hall
2. Horngren, C. T., Sundem, G. L., Stratton, W. O., Burgstahler, D., and Schatzberg, J. (2009).
Introduction to Management Accounting. India: Pearson Prentice Hall
3. Ross, S. A., Westerfield, R. W., &Jordan, B. D. (2003). Fundamentals of Corporate Finance.
New Delhi: Tata Mc.Graw – Hill Publishing Company
MAC Course Mapping
PrOs
PrO1
PrO2
Pos
PrO3
PrO4
PrO5
2, 3
6
2
1, 6
PO3
PO4
PO5
CLOs
1
2, 3,
5, 6
4
4
PrO6
1
PO6
7
PrO7
4, 5, 6,7
PO7
6
POs
PO1
PO2
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2,
3, 4, 5
5, 7, 8, 10, 11
5, 6, 17, 18, 19, 20, 21,22, 26
22, 23, 24, 25,26
3, 5, 7, 8, 9, 11, 12, 13, 14, 15,
16,18,20, 24
27, 28,29
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 18 | 158
Course Title:
Strategic Cost Accounting (SCA)
Knowledge Pillar
Cost & Management
Accounting (CMA)
Level
Advanced
level I
Course Title
Strategic Cost
Accounting
Course Code
CM341
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
D
Segment Title
Strategy, MCS, and Strategic cost management
Cost analysis and techniques
Cost management in Lean environment
Contemporary issues in strategic cost management
Weight (%)
15%
50%
20%
15%
Course Description
This course covers contemporary cost accounting techniques incorporating information from
external environment in designing an effective and efficient cost accounting system. The course
starts with explaining management control systems, shading light on the relevant strategy and
strategic cost management. Focus is then given to explicate process of different cost analysis
techniques. In explaining the cost management in lean environment - the JIT, TQM and flexible
manufacturing systems are used for theefficiencies and economies of scale with mass
production. This course also introduces the concept of contemporary issues in strategic cost
management. Learners of this course will be exposed to various practical exercises for activitybased costing management, life cycle costing, throughput accounting, total quality management,
environmental cost accounting, and sustainable cost reporting etc.
Course Objectives
The specific objective of this course is to empower learners to acquire knowledge and
understanding of the concepts, techniques and practices of strategic cost accounting to develop
skills for decision making. This course ensures the advanced knowledge of strategic cost
accounting for varied organizational contexts in terms of strategy, industry, stage of
development, and focus. It locates management accounting techniques within a broader
strategic framework that examines the various decisions that organizations need to make in
configuring themselves to generate superior financial returns as well as broader notions of
environmental and social value. Successful completion of this course will provide learners an
effective communication skill necessary to succeed in a strategic analysis and capacityto
interpret complex financial and operational data that can drive recommendations to internal &
external stakeholders.
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
P a g e 19 | 158
1. Understand the requirements and need for MCS and SCM aligning with organizational
strategy
2. Identify the factors influence implementation of SCM techniques in different organizations
3. Apply SCM techniques in achieving strategic goals
4. Recognize the fundamental philosophy and process of different cost management techniques
in a lean environment
5. Describe the underlying provisions of BCAS in adopting SCM techniques
6. Understand the need for ECA and sustainable cost management
7. Build argument in redesigning CAS of an organization for change management
Detail Contents
Level of
Study
required
Parts
Topics
A. Strategy,
MCS, and
Strategic Cost
Management
(15%)
A1.
Management
control
systems (MCS)
R, U
A2. Strategy,
and Strategic
cost
management
(SCM)
U,
AP,AN,D




B1. Activitybased costing
(ABC) and
activity-based
management
(ABM)
U, AP,
AN, D
B. Cost
analysis and
techniques
(50%)
Learning Outcomes of
Topics
Subtopics
 Management accounting
(MAC), management
accounting system (MAS)
and Management control
systems (MCS)
 Concepts of controls in
MCS
 The dynamic nature of
MCS
 MCS techniques
1.
Probable
weight
understand the link
among MAC, MAS,
and MCS
identify the
elements relevant
for MCS
30%
3.
Concept of strategy
Emergence of SCM
4.
Concept of SCM
Key themes in SCM: value
chain analysis, cost driver
analysis and competitive
advantage analysis
 Articulation of strategic
context
 Application of SCM
framework
recognize SCM as a
separate discipline
demonstrate the
application of SCM
framework within
an articulated
strategic context
70%
 Strategic elements in the
ABC/ABM system
 Design of ABC system
 Benefits and limitations
of ABC
 Application of ABC/ABM
 Use of ABC/ABM in
improving activities
 Variance analysis in ABC
system
 ABC in service
recognize the
strategic elements in
the ABC/ABM
system
illustrate how ABC
can facilitate several
strategic options
15%
2.
5.
6.
P a g e 20 | 158
organizations
 Time-driven ABC
 Two-dimensional
ABC/ABM system
 Corresponding BCAS
B2. Target
costing (TC)
U, AP, AN
 Underlying philosophy of 7.
TC
 Western vs. Japanese cost
8.
management
 Factors influencing the
TC process
 Process of target costing
 Application of TC
indifferent sectors with
special focus on market
driving, product level and
component level TC
 TC vs. Kaizen costing
 Corresponding BCAS
B3. Quality
costing (QC)
R, AP, AN
 Cost of quality models
 P.A.F models of QC
 Trade-off between
thelevels of conformance
and nonconformancecosts
 Opportunity/Intangible
cost models
 ABC models of QC
 Application of QC
indifferent sectors
 Corresponding BCAS
9.
describe the
underlying
philosophy of QC
10. illustrate the
application of
different QC models
15%
B4.Life-cycle
costing (LCC)
U, AP, AN
 Concept of LCC
 Underlying features of
LCC
 Significance and benefits
ofLCC
 Application of LCC
 LCC for project
 Limitations of LCC
 Life-cycle budgeting
 Corresponding BCAS
11. identify the
elements associated
in LCC
12. illustrate the
framework for
considering the
entire incremental
costs over the total
life extentof a
product/project.
15%
B5. Value
chain costing
(VCC)
AP,C, D
13. identify the
 Fundamentals of VCC
underlying features
 Phases in value chain
of VCC
 Application of VCC
14.
illustrate
indifferent industries
accomplishment of
 Challenges of
competitive
implementing VCC across
advantage using
industries
VCC
15%
identify the factors
influence target
costing
illustrate the
application of TC
15%
P a g e 21 | 158
 Corresponding BCAS
C. Cost
management
in Lean
environment.
(20%)
B6. Competitor
cost
assessment
(CCA)
R, U, AP,
D
15. identify and
 Fundamentals of CCA
describe sources of
 Sources of competitors’
competitor’s
cost information
information
 Analysis
of
16. demonstrate the
competitors’cost
application of CCA
structure
antedate the reply of
 Sectoral application CCA
each contender to
 Assessing the
the likely strategic
relativestrengths and
changes
weaknesses of
competitors
 Implementation
Challenges withthe CCA
15%
B7. Attribute
costing
U, AP, AN
 Identification of product
attributes
 Concepts of sustainable
product attributes
portfolio
 Application of attribute
costing as a tool to
respond to competition
 Strategic implications of
attribute costing
 The implications
ofattribute costing for
SMA
17. recognize product
attributes valued by
customers
18. illustrate attribute
analysis for firm’s
strategic choices
10%
C1. JIT
Production,
Throughput
and Back flush
Accounting
AP, E, C
 Concepts of
leanenvironment
 Pre-requisites of a JIT
system
 Influence of JIT
Systemon Performance
 Measurements used in
aJIT system
 JIT in Practice
 Throughput
accountingpractice
 Theory of constraints
 Back-flush accounting
19. identify the
underlying features
of JIT system
20. demonstrate the
application of JIT
system in different
industries
21. illustrate how the
application of JIT
system supports
strategic choices
50%
C2.Total
quality
management
(TQM)
R, AP,
AN,D
22. recognize the
 TQM: fundamentals,
underlying concepts
phases, philosophies,
of TQM
control, corrective actions
23. demonstrate
 PRAISE – stages,
implications of TQM
difficulties, application
in attainment of
 Quality CostingReport
strategic goals
 Continuous
Processimprovement
35%
P a g e 22 | 158
D.
Contemporary
issues in
strategic Cost
Management
(15%)
C3. Flexible
manufacturing
system (FMS)
AP, AN,D
 Fundamentals of FMS
 Approaches to FMS
 Routing flexibility vs.
Machine flexibility
 Benefits of FMS
 Challenges of FMS
24. ExplainFMS in
reducing cost and
improving
productivity and
quality
15%
D1.
Environmental
cost
accounting
(ECA)
R, AN, E,
C
 Concepts of
environmental cost
accounting
 Purpose of ECA
Controlling
 Structure of ECA
 Factors contingent to the
application of ECA
 Environmental cost audit
25. explain the
underlying features
of ECA system
26. outline the process
of an ECA system
50%
D2. Cost
structure
analysis in
public sector
organizations
R, AP, C,
U
27. sketch out a typical
 Underlying
cost structure
characteristics of a public
followed in a public
sector organization
sector organization
 Nature of cost structure
in a public sector
organization
 Planning and budgeting
concept
 Evaluation of
performance and control
 Practical perspective
25%
D3.
Sustainable
cost
management
R, AN, E,
C
 Concept of Sustainability
 Development of cost
structures that supports
sustainable competitive
advantage
 Strategic cost benefit
analysis
 Business case for
sustainable cost
management
 Challenges in the
establishment of
sustainable cost
management
25%
28. recognize the
fundamentals of
sustainable cost
management
29. develop a
sustainable solution
for cost
management
Here, R = Remembering, U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Text Book
ICMAB. (2021). ICMAB Learning Manual for Strategic Cost Accounting. Dhaka: ICMAB
P a g e 23 | 158
Recommended Text Book
Shank, J. H., Shank, J. K., Govindarajan, V., & Govindarajan, S. (1993). Strategic cost
management: The new tool for competitive advantage. Simon and Schuster.
Reference Books/Learning Materials
1. CMA, Sri Lanka. (2017). Study Pack on Corporate Governance, Control Strategy & Ethics.
Colombo: CMA
2. ICAI. (2018). Strategic Cost Management and Decision Making, Study Notes. Kolkata: ICAI
3. ICAI. (2014). Business strategy and strategic cost management, Study Notes. Kolkata: ICAI
4. Govindarajan, V., & Shank, J.K. (1992). Strategic cost management: tailoring controls to
strategies. Journal of Cost Management, 6(3), 14-25.
5. Shank, J.K. (1989). Strategic Cost Management: NewWines or Just New Bottles? , Journal
of Management Accounting Research , Fall , 47 – 65
SCA Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
6
2, 3
6
2
1, 6
1
4, 5, 6,7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1
2, 3
5
3
4
4, 6, 7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 4, 6, 8, 10, 16, 18, 21
4, 5, 7, 9, 11, 13, 15, 17, 27
6, 8, 10, 12, 14, 16, 18, 23
19, 20, 21, 22, 23, 24
5, 6, 9, 10, 12, 13
25, 26, 28, 29
21, 23, 24, 26, 27, 29
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 24 | 158
Course Title:
Strategic Management Accounting (SMA)
Knowledge Pillar
Cost & Management
Accounting [CMA]
Level
Advanced
level II
Course Title
Strategic
Management
Accounting
Course Code
CM451
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
D
E
Segment Title
Strategic management accounting (SMAC) systems
Strategic capital budgeting
Performance measurement and evaluation
Strategic pricing
Contemporary issues in SMAC
Weight (%)
25%
25%
20%
15%
15%
Course Description
This course is designed to furnish knowledge on the strategic aspects of management accounting
practices. The course starts with explaining the strategy, strategic management, and criteria for
isolating strategic management accounting (SMAC) techniques from traditional management
accounting techniques. Focus is then given to elucidate the application of different strategicoriented management accounting techniques. Eventually, the learners of the course will
understand the application SMAC tools in supporting strategic decision-making process. This
course also introduces the role of management accountant in the face of Fourth Industrial
Evolution and changed business models. Learners of this course will be exposed to various
practical exercises and cases to make them capable to generate and supply management
accounting information crucial to make strategic decision.
Course Objectives
The main objective of this course is to enable learners to produce and supply cost management
information to support strategic decision making under varying degrees of risk and uncertainty.
This course ensures the identification and application of externally focused and long-term
oriented innovative cost management tools to transform the role of management accountant
from bean counter to capable business partners. The course aims to provide a comprehensive
knowledge on a package of strategic-oriented management accounting tools that can be used to
demonstrate the ways of achieving competitive advantages in the changed business
environment. Successful completion of this course will provide learners confidence, foundation,
and skills required to grasp knowledge of the information needs of strategic decision-making
process.
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
P a g e 25 | 158
1. understand the fundamental difference between traditional management accounting and
strategic management accounting
2. apply the SMAC tools that supports strategic decision process
3. illustrate the application of competitor and customer accounting to identify key sources of
competitive advantages
4. demonstrate how performance measurement system can be aligned with business strategy
pursued
5. recognize and address the key issues associated with international and strategic capital
budgeting for private and public sectors
6. understand the role of management accountant in the face of IR 4.0 and in emerging
business models
7. build argument for changes in MAS necessitated for sustainability and by the dynamic
business environment
Detail Contents
Parts
A. Strategic
management
accounting
(SMAC)
systems (25%)
Topics
Level of
Study
required
Subtopics
learning outcomes of
topics
Probable
weight
A1. Strategy,
strategic
management
and SMAC
R, U
 Define strategy
 Strategic management
(SM) perspectives
 Emergence of SMAC
 SMAC vs. traditional
management accounting
(MAC) techniques
 Overview of SMA
techniques
1. discuss how
organizational
strategy is
directional towards
SM process
2. identify the criteria
used to isolate SMA
from traditional
MAC tools
20%
A2. Competitor
accounting
U, AN,
E
 Fundamentals of
competitor accounting
 Competitive position
monitoring
 Competitor performance
appraisal based on
published financial
statements
 CORE analysis to identify
the key sources of
competitive advantage
3. explain the core
features of
competitor
accounting
4. analyze and
evaluate
organization’s
competitive position
40%
A3. Customer
accounting
U, AP,
AN
 Customer accounting
fundamentals
 Customer profitability
analysis (CPA)
 Valuation of customers
as assets
5. conduct customer
profitability analysis
6. illustrate how
customers can be
valued as assets
25%
A4. Brand
U, AP,
 Fundamentals to brand
7. assess the
15%
P a g e 26 | 158
Parts
B. Strategic
capital
budgeting
(25%)
valuation
Level of
Study
required
AN
B1. Capital
budgeting
techniques
R, AP,
AN, E,
D
 Capital budgeting
process
 Estimating project cash
flows under different
conditions
 Project evaluation and
selection
 Capital rationing
 Sensitivity analysis
 Project monitoring and
control
 Generating investment
project proposal
8. evaluate project’s
financial feasibility
9. prepare an
investment project
proposal
20%
B2. Investment
appraisal
further
techniques
U, AP,
AN, E,
D
 Use of multiple discount
factors
 Modified Internal rate of
return (MIRR)
 Adjusted Present Value
method
 Uncertain cash flows
 Capital rationing over
multiple periods
10. compute real and
nominal discount
factors
11. evaluate an
investment project
using MIRR
12. illustrate the capital
rationing process
20%
B3.Internation
al investment
appraisal
R, AP,
C, E, D
 Issues relating to
international finance
 Forecasting cash flows
from international
projects
 International project
appraisal
 Additional complexities
in foreign investment
appraisal
 Financing overseas
projects
13. recognize risks
associated with
international
expansion
14. illustrate how to
evaluate an
international
investment project
20%
B4.
Implementatio
n and control
procedures
U, AP
 Fundamentals of
investment cycle
 Project implementation
 Project monitoring and
control
 Post audit of investment
15. illustrate the steps
involved in the
investment cycle
16. demonstrate postaudit of an
investment project
10%
Topics
Subtopics
valuation
 Financial valuation of
brand
 Discounted cash flow
(DCF) techniques of
brand valuation
learning outcomes of
topics
Probable
weight
brandvalue
considering the
brand strength
factors
P a g e 27 | 158
Parts
Topics
Level of
Study
required
Subtopics
learning outcomes of
topics
Probable
weight
project
C.
Performance
measurement
and evaluation
(20%)
B5. Risk and
uncertainty in
long term
decisions
U, AP,
AN, E,
D
 Nature of risk and
uncertainty associated
with decision making
 Risk-adjusted discount
rate
 Risk-based decisionmaking techniques
 Decision trees
 Sensitivity analysis
 ‘What if’ analysis
 Simulation models
17. evaluate projects
considering risks
and uncertainties
18. illustrate ‘what if’
analysis under
different level of
operations
20%
B6. Strategic
issues in
capital
budgeting
U, C
 Alignment of capital
budgeting decision to
strategy pursued
 Further issues in the
alignment process
19. align investment
decisions with
strategy
10%
C1. Integrated
performance
measurement
(IPM) and
Balanced
Scorecard
(BSC)
U, AP,
E, C
 Fundamentals of IPM
and BSC
 Perspectives of BSC
 BSC and strategy
 BSC and performance
 Key performance
indicators
 BSC in non-profit and
public sector
organizations
 Sustainable BSC
20. contrast traditional
performance
measurement with
IPM
21. demonstrate the
transformation of
BSC from
performance
measurement to
strategic
management
22. illustrate how BSC
affect performance
45%
C2.
Responsibility
accounting in
MNC
R, U, AP
 Nature of Responsibility
accounting in MNC
 International transfer
pricing issues
 OECD guidelines in
setting up transfer price
 Optimal transfer price
 Negotiated transfer price
 National Board of
Revenue (NBR)
guidelines in setting up
transfer price
23. illustrate the
procedure of setting
transfer price in
MNC
24. recognize the
impact of tax rules
on transfer prices
30%
C3.
Benchmarking
U, E
 Benchmarking
 Internal benchmarking
 External benchmarking
25. evaluate the
implications of
benchmarking on
25%
P a g e 28 | 158
Parts
Topics
Level of
Study
required
Subtopics
 Strategic issues in
benchmarking
D. Strategic
pricing (15%)
E.
Contemporary
issues in SMA
(15%)
learning outcomes of
topics
Probable
weight
entity’s position
D1. Pricing
products and
services
AN, C
 Key issues in pricing
decisions
 Traditional approach to
pricing
 Pricing strategies for new
products
26. generate price for
products/services
identifying relevant
key factors
30%
D2. Strategic
issues in
pricing
decision
R, AN,
E, C
 Drawbacks of traditional
pricing
 Pricing as a tool of
strategic positioning
 Setting prices
strategically
 SMA as the basis for
pricing
27. identify the pitfalls
of traditional
pricing
28. illustrate the
procedure of setting
price strategically
70%
E1. Corporate
sustainability
and SMA
system
U, AP, C
 Concepts of corporate
sustainability
 Triple bottle line
framework
 Sustainability as a tool
for competitive
advantage
 Dimensions of
sustainability
 Sustainability in the
value chain
 SMA and corporate
sustainability
 Role of management
accountant as a business
partner
 SMA in the new business
model
29. integrate
sustainability into
corporate
management
30. explain the role of
SMA in achieving
sustainability
30%
E2. Strategic
issues in Public
sector
management
accounting
U, AP, C
 Nature of public sector
management accounting
(MAC)
 Strategic issues in Stateowned enterprises’ MAC
system
 Public private
partnership (PPP)
investment appraisal
31. recognize the core
features of public
sector mac system
32. illustrate the
procedure of PPP
investment
appraisal
40%
E3. SMA in the
U, AP
 Business environment in
33. illustrate the
30%
P a g e 29 | 158
Parts
Topics
Level of
Study
required
Fourth
Industrial
Revolution
(IR 4.0) and
climate change
Subtopics
IR 4.0
 SMA in the face of IR 4.0
 SMA in addressing
climate change
learning outcomes of
topics
Probable
weight
applicability of SMA
in the AI, block
chain, cloud
computing, and big
data environment
Here, R = Remembering, U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Text Book
ICMAB. (2021). ICMAB Learning Manual for Strategic Management Accounting. Dhaka:
ICMAB
Recommended Text Books
1. Hoque, Z. (2006). Strategic Management Accounting. Australia: Pearson Education
2. Hilton, R. W., Maher, M. W., & Selto, F. H. (2003). Cost Management: Strategic for
Management Decisions. New York: McGraw-HillIrwin
Reference Books/Other Learning Materials
1. Kaplan, R. S., & Atkinson, A. A. (1998).Advanced Management Accounting. Prentice-Hall
2. Garrison, R.H., Noreen, E.W., & Brewer, P.C. (2018). Managerial Accounting. New York:
McGraw-HillHigher Education
SMA Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
6
2, 3
6
2
1, 6
1
4, 5, 6,7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 6
2, 3, 5
2
4
3
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 27
4, 6, 7, 14, 18, 19, 21, 24, 25, 26, 27, 28
3, 4, 5, 6, 7
20, 21, 22, 22, 23, 25
8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 32
29, 30, 33, 31
6, 13, 14, 24, 29, 30
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs =
Topic Learning Outcomes
-------0--------
P a g e 30 | 158
Financial Accounting and Corporate Reporting Pillar
Financial Accounting & Corporate Reporting (FACR) pillar aims to provide aspiring professional
accountants a clear understanding of the accounting cycle for different contexts. This pillar is
designed to enable learners in providing information that satisfies the fundamental qualities of
information. Knowledge from this pillar will equip learners with the technical skills in reporting
accounting information through financial statements for single entities and group scenarios
applying appropriate ethical standards, relevant accounting standards, and other relevant
regulatory requirements. It is expected that by conceptualizing the contents of different courses
under the pillar, learners be proficient in understanding and applying the International
Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS).FACR
pillar consists of one module in each of the different CMA professional levels. The first course of
the pillar is the Fundamentals of Financial Accounting (FFA, in the foundation level), followed
by the Intermediate Financial Accounting (IFA, in the intermediate level), and the Advanced
Financial Reporting (AFR, in the advanced level). At the foundation level, learners will be
exposed little to the IAS and IFRS, which are mainly covered at the intermediate and advanced
levels of the CMA professional program.
Pillar Objectives
On successful completion of the FACR pillar, the aspiring professional accountantsshall be able
to:
1. apply the conceptual and regulatory framework of financial accounting.
2. underpin the significance of ethics in accounting.
3. apply double-entry accounting in completing the stages of an accounting system.
4. account for transactions following the relevant accounting standards and regulatory
requirements.
5. develop financial statements in a single entity or group scenario in conformity with the
accounting standards.
6. analyze and interpret financial statements.
7. explain the implications of different regulatory & environmental changes on financial
reporting.
P a g e 31 | 158
FACR Pillar: Contents Mapping
Conceptual and Regulatory
Framework of Accounting
Reporting
Standards
Accounting as
an information
system
[I-P-O]
Accounting for
Revenue and Taxes
Accounting for Assets
Accounting for liabilities
Single
Entity
Financial Statements
Group of
Entities
Analysis and
Interpretation
Integrated Reporting
Professional Ethics
P a g e 32 | 158
Course Title:
Fundamentals of Financial Accounting (FFA)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Financial Accounting &
Corporate
Reporting[FACR]
Foundation
level
Fundamentals of
Financial Accounting
(FFA)
FR111
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Segment Title
Weight (%)
A
Accounting framework
10%
B
Accounting as an information system
30%
C
Accounting for assets
20%
D
Accounting for single entities
40%
Course Description
This course is designed to cater to the needs of a learner with little or no prior accounting
knowledge. As such, the course starts with explaining the accounting framework, shading light
on the relevant conceptual and regulatory requirements. Focus is then given to elucidate how
accounting works as an information system. In explaining the system, the IPO model is used for
the logical sequencing of different stages in the accounting cycle. Eventually, the learners of the
course will understand the process and concerns in preparing financial statements for single
entities considering the nature of the entity’s operation. This course also introduces the concept
of ethics and different measures used in controlling the accounting systems. Learners of this
course will be exposed to various practical exercises for mastery of the basic accounting
knowledge & skills and thus, little emphasis is given on the applications of accounting standards
unless specifically mentioned.
Course Objectives
The main objective of this course is to enable learners to complete the accounting cycle at a low
level of ambiguity, complexity, and uncertainty. This course ensures the conceptual foundation
of financial accounting for a learner from a non-accounting background in completing tasks of
the input, processing, and output stages of the accounting information systems. The course aims
to provide the basic accounting concepts and principles that one can apply in preparing financial
and related information for a single entity scenario to meet internal needs and external
obligations. Successful completion of this course will provide learners confidence, foundation,
and technical proficiency to clutch knowledge of the Intermediate Financial Accounting module
of the FACR pillar.
P a g e 33 | 158
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountantsshall be able to:
1. understand the conceptual and regulatory framework of financial accounting.
2. apply the double-entry system in recording transaction data to produce accounting
information.
3. illustrate different steps in the accounting cycle
4. rectify accounting records, whenever necessary.
5. prepare financial statements for single entities in a non-complex scenario considering the
nature of the business operation.
6. understand accounting treatment for inventories, receivables, fixed and current assets,
natural resources, and intangible assets.
7. understand the ethical considerations in accounting, performance evaluation, and
harmonizing accounting practices.
Detailed Contents
Parts
A.
Accounting
framework
(10%)
Topics
A1.
Accounting
and its
environment
A2.
Conceptual
framework of
financial
accounting
Level of
Study
required
R, U
R, U
Subtopics
Learning outcomes of
topics
Probable
weight
 Define accounting
 State the environment an
accountant works
34. discuss how different
agents shape
accounting
25%
 Agents in the accounting
environment
 Accounting environment
in Bangladesh
 Branches of accounting
35. explain the
contextual needs of
accounting standards
 Explain the need for
financial records
 Users of accounting
information
 Qualitative characteristics
of accounting information
 Underlying assumptions,
convention, policies, and
changes in accounting
estimates
 Key elements of financial
statement
 Ethical issues in financial
accounting
 Stages of the accounting
cycle
36. recognize the
importance of bookkeeping for different
users
37. explain different
segments of the
conceptual
framework
38. discuss the
significance of ethics
on accounting
39. explain various
stages of an
accounting cycle
50%
P a g e 34 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Probable
weight
 Concept of an integrated
report
B.
Accounting
as an
information
system
(30%)
A3.
Regulatory
framework
for financial
accounting
R, U, C
 Role of legislation on
published accounting
information
 Bangladesh accounting
standards
 Role of accounting
standards in preparing
financial statements
 Approaches in developing
accounting standards
 Harmonization of
accounting standards
40. outline the relevant
regulatory
requirements
41. list different
accounting standards
42. describe how
standards are
formulated
43. build arguments on
the harmonization of
accounting standards
25%
B1. Input
stage of
accounting
information
systems (AIS)
R, AP,
AN




Source documents
Double-entry system
Accounting equation
The golden rule of debit
and credit
 Journal entries
 Special journals
 Petty cash statement
44. analyze the impact of
transactions on the
financial status of
the business
45. illustrate double
entry systems in
recording
transaction
46. demonstrate
recording of frequent
transactions
25%
B2.
Processing
stage of an
AIS
U, AP, E,
C
 Chart of accounts and
coding system in
accounting
 Types of accounts
including suspense
account
 Ledger accounts
 Personal and control
accounts
 Trial balance
47. perform posting of
the initial records to
the ledger accounts
48. generate a trial
balance to prove the
accuracy of ledger
posting
49. evaluate accounts
through general and
subsidiary ledgers
20%
B3. Adjusting
accounting
records
R, AP, C
 Omissions, errors, and
periodic adjustments
 Accruals and prepayments
 Types of adjusting entries
 Adjusted trial balance
50. perform necessary
adjustments
whenever needed
51. compose an adjusted
trial balance
40%
P a g e 35 | 158
Parts
C.
Accounting
for assets
(20%)
D.
Accounting
for single
entities
(40%)
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Probable
weight
B4. Output
and accounts
closing stage
of an AIS
U, AP, C
 Worksheet
 Components of a set of
financial statements
 Closing entries
 Post-closing trial balance
52. formulate a working
paper before formal
reports
53. describe the
components of a set
of financial
statements
54. perform tasks of
closing accounts
15%
C1.
Accounting
for current
assets
AP, E, C
 Methods of inventory
valuation
 Periodic and perpetual
inventory systems
 Implications of inventory
valuation
 Aging schedule
 Accounting for bad debts
 Bank reconciliation
statement
55. perform recording
and valuation of
inventory
56. compose an aging
schedule
57. determine the value
of receivables
58. evaluate cash book
records with the
bank statement
60%
C2.
Accounting
for noncurrent assets
R, U, AP
 Tangible and intangible
assets
 Capital and revenue items
 Non-current asset register
 Depreciation and
amortization
59. identify the nature of
non-current assets
60. contrast capital and
revenue items
61. compute
depreciation under
different methods
40%
D1.
Accounting
for different
business
types
R, AN, E,
C
 Types of business entities
 Accounting for varying
types of business entities
 Single and multiple-step
income statements
 Manufacturing accounts
 Shares and debentures
 Accounts from incomplete
records
62. identify the impacts
of the types of
business on
accounting
63. compose income
statement of
different formats
64. analyze the links of
different accounts
40%
D2.
Preparation
and
interpretation
of financial
statements
AP, C
 Statement of financial
position
 Income statement
 Statement of changes in
equity
 Statement of cash flows
65. compose a complete
set of financial
statements following
IAS 1 in a noncomplex scenario
66. compute basic ratios
60%
P a g e 36 | 158
Parts
Topics
Level of
Study
required
Learning outcomes of
topics
Subtopics
 Basic financial ratios
Probable
weight
to infer financial
performance
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB.(2021). ICMAB Learning Manual for Fundamentals of Financial Accounting.Dhaka:
ICMAB
Recommended Textbook
Weygandt, J. J., Kimmel, P. D., and Keiso, D. E. (2018).Accounting Principles. USA: Jhon Wiley
& Sons, Inc.
Reference Books/Other Learning Materials
1. Edwards, J.D., Hermanson, R.H., & Maher, M. W. (2011). Accounting Principles: A Business
Perspective, Financial Accounting. CreateSpace Independent Publishing Platform
2. Skousen, K. F., Albrecht, W. S., Stice, J. D., &Stice, E. K. (1998). Accounting Concepts and
Applications. South-Western College Pub
FFA Course Mapping
PrOs
POs
POs
CLOs
CLOs
TLOs
PrO1
5
PO1
1
CLO1
1, 2, 3, 4, 5, 7, 8, 9, 10, 27, 29, 31
PrO2
1, 4
PO2
7
CLO2
11, 12, 13, 14, 15, 16, 22, 23,
PrO3
2
PO3
2, 3, 4, 6
CLO3
6, 12, 13, 14, 20, 21,
PrO4
-
PO4
5
CLO4
17, 18, 25, 28, 31,
PrO5
3, 5
PO5
5, 6
CLO5
19, 20, 21, 22, 26, 30, 31, 32, 33
PrO6
6
PO6
7
CLO6
22, 23, 24, 25, 26, 27, 28
PrO7
6, 7
PO7
7
CLO7
5, 10, 33
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 37 | 158
FFA Contents Mapping
Accounting information systems
A1.Accounting and
its environment
A2. Conceptual
framework
B1. Input
B2. Processing
B3. Adjusting
the accounts
A3. Regulatory
framework
B4. Output
D1. Financial statements
Accounting for –
C1. Current assets
C2. Non-current assets
D2. Business types
P a g e 38 | 158
Course Title:
Intermediate Financial Accounting (IFA)
Knowledge Pillar
Level
Course Title
Financial Accounting
and Corporate
Reporting [FACR]
Intermediate
level I
Intermediate
Financial
Accounting (IFA)
Course
Code
FR222
Total Marks
100
SyllabusStructure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Segment Title
Weight (%)
5%
A
Conceptual framework for financial accounting
B
Preparation of financial statements
50%
C
Accounting for Assets and Liabilities
35%
D
Accounting for revenue and taxes
10%
Course Description
Intermediate Financial Accounting is the second of three courses designed for the Financial
Accounting and Corporate Reporting (FACR) pillar. It is designed to discuss the reporting
framework and ethics, basic issues related to measurement, reporting of financial statements,
and disclosure issues related to financial statements in conformity with IFRS. Also, the course
provides information relating to revenue recognition and accounting for income tax.
Course Objectives
The objective of the course is to provide students with a depth understanding of financial
accounting issues. The course is designed to enable students to exercise appropriate judgment in
selecting and presenting accounting information and provide students with an in-depth
understanding of emerging financial accounting issues.
Course Learning Outcomes
On successful completion of this course, the student will be able to:
1. understand the accounting framework accommodating the ethical codes set by the IFAC for
professional accountants
2. describe the provisions and the underlying principles of different accounting standards
3. account for assets and liabilities following the conceptual framework and the accounting
standards
4. select and present information relating to revenue recognition
5. demonstrate accounting for income taxes
P a g e 39 | 158
6. prepare and present information on the financial statements in conformity with accounting
standards
7. develop a reasoned argument for the familiar and unfamiliar problems relevant to financial
statements
Detailed Contents
Parts
A.
Conceptual
framework
for financial
accounting
(5% Marks)
Topics
A1. Financial
Reporting and
Accounting
Standards
Level of
Study
Required
U



A2. Conceptual
framework and
Ethical issues
U, AP






B.
Preparation
of financial
statements
(50%)
B1. Set of
financial
statements
U, AP
Learning Outcomes of
Topics
Subtopics






Purpose of
Financial
Statements
Standard Setting
Organizations
Financial Reporting
Challenges
1.
Conceptual
Framework
Fundamental
Concepts
Elements of
Financial
Statements
Assumptions
Measurement,
Recognition, and
Disclosure
Concepts
Ethical and
Professional Issues
3.
General Features of
IAS 1
Structure and detail
contents of
financial
statements
Statement of
Financial Position
Statement of Profit
or Loss and Other
Comprehensive
Income
Statement of
Changes in Equity
Presentation, notes,
and disclosure to
the financial
statements
6.
2.
4.
5.
7.
Probable
Weight
explain the objectives
of financial reporting
discuss the challenges
facing financial
reporting.
30%
describe the
conceptual framework
for financial
accounting
explain the
application of the
basic assumptions
and principles of
accounting
demonstrate the
ethical and
professional issues for
a professional
accountant
70%
explain the purpose
and principles
underlying IAS 1
prepare and present
the financial
statements of an
entity according to its
accounting policies
and appropriate
IFRSs.
40%
P a g e 40 | 158
Parts
Topics
B2. Cash Flow
Statement
Level of
Study
Required
U, AP, E




B3. Reporting
Financial
Performance
and Related
Information
U, AP







B4. Other
Reporting
U, AP, E




C.
Accounting
for Assets
and
Liabilities
(35%)
C1. Current
Assets and
Current
Liabilities
U, AP, AN
Learning Outcomes of
Topics
Probable
Weight
Cash Flow
Statement under
direct and indirect
methods
Cash Flow
Statement using the
direct method
Special problems in
preparing a
statement of cash
flows
Interpretation of
Cash Flows
Statement
8. explain the purpose
and principle of IAS 7,
9. prepare a statement
of cash flows
10. evaluate special
issues in preparing a
statement of cash
flows
20%
Types of accounting
changes
Changes in
accounting policies
changes in
estimates
Related Party
Disclosures
Non-Current assets
held for sale and
discontinued
operations
Operating
Segments
Earnings per share
11. describe treatment for
accounting changes
12. explain the purpose
and disclosure
provisions of IAS 8,
IAS 24, IAS 33, IFRS
5, and IFRS 8
13. explain the
accounting treatment
for operating
segments as per IFRS
8
14. compute earnings per
share
30%
Recognition,
measurement, and
disclosure of
provisions
Contingent assets
Contingent
liabilities
Events after the
Reporting Period
15. apply the accounting
and disclosure
requirements of IAS
10 and IAS 37
16. contrast between
events after the
reporting period that
require adjustment
and those that require
disclosure only
10%
Reporting of cash
and cash
equivalents
Recognition and
valuation of
receivable
Nature of Current
17. discuss how to report
cash and related
items,
18. explain the valuation
and reporting of
receivables and
current liabilities
10%
Subtopics



P a g e 41 | 158
Parts
Topics
Level of
Study
Required
Subtopics

C2. Inventories
U, AP





C3. Property,
Plant, and
Equipment
(PPE)
U, AP, AN,
C








C4. Intangible
assets
U, AP, AN





C5. Leases
U, AP





Learning Outcomes of
Topics
Probable
Weight
Liabilities,
Valuation and
reporting of
Current Liabilities
Definition and
measurement of
Inventories
Inventory valuation
method
Net realizable value
Recognition as
expense
Disclosure
19. apply the main
provisions of IAS 2
20%
Recognition of PPE
Measurement and
recognition
Borrowing costs
Measurement of
PPE after initial
recognition
Accounting for
revaluation
Impairment of
assets
De-recognition of
PPE
Disclosure
20. discuss the
accounting standards
applicable for PPE
21. argue for cost or
revaluation model
22. conduct impairment
test
20%
Characteristics of
intangible assets
Recognition and
measurement of
intangible assets
Internally
generated assets
Disposal and
disclosure
Goodwill
23. explain the
accounting treatment
for various intangible
assets as per IAS 38
24. illustrate the
accounting issues for
recording goodwill
10%
Types of lease
Accounting for a
finance lease
Allocation and
calculation of
finance charges
Disclosure and
other issues
Operating lease
25. understand the
purpose and
principles underlying
IFRS 16
26. apply accounting
requirements for lease
by leasee and lessor.
20%
P a g e 42 | 158
Parts
Topics
C6. NonCurrent
Liabilities
Level of
Study
Required
U, AP, AN
Subtopics
Accounting for
lease by leasee and
lessor.


Bonds payable
Long-term notes
payable
Extinguishment of
non-current
liabilities
Presentation and
analysis
27. explain the
accounting for and
extinguishment of
non-current liabilities
28. present and analyze
non-current liabilities
10%
Financial
Instruments
recognition and
measurement
Financial
Instruments
presentation
Financial
Instrument
disclosure
29. prepare and present
extracts of financial
statements in light of
IAS 32, IAS 39, and
IFRS 7.
10%
Fundamentals of
Revenue
recognition
The Five-Step
Process of revenue
recognition
Accounting for
Revenue
Recognition Issues
Presentation and
Disclosure
Long-Term
Construction
Contracts
Revenue
Recognition Over
Time
30. describe the
fundamental concepts
of IFRS 15
31. recognize and
measure revenue
32. describe presentation
and disclosure
regarding revenue.
50%
Fundamentals of
Accounting for
Income Taxes
Current tax
Deferred tax
Financial
Statement
presentation
33. compute the current
tax and deferred tax
34. disclose tax in the
financial statements
50%

U, AP



D.
Accounting
for revenue
and taxes
(10%)
D1. Revenue
Recognition
U, AP






D2. Accounting
for taxation
U&A
Probable
Weight


C7. Financial
Instruments
Learning Outcomes of
Topics




P a g e 43 | 158
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB.(2021). ICMAB Learning Manual for Intermediate Financial Accounting.Dhaka:
ICMAB
Recommended Textbooks
1. Kieso, D.E., Weygandt, J.J., Warfield, T.D. (2020). Intermediate Accounting: IFRS Edition.
NY: John Wiley & Sons, Inc.
2. Spiceland, D., Nelson, M., Thomas, T., (2020), Intermediate Accounting. USA: McGraw Hill
Education
Reference Books/Other Learning Materials
1. Stice, J. D., Stice, E. K.,&Skousen, K. F. (2004). Intermediate Accounting. South-Western
College Pub
2. Beechy, T.H., Conrod, J.E., Farrell, E. (2019). Intermediate Accounting. Canada: McGrawHili Ryerson
3. Stice, K. S., Stice, J.D. (2014), Intermediate Accounting, Cengage Learning
IFA Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
5
1, 4
2
3, 5
6
6,7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1
1
3, 4, 5
2, 3, 4, 5, 6
6
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 3, 4, 5
6, 8, 10, 12, 13, 15, 20, 25, 29, 30
11, 17, 18, 19, 20, 21, 22, 23, 24, 25, 27
30, 31, 32
33, 34
7, 9, 11, 15, 19, 25, 28, 29, 31, 32, 34
1, 2, 3, 5, 10, 14, 16, 24, 31
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 44 | 158
IFA Content Mapping
A2. Conceptual framework
and Ethical issues
A1. Financial Reporting
and Accounting Standards
B1. Set of financial statements [IAS 1]
Statement of Financial Position
Statement of Profit or Loss and
Other Comprehensive Income
Statement of Changes in Equity
B4. Other
Reporting[IAS 10,
IAS 37]
B2. Cash Flow Statement[IAS 7]
Presentation, notes and disclosure
to the financial statements
C1. Current Assets and Current Liabilities
C2. Inventories[IAS2]
C3. Property, Plant and
Equipment[IAS 16, IAS, 23, IAS 36]
C4. Intangible assets[IAS 38]
C5. Leases[IFRS 16]
B3. Reporting Financial
Performance and Related
Information[IAS 8, IAS 24,
IAS 33, IFRS 5, IFRS 8]
C6. Non-Current Liabilities
C7. Financial Instruments[IAS 32,
IAS 39, IFRS 7]
D1. Revenue Recognition[IFRS 15]
D2. Accounting for taxation[IAS 12]
P a g e 45 | 158
Course Title:
Advanced Financial Reporting (AFR)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Financial Accounting &
Corporate Reporting
[FACR]
Advanced
Level I
Advanced Financial
Reporting (AFR)
FR342
100
Syllabus structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Segment Title
Weight (%)
A
Financial reporting regulations and ethics
10%
B
Group financial statements
45%
C
Other financial reporting standards
25%
D
Financial statements analysis and interpretation
10%
E
Integrated reporting
10%
Course Description
Advanced Financial Reporting is the third course of the three courses designed for the Financial
Accounting and Corporate Reporting (FACR) pillar. Primarily focus of the course is the
preparation and reporting of financial statements in a group scenario for varied entities
accommodating ethical codes for a professional accountant and the relevant accounting
standards. This course also covers investments in joint arrangements, translating financial
statements, financial instruments, issues related to employee benefits and payments, fair value
measures, operating segments and interim reporting, and the concept of integrated reporting.
Learners will also be exposed to the analysis and interpretation of financial statements to
evaluate business performance. Contents of this course are subject to a high level of ambiguity,
complexity, and uncertainty.
Course Objectives
This course aims to enable candidates in applying technical knowledge, analytical techniques,
and professional skills to resolve financial reporting issues that arise in the context of the
preparation and evaluation of corporate reports. It is expected that the learners of the course
will use technical knowledge and professional judgment in identifying, explaining, and
evaluating alternatives in a global context. The commercial context and impact of
recommendations and ethical issues will also need to be considered in making such judgments.
With the successful completion of this module, candidates will be able to account for complex
transactions and issues for single entities and group scenarios in a variety of industries.
P a g e 46 | 158
Course Learning Outcomes
On successful completion of this paper, the aspiring professional accountants shall be able to:
1. apply professional judgments in ethical dilemmas
2. build arguments for the financial reporting framework and accounting regulations
3. practice accounting in compliance with the relevant standards and regulations
4. report the financial status of a range of entities
5. prepare the financial statements of a group of entities
6. interpret financial statements for different stakeholders
7. understand the significance of going beyond traditional reporting practices
Detail Contents
Level of
Study
Required
Learning Outcomes of
Topics
Subtopics
Probable
Weight
Parts
Topics
A. Financial
reporting
regulations and
ethics (10%)
A1. Regulating
accounting and
financial
reporting
U, AP
1.
 Need for regulation of
published accounts;
 Varying regulatory
regimes over countries;
2.
 Potential elements in a
national regulatory
framework for published 3.
accounts;
 Role and structure of the
IASB
 IASB’s Framework for
the Financial
Statements;
 Promulgation of an
IFRS;
 IFRSs and local
regulatory frameworks;
 External audit/auditor;
 Audit reports;
 measurement principles
and bases in corporate
reporting
describe the role of
different regulatory
agencies on financial
reporting
explain the need for
an external audit
illustrate the impact
of measurement
base on corporate
reporting
50%
A2. Code of
Ethics for
Professional
Accountants
R, AP
 Ethical principles in
reporting and assessing
information;
 Sources of ethical codes
for those involved in the
reporting or taxation
affairs of an
organization, including
the external auditors;
demonstrate the
ethical practice in
evaluating situations
with an ethical
dilemma
outline the
requirements for
financial reporting
50%
4.
5.
P a g e 47 | 158
Parts
Topics
Level of
Study
Required
Learning Outcomes of
Topics
Subtopics
 Code of Ethics for
Professional Accountants
 Requirements for
consolidated financial
statements
B. Group
Financial
Statements
B1. Investment
in subsidiaries
U, AP,
AN
(45%)
Probable
Weight
in a group scenario
 Introduction of a group
 Conditions to be a
subsidiary or an
associate of another
company
 Concept of control and
consolidated financial
statements;
 Underlying provisions of
IAS 1, IAS 27, IFRS 3,
IFRS 10
 pre-acquisition and postacquisition reserves.
 Intragroup transactions
 Groups with two or more
subsidiaries with direct
and indirect control
 Partial disposal
(Subsidiary status
remains after disposal,
the subsidiary becomes
an associate, subsidiary
becomes a general
investment)
 Consolidated statements
6.
identify the
circumstances that
require consolidated
financial statements
discuss the parentsubsidiary
relationship
analyze and account
for intra-group
transactions
prepare consolidated
financial statements
60%
7.
8.
9.
B2. Investment
in other forms
AP, E
 Investment in associates
 Concept of significant
influence
 Underlying provisions of
IAS 28, IFRS 11, IFRS 12
 Investment in a joint
arrangement
 Concept of joint control
 Accounting for joint
operations
 Accounting for joint
ventures-equity method
10. contrast different
forms of
investments
11. account investments
under the equity
method
20%
B3. Other issues
for group
U, AP
 Underlying provisions of
IAS 21, IAS 24, IAS 33
12. describe the need for
translating financial
20%
P a g e 48 | 158
Parts
Topics
Level of
Study
Required
accounts
C. Other
Financial
reporting
standards
Subtopics
Learning Outcomes of
Topics
 Translating financial
statements
 Additional disclosure
issues related to the
group accounts
 Disclosure requirements
for transactions between
related parties
 Group earnings per
share
statements
13. identify disclosures
required for related
parties and EPS
14. compute EPS in a
single entity and
group scenario
Probable
Weight
C1. Fair Value
Measurement
U, AP, E
 Underlying provisions of
IFRS 13
 Definitions of ‘fair value’
measurement and ‘active
market’
 ‘Fair value hierarchy
 Principles of highest and
best use, most
advantageous and
principal market
 Circumstances where an
entity may use a
valuation technique
15. evaluate and select
appropriate
valuation technique
under different
contexts
20%
C2. Financial
Instruments
U, AP
 Underlying provisions of
IAS 32, IAS 39, IFRS 7,
IFRS 9
 Initial recognition and
measurement
 Subsequent
measurement
 Derecognition
 Reclassification of
financial assets
 Derivative financial
instruments and simple
embedded derivatives
 Impairment
 Credit risk
16. illustrate the
requirements to
account for financial
instruments
20%
17. explain different
forms of employee
benefits
20%
(25%)
credit-impaired financial
assets
C3. Employee
benefits and
U, AP
 Underlying provisions of
IAS 19, IAS 26, IFRS 2
 Types of Employee
P a g e 49 | 158
Parts
Topics
Level of
Study
Required
payments
Subtopics
Learning Outcomes of
Topics
Benefit
 Post-Employment
Benefit Plans
 Asset Ceiling Disclosures
 Other Employee Benefits
 Share-based payments
 Types of Transaction
 Equity-Settled ShareBased Payment
Transactions
 Cash-Settled Sharebased Payment
Transactions
 Disclosures
 Modifications,
Cancellations, and
Settlements
 Recent Developments
18. account share-based
payments as per
IFRS 2
Probable
Weight
C4. Operating
segments and
interim
reporting
U, AP
 Underlying provisions of
IAS 34, IFRS 8
 Form and content of
interim financial
statements
 Significant events and
transactions
 Identification of
operating segments and
reportable segments
 Recognition,
measurement, and
reconciliations
 Disclosures
19. describe how to
account for
operating segments
20. identify the forms
and components of
an interim report
20%
C5. Other
standards
R, U
 Scope, recognition,
measurement,
presentation, and
disclosure provisions of
IAS 20, IAS 29, IAS 40,
IAS 41, IFRS 1, IFRS 4,
IFRS 6, IFRS 14
 First-time Adoption of
International Financial
Reporting Standards
 Investment Property
 Financial Reporting in
Hyperinflationary
Economies
21. recognize whether
an entity qualifies as
a first-time adopter
of IFRS
22. understanding of
accounting
treatment for an
investment property,
of insurance
contracts, and in a
hyperinflationary
economy
20%
P a g e 50 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning Outcomes of
Topics
Probable
Weight
 Insurance Contracts
 Accounting regulations
for SMEs
D. Financial
Statements
analysis and
interpretation
D1. Analysis
U, AP,
AN
 Status over time and
across industries
 Profitability ratio
 Liquidity ratio
 Asset management
/efficiency ratio
 Debt management or
gearing
 Du Pont analysis
23. describe the
relationship of
different elements of
the financial
statements
24. compute accounting
ratios to evaluate a
business status
40%
D2.
Interpretation
AN, E, C,
D
 evaluate performance
and position
 segmental analysis with
inter-firm and
international
comparisons taking
account of possible
aggressive or unusual
accounting policies and
pressures on ethical
behavior
 discuss the results of the
advantages and
limitations of the
analysis of financial
statements.
25. evaluate entities
financial status
26. formulate a plan for
the strategic course
of actions
60%
E1. <IR>
Framework
U, C
 Context of integrated
reporting
 Role of IIRC
 Integrated thinking
 International <IR>
Framework
 Environmental, social,
and ethical factors on
performance
measurement
27. argue for the need
for a broader form of
reporting
60%
E2. Six Capitals
U
 Define six capitals
 Explain six capitals
 Measurement and
disclosure issues of
financial capital,
28. describe different
capitals of an
integrated report
framed by IIRC
40%
(15%)
E. Integrated
reporting
(10%)
P a g e 51 | 158
Parts
Level of
Study
Required
Topics
Subtopics
Learning Outcomes of
Topics
Probable
Weight
manufactured capital,
intellectual capital,
human capital, social
and relational capital,
and natural capital
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB.(2021). ICMAB Learning Manual for Advanced Financial Accounting.Dhaka: ICMAB
Recommended Textbooks
1. Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate Accounting: IFRS
Edition. USA: Wiley
2. Tan, P., &Lee, P. (2008). Advanced Financial Accounting: An IAS and IFRS Approach.
Singapore: McGraw-Hill Education
3. Tan, P., Lim, C. Y., &Kuah, E. W. (2017). Advanced Financial Accounting. McGraw-Hill
Reference Books/Other Learning Materials
1. Larsen, E. J. (2006). Modern Advanced Accounting. USA: Richard D. Irwin, Inc.
2. Baker, R., Christensen, C., &Cottrell, D. (2010). Advanced Financial Accounting. McGrawHill Education
3. IFAC. (2018). Handbook of the International Code of Ethics for Professional Accountants.
IESBA, IFAC
4. IIRC. (2013). TheInternational <IR> Framework. IIRC
AFR Course Mapping
PrOs
POs
POs
CLOs
CLOs
TLOs
PrO1
5
PO1
2
CLO1
2, 4, 27, 28
PrO2
1, 4
PO2
1
CLO2
1, 3, 5, 23, 26, 27
PrO3
2
PO3
4
CLO3
6, 9, 11, 13, 14, 15, 16, 18, 19, 20, 21, 22
PrO4
-
PO4
3
CLO4
7, 10, 11, 14, 15, 16, 17, 19, 20, 21, 22
PrO5
3, 5
PO5
4, 5
CLO5
5, 6, 7, 8, 9, 12, 14
PrO6
6
PO6
6
CLO6
23, 24, 25, 26
PrO7
6, 7
PO7
1, 7
CLO7
3, 4, 26, 27, 28
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 52 | 158
AFR Content Mapping
A1. Regulating accounting
and financial reporting
A2. Code of Ethics for
Professional Accountants
Concern entity
B1. subsidiaries[IAS 1,
IAS 27, IFRS 3, IFRS 10]
Consolidated
financial statements
Financial statements
B2. other forms[IAS 28,
IFRS 11, IFRS 12]
Investment in
B3. Other issues for
group accounts[IAS
21, IAS 24, IAS 33]
Financial statements
Financial statements
C1.Fair Value Measurement[IFRS 13]
C2.Financial Instruments[IAS 32, IAS 39, IFRS 7, IFRS 9]
C3.Employee benefits and payments [IAS 19, IAS 26, IFRS 2]
C4. Operating segments and interim reporting [IAS 34, IFRS 8]
C5. Other standards [IAS 20, IAS 29, IAS 40, IAS 41, IFRS 1,
IFRS 4, IFRS 6, IFRS 14]
D1. Analysis
D2. Interpretation
E1.<IR> Framework
E2.Six Capitals
--------0--------
P a g e 53 | 158
Information Technology and Business Analytics Pillar
Information Technology and Business Analytics (ITBA) pillar aims to provide learners a clear
understanding of the use of information technology (IT) and digital transformation with the
mathematical and statistical tools for different contexts. IT as the most dynamic environmental
factor became an integral part of any undertakings. Similarly, the myriad implications of the
contemporary wave of digital transformation are irrefutable. Conversely, mathematics, and
statistics provide the foundation to construct best fit models for business solutions. Knowledge
from the ITBA pillar will ensure an aspiring professional accountant to work in a digital
environment with adequate data analytical skills. There are two courses under the ITBA pillar,
‘Business Quantitative Analysis’ (BQA, in foundation level) and ‘Information & Communication
Technology’ (ICT, in intermediate level). The first course under the pillar covers, basics
mathematical theories, functions, the use of different forms of mathematical analysis in the
context of continuous change, and mathematics in financial management. The final course of
the pillar, on the other hand, covers information technology, data analysis, and decision
support, IT Project Management, which are becoming more strongly intertwined and are
essential components of the modern enterprise. This course ensures the use of computer
systems in managing data and operations, analyze data, and support operational decisionmaking in contemporary business settings. The ITBA pillar is training for the aspiring
professional accountants in the technology and fundamental skills needed for the converging
fields of IT and business analytics.
Pillar Objectives
On
to:
1.
2.
3.
4.
5.
6.
7.
successful completion of the ITBA pillar, the aspiring professional accountants will be able
understand and apply the basic mathematical theories and functions to generate solutions
formulate forecasting and performance optimization models
carryout fundamentals of data analytics using statistical tests and MS Excel
understand the wave of digital transformation and its impact on different undertakings
explain the implications and development of an information system in business
understand the cultural change in business through the business process change
understand the ethical, social, and political aspects of digital transformation
P a g e 54 | 158
Title of the Course:
Information & Communication Technology (ICT)
Knowledge Pillar
Level
Name of Course
Course Code
Total Marks
Information
Technology and
Business Analytics
(ITBA)
Intermediate
Level I
Information &
Communication
Technologies(ICT)
TA223
50
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Segment Title
Weight (%)
A
Networked Enterprise & the Digital Transformation
10%
B
Business Information Systems
20%
C
Planning, Design,& Implementations of Information Systems
30%
D
Real-world Business Information System
20%
E
Disruptive Technology
20%
Course Description
The Course is designed to provide a conceptual framework of Information Technologies that are
directly associated with and affecting the career path of a professional accountant. It is assumed
that the financial leader, e.g., the CMAs, should have basic computing and networking
knowledge. Thus, the course emphasizes the Business Information System. This subject is
designed to enable learners in providing knowledge of information technology with IT
Infrastructure of Hardware and software, system development process and project, Internet,
Cyber Security, Social collaboration and link with the enterprise and its application in day-today activities. Finally, the emphasis is given on disruptive technologies that are constantly
changing our personal, business, or professional life. These will enable the aspiring professional
accountant to keep pace with the trending IT world and lead the business from the front.
Course Objectives
This course aims to provide aspiring professional accountants a clear understanding of the
digital transformation of business activities. The transformation wave necessitates a business
leader to understand the concept of a business information system, it's planning, design, and
implementation process to gain optimum benefits in a digital environment and using
information technology. This course also ensures learners to understand the alignment of
business information systems with the strategies and with the social collaboration converging
necessary ethical and security considerations.
P a g e 55 | 158
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
1. demonstrate the effective use of information technology in business
2. identify and analyze user needs in implementing computing-based systems
3. understand and apply course of action appropriate for an ethical computing professional
4. illustrate the organization of information technology in day-to-day business undertakings
5. prepare a proposal of an IT project for an identified need within a specific scope
6. understand the effect of contemporary changes in the field of computer science on business
7. align business information systems with the organizational strategic goals
Detail Contents
Level
of
Study
Learning Outcomes of
the topic
Probable
 Information system (IS)
 IS in business
transformation
 Complementary assets
 IS and business processes
 IT and Business Processes
 Role of IS
 Role of IT in the systems
for collaboration and
social business
 Collaborative Culture and
Business Processes
 Requirements for a
successful IS
 Impact of IS on
organizations
 Challenges of strategic IS
1. describe how an
information system
works
2. understand the
strategic
implications of IT
on the business
environment
3. explain how IT is
shaping business
strategies
70%
U, C
 Ethical, social, and
political issues of an IS
 Concerns for individual
privacy and intellectual
property
 Effects of haws
information systems
4. build arguments in
designing an
information system
focusing on the
ethical, social, and
political aspects
30%
R, U
 Electronic & Mobile
Commerce
 E-Commerce and MCommerce.
 Transaction Processing
Activities, Control and
5. understand the
present trends and
technologies that
are being used in
day-to-day trade
40%
Part
Topic
A. Networked
Enterprise & the
Digital
Transformation
A1. Information
Systems in
Global Business
R, U,
AP
A2. Ethical and
Social Issues in
Information
Systems
B1. Transaction
processing and
IT
infrastructure
(10%)
B. Business
Information
Systems
(20%)
Sub Topics
weight
P a g e 56 | 158
Part
Topic
Level
of
Study
Sub Topics
Management Issues
 IT infrastructure
 Trends in computer
hardware & software
platforms
 Challenges of managing
IT infrastructure and
management solutions
 Principal components of
the telecommunication
network and key
networking technologies
 Types of networks
 Internet Technology
 Wireless network,
communication, and
Internet access
B2.
Foundations of
Business
Intelligence:
Database and
Information
Management
U, AP,
E
 File organization concepts
 Database management
systems (DBMS)
 Relational Database
Management System
(RDBMS)
 Non-relational databases
 Designing Database
 Information policy, data
administration, and data
quality assurance
 Vulnerability of
information systems
 Business value of security
and control
 Organizational framework
for security and control
 IS Control, Risk
Assessment, Security
Policy, DR Planning, and
Business Continuity
Planning
 Auditing Information
Systems.
 Tools and technologies for
Learning Outcomes of
the topic
Probable
weight
practice
6. contrast different
concepts of file
organization
7. describe steps in
designing a
database
8. recognize the
importance of
information or
cybersecurity
60%
P a g e 57 | 158
Part
Topic
Level
of
Study
Sub Topics
Learning Outcomes of
the topic
Probable
weight
safeguarding information
resources
C. Planning,
Design, &
Implementations
of Information
Systems
C1. Information
Systems
Planning Issues
R, U
 IS Planning: short-and
long-range technology
planning,
 Data and information
management issues
 IS Economics
 IS HR Planning
 Developing an IS strategic
plan
9. outline the
requirements of
short/long-range
technology
planning
10. sketch a strategic
plan for the
information
systems
30%
C2. Information
Systems
Development
U, AP
 Overview of Systems
Development
 Phases of SDLC
 SDLC Models
 Factors affecting Systems
Development Success,
Quality & Standards
 Use of Project
Management, CASE,
OOSD
 Systems Investigation,
 System Analysis
11. describe the phases
in the systems
development life
cycle
30%
C3. Systems
Design,
Implementation
, Maintenance
and Review
U, E
 Systems Design,
 Systems Implementation
 Systems Operation and
Maintenance
 Systems Review
 Application of MIS in
Business
12. actively participate
and lead the IT
department to
design the custommade IS or procure
a standardized
solution
40%
D1. Enterprise
Resource
Planning
U, AP
 Introduction and
definition of Enterprise
Resource Planning (ERP)
 Core Modules of an ERP
System
 Role of Cost &
Management Accountants
in implementing practical
real-life manufacturing
ERP
 Challenges of
implementing
13. understand the
generic
information
system, i.e., ERP.
14. discuss the
challenges in
implementing
theoretical Cost
and Management
Accounting
concepts by a realworld
60%
(30%)
D. Real-world
Business
Information
System
(20%)
P a g e 58 | 158
Part
Topic
Level
of
Study
Sub Topics
manufacturing ERP in
large Bangladeshi
organizations
E. Disruptive
Technology
Learning Outcomes of
the topic
Probable
weight
manufacturing
ERP.
D2. Managing
IT Project
U, AP,
C
 Project management (PM)
 PM in developing
information systems
 Methods for selecting and
evaluating IS projects and
 Aligning IS projects with
the firm's business goals
 Business value of IS
 Risk factors in IS projects
15. illustrate the
importance of
project
management in the
process of systems
development
16. find the way to
align IS with
organizational goal
17. identify and
manage risk
associated with IS
projects
40%
E1. Blockchain
and FinTech
R, U,
AP
 Introduction to
Blockchain.
 Types of Blockchain
Technologies, Bitcoin,
Ethereum, Hyperledger
 Blockchain and wave of
change
 Blockchain Ecosystem,
Blockchain Exchanges,
Blockchain Miners,
Blockchain Applications
 Introduction to Financial
Technology (Fintech)
 Current Trends in
Financial Technology
 The future of Fintech and
the Banking Sector
 Fintech Applications
18. understand how
disruptive
technology is
shaping the new
forms of business
undertakings
19. describe how the
banking sector is
rapidly changing
the way it deals
with its customers
and the way it
makes transaction
with its
stakeholders
50%
E2. Fourth
Industrial
Revolution and
related issues
R, U
 Introduction to the Fourth 20.understand the
latest
Industrial revolution.
developments of
 Impact of the Fourth
computer science
Industrial Revolution on
and its application
finance and accounts
in business
 Opportunities &
Challenges of the Fourth
Industrial Revolution
 Introduction to Data
Science Data Science for
50%
(20%)
P a g e 59 | 158
Part
Topic
Level
of
Study
Learning Outcomes of
the topic
Sub Topics
Probable
weight
the Cost & Management
Accountants
 Big Data.
 Internet of Things (IoT)
 Machine Learning
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB Learning Manual for Information Technology and Business Analytics. ICMAB
Recommended Textbooks
1. Laudon, K. C., &Laudon, J. P. (2020). Management Information Systems: Managing the
Digital Firm, Global Edition. UK: Pearson
2. Brien, J. O. (2002). Management Information Systems: Managing Information
Technology in the E-Business Enterprise. Boston: McGraw-Hill/Irwin
Reference Books/Other Learning Materials
1. Shokeen, S., Singh, P., & Mann, S. (2018). Information System Management. I K
International Publishing House
2. Tapscot, D., & Tapscot, A. (2017). Blockchain Revolution. Brilliance Audio
3. Furlonger, D., & Uzureau, C. (2019). The Real Business of Blockchain: How Leaders Can
Create Value in a New Digital Age. Harvard Business Review Press
ICT Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
5
2,5
7
3,4, 5
5, 6, 7
2
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2
4, 5
6, 7
3
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 3, 5, 13, 14
2, 4, 10, 11, 13, 14
4, 8, 12
5, 6, 7, 8, 13
4, 7, 9, 12, 15, 16, 17
4, 8, 18, 19, 20
3, 9, 10, 16, 18, 20
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 60 | 158
Course Title:
Business Quantitative Analysis (BQA)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Information Technology
and Business Analytics
[ITBA]
Foundation
level
Business Quantitative
Analysis (BQA)
TA112
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Segment Title
Weight (%)
A
Business Mathematics
50%
B
Business Statistics
50%
Course Description
This course provides fundamentals of quantitative analysis under two broad categories,
Business Mathematics and Business Statistics. The course is designed to enable students with
reasonable quantitative aptitude in grasping the contents of other courses under the CMA
professional program. In the first part of the course, students will be oriented to the use of
logarithms, exponential functions, calculus, and trigonometric formulas in addition to the basic
concepts of mathematics. Subsequently, this course covers descriptive statistics, probability
concepts, probability distribution, hypotheses testing, regression and correlation, Index
numbers, and Forecasting - Time series.The amalgamation of these quantitative issues with
information technology is made in this course.
Course Objectives
The main objective of this course is to enable learners to use the knowledge of mathematics and
statistics in the decision-making process. It is expected that a successful learner of the course
will be able to express business problems in mathematical terms, solve the problem, and be able
to interpret the results. In the process, they will also be able to identify sources, types, and use of
data. This course will provide a foundation for the quantitative skills, logical reasoning, and
critical thinking ability expected from an aspiring professional accountant.
Course Learning Outcomes
On successful completion of this course, the student will be able to:
1. understand the basic mathematical theories and their application using MS Excel
spreadsheet
2. use set theory, exponential and logarithmic functions in solving critical business
problems
3. understand the use of trigonometry and calculus in solving industrial issues
P a g e 61 | 158
4.
5.
6.
7.
comprehend the use of mathematics in financial management
conduct scenario analysis using probability theory
develop basic forecasting and optimization models
draw conclusion about population characteristics based on sample data via hypothesis
testing
Detailed Contents
Parts
Topics
A. Business
Mathematics
A1. Basic
Mathematics
A2. Set
Theory
A3.
Exponential
and
Logarithmic
Functions
Level of
Study
required
R, U, AP
R, AP,
AN, D
U, AP,
AN, E
Subtopics
Learning outcomes of
topics
 Introduction
 Mathematical operations and
brackets
 Different types of numbers
 Rounding, fractions,
percentage, and ratios
 Constants, variables, and
functions
 Exponential numbers
 Formulae
 Solving equations
 Manipulating inequalities
 Mathematical operations in
excel
 Accuracy and approximation
1.







Introduction
Definition of sets and elements
Methods of expressing sets
Types of sets
Venn diagrams
Operations of sets
Number of elements of a finite
set
 Application of set theory to
solve business problems and
calculation of probability
4.
 Exponential functions:
exponent; positive integral
exponent; zero, negative
integral exponent; rules of
exponent; fractional exponent
 Logarithmic functions:
logarithm; formulae of
logarithms; natural logarithm
6.
2.
3.
5.
7.
Probable
weight
demonstrate the
application of
basic mathematics
in the computation
of values
solve and present
graphically the
relationship of
different variables
demonstrate the
use of formulas in
MS Excel
spreadsheet
15%
illustrate the
underlying
philosophy of set
theory
apply set theory in
solving real-life
problems
15%
understand the
implications of
exponential and
logarithmic
functions
illustrate the use
of logarithm as an
alternative to a
calculator and
10%
P a g e 62 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
and common logarithm; the
scientific form of numbers; use
of a calculator
A4.
Permutations
U, AP,
D
and
Combinations
Probable
weight
computer.
 Introduction
 Fundamental principles of
counting: multiplication rule;
addition rule
 Permutations: properties of
permutations; circular
permutation; permutations
with restrictions
 Combination: properties of
combinations
8.
9.
apply the concept
of permutation
and combination
in arranging
objects
describe the
meaning and
computational
techniques of
circular
permutation and
permutation with
restriction.
10%
A5.
Trigonometry
U, AP,
C, D





Introduction
Measurement of angles
Trigonometric functions
Trigonometric ratios
Relations between
trigonometric functions
 Signs of trigonometric
functions
 Trigonometric functions of
standard angles.
10. apply the
Pythagorean
Theorem
11. determine the
quadrants where
sine, cosine, and
tangent are
positive and
negative
15%
A6. Calculus
U, AP,
C, D
 Introduction
12. understand the
derivatives of
power,
trigonometric,
exponential,
logarithmic
functions;
13. apply calculus in
the optimization of
revenue, costs, and
profit
15%
 Differential calculus: rules of
differentiation; successive
differentiation; partial
differentiation; identification
of maxima and minima;
application of differential
calculus; marginal approach to
profit maximization
 Integral calculus: antiderivative concept; rules of
integration; integration by
parts; definite integrals evaluating definite integrals,
properties, areas between a
function and the x-axis, finding
areas between curves;
P a g e 63 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Probable
weight
application of integral calculus
B. Business
Statistics
A7.
Mathematics
of Finance
R, AP,
E, D
 Interest and its computation
 Power of compound growth
 Present and future values:
single payment, annuity
 Cost-benefit analysis:
discounted cash flow, NPV,
IRR
14. compute present
and future values
of cashflows
15. decide the
financial feasibility
of a project
16. demonstrate the
use of MS Excel
spreadsheet in
solving financial
problems
20%
B1.
Descriptive
Statistics
U, AP,
AN
 Organize ungrouped data into
a frequency distribution
 Construct different types of
graphs using statistical
software.
 Arrange ungrouped data into
an array, and determine the
mean, median, mode,
percentiles, and quartiles.
 Measure of dispersions
coefficient of variation.
 Skewness and kurtosis
17. present data in
tabular and
graphical forms
18. understand and
interpret the
features of a
distribution
19. apply the
appropriate data
presentation
techniques using
MS Excel for
descriptive
statistics.
15%
B2.
Regression
and
Correlation
U, AP,
AN, D
 Linear regression analysis
 Determination of correlation
coefficient
 The least-squares criterion
20. identify and
interpret the best
fit solution using
regression analysis
21. use regression
analysis as a
forecasting
technique
22. demonstrate
correlation and
regression results
in MS Excel
20%
B3. Basic
Probability
U, AP,
AN
 Concept of probability
 Rules of probability
 Conditional probability
23. demonstrate the
use of the addition
and multiplication
10%
P a g e 64 | 158
Parts
Topics
Level of
Study
required
Subtopics
 Solve problems using different
rules
Learning outcomes of
topics
Probable
weight
rules of
probability.
B4.
Probability
Distributions
AP, AN,
D
 Random variables
 Probability distributions
(binomial and normal)
 Use binomial and normal
distribution to calculate
probabilities.
24. compute
probability from a
binomial and
normal
distribution
25. generate business
solution using a
probability
distribution
10%
B5.
Hypothesis
testing
AP, AN,
D
 Introduction to hypothesis
testing
 State null and alternative
hypothesis
 Tests of statistical hypotheses
26. explore the
relationship
between variables
in an experimental
setting
27. apply hypothesis
testing in quality
management
15%
B6. Index
numbers
 Basic terminology
 Combining series of index
numbers
 Composite index numbers
 Weighted index numbers
 Retail price index for
Bangladesh
28. demonstrate the
computation and
use of index
number
29. construct and
apply the relative
price index
10%
B7.
Forecasting Time series





30. develop and
interpret a
forecasting model
generated from a
time series
analysis
31. demonstrate the
use of MS Excel to
develop timeseries forecasts.
20%
Components of time series
Finding the trend
Finding seasonal variations
Forecasting
Limitation of forecasting
models
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
P a g e 65 | 158
Recommended books and Learning Materials
Primary Textbook
ICMAB Learning Manual for Business Quantitative Analysis. ICMAB
Recommended Textbooks
1. Kappor, V. K., & Sancheti, D. C. (2002). Business Mathematics. Sultan Chand & Sons
2. Gupta, S. P., & Gupta M. P. (2019). Business Statistics. Sultan Chand & Sons
Reference Books/Other Learning Materials
1. Agarwal, D. R. (2005). Business Mathematics. Vrinda Publications (P) Ltd
2. Zameeruddin, Q., Khanna, V. K., & Bhambri, S. K. (2009). Business Mathematics. Vikas
Publishing House Pvt Limited
3. Levin, R. I., & Rubin, D. S. (2011). Statistics for Management. Prentice-Hall
4. Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., & Cochran, J. J. (2014).
Essentials of Statistics for Business and Economics. South-Western College Pub
BQA Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
2
1
2,3,7
4,5,7
1,2,3
2,7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2, 3
5, 6
1, 4, 7
-
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 8, 9, 10, 16, 17, 18, 19, 22, 28, 29, 31
4, 5, 6, 7
10, 11, 12, 13,
14, 15, 16,
16, 23, 24, 25,
13, 16, 20, 21, 30, 31
16, 19, 20, 21, 26, 27, 30, 31
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 66 | 158
------0------
Economics & Finance Pillar
The Economics & Finance (EFIN) knowledge pillar aims to equip aspiring professional
accountants with a precise understanding of different financial management techniques, the
micro/macroeconomic aspects, and the financial market of Bangladesh to manage resources,
and formulating financial and operational strategies for an organization. This pillar is designed
to enable the aspiring candidates to analyze firm-specific and country-level economic factors
that can have a substantial impact on the operation and strategy of a business. This pillar also
focuses on the process and techniques of international business which will enable aspiring
professional accountants to analyze, evaluate, and formulate appropriate business strategies to
enter into and compete in the international markets. Furthermore, the EFIN pillar covers the
areas of financial management, financial markets, and financial strategy which are expected to
make the aspiring professional accountants competent to evaluate and select the best available
alternative sources of financing and investments in the domestic and international markets. This
pillar comprises three courses, namely Business Economics & International Business (EIB),
Financial Management (FIM), and Corporate Finance Strategy & Financial Market (FSM). The
EIB course covers the core issues of firm-level and national level economic factors that will
enable aspiring professional accountants to address the impact of internal and external
environmental and economic factors on business decisions. Besides, several issues relating to
international business including import and export procedures, entry strategy and strategic
alliances, and international trade and investment policies are covered to enable aspiring
professional accountants to perform both in the local and multinational entities.
The FIM course covers the key issues of financial management including the techniques of
capital budgeting, working capital management, trade-off between risks and return, and optimal
capital structure decisions which will make the aspiring candidates competent to perform the
role of a finance manager and/or chief financial officer. Finally, at the advanced level, the FSM
course offers a deeper understanding to the aspiring professional accountants on the more
complex issues concerning the financial strategy including mergers, acquisitions and business
valuations, changes in capital structure, and risk management and portfolio management
strategies. A precise understanding of these issues is expected to enhance the capability of
aspiring professional accountants to enhance the firm’s value.
Pillar Objectives
On successful completion of the EFIN pillar, the aspiring professional accountants should be
able to:
1. understand the micro and macroeconomics factors that can affect the operating
environments of a business.
2. assess the opportunity to expand internationally and the process of conducting international
transactions.
3. analyze and evaluate the trade-off between risks and return of investment opportunities.
P a g e 67 | 158
4. identify, evaluate, and select the best available alternative investment projects and financing
sources.
5. understand the nature of financial markets and formulate appropriate strategies to perform
better in such markets.
6. Analyze the components of financial statements to identify/evaluate the ability of an entity
to perform in the short- and long-term periods.
7. formulate appropriate financial management and operational strategy understanding the
use and role of information technology in the process.
P a g e 68 | 158
Course Title:
Business Economics & International Business (EIB)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Economics &
Finance
Foundation
Level
Business Economics &
International Business
(EBI)
EF113
100
[EFIN]
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Topics
Weight
A.
1. Introduction to Business Economics
5%
Business
Economics
2. Microeconomics
25%
3. Macroeconomics
15%
(50%)
4. Bangladesh Economy
5%
1. Introduction and Strategy
10%
2. International Trade Policy & FDI
10%
3. Payment & Finance Mechanism
20%
4. Export & Import in Bangladesh perspective
10%
B. International
Business
(50%)
Course Description
This is the first course of the pillar, Economics & Finance. This course presents the
fundamentals of different economic and international business concepts. The first part of the
course, Business Economics, consists of microeconomics, macroeconomics and Bangladesh
economy which portray the economic environment of business and different aspects of micro,
macroeconomic forces and Bangladesh economic conditions that influence the business
decision. Similarly, an understanding of international business is essential for aspiring
professional accountants in today's interdependent global world. This course provides an
overview of international business explaining how firms engage in conducting business crossing
the local boundary, the key characteristics of the foreign environment that need to be taken into
account, the typical challenges of daily operations in an MNC, and the main strategic level
decisions which a multinational corporation (MNC) must make and analyze.
P a g e 69 | 158
Course Objectives
This course is designed to provide students with an understanding of the basic concepts &
theories of economics and to show how competition, the behavior of markets, and government
economic policies can influence an organization’s decisions regarding price determination and
profit maximization. Besides, this course will provide students with the knowledge, skills, and
abilities to understand the global economic, political, cultural, and social environment within
which the firms operate. It is expected that the knowledge of the course will enable an aspiring
professional accountant to formulate and execute strategies, plans, and tactics to succeed in
local and international business ventures.
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
1. understand the economic environment in which an organization operates.
2. explain the fundamental concepts of economics and international business.
3. describe and apply different theories of economics and international trade.
4. comment on different macroeconomic aspects of Bangladesh.
5. evaluate and comment on international trade policies and procedures.
6. understand the regulatory requirements and international trade finance, import, and export
mechanisms.
7. formulate strategies considering ethics, the local and global business environment.
Detail Contents
Parts
A. Business
Economics
(50%)
Topics
A1.
Introduction
to Business
Economics
Level of
Study
Required
R, U
Subtopics
 Basic concepts:Definitions 1.




and Relevance; Positive and
Normative Economics;
Scarcity; Opportunity Cost;
2.
Production Possibilities
Frontier;
Schools of Economic
Thoughts: Classical, Neo3.
Classical, Keynesian,
Marxist;
Participating in the Dynamic
Business Environment
Understanding Evolving
Economic Systems and
Competition
Making Ethical Decisions
and Managing a Socially
Responsible Business
Learning outcomes
of Topics (TLOs)
Understand the
fundamental
concepts of
economics
Understand the
primary features
of the world’s
economic
systems
Describe the
implications of
ethical decisions
in the global
market place
Probable
Weight
10%
P a g e 70 | 158
Parts
Topics
Level of
Study
Required
Learning outcomes
of Topics (TLOs)
Probable
Weight
Conduct the basic
demand, supply,
and equilibrium
analysis
5. Link the
relationship
between
consumer
surplus with
demand curve
and the producer
surplus with the
supply curve
6. Describe forms of
government
intervention in
the market
7. Explain the
implication of
market
intervention
8. Explain the
importance and
effects of various
types of elasticity
9. Develop the
relationship
between the
quantity of inputs
and outputs
10. Analyze different
costs and
production
functions
11. Analyze market
structures and its
impact on profit
50%
Subtopics
 Competing in the Global
Marketplace
A2.
Microecono
mics
U, AP,
AN, D





Demand, Supply and
Equilibrium Analysis: The
Demand Curve; The Supply
Curve; Competitive market;
Market Equilibrium;
equilibrium price and
quantity; supply shortage
and price movement;
Consumer Surplus; Producer
Surplus; Total Surplus
Market Regulation:
Government intervention in
markets – price and quantity
control; Price Ceiling; Price
Floor; Quota and Tax;
Change in Consumer
Surplus and Producer
Surplus after Regulation.
Elasticity: Price Elasticity of
Demand; Income Elasticity
of Demand; Price Elasticity
of Supply; Cross-price
elasticity; factors influence
the size of various elasticity
Theory of Production and
Cost: The production
Function; types of costs;
Marginal Cost; Average Cost;
Short-Run Vs Long-Run
Costs; Cost Curves;
Economic of Scale
Market Structure and
Equilibrium Price and
Output Levels: Perfectly
Competitive Market and
Imperfectly Competitive
Markets (Monopoly,
Oligopoly and Monopolistic
Markets); Determination of
Equilibrium Price and
Output in Different Markets;
Price Discrimination and
4.
P a g e 71 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes
of Topics (TLOs)
Probable
Weight
Distortions; Anti-Trust
Laws.
A3.
Macroecono
mics
R, U, AN, 
E, D






A4.
Bangladesh
Economy
R, U, E





B.
International
Business
(50%)
B1.
Introduction
and Strategy
R, U






12. Understand and
Definition of
determine
Macroeconomics;
different
Basic Concepts and Data;
economic
Importance and Relevance
measures
of Macro-Economics for
13. Understand the
Business Students
economic health
Gross Domestic Product
of a nation
(GDP), Gross National
14. Understand tools
government use
Product (GNP), Net National
to achieve
Product (NNP) & National
macroeconomic
Income (NI)
goals
The Monetary System
Inflation: factors resulting in
inflation, measurement
Unemployment and the
Labor Market
30%
15. Comment on the
growth and
structure of the
Bangladesh
economy
10%
16. Understand the
Definition of International
implications of
Business
different trade
International trade theories
theories
Current trends and historical
17. Explain how
patterns of international
business
trade
practices are
Globalization in World
influenced by the
Trade and World Economy
international
business
International strategic
environment
planning
18.
Develop and
Entry Strategy and Strategic
implement
Alliances
strategies to
20%
Economic Policies in
Bangladesh
Bangladesh’s current
economic indicators
Trend of Prices of consumer
goods and other goods in
Bangladesh
Growth, Structure &
Performance of Bangladesh
Economy
Current Economic Affairs
P a g e 72 | 158
Parts
Topics
Level of
Study
Required
Subtopics



B2.
Internationa
l Trade
policy &
Foreign
Direct
Investment
R, U, AP, 
AN, E, D










B3. Payment
and Finance
Mechanism
R, U, AP, 
AN, E, D
Learning outcomes
of Topics (TLOs)
Probable
Weight
negotiate
Assessing competitive
effectively within
dynamics and advantages,
various cultural
disadvantages in
& economic
international business
environments
Global dynamics, political
19. Recommend
and country risks in
strategies to
international business
support
Ethics, corporate
sustainability,
CSR, and ethics
sustainability, and corporate
in an
social responsibility
organization's
integrative trade
initiatives.
Framework of international
trade policy
Trade policy tools
Development and current
role of the WTO
Trade policy: tariffs, trade
wars, trade agreements, and
the WTO
Economic Integration with
global and regional trade
bodies
The International trade
policy and Monetary System
Definition and methods of
Foreign direct investment
Benefits of Foreign Direct
Investment
Disadvantages of FDI
Types and Examples of
Foreign Direct Investment
What to consider investing
in Bangladesh
20. describe the
factors and their
implications for
viable global
trade and
investment
environment
21. Evaluate
different traderelated policies
and their effect
on national
policies
22. Comment on
different political
views on FDI
23. Identify ways of
attracting and
process of
bringing FDI in
Bangladesh
24. Identify and
Mode of payment: Various
explain the
payment methods in
implications of
international trade; Risks
different
issues in international trade
payment modes
payment; Identifying frauds
in international
in international payments;
trade
Various risks and mitigating 25. Understand
20%
40%
P a g e 73 | 158
Parts
Topics
Level of
Study
Required
Subtopics


B4. Export &
Import in
Bangladesh
U, AP, E
Learning outcomes
of Topics (TLOs)
Probable
Weight
different forms
procedures in the
and procedures
international secured
of payment by
payment mechanism
L/C
Documentary credits (DC):
26. Negotiate
What is documentary credit;
interest rates,
Types of DC;
deferred
Documentations of DC;
payment, loan,
Rules and procedures
etc. with local
and intermediary
governing DC; Settlement
banks
procedure and retirement of
DC; Uniform Customs and
Practice for Documentary
Credits (UCPDC);
International Commercial
Terms (Incoterms)
Trade finance mechanism:
Financing arrange through
the export country – ECA,
Export credit agency, buyer’s
credit; Financing through
Letter of Credit; Usance
mechanism and
international factoring;
Local Banks import
financing
Export – Procedure and
regulation: Export from
Bangladesh; Procedures to
export; Regulations and
guidelines to export; Export
tariffs duty drawback
procedures; Export incentives
and process of realization
27. Understand the
requirements to
import/export
in/from
Bangladesh
28. Understand the
import/export
process of
Bangladesh
20%
Import – Procedure and
regulation: Import to
Bangladesh; Procedures of
import; Regulations and
guidelines of import; Import
tariffs and input credit facility;
Various import restrictions
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
P a g e 74 | 158
Recommended books and Learning Materials
Primary Textbooks
1. ICMAB. (2021). ICMAB Learning Manual for Business Economics. Dhaka: ICMAB
2. ICMAB. (2021). ICMAB Learning Manual for International Business. Dhaka: ICMAB
Recommended Textbooks
1. Gitman, L., & McDaniel, C. (2004). The Future of Business. Thomson.
2. Samuelson, P. A., & Nordhaus, W. D. (2009). Economics. McGraw-Hill/Irwin.
3. Wild, J. J., & Wild, K. L. (2018). International Business: The Challenges of Globalization
(What's New in Management). Pearson.
4. Griffin, R.W, & Pustay, M. W. (2014). International Business: a managerial perspective.
Pearson.
Reference Books/Other Learning Materials
1. Krugman, P., & Wells, R. (2009). Microeconomics. NY.: Worth Publishers.
2. Dornbusch, R., Fischer, S., & Startz, R. (2017). Macroeconomics. McGraw-Hill/Irwin.
3. Blanchard, O. (2016). Macroeconomics. Pearson.
4. Hill, C. (2016). International Business: Competing in the global market place. McGraw-Hill
Education.
5. Daniels, J. D., Radebaugh, L. H., & Sullivan, D. P. (2003). International Business,
Environment and operation. Pearson.
EIB Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1
1, 2
7
7
1, 2, 7
7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2, 3, 4
2, 3, 5, 6, 7
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 6, 7, 17,
2, 4, 5, 9, 24, 25, 26
4, 6, 10, 16,
12, 13, 14, 15
20, 21, 22, 23
22, 25, 27, 28
2, 3, 11, 18, 19, 22
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 75 | 158
Course Title:
Financial Management (FIM)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Economics & Finance
[EFIN]
Intermediate
Level II
Financial
Management (FIM)
EF232
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
Segment Title
Weight (%)
A
Foundation of Finance
20%
B
Financial Analysis
10%
C
Investment Decisions
20%
D
Financing Decisions
25%
E
Dividend Decision
10%
F
Working Capital Management
10%
G
International Financial Management
5%
Course Description
This course introduces aspiring professional accountants to different financial management
techniques and explains how managers use these techniques in a firm to achieve its objective of
value maximization of invested assets. It covers theories, concepts, assumptions, and mechanics
underlying financial decisions, viz., investment, financing, dividend, and working capital
management. The contents have been arranged in a way to develop the conceptual and
analytical ability of the aspiring professional accountants and various financial techniques have
been incorporated to take appropriate finance and investment decision to achieve organization’s
goal. Apart from fundamental issues, analysis of contemporary financial matters has been given
adequate consideration to enable students to develop their skills in formulating suitable policy
framework for the entity and fit them to meet the demand of the day.
Course Objectives
This course aims to develop the knowledge and skills of aspiring professional accountants about
different functions of financial management so that they can perform their role effectively in
making various financial management decisions.
Course Learning Outcomes
Upon successful completion of the course, the aspiring professional accountants should be able
to:
P a g e 76 | 158
1.
2.
3.
4.
5.
6.
7.
Understand the fundamental concepts of financial management in an organization.
Analyze financial statements to measure the financial performances of an organizations
Understand and apply valuation techniques for various securities.
Apply appropriate investment appraisal techniques for making investment decisions.
Identify and assess capital requirements of businesses and financing options.
Apply different techniques for working capital management.
Identify, evaluate, and manage different financial risks of an organization.
Detail Contents
Parts
A:
Foundation
of Finance
(20%)
Topics
Level of
Study
Required
Subtopics
Learning outcomes
of Topics (TLOs)
Weight
A1.
Introduction
to Financial
Management
R, U
 Basic Concept of Finance 1. Describe the
concept of
and
Financial
financial
Management
management, and
 Major financial decisions
its key functions.
 Role
of
financial
2. Understand the
manager
roles of different
 Goal of a Firm: Profit
functions of
maximization vs. wealth
financial
maximization
management for
 Agency Problems &
achieving the goal
control of corporation
of a firm.
 Corporate Governance
 Markets and Institutions
 Types of Market
5%
A2. Time
Value of
Money
AP, AN,
E, D

3. Understand the
concept of the
time value of
money and its
implications
4. Prepare
Amortizing
schedule.
35%
5. Understand risk,
return and
explain their
relationship.
30%



A3. Risk &
Return
AP, AN,
E, D
The role of Time value in
Finance
Present and future value
of single amounts, present
and future value of
annuities, mixed streams,
compounding interest
more frequently than
annuity, present and
future value of uneven
cash flow stream
Loan amortization
Special applications of
time value
 Definition and Measurement
of risk and return of
investors
 Measure Risk
P a g e 77 | 158
 Using Probability
Distributions to measure
Expected Return and
Standard Deviation
 Coefficient of Variation
 Attitudes Toward Risk.
 The Capital Asset Pricing
Model (CAPM): a Risk &
Return Model.
A4. Valuation
of Securities
AP, AN,
E, D






Preferred Stock Vs
Common Stock

The concept of
preferred and common
stock
Characteristics,
advantage and
disadvantage of
preferred stock and
common stock
Classification of
common stock
Differentiate among
bond, preferred stock
and common stock
Valuation of Preferred
Stock
Valuation of Common
Stock using the
different model
Decision making and
common stock value






B. Financial
Analysis
(10%)
B1. Financial
Statement
Analysis
AP, AN,
E, D
6. Understand bond
Different Types of Bonds
valuation
and the concept of Bond
techniques for
Valuation
various types of
Bond Valuation: Perpetual
bonds.
Bonds, Bonds with finite
7.
Understand stock
maturity zero-coupon
valuation
bonds
techniques for
Determination of the
various types of
duration of Bonds
stock.
Determinants of Bond
Yields: Yield to Maturity
(YTM)
Debt Vs Equity
 Financial Statements
 Different tools and
techniques of analysis of
8. Calculation and
interpretation of
different types of
30%
100%
P a g e 78 | 158
Financial Statements
ratios
9. Use trend
 Ratio analysis: Different
analysis,
types of Ratios; Income
common-size
Statement and Balance Sheet
analysis, and
Ratios; Market ratios
index analysis to
 Trend Analysis
gain additional
 Common-Size and Index
insights into a
Analysis
firm’s
performance.
C.
Investment
Decisions
C1. Capital
Budgeting
R, U, AP,
AN, E, D
10. Understand
 Nature and principles of
Capital budgeting
capital budgeting
and steps involved
 Cash flow estimates &
in this process.
Determination of relevant
11. Calculate and
cash flows
apply different
 Evaluation techniques:
capital budgeting
Discounted cash flow
techniques.
Techniques; Time-adjusted
12. Recommend
techniques; Traditional
investment
techniques
decisions based
 Capital Budgeting under
on different
risks and uncertainty.
capital budgeting
 Inflation and capital
decisions.
budgeting
 Project selection under
capital rationing
 Dependency and Mutually
Exclusive projects
 Ranking Problems
 Multiple IRR and No IRR
problem
 Modified Internal Rates of
Return (MIRR)
 Common Capital budgeting
conflicts
 Project Monitoring: Progress
Reviews and PostCompletion Audits
 Concept of leasing
60%
C2. Cost of
capital
U, AP,
AN, D.





40%
(20%)
Concept of cost of capital
Components of cost of funds
Component weights
Explicit and implicit costs
Measurement of cost of
capital
 Cost of debt, Cost of
perpetual debt, Cost of
preference share, Cost of
equity, Cost of retained
13. Calculate the costs
of different
components of
capital.
14. Calculate and
interpret the
weighted average
cost of capital.
P a g e 79 | 158
earnings
 Dividend approach
 Capital asset pricing model
approach
 Required return versus cost
of capital;
 Computation of over-all cost
of capital
 Marginal cost of capital; Risk
adjusted WACC
 Taxes, the Cost of Capital,
and the Value of the
Company
 Costs of Financial
Distress
D. Financing
Decision
(25%)
D1.
Operating,
Financial,
and
Combined
Leverage
U, AP,
AN, E, C,
D




Concept of leverage
Types of leverage
Operating Leverage
Degree of Operating
Leverage (DOL).
 Operating Break-Even
Analysis. DOL and the
Break-Even Point • DOL and
Business Risk
 Financial Leverage: Degree
of Financial Leverage (DFL);
Financial Break-Even
analysis; Indifference
Analysis; DFL and Financial
Risk
15. Calculate and
interpret
operating and
financial leverage
and their causes.
16. Determine the
appropriate
amount of
financial leverage
for a firm.
15%
17. Understand the
capital structure
decision and
different theories
of capital
structure.
18. Determining the
optimal capital
structure.
30%
 Total Leverage: Degree
of Total Leverage (DTL)
and Total Firm Risk
D2. Capital
Structure
U, AP,
AN, E, C,
D.
 Capital Structure Concept
and Overview
 Capital structure and
financial structure
 Capital Structure theories
 Net income approach
 Modigliani-Miller (MM)
approach
 Traditional approach
 Total Value Principles
 Presence of market
imperfections and incentive
issues
 The effect of Tax
P a g e 80 | 158
 Financial signaling
D3. Debt and
Equity
Financing
U, AN, E,
D
D5. Lease
Financing
U, AP,
AN, E, D
 Optimum capital
structure: Static TradeOff Theory
 Selecting Sources of equity
Finance
 Methods of flotation
 Right issues
 Theoretical Ex-Right Price
(TERP) and yield adjusted
TERP
 Venture capital, angel
financing, crowdfunding
 Types of Debt Finance
 Selecting appropriate debt
instruments
 Debt Finance: Security;
Covenants
 Interest rate risk and
refinancing risk exposures.
 Concept of leasing
 Financial evaluation of
leasing
 Buying Vs Leasing decision
19. Understand the
30%
use of different
sources of
equity
financing.
20. Understand the
use of different
sources of debt
financing
21. Evaluate and
recommend the
lease financing
option.
25%
 Economics of leasing
E. Dividend
Decision
(10%)
Dividend
Policy
U, AP,
AN, E, D
22. Understand the
 Passive versus Active
concept of
Dividend policies
dividend decision.
 Irrelevance of dividend:
Modigliani and Miller (MM) 23. Recommend
optimum
Hypothesis and model
dividend policy.
 Relevance of dividends:
Walter’s Model and Gordan’s
Model
 Determinants of dividend
policies: Legal, contractual,
and internal constraints and
restrictions; Owner’s
considerations; Capital
market considerations
 Different practical
implications: Taxes;
Clientele effect; Bird in hand
argument; Signaling effect,
Desire for current income,
uncertainty resolution;
information content of
dividend; residual dividend
policy
100%
P a g e 81 | 158
 Scrip dividends, stock splits
 Share Repurchases: Share
Repurchase Methods;
Financial Statement Effects
of Repurchases; Valuation
Equivalence of Cash
Dividends and Share
Repurchases: The Baseline;
The Dividend versus Share
Repurchase Decision
 Analysis of Dividend Safety
F. Working
Capital
Management
(10%)
F1. Theory,
Planning,
and
Financing
U, D
 Working Capital Concepts
 Classification of Working
Capital
 Determinants of working
capital
 Operating cycle
 Computation of working
capital
 Optimal Amount (or Level)
of Current Assets
 Financing Current Asset
Short-Term and Long-Term
Mix
 Hedging (Maturity
Matching) Approach
 Risk and Profitability
24. Understand
different concepts
of Working
Capital and its
management.
25. Understand the
determinants of
optimum working
capital.
F2. Cash and
Marketable
Securities
Management
U, AP
 Motives for Holding Cash
 Factors determining cash
needs
 Cash management strategies
and techniques
 Speeding Up Cash Receipts
26. Understand the
purpose of
efficient cash
management
27. Understand the
methods for
speeding up
collection
controlling cash
disbursements.
 Slowing Down Cash Payouts
 Cash Balances to Maintain:
Compensating Balances and
Fees
 Investment in Marketable
Securities
 Baumol Model of Cash
Management
F3.
Receivables
Management
U, AN, E
D.
 Credit and Collection
Policies: Credit Standards;
Credit Terms; Default Risk;
Collection Policy and
Procedures; Cost and
benefits
100%
28. Understand how
the level of
investment in
accounts
receivable is
affected by the
P a g e 82 | 158
 Analyzing the Credit
Applicant: Sources of
Information; Credit Analysis
 Payment Terms and
Settlement Discount
G.Internatio
nal Financial
Management
(5%)
G1. Financial
Management
in
International
Operations
U, AN, D







Multinational Company
and its environment
Sources of foreign
currency, Foreign
Exchange Market,
Exchange Rate Risk
management, and Foreign
Investment Analysis.
Spot rates and forward
foreign exchange rates.
International parity
conditions
Transaction exposure;
accounting exposure;
International Money and
Capital Markets
Capital budgeting, capital
structure and working
capital management in an
international setting
firm's credit
policies.
29. Understand the
risk associated
with international
operations
30. Understand the
impact of an
exchange rate
change
100%
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Financial Management. Dhaka: ICMAB
Recommended Textbooks
1. Khan, M.Y., & Jain, P.K (2018), Financial Management: Text, Problems, and Cases.
McGraw Hill India.
2. Ross, S. A., Westerfield, R., & Jordan, B. D. (2008). Fundamentals of Corporate Finance.
Tata McGraw-Hill Education.
Reference Books/Other Learning Materials
1. Brigham, E. F., Gapenski, L. C., & Daves, P.R. (2003). Intermediate Financial Management.
Cengage Learning, Inc.
2. Pandey, I. M. (2015). Financial management. Vikas publishing house.
3. Van Horne, J. C., & Wachowicz, J. M. (2009). Fundamentals of Financial Management.
Prentice Hall.
4. Besley, S., & Brigham, E. (2011). Essentials of Managerial Finance. Cengage Learning.
5. Jones, C.P. (1993). Introduction to Financial Management. Richard d Irwin
P a g e 83 | 158
FIN Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1
1
4, 6
7
3, 7
1, 7
7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1
1, 3, 4
3, 4, 5
2, 6, 4
5, 6, 7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 4, 5, 13, 14, 22, 23,
8, 9
6, 7
10, 11, 12
15, 16, 17, 18, 19, 20, 21
24, 25, 26, 27, 28
29, 30
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 84 | 158
Course Title :
Corporate Finance Strategy & Financial Market (FSM)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Economics &
Finance (EFIN)
Advanced
Level I
Corporate Finance Strategy
& Financial Market (FSM)
EF343
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A.
Corporate
Finance
Strategy (50%)
B. Financial
Market
(50%)
Topics
Weight
1. Introduction to Corporate Financial Strategy and Policy
5%
2. Strategy for Long Term Finance
15%
3. Business Valuation Strategy
10%
4. Risk Management Strategy
5%
5. Strategy for Portfolio Management
15%
1. Overview of Financial Systems & Market
5%
2. Money Markets
20%
3. Capital Markets
25%
Course Description
The corporate financial strategy of a business should be compatible with the overall business
strategy for business success. This course examines finance issues from financial and strategic
management perspectives. It covers the analysis of corporate finance decisions at length
enabling the student to develop a suitable policy framework for the financial strategy of an
organization. Besides, several special areas of finance such as mergers and acquisitions, business
valuation, and international corporate finance, are given due consideration in the course.
Besides, this course also focuses on the financial systems of Bangladesh, the overview of the
financial market and instruments, the money market, and the capital market. Focus is also given
on the derivatives markets, the bond market, and how prices of bonds and interest rates are
determined.
P a g e 85 | 158
Course Objectives
This course aims to provide aspiring professional accountants the capacity to utilize different
Corporate Finance (CF) strategies, and techniques for value maximization of invested wealth.
This course will also provide students with a pragmatic view of Bangladesh's financial markets
and the capacity to evaluate institutions, instruments, and various participants involved in the
industry. It is expected that the successful completion of the course will equip students with the
technical skills required to efficiently manage the financial resources of an organization.
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
1. Understand the fundamental concepts of corporate financial strategy and the financial
market of Bangladesh
2. Understand the key factors that influence the crafting of a financial strategy
3. Outline and draft different financial strategies for value maximization
4. Understand the operations, instruments, and the participants of Bangladesh financial
market
5. Describe the implications of regulatory policies on the Bangladesh financial market
6. Evaluate and comment on the financial systems of Bangladesh
7. Align organizational operations and strategies with the prevailing financial systems
Detail Contents
Parts
Topics
A. Corporate
Finance
Strategy
A1.
Introducti
on to
Corporate
Financial
Strategy
and Policy
(50%)
Level of
Study
Required
R, U
Learning outcomes of
Topics (TLOs)
Subtopics
 Strategic Objectives of an
Organization
 Relationship between
financial strategy and
business strategy
 Internal and External
environment of Strategy
 Relationship between
Investment, Financing and
Dividend Decisions
 External influences on
financial strategic decisions
 Stakeholder Conflicts
 Interest of shareholders and
other stakeholders
 Corporate Finance
 Corporate Resources & their
sources
 Performance Evaluation for
Attainment of Organization’s
Financial Objectives
1.
2.
3.
Identify factors
that influence
strategic financial
decisions
Understand the
link between
financial strategy
with business
strategy
Identify and
understand
different sources
of corporate
resources
Probable
Weight
10%
P a g e 86 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics (TLOs)
Probable
Weight
 Evaluation of Alternative
Financial Strategies for an
Organization
A2.
Strategy
for Long
Term
Finance
U, AP,
AN, E, D
 Capital Structure: Modeling
impact of capital structure Calculation of cost of equity
and weighted cost of capital to
reflect changes in capital
structure; Impact of choice of
capital structure on financial
statements; Structuring
debt/equity profiles of
companies in a group
 Debt Financing: Types of debt
instruments and criteria for
selecting them; Managing
interest, currency, and
refinancing risks with target
debt profile; Private
placements and capital
market issuance of debt;
Features of debt covenants;
Tax consideration for debt
 Equity Finance: Methods of
flotation and implications for
management and
shareholders; Rights issues,
choice of discount rates and
impact on shareholders;
Calculation of theoretical exrights price (TERP) and yield
adjusted TERP
 Dividend Policy & Share
Repurchase: Impact on
shareholder value and entity
value, financial statements,
and performance - Regular
Cash Dividends, Extra or
Special (Irregular) Dividends,
Liquidating Dividends, Stock
Dividends, Stock Splits; Share
Repurchases - Share
Repurchase Methods,
Financial Statement Effects of
Repurchases Valuation,
Equivalence of Cash
Dividends and Share
Repurchases: The Baseline,
The Dividend versus Share
4.
5.
6.
7.
Calculate the cost
of capital for
optimal capital
structure
discuss the impact
of alternative
forms of longterm financing on
business decisions
understand the
implications of
different dividend
policy
formulate a
strategy for long
term finance
30%
P a g e 87 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics (TLOs)
Probable
Weight
Repurchase Decision;
Analysis of Dividend Safety
A3.
Business
Valuation
Strategy
U, AP,
AN, E, D
8.
 Reasons for Merger and
Acquisition and divestments
 Taxation implications
 Process and implications of
9.
management buy-outs
 Acquisition by private equity
and venture capitalist
 Asset valuation
10.
 Valuation of intangibles
 Different methods of equity
valuation
 Forms of consideration
 Terms of acquisition
 Target entity debt
 Methods of financing cash
offer and refinancing target
entity debt
 Bid negotiation
 Post-transaction value
incorporating the effect of
intended synergies
 Value of a firm after
acquisition;
 determination of the NPV of a
merger
 Corporate Restructuring
A4. Risk
Managem
ent
Strategy
U, AP,
AN, D
 Identifying risk: Credit Risk, 11. explain and
measure different
Liquidity Risk, Operational
forms of risks
Risk, Model Risk, Settlement
12. Manage risks
(Herstatt) Risk, Regulatory
using financial
Risk, Legal/Contract Risk,
derivatives
Tax Risk, Accounting Risk,
Sovereign and Political Risks, 13. Outline risk
management
and Other Risks
strategy for the
 Measuring risk: Measuring
organization
Market Risk: Value at Risk;
Stress Testing; Measuring
Credit Risk; Liquidity Risk;
Measuring Nonfinancial Risks
 Managing Risk: Managing
Market Risk; Managing Credit
Risk; Performance
Evaluation; Capital
Allocation; Psychological and
Understand the
reasons and key
factors of merger
and acquisition
Determine the
value of the firm
after the
acquisition
Comment on
corporate
restructuring
considering the
relevant factors
20%
10%
P a g e 88 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics (TLOs)
Probable
Weight
Behavioral Considerations
 Derivatives: Basics of
Derivatives; Forward and
Futures Strategies; Option
Strategies; Bull Spreads; Bear
Spreads and
A5.
Strategy
for
Portfolio
Managem
ent
U, AP,
AN, E, D
14. describe and
 The Asset Management
perform the steps
Industry: Active versus
in the portfolio
Passive Management;
management
Traditional versus Alternative
process
Asset Managers
15. understand the
 Portfolio Management
portfolio theories
Process
in constructing the
 Modern Portfolio Theory,
optimum portfolio
Efficient Frontier and
Investor’s Optimal Portfolio: 16. recognize and
explain how
Modern Portfolio Theory;
Fintech is shaping
Investment Opportunity Set;
the financial
Minimum- Variance
strategies of an
Portfolios; Global minimumorganization
variance portfolio; Markowitz
efficient frontier; Capital
Allocation Line/Capital
Market Line; Optimal Risky
Portfolio/market portfolio;
Indifference Curve; Optimal
Investor Portfolio
 Applications of the CAPM in
Portfolio Construction:
SML/Security Characteristic
Line; Security Selection;
Implications of the CAPM for
Portfolio Construction
 Multifactor Models and
Arbitrage Pricing Theory
(APT): Multifactor Models;
Assumptions of APT; Fama
and French three-factor
model; Carhart four-factor
model
 Portfolio Performance
Appraisal Measures: The
Sharpe Ratio; The Treynor
Ratio; Risk-Adjusted
Performance (RAP); Jensen’s
Alpha
 Fintech in Investment
Management: What Is
Fintech; Big Data; Advanced
30%
P a g e 89 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics (TLOs)
Probable
Weight
Analytical Tools: Artificial
Intelligence and Machine
Learning
B. Financial
Market
(50%)
B1.
Overview
of
Financial
Systems &
Market
R, U
 Financial Systems of
Bangladesh
 Financial Markets & its types
 Regulators of Financial
Markets.
 Financial Instruments
 The Role of the Government
in Financial Markets &
Financial Innovation
17. Describe the
impact of
regulation and
innovation on the
financial system of
Bangladesh
10%
B2.
Money
Market
R, U, AP,
AN, E, D
18. Describe the role
 Financial Intermediaries &
of Financial
Financial Institutions:
intermediaries for
Financial Intermediaries and
channeling
Globalization of Financial
financial services
Markets; Commercial Banks;
19. Explain how the
Credit Creation; Credit
Monetary policy
Facilities of Bank; Loan
and Fiscal Policy
Pricing; Digital Banking;
influence each
Islami Banking; Risk
other
Management of Bank; NonBanking Financial Institution 20. Understand the
use of money
(NBFI); Insurance Company
markets
 The Bangladesh Bank (BB)
instruments for
and Bangladesh Financial
investments as
Intelligence Unit (BFIU):
well as a source of
Bangladesh Bank and its
short-term
functions; Monetary Policy
financing
and its implications;
Monetary policy Vs Fiscal
Policy; Different Kinds of
Money; Credit Systems &
Supervision; Foreign
Exchange Management;
Functions of BFIU; AML (Anti
Money Laundering) & CFT
(Combating Terrorist
Financing)
 Money Market Instruments:
Market Instruments and its
characteristics; Different
types of Instruments
(Treasury bill, certificate of
Deposit, Commercial Papers,
Bankers’ Acceptance,
Eurodollars, Repo Reverse
40%
P a g e 90 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics (TLOs)
Probable
Weight
Repo, Federal Funds, Call
money, LIBOR)
B3.
Capital
Market
 Organization and Structure of
Capital Market: Primary
Markets and the Underwriting
of Securities; Process for
Issuing New Securities;
Regulation of the Primary
Market; Variations in the
Underwriting Process; Private
Placement of Securities.
 Markets for Corporate
Securities, Assets backed
securities and Bond: Capital
market Intermediaries;
Characteristics Common
Stock, Bond ETF & Mutual
Funds; Trading Mechanics;
Transaction Costs & Trading
Arrangements for Retail and
Institutional Investors; Basic
Functioning of Stock Markets
& its Indicators; Structure and
Pricing Efficiency of the Stock
Markets; Over-the-Counter
Markets, Alternative Trading
Board, SME Platform;
Evolving Stock Market
Practice; Asset-Backed
Securities Markets and Bond
Markets.
 Markets for Derivative
Securities: Financial Futures
Markets; Options Markets;
Interest Rate Derivative
Markets; Foreign Exchange
Derivative Markets; Economic
function of the derivative
market
 Depository Participants (DP),
Central Depository
Bangladesh Limited (CDBL)
and Central Counterparty
Bangladesh Limited (CCBL):
Depository Participants formation, Functions, Types
of Activities and
Characteristics; CDBL
formation, Functions,
21. describe different
forms of price
efficiency and the
implications of
efficiency for
market
participants.
22. Understand and
comment on
different trading
mechanics
23. Illustrate the
market for
derivative
securities
24. Understand the
role of different
depository
participants
50%
P a g e 91 | 158
Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics (TLOs)
Probable
Weight
Operational activities and
compliances; CCBL
formation, Functions,
Operational activities and
compliances.
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbooks
1. ICMAB. (2021). ICMAB Learning Manual for Corporate Finance Strategy. Dhaka: ICMAB.
2. ICMAB. (2021). ICMAB Learning Manual for Financial Markets. Dhaka: ICMAB.
Recommended Textbooks
1. Ross, S., Westerfield, R., & Jaffe, J. (2015). Corporate Finance. McGraw-Hill Education.
2. Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory & Practice.
Cengage Learning.
3. Fabozzi, F. J., Modigliani, F., & Ferri, M. G. (2010). Foundations of Financial Markets and
Institutions. Pearson.
Reference Books/Other Learning Materials
1. Gaughan, P. A. (2015). Mergers, Acquisitions, and Corporate Restructurings. John Wiley &
Sons.
2. Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation: Measuring and Managing the
Value of Companies. John Wiley and sons.
3. Chew, D. H. (Ed.). (1993). The New Corporate Finance: Where Theory Meets Practice.
McGraw-Hill Companies.
4. Damodaran, A. (2001). Corporate Finance: Theory and Practice. John Wiley & Sons.
5. Mishkin, F. S., Matthews, K., & Giuliodori, M (2007). The Economics of Money, Banking,
and Financial Markets. Pearson education.
6. Alexander, G. J., Sharpe, W. F., & Bailey, J. V. (2001). Fundamentals of Investments.
Pearson.
7. Gardon, E. & Natarajan. K. (2016). Financial Markets & Services. Himalaya Publishing
House.
FSM Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1
1, 2, 5
4, 6
7
3, 7
1, 2, 7
7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2
2
2
2
2, 4, 5, 6
1, 2
2, 3, 7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 4, 6, 9, 12, 13, 14, 15, 18, 23
2, 5, 8, 11
6, 7, 10, 13
19, 20, 21, 22, 24
17, 19, 21
17, 19, 20, 22, 24
7, 10, 13, 16, 24
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
------0-------
P a g e 92 | 158
Management & Business Strategy Pillar
The Knowledge Pillar Management & Business Strategy (MBS) is the combination of three
courses: Fundamentals of Management & Business Communication (MBC); Marketing &Supply
Chain Management (MSM); and Business Planning and Strategy (BPS).
Fundamentals of Management develops a business leader’s management and decision-making
skills through planning, organizing, leading, and controlling processes in a competitive and
challenging business environment. Similarly, business communication improves the business
leader’s communication and business and report writing skills within and outside the business.
Marketing and supply chain management explains marketing as the creation of customer value
and engagement in a fast-changing, increasingly digital and social marketplace and describes
supply chain management as a systematic approach to manage the entire flow of information,
materials, and goods/services from raw material suppliers to the final end-customer.
Business planning and strategy support the business leaders to craft strategy, evaluate and
manage risks, value organizations, and source financial resources to implement the strategy.
The knowledge from this pillar will help to manage the business efficiently through dynamic
leadership and effective communication with related parties; gain competitive advantage using
the appropriate marketing and supply chain, and show excellent performance applying the
master business plan and strategy. This knowledge pillar will also improve the essential
knowledge, technical skill, practical experience, and professionalism of the business leaders to
achieve the goal of the firm.
Pillar Objectives
On successful completion of the MBS pillar, the aspiring professional accountants will be able
to:
8. describe the fundamentals concepts of management, marketing, supply chain, business
communication, and business strategies.
9. critically evaluate the organization in gaining clear insight of the entity’s features and status.
10. understand the implications of ethical practice for sustainable development.
11. identify, evaluate, and communicate the significance of internal and external factors in
designing strategic course of action.
12. craft operational strategies in gaining competitive advantages.
13. describe how a CMA can practice responsible management aligning activities with the
strategic goals and sustainable development.
14. Realize the contemporary issues and the implications of change management in creating
organizational value.
P a g e 93 | 158
Course Title:
Fundamentals of Management & Business Communication (MBC)
Knowledge Pillar
Level
Management&
Business Strategy
[MBS]
Course Title
Foundation Fundamentals of Management
Level
& Business Communication
(MBC)
Course Code
Total Marks
MS114
100
Syllabus Structure
The syllabus comprises the following topics and study weightings:
Segment
Topics
1.
Weight
Introduction to Management
10%
2. Planning and Decision-Making Process
A.
Fundamentals
3. Organizing Process
of Management
(50%)
4. The Leading Process
5.
10%
10%
15%
The Controlling Process
5%
1. Fundamentals of Effective Business Communication
B. Business
Communication 2. Fundamentals of Business Writing and Business Message
(50%)
3. Fundamentals of Report Writing
4. Cross-Cultural Communication, Correctness, and Technology
10%
20%
10%
10%
Course Description
This course describes the fundamentals of management and business communication, the core
activities of all business, in two parts. The first part of the course, Fundamentals of
Management, describes the key issues of management. It is associated with the basic concepts of
management and management process including planning, organizing, leading, and controlling
in different contexts. This part is designed to understand the management style in managing the
business and to develop business leaders’ management and decision-making skills. The second
part of the course, Business Communication, describes the key issues of business
communication and is associated with the basic concepts of communication and communication
process; fundamentals of business writing, business message, and report writing; and crosscultural communication, correctness, and technology. This part is designed to improve the
business leaders’ administrative, communication, and business skills within and outside the
business.
P a g e 94 | 158
Course Objectives
The objective of this course is to develop the theoretical concepts of management and business
communication. This course expects to apply the theoretical concept of management and
business communication in solving real-world problems through dynamic management style
and effective communication. This course is designed to achieve the management and decisionmaking skills, business communication, and business and report writing skills of the business
leaders in today’s competitive and challenging business environment. This module will improve
the essential knowledge, technical skill, and professionalism of the business leaders in
management and business communication.
Course Learning Outcomes
On successful completion of the course, the aspiring professional accountants will be able to:
1. understand the business acumen in selecting the appropriate management tools.
2. describe the basic concepts and process of management.
3. apply the management knowledge and skills in generating ethical business solutions.
4. understand the fundamentals of business communication and communication process.
5. prepare a long- and short-term business report and proposals.
6. express thoughts, ideas, and concepts effectively and smoothly.
7. develop efficient and effective command on the use of different communication mediums to
meet professional demands.
Detail Contents
Parts
A.
Fundamentals
of Management
(50%)
Topics
A1. Conceptual
and
environmental
aspects of
Management
Level of
Study
Required
R, U, AP,
AN, D
Subtopics
 Concepts of management
 Role of management
 Efficiency and
effectiveness
 Types of managers
 Basic management
functions
 Fundamental management
skills
 Management as a science
and art
 Importance of theory and
history
 Historical context of
management
 Evolution of management
 Contemporary
management perspectives:
 Systems and contingency
perspective
Learning outcomes
of Topics
1. understand the
basics of
management
2. discuss the
evolution of
management
through
classical,
behavioral, and
quantitative
perspectives.
3. discuss the key
contemporary
management
perspectives
with challenges
and
opportunities.
4. discuss the
nature of an
organization’s
Probable
Weight
20%
P a g e 95 | 158
 Contemporary
management issues and
challenges
 The organization’s
environments
 The Ethical and Social
aspects of management
 Issues of International
Business
 The organization’s culture
environments
and identify the
components of
its general, task,
and internal
environments.
5. describe the
ethical and
social
environment,
international
environment of
management.
6. describe the
organization’s
culture, and
how
organizational
culture can be
managed.
A2. Planning
and DecisionMaking Process
U, AP,
AN, E, D
 Planning and strategic
management
 Planning and
organizational goals
 Criticism of planning
 The nature of strategic
management
 SWOT analysis in
formulating strategy
 Formulating business-level
strategies
 Formulating corporatelevel strategies
 Tactical and operational
planning
 Nature of decision making
 Rational perspectives on
decision making
 Behavioral aspects of
decision making
 Group and team decision
making in organizations
7. discuss the
planning
process, and
organizational
goals.
8. discuss various
strategy and
SWOT analysis
to formulate
strategy.
9. discuss types of
decisions and
behavioral,
group and team
decision making
in organization.
20%
A3. Organizing
Process
U, AP,
AN, E, D
 Basic elements of
organizing
 Bureaucratic model of
organization design
 Situational influences on
organization design
 Basic forms of
organization design
10. discuss the
organization
structure and
design with
emerging issues.
11. describe nature,
and areas of
organization
change.
20%
P a g e 96 | 158
A4. Leading
Process
U, AP,
AN, E, D
 Emerging issues in
organization design.
 Nature of organization
change
 Managing change in
organizations
 Areas of organization
change
 Organizational innovation
 Environmental context of
HRM
 Attracting human
resources
 Developing human
resources
 Maintaining human
resources
 Managing workforce
diversity
 Managing labor relations
 New challenges in the
changing workplace
12. describe the
innovation
process, forms
of innovation,
the failure to
innovate, and
how
organizations
can promote
innovation.
13. discuss how
organizations
attract, develop,
and maintain
human
resources and
workforce
diversity.
 Individuals in
organizations
 Personality/attitude/perce
ption/stress and individual
behavior
 Creativity in organizations
 Types of workplace
behavior
 Employee motivation and
performance
 Nature of motivation
 Content/process/reinforce
ment perspectives on
motivation
 Popular motivational
strategies
 Reward systems in
motivation
 Leadership and influence
processes
 Nature of leadership
 Approaches to leadership
 Political behavior in
organizations
 Groups and teams in
organizations
 Characteristics of groups
and teams
 Interpersonal and
intergroup conflict
14. discuss the basic
elements of
individual
behavior and
workplace
behavior.
15. describe
employee
motivation and
relationship
between
motivation with
performance.
16. discuss the
generic,
situational and
related
approached to
leadership and
political
behavior in the
organization.
17. describe the
process of
groups and
teams
development
and reduce the
conflict and
process of
negotiation.
30%
P a g e 97 | 158
 Managing conflict in
organizations
 Negotiation
A5. Controlling
process
B. Business
Communication
(50%)
B1.
Fundamentals
of Effective
Business
Communication
U, AP,
AN, E, D
R, U, AP,
AN, E, D
 Basic elements of control
 Nature of control
 Operations/financial/struc
tural/strategic control
 Managing control in
organizations
 Nature of operations
management
 Designing operations
systems
 Organizational
technologies
 Implementing operations
systems through supply
chain management
 Managing total quality
 Managing productivity
18. explain the
purpose of
control, identify
different types
of control, and
describe the
steps in the
control process.
 Purpose and principles of
communication
 Role of communication in
business
 Categories and process of
business communication
 Communication structure
 Formal and informal
communication network
 Culture and its effects on
communication
 Media of communication
 Barriers of communication
 Business communication
in the digital age
 Forms of communication
 Oral communication
 Using speech recognition
for messages and reports
 Listening
 Mastering formal speaking
 Reporting orally
 Making formal speeches
 Giving team
(collaborative)
presentations
 Presenting virtually
 Non- verbal
communication
 interpersonal
20.
discuss
the basic
concept of
business
communication
and
communication
process.
21. discuss the
Communication
structure and
communication
network
management.
22.discuss the
communication
barrier and way
to remove the
barrier.
23.discuss the
basics of oral,
interpersonal
and Written
Communication
and use of these
in effective
business
communication.
24.discuss the
merits and
limitations of
oral,
10%
19. describe nature
and methods of
operation,
quality and
productivity
management.
20%
P a g e 98 | 158
communication
 Written communication
 Purpose of writing and
clarity in writing
 Principles of effective
writing
 Steps of writing process
 Differentiate between oral
report and written report
 Merits and limitations of
different forms of
communication
B2.
Fundamentals
of Business
Writing and
Business
Message
R, U, AP
 Adaptation and the
selection of words
 Nondiscriminatory writing
 Care in
sentence/paragraph design
 Writing for a positive effect
 Importance of skillful
writing
 Importance of readable
formatting
 Letters/memos/emails
 The newer media in
business writing
 Directness in good-news
and neutral messages:
prevalence, preliminary
assessment; general direct
plan; routine inquiries;
favorable responses;
adjustment grants; order
acknowledgements and
other thank you messages;
operational messages;
other direct message
situation;
 Indirectness in bad- news
message and persuasive
messages: situations;
general indirect plan;
refused requests; claims;
adjustment refusals;
negative announcements;
other indirect messages;
rationale for indirectness;
general advice about
persuasion; persuasive
requests; sales messages;
proposals
 Communicating in the jobsearch process: preparing
interpersonal
and Written
Communication.
25. discuss the
basics of
business writing
including in
terms of words,
sentences, and
paragraph.
26.discuss the
importance of
positive effect in
business
writing.
27. discuss the
basics of
business
message in
terms of letter,
memos, email
etc.
28.
discuss
the directness in
good news and
neutral message
and indirectness
in bad news and
persuasive
message.
29.discuss the job
searching
process.
40%
P a g e 99 | 158
the application documents;
constructing the résumé;
writing the cover message;
handling the interview;
following up and ending
the application
B3.
Fundamentals
of Report
Writing
R, U, AP,
AN, E
 Basics of report writing:
defining reports;
determining the report
purpose; determining the
factors; gathering the
information needed;
interpreting the findings;
organizing the report
information; writing the
report; collaborative report
writing
 Types of business reports:
an overview of report
components;
characteristics of shorter
reports; forms of shorter
reports; types of short
reports; components of
long, formal reports,
structural coherence plan;
long analytical report.
 Graphics in reports and
other documents: planning
the graphics; determining
the general mechanics of
construction; constructing
textual graphics;
constructing visual
graphics
30.
discuss
how to prepare
well organized
and structured
report and use
the graphics
effectively in the
report.
20%
B4. CrossCultural
Communication
,
Correctness,
and Technology
U, AP,
AN, E, D
 Cross-cultural
communication: the
growing importance of
cross-cultural
communication
 Dimensions of cultural
difference; problems of
language; advice for
communicating across
cultures
 Correctness of
communication: the
nature and importance of
correctness; standards for
punctuation; standards for
grammar; standards for
the use of numbers;
31. describe the
major issues in
cross-cultural
communication.
32.describe the
correctness of
communication
in terms of
punctuation,
grammar,
numbers and
spelling.
33.describe the role
of technology in
business
communication.
20%
P a g e 100 | 158
spelling
 Technology-enabled
communication:
technological support for
writing tasks; tools for
constructing messages;
print versus online
documents; computer
tools for creating
electronic documents;
computer tools for
collaboration
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbooks
1. ICMAB. (2021). ICMAB Learning Manual for Fundamentals of Management. Dhaka:
ICMAB
2. ICMAB. (2021). ICMAB Learning Manual for Business Communication. Dhaka: ICMAB
Recommended Textbooks
1. Robbins, S. P., DeCenzo, D. A., Coulter, M., & Anderson, I. (2013). Fundamentals of
Management. New Jersey: Pearson Education Inc.
2. Griffin, R. W. (2016). Fundamentals of Management. Cengage Learning.
3. Rentz, K., Flatley, M. E., & Lentz, P. (2014). Lesikar’s Businss Communication: Connecting
in Digital World. McGraw-Hill
4. Lesikar, R. V., Pettit, J.D., & Flatley, M.E. (1999). Basic Business Communication.McGrawHill
Reference Books/Other Learning Materials
1. Lewis, P. S., Goodman, S. H., Fandt, P. M., & Michlitsch, J. (2012). Management: Challenges
for Tomorrow’s Leaders. Thomson South-Western
2. Koontz, H., & Weilrich, H. (2007). Essentials of Management. Tata McGraw-Hill
3. Bovee, C. L., & Thill, J. V. (2018). Business Communication Today. Prentice Hall
4. Murphy, H. A., Hildebrant, H. W., & Thomas, J. P. (1997). Effective Business
Communication Tata McGraw-Hill
MBC Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
2
1
3, 6
4
5
4
5, 7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
2
1
3
4, 5, 6, 7
5
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
4, 6, 10, 11, 16
1, 2, 3, 7, 9, 12, 13, 14, 15, 16, 17, 18, 19
5, 8, 9, 16
20, 21, 22, 23, 24, 26
27, 30
23, 25, 27, 28, 29, 31, 32
23, 25, 27, 33
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 101 | 158
Course Title:
Marketing & Supply Chain Management (MSM)
Knowledge Pillar
Level
Management&Business
Strategy [MBS]
Intermediate
Level I
Course Title
Marketing & Supply
Chain Management
(MSM)
Course Code
Total Marks
MS224
50
Syllabus Structure
The syllabus comprises the following topics and study weightings:
1.
A. Marketing 2.
(50%)
3.
4.
Topics
Marketing and the Marketing Process
Understanding the Marketplace and Customer Value
Designing a Customer Value-Driven Strategy and Mix
Emerging issues in Marketing
1.
B. Supply
2.
Chain
3.
Management
4.
(50%)
5.
Introduction to Supply Chain Management
Supply chain planning and Design
Supply Chain Process
Supply Chain Integration Issues
Emerging Issues in Supply Chain Management
Segment
Weight
10%
10%
25%
5%
5%
15%
20%
5%
5%
Course Description
This course describes marketing and supply chain management, the core areas of all business, in
two parts. The first part of the course explains marketing as the creation of customer value and
engagement in a fast-changing, increasingly digital, and social marketplace. The first part of the
course describes the key issues of marketing and is associated with basic concepts of marketing
and marketing process; understanding the marketplace and customer value; designing customer
value-driven strategy and mix, and emerging issues in marketing. The second part of the course
explains supply chain management as a systematic approach to manage the entire flow of
information, materials, and goods/services from raw material suppliers through factories and
warehouses to the final end-customer in the right quantity and at the right time. This part also
describes the key issues of supply chain management; planning and designing the supply chain;
supply chain process and integration and the emerging issues related tothe supply chain.
Course Objectives
The objective of this course is to develop the theoretical concepts of marketing and supply chain.
This course expects to apply the theoretical concepts of marketing and supply chain in solving
real-world problems. This course improves the basic understanding of recent developments and
emerging issues in marketing and supply chain management. This course is designed to achieve
competitive advantage and world-class performance and to improve the essential knowledge,
technical skill, and professionalism of the business leaders in marketing and supply chain.
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Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
1. understand the concept of marketing, marketing process and strategic marketing decisions.
2. understand the market environment and buying behavior of consumers and business buyer.
3. understand the customer value-driven strategy and mix for creating sustainable customer.
4. understand the basic concept of recent development and emerging issues in marketing.
5. understand the basic concept of supply chain and supply chain management.
6. understand the planning, design, process and integration issues of supply chain from raw
material suppliers to the final end-customer through comprehensive theoretical discussion
with practical applications.
7. understand the basic concept of recent developments and emerging issues in supply chain.
Detail Contents
Parts
A. Marketing
(50%)
Topics
Level of
Study
Required
Subtopics
Learning outcomes
of Topics
Probable
Weight
A1. Marketing
and the
Marketing
Process
U, AP, AN,
D
 Marketing: Creating Customer Value
and Engagement: What is
Marketing; Marketplace and
Customer Needs; Designing a
Customer Value -Driven Marketing
Strategy and plan; Managing
customer relationships and
capturing customer value; The
Changing Marketing Landscape.
 Company and Marketing Strategy:
Partnering to Build Customer
Engagement, Value, and
Relationships: Company-Wide
Strategic Planning: Defining
Marketing’s Role; Designing the
Business Portfolio; Planning
Marketing: Partnering to Build
Customer Relationships; Marketing
Strategy and the Marketing Mix;
Managing the Marketing Effort and
Marketing Return on Investment.
1.
outline the steps in
the marketing
process.
2. discuss how to
design business
portfolios and
develop growth
strategies.
3. explain marketing’s
role in strategic
planning.
4. sketch marketing
strategies
considering the
relevant driving
forces
20%
A2.
Understanding
the Marketplace
and Consumer
Value
U, AP, AN,
E, D
 Analyzing the Marketing
Environment: The
Microenvironment and macro
environment; The Demographic and
Economic Environments; The
Natural and Technological
Environments; The Political- Social
and Cultural Environments;
5. explain how
changes in the
environmental
factors affect
marketing
decisions/strategies
.
6. identify the major
20%
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A3.Designing a
Customer
Value-Driven
Strategy and
Mix
U, AP, AN,
E, D
Responding to the Marketing
Environment.
 Consumer Markets, business market,
Buyer Behavior, and Business Buyer
Behavior: Consumer market and
business market; model of consumer
behavior and business buyer
behavior; Characteristics Affecting
Consumer Behavior; Buying
Decision Behavior and buyer
decision process; The Buyer Decision
Process for New Products; Business
Buyer Decision Process; Engaging
Business buyers with Digital and
Social Marketing; Institutional and
Government Markets.
factors that
influence consumer
and business buyer
behavior.
7. describe the
adoption and
diffusion process
for new products
 Customer Value -Driven Marketing
Strategy: Creating Value for Target
Customers: Customer Value DrivenMarketing Strategy; Market
Segmentation; Market Targeting;
Differentiation and Positioning.
 Products, Services, Product LifeCycle Strategies and Brands:
Building Customer Value: What is a
Product; Product and Service
Decisions; Services Marketing; New
Product Development Strategy; The
New Product Development Process
and Management; Product Life-Cycle
Strategies; Additional Product and
Service Considerations;Branding
Strategy: Building Strong Brands.
 Pricing: Understanding and
Capturing Customer Value: What is a
price; Major pricing strategies; New
Product Pricing Strategies; Product
Mix Pricing Strategies; Price
Adjustment Strategies; Price
Changes; Public Policy and Pricing;
Other internal and external
considerations affecting price
decisions
 Promotional Activities: Advertising,
Personal selling, Sales Promotion
and Public Relations: Advertising
and Major Advertising Decisions;
Personal Selling; Managing the Sales
Force; The Personal Selling Process;
Sales Promotion; Public Relations
and Major Public Relations Tools;
 Digital and Sustainable Marketing:
Direct and digital Marketing and
Forms of direct and digital
Marketing; Marketing, the Internet,
and the Digital Age; Social Media
and Mobile Marketing; Traditional
Direct Marketing Forms; Moving
from Traditional to Digital
8. decide the major
steps in designing a
customer-driven
marketing strategy.
9. describe the stages
of the product life
cycle and how
marketing
strategies change
during a product’s
life cycle.
10. explain how digital
marketing is
shaping marketing
strategy
11. formulate
marketing
strategies (for
product, promotion,
pricing, etc.)
considering the
relevant internal
and external factors
12. discuss sustainable
marketing and
major social
criticisms of
marketing.
13. define consumerism
and
environmentalism
and explain how
they affect
marketing
strategies.
50%
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Marketing; Integrating Traditional
and Digital Marketing; Sustainable
Marketing; Social Criticisms of
Marketing; Consumer Actions to
Promote Sustainable Marketing;
Business Actions Toward Sustainable
Marketing; and Marketing Ethics
and the Sustainable Company.
B. Supply
Chain
Management
A4. Emerging
issues in
Marketing
U, AP
 Understand the basic concept of
recent developments and emerging
issues in marketing
14. discuss the recent
developments and
emerging issues of
marketing.
10%
B1. Introduction
to supply chain
management
R, U, AP
 Definition,objectives, and
importance of supply chain and
supply chain management
 decision phases in supply chain
 foundations of supply chain
management
 process views of supply chain
 examples of supply chain
 current trends in supply chain
management
15. explain the three
key phases in
supply chain
decision.
16. describe current
trends in supply
chain management.
10%
B2. Supply
chain planning
and Design
R, U, AP,
AN, E, D
 ERP: What is ERP? How ERP
Connects the Functional Units; How
Supply Chain Planning and Control
Fits Within ERP; Performance
Metrics to Evaluate Integrated
System Effectiveness.
 MRP: Understanding Material
Requirements Planning; Material
Requirements Planning System
Structure; Example and Lot Sizing in
MRP Systems.
 Demand Forecasting in a Supply
Chain: Role and characteristics of
forecasting in a supply chain;
Components of a forecast and
forecasting methods; Basic approach
to demand forecasting; Time-Series
forecasting methods; Measures of
forecast error; Selecting the best
smoothing constant; Web-Based
Forecasting; The role of IT in
forecasting; forecasting in Practice
 Managing Demand and Supply in a
Supply Chain: Responding to
predictable variability in the supply
chain; Managing supply; Managing
demand; Aggregate Planning
Techniques; Implementing sales and
operations Planning in Practice;
Yield Management.
 Designing the Supply Chain
Network: Designing the Distribution
17. explain and
illustrate the
implications of ERP
and MRP in supply
chain planning and
design.
18. forecast demand in
a supply chain using
different methods.
19. design supply chain
network managing
demand and supply
to improve
synchronization in a
supply chain
20. comment on the
issues in supply
chain planning and
design
21. explain different
strategies that may
be used to mitigate
risk in global supply
chains.
30%
(50%)
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Network and Applications to Online
Sales: The role of distribution in the
supply chain; Factors influencing
distribution network design; Design
options for a distribution network;
Online sales and the distribution
network; Distribution networks in
Practice
 Designing Global Supply Chain
Networks: The impact of
globalization on supply chain
networks; The offshoring decision:
Total Cost; Risk management in
global supply chains; Discounted
cash flows; Evaluating network
design Decisions using decision
trees;
 To Onshore or Offshore: Evaluation
of global supply chain design
decisions under uncertainty; Making
global supply chain design decisions
under uncertainty in Practice
B3. Supply
chain process
U, AP, AN,
E&D
22. understand the
basic concept and
process of each
element of supply
chain process.
40%
B4. Supply
Chain
Integration
Issues
U, AP, AN,  Supply Chain Process Integration:
E, D
The Supply Chain Management
Integration Model; Factors Driving
Supply Chain Integration; Benefits
and obstacles to Process Integration
along the Supply Chain; Managing
Supply Chain Risk and Security
 Performance Measurement Along
the Supply Chain: Viewing the
Supply Chain as a Competitive
Force; Traditional Performance
Measures; World-Class Performance
Measurement Systems; Supply Chain
Performance Measurement Systems;
Drivers of Supply Chain
Performance; The Balanced
Scorecard and the SCOR Model
23. explain the reasons
and implications of
supply chain
integration
24. identify and
comment on the
major drivers of
supply chain
performance.
25. discuss how the
balanced scorecard
and SCOR models
work
10%
B5. Emerging
Issues in Supply
U, AP
26. discuss the
implications of IT
10%
 Purchasing and Supply Chain
Management
 Manufacturing in a Supply Chain
Context;
 Lean and six sigma in the supply
Chains
 Inventory Management
 Logistics, distribution, and
transportation in a Supply Chain
 Warehousing
 Sourcing and procurement
 Returns Management
 Customer Service in a Supply Chain
 Order Fulfillment
 Understand the basic concept of
recent developments and emerging
P a g e 106 | 158
Chain
Management
issues in supply chain: Information
technology in supply chain; Ebusiness and supply chain; Financial
flow in a supply chain; recent
developments and emerging issues
in supply chain management
and E-business in
supply chain.
27. comment on the
recent
developments and
emerging issues of
supply chain.
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D = Decision
making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Marketing & Supply Chain Management. Dhaka:
ICMAB
Recommended Textbooks
1. Kotler, P., & Armstrong, G. (2015). Principles of Marketing. Pearson.
2. Kotler, P., Kartajaya, H., & Setiawan, I. (2016). Marketing 4.0: Moving from Traditional to
Digital. Willey.
3. Jacobs, F. R., & Chase, R.B. (2013). Operations and Supply Chain Management. McGraw Hill Education.
Reference Books/Other Learning Materials
1. Kotler, P., & Keller, K. L. (2016). Marketing Management. Prentice Hall.
2. Wisner, J. D., Tan, K.C., & Leong, G. K. (2018). Principles of Supply Chain Management: A
Balanced Approach. South-Western Cengage Learning.
3. Chopra, S, & Meindl, P. (2013). Supply Chain Management: Strategy, Planning and
Operation. Pearson
4. Min, H. (2015). The Essentials of Supply Chain Management: New Business Concepts and
Applications. Pearson.
5. CSCP. (2018). Study Manual of Certified Supply Chain professional. APICS: CSCP.
MSM Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
2
1
3
4
5
4
5, 7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 5
6
3
2,
2, 3, 6
4, 7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 4, 5,
5, 6, 7,
7, 8, 9, 11, 12, 13,
10, 14
15, 16, 22
17, 18, 19, 20, 21, 22, 23, 24, 25
26, 27
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 107 | 158
P a g e 108 | 158
Course Title:
Business Planning and Strategy (BPS)
Knowledge Pillar
Level
Course Title
Course Code
Total Marks
Management&Business
Strategy [MBS]
Advanced Level
II
Business Planning
and Strategy (BPS)
MS352
100
Syllabus Structure
The syllabus comprises the following topics and study weightings:
Segment
Segment Title
Weight
A
Overview of Strategy
10%
B
Strategic Analysis
25%
C
Strategic Choice and Implementation
40%
D
Performance Management and Control
15%
E
Business Planning and Strategy for CMAs (Bangladesh Aspect)
10%
Course Description
This course provides a holistic understanding of how an organization analyses, develop and
implement business strategy including overall business planning process overview with
professional and ethical implications. This course will also drive focus on the competitive
market strategic decision-making process, both from Bangladesh and global aspect with
emphasis on the Cost and Management efficiency and business ethics.
Course Objectives
The objectives of this course are:
1. analyze and identify the external environment and internal strategic capability.
2. evaluate the consequences of strategic choices; recommend strategies to achieve stakeholder
objectives.
3. critically analyze corporate level and business level strategies for organizational success and
recommend appropriate methods of implementing strategies.
4. understanding of strategic control systems and the desirable attributes of strategic.
5. performance measures and techniques.
6. monitoring strategic performance and manage business risks.
Course Learning Outcomes
On successful completing this course, the aspiring professional accountants will be able to:
1. link organizational steps, objectives, goals, mission, and vision with organizational strategy.
2. understand the role of CMA in crafting strategy.
P a g e 109 | 158
3. evaluate the strategic significance of different internal and external factors for competitive
advantage.
4. craft strategy considering associated risks, environmental changes, product life cycle,
strategic options, information systems, and other relevant factors.
5. deploy strategic control systems including strategic performance measures and techniques.
6. describe the implications of ethical principles and responsible management practices in
today’s competitive business environment.
7. comprehend the strategy for change management resulting competitive advantage in today’s
dynamic business environment.
Detail contents
Parts
A. Overview of
Strategy
(10%)
B. Strategic
Analysis
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics
Probable
Weight
A1. Introduction
to Planning and
Strategy
R, U, AP
 What is strategy
 Purposes of Strategy
 Types of Strategy
 Levels of Strategy
 Approach to strategy
formulation
 Strategic Planning
 Importance of Planning
 Strategic Planning vs.
Strategic Management
 Benefits and criticism of
strategic planning
1. recognize the
importance of
crafting strategies
in competitive
business
environment
50%
A2. Business
Strategies
R, U, AP,
AN and
E
 Vision, Mission, Goals and
Objectives of Business;
 Business KPIs
 Roles of Cost and
Management Accountants
in Strategic Management
 Mintzberg’s deliberate and
Emergent Strategies
 Positioning vs. Resource
based view of Strategy
 Strategic Planning Horizon
 Strategy and Ethics
 Sustainable strategies
2. link vision,
mission, goals and
objectives in the
process of
formulating
strategy
3. illustrate the role
of CMAs in
developing
sustainable
strategies
4. compare and
contrast different
views about
strategies.
50%
B1. External
Environment
R, U, AP,
AN, E, D
 Evaluate Organization’s
purpose
5. recognize and
analyze the
external factors
35%
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(25%)
which may have
 Nature of Business
strategic
Environment
significance.
 Importance of
6. understand
understanding business
business
environment
environment in
 Environmental dynamics
global and
 Scenario Planning
Bangladesh
 PESTEL Analysis
perspectives
 Analysis of External Factors
- Sustainability including
natural capital and climate
change
 Macroeconomic forces
 Cultural environment
 Stakeholder impact
 Markets for finance
 Labor and other resources
 Government policies,
Supply chain factors
 Technology developments
 Digital technology including
those relating to automation
and intelligent systems
 International business
context - international trade
 Financial systems and
Global economic factors;
Globalization
 Geopolitics
 Limits of Globalization of
Business
 Environment Analysis –
Bangladesh aspects
Analysis
B2. Industry and
Market factor
Analysis
R, U, AP,
AN, E, D
 Definition of industry and
market
 Industry Life Cycle
 Strategic Implications of
Industry Life cycle
 Porter’s Five Forces
Approach for strategic
analysis
 Limitations of five forces
model
 Competitions in different
types of industry
 Industry Segments and
Strategic groups
 Product Life Cycle and
international activities
7. understand the
impacts of
different stages of
industry life cycle
in crafting
strategies to
deliver competitive
success.
30%
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C. Strategic
Choice and
Implementation
B3. Internal
Environment
Analysis
R, U, AP,
AN, E, D
8. identify significant
 Factors affecting business
internal factors
ability-Resources
affecting business
 Competences and Capability
ability to achieve
 Critical Success Factors
its chosen strategy.
(CSF)
9.
utilizing different
 Core Competences
tools and
 Distinctive Competences
techniques to
 Benchmarking competences
develop matrix for
 Resource Audit
evaluating factors
 Limiting Factors Analysis
and formulation of
 Value Chain Analysis – Cost
strategies.
Drivers and Value Drives
 Value System
 Outsourcing Value Activities
 Supply Chain management
 Networks and Global
Business
 Development of ProductService Portfolio
 BCG Matrix
 Shortcoming of BCG Matrix
 Corporate Appraisal (SWOT
Analysis)
 Weirich’s TOWS Matrix,
GAP Analysis
 Strategic movement
towards GAP minimizing
35%
C1. Strategic
Options
R, U, AP,
AN, E, D
 Broad categories of
strategies
 Choice and development of
Generic Competitive
Strategies (Porter’s 3
Generic Strategies and
Bowman’s strategic clock)
 Difficulties on
implementation of
competitive strategies
 Ansoff’s Matrix for Productmarket strategy
development
10. identify and
evaluate the
alternative
competitive
strategies available
to a business in a
given scenario
11. design and develop
product and
market related
strategies
15%
C2.
Product/ServiceMarket
Strategies
R, U, AP,
AN, E, C,
D
 Concept of Market and
Marketing
 Market Segmentation
 Targeting and Positioning
 Behavioral aspects of
Buyers and Customers
 Branding and Brand equity
 Marketing Mix (Product,
Price, Place and Promotion)
12. evaluate the
relationship
between strategy
and the
product life cycle
13. identify and utilize
tools and
techniques to gain
maximum
15%
(40%)
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for products and services
 Marketing strategies for
Digital and Sustainable
Marketing
 Roles of Marketing Mix and
Limitations of Marketing
Mix
 Relationship marketing
competitive
advantage through
placing products
and services in
market
C3. Business
Structure
Strategies
R, U, AP,
AN, E, C,
D
14. understand the
 Overview of business
Importance of
structure;
business structure
 Different organizational
for developing
structures
competitive
 Advantages and
strategies.
disadvantages of different
15.
identify and
organizational structures
evaluate alterative
 Centralization vs.
business structures
Decentralization
and recommend
 Mintzberg’s theory of
appropriate
organizational configuration
structure for a
 Divisionalised organizations
given strategy.
 Relationship between
strategy and structure
 Aligning business structure
for a given strategy
 Governance and Strategy
 Behavioral theories of
decision making
 Model for rational decisionmaking process
15%
C4.
Development
Strategies
R, U, AP,
AN, E, C,
D
 Concept of “Growth” and
methods of growth for
business
 Different types of growth
options for business
(Merger, Acquisitions, Joint
Venture, Alliance, Licensing
and franchising)
 Outsourcing
 Divestment and
rationalization
 International expansion
16. identify and
evaluate different
growth options for
business along
with pros and cons
of each option.
17. designing
appropriate growth
strategies for
sustainable
business
expansion.
15%
C5. Information
and Technology
Strategies
R, U, AP,
AN, E, C,
D
 Strategic values of
Information and
Information Technology in
business
 Levels of information in the
organization
 Benefits and Qualities of
18. understand the
value of
information for
competitive
advantage and in
strategy design.
19. identify key
10%
P a g e 113 | 158
good information
 Strategies for dealing with
IS/IT related issues and
risks
 Knowledge management
changes needed in
information system
to cope with
advancement in
technology system
along with
associated risks.
C6. Change
Management
Strategies
R, U, AP,
AN, E, C,
D
 Change Management
 Need for an organization to
change
 Triggers for organizational
change
 Change processes in
organizations
 Different approaches of
change
 Force Field Analysis
 Implications of changes on
the individuals
 Managing resistance to
change
 Change management and
Strategy implementation
 Project Management
 Role of Project Manager in
strategic development
 Re-engineering and
innovation
 Lean Management and its
benefits
20. evaluate the role of
change
management in
implementing
strategic change.
21. identify the key
steps in the change
management
process.
15%
C7. Risk
Management
Strategies
R, U, AP,
AN, E, C,
D
 Meaning of “Risk” in
business context
 Risk vs. uncertainty
 Types of Risks
 Sources of Risks
 Risk Management Strategy
 Identification of Risks
 Description of risks
 Risks measurement
techniques
 Strategic risk treatments
 Risk Disclosure
22. compare and
contrast different
types of risks in a
business context.
23. identify, assess and
mitigate risk
involved in
strategic
decisions and
outcomes.
24. understand the
importance of
enterprise-wide
risk
management for
gaining
competitive
advantages.
15%
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D. Performance
Management
and Control
(15%)
E. Business
Planning and
Strategy for
Cost and
Management
Accountants
(Bangladesh
Aspect)
(10%)
D1. Evaluation
of strategies and
performance
measurement
R, U, AP,
AN, E, C,
D
 Evaluation criteria for
assessing strategic options
 MIT approach for
identifying and evaluating
CSFs
 Key Performance Indicators
(KPIs)
 Guidelines for designing
strategic control systems
 Audit of key resources and
capabilities required to
implement strategy
 The function of strategic
control;
 Level of control, Matching
structure and resources to
strategy
 Different Strategic
Performance measurement
techniques (Both Financial
and Non-financial)
 Budgets and budgetary
control
 Importance and role of
budgetary controls
Contingency planning in
strategic control and review
 Evaluation of Human
Resource Management
(HRM) planning, Research
and Development (R& D)
planning, operational
planning and management
25. identify
approaches to
evaluate
performance of
strategies and
designing control
systems in terms of
functions, levels
and other
dimensions.
26. understand the
role of contingency
planning in
strategic
control and review.
100%
R, U, AP,
AN, E, C,
D
 Corporate Social
Responsibility and
sustainability
 Not-for-profit organizations
and Public Sector
organization
 Business Ethics
 Ethical Marketing
 Corporate Governance and
related compliance strategy
 Disaster recovery Plan, IT
Emergency response plan
 Business Planning and
Strategy in dealing Big data
analytic, Process
automation, Artificial
intelligence, Data
27. understand the
role of cost and
management
accountant in
the strategy
development and
implementation
processes and
contemporary
practices/issues in
perspective of
Bangladesh.
100%
P a g e 115 | 158
visualization, Blockchain,
and other emerging issues
 Real life Strategy formation
protocol in different
industries in Bangladesh
 GAP between real life
strategy formation process
vs. Theoretic norms
 How Strategy formation
role out in Multinational
environment
Recommended Books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Business Planning & Strategy. Dhaka: ICMAB
Recommended Textbooks
1. Hill, C. W. L., Jones, G. R., & Schilling, M. A. (2014). Strategic Management Theory: An
Integrated Approach, USA: Cengage
2. Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2007). Strategic Management, USA:
Thomson South-Western
Reference Books/Other Learning Materials
1. Thompson, A. A., Strickland, A. J., Gamble, J.E., & Peteraf, M.A. (2015). Crafting and
Executing Strategy: The Quest for Competitive Advantage. USA: McGraw Hill Education
2. David, F. R., & David, F.R. (2015). Strategic Management: A Competitive Advantage
Approach. UK: Prentice Education Ltd
3. CIMA. (2019). Study Manual on Strategic Management. UK: CIMA (Chartered Institute of
Management Accountants)
4. ICMAP. (2018). Study Manual on Strategic Management. Pakistan: ICMAP (Institute of
Cost and Management Accountants of Pakistan)
5. CMA, Sri Lanka. (2017). Study Manual on Business Strategy and Risk Management. Sri
Lanka: CMA (Certified Management Accountants of Sri Lanka)
BPS Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
2
1
3, 6
4
5
4
5, 7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 5
1, 3
6
3, 4
4, 5
2
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
2, 7, 11, 13, 16, 19, 25
3, 27
4, 5, 6, 8, 9, 12, 14, 15, 16, 18, 22
7, 10, 11, 13, 15, 17, 19, 23, 24
25, 26
1, 2, 3
1, 6, 20, 21
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
-------0-------P a g e 116 | 158
Audit & Assurance Pillar
The Audit& Assurance (AA) pillar aims to develop knowledge and understanding of the basic
concept of audit and assurance, the process of carrying out the assurance engagement, and its
application in the context of the professional and legal framework. This pillar focuses on both
the financial audit and the cost & management audit. The AA pillar comprises basics of audit
and assurance, audit engagement, audit framework, responsibilities, professional ethics, audit
process and reporting in line with International Standards on Auditing, compliance with law
and regulations, and legal framework of Audit. This will ensure that the students understand the
assurance process and fundamental principles of ethics and can contribute to the assessment of
internal controls and gathering of evidence on an assurance engagement. It will help aspiring
professional candidates to develop technical and professional skills and knowledge along with
ethical requirement which can be applied to their professional work.
There are two courses under the pillar, ‘Auditing’ (AUD, at the Intermediate Level II) and ‘Cost
& Management Audit’ (CAT, at the Advanced Level II). The first course of the pillar will provide
candidates a complete picture of the financial audit. Contrary, the aspiring Cost and
Management Accountants will be exposed to the independent audit of cost accounting records,
performing quality control reviews, and reporting on performance appraisal at the advanced
level.
Pillar Objectives
On successful completion of the AA pillar, the aspiring professional accountants will be able to:
1. evaluate features of an organization in selecting appropriate audit procedure.
2. describe the conceptual and regulatory audit framework.
3. comment on the internal control systems of an organization.
4. understand and apply the provisions of different auditing and assurance standards.
5. recognize and apply the professional code of ethics in performing the role of an
auditor.
6. explain the implications of information technology on auditing and the audit process
of information systems.
7. understand the contemporary and emerging issues of auditing.
P a g e 117 | 158
Course Title:
Auditing (AUD)
Knowledge Pillar
Audit& Assurance [AA]
Level
Intermediate
Level II
Course Title
Auditing (AUD)
Course Code
AA133
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
D
Segment Title
Introduction to Audit and Assurance
Internal Control and Audit Framework
Assurance Engagement and Reporting
Auditors Role in Emerging Areas
Weight (%)
20%
30%
40%
10%
Course Description
The Audit and Assurance course is divided into four major segments. It starts with the nature,
purposes, and scope of audit assurance engagements. In explaining audit engagements, the
responsibilities and liabilities of both the auditor and management are explained. Focus is then
given to the statutory audit, its regulatory environment, governance, and professional ethics
relating to audit and assurance. It then leads to planning the audit and assessing relevant risks.
The course also covers a range of areas relating to an audit of financial statements including the
scope of internal control and the role of internal audit. These include evaluating internal
controls, audit evidence, and a review of the financial statements. In addition to final review
procedures, the final section concentrates on reporting, including the form and content of the
independent auditor’s report. It also explains the role of an Auditor in emerging areas.
Course Objectives
This course focuses on the basic knowledge of audit and assurance, the legal and regulatory
environment of the assurance engagement, and the professional and ethical considerations for
the assurance provider. It also seeks to provide the learner with the ability to identify, analyze,
and conclude on an assurance engagement in the context of best practice. It also promotes the
decision-making skills and administrative competence relevant to financial accounting and
corporate management in general.
Course Learning Outcomes
On successful completion of the course, the aspiring professional accountants will be able to:
1. discuss the fundamental requirements of different assurance engagements.
2. sketch, evaluate, and comment on the requirements of effective internal control systems.
3. understand the relevant conceptual and legal requirements in the auditing framework.
4. carryout auditing process following the International Standards on Auditing.
5. understand the professional code of ethics in performing the role of an auditor.
6. illustrate the implications of IT on auditing and assurance.
P a g e 118 | 158
7. understand the contemporary issues influencing the work of an auditor.
Detail Contents
Parts
A.
Introduction
to Audit and
Assurance
(20%)
B. Internal
control and
audit
framework
(30%)
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Probable
weight
A1.
Fundamental
concepts and
scope
R, U
 Concept of Audit and
Assurance
 Key elements of an
assurance engagement
 Benefits and limitations
of Assurance
 Objectives, nature,
purpose, and scope of
assurance engagement
 Levels of Assurance
 Internal audit
 External audit
 Role of the Audit
committee
1.
explain the
concept of audit
and assurance
2. understand the
requirements and
reasons for
assurance
engagements
50%
A2.
Responsibilities
and Professional
Liabilities
R, U, AP
 Management
responsibilities
 Assurance providers’
responsibilities
 Error and Fraud, money
laundering, Compliance
with law and regulations
 Expectations gap
 Auditors’ liabilities:
statutory liabilities,
contractual liabilities
under Contract law,
liabilities under Common
law, liabilities for
professional misconduct,
other liabilities.
 Management and ThirdParty Liability
3. understand the
responsibilities of
management and
assurance
providers.
4. recognize
circumstances in
which
professional
accountants may
have legal
liability.
5. compare and
contrast liability
owed to the client
with liability
owed to third
parties
50%
B1. Internal
Control
U, AP,
E, D
 Meaning and Categories
of Internal Control
 Nature and Importance
of Internal Control
 Components of internal
control
 Fundamental principles
of effective control
systems
 Systems of Internal
6. explain the
requirements and
implications of
effective control
systems
7. evaluate and
report on the
effectiveness and
efficiency of the
internal control
40%
P a g e 119 | 158
Parts
Topics
Level of
Study
required
Subtopics
Control
 Weaknesses in the
internal control system.
 Communication on
Internal Control and
Management Letter
 Internal Control
Questionnaire
 IT Control
Learning outcomes of
topics
Probable
weight
systems
B2. Professional
Ethics
R, U, AP
 Need for professional
ethics
 Code of Ethics:
fundamental principles,
threats to Objectivity and
Independence,
safeguards against the
threats
 Conflict of interest and
suggested courses of
action to resolve ethical
conflicts relating to
integrity, objectivity,
independence, and
confidentiality
8. Demonstrate the
ethical approach
in carrying out
the assurance
work.
30%
B3. Framework
and legal
provision
R, U, AP
 Legal provisions Under
Companies Act, 1994:
appointment of auditor,
qualification, and
disqualification of an
auditor, rights, and
Powers of auditors,
responsibilities, and
Duties of auditors,
qualification and
disqualification of
auditors, resignation, and
removal of auditors,
penalties
 International Framework
for Assurance
Engagements
 The International
Auditing and Assurance
Standards Board
 International Standards
on Auditing
 Role of regulators like
FRC, BSEC, ICAB, etc.
 Requirements under
9. describe the legal
framework of the
Audit and
Assurance
engagement
30%
P a g e 120 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Probable
weight
Financial Reporting Act,
2015
 Regulatory and legal
issues relating to
financial audit
C.
Assurance
engagement
and
Reporting
(40%)
C1. Process of
assurance
engagement
R, U,
AP, AN,
E, C, D
 Obtaining the
Engagement
 Risk Assessment (ISA
315, ISA 330)
 Engagement Acceptance
(ISA 800)
 Scope of the engagement
(ISA 200, ISA 210)
 Audit Planning(ISA 300,
ISA 320, ISA 520)
 Performing the
engagement (ISA 710,
ISA 720, ISA 800)
 Test of Control and
Substantive procedures
 Obtaining evidence,
Sampling, and
documentation (ISA 230,
ISA 500, ISA 501, ISA
505, ISA 530)
 Taking assistance (ISA
610, ISA 620)
 Quality Control (ISA
220)
 Completion, Review, and
Reporting: subsequent
events, going concern
(ISA 560, ISA 570, ISA
700)
 Written Representations
(ISA 580)
 Evaluation of results of
assurance (ISA 450)
 Audit Finalization and
Final review
 Reporting to the engaged
party
 Reporting issues (ISA
701, ISA 705, ISA 706,
ISA 710, ISA 800)
10. obtain an
understanding of
the entity and its
environment
11. identify the key
concerns and
issues in
accepting an
engagement
12. plan an audit
considering the
audit risk of the
client
13. understand the
underlying
provisions of the
International
Standards on
Auditing
14. apply ISA in
formulating
decisions in the
assurance
engagement
15. understand and
outline different
types of audit
reports
80%
C2. Other
relevant
standards
R, U, AP
 Auditor’s Responsibility
to Consider Fraud (ISA
240)
16. understand the
auditor’s
responsibility as
20%
P a g e 121 | 158
Parts
D. Auditors
role in
emerging
areas
(10%)
Topics
D1. Information
Technology and
Information
Systems Audit
Level of
Study
required
U, AP,
D
Subtopics
Learning outcomes of
topics
 Consideration of Laws
and Regulations (ISA
250)
 Communication of Audit
Matters (ISA 260, ISA
265)
 Entities Using Service
Organizations (ISA 402)
 Initial Audit
Engagements: Opening
Balances (ISA 510)
 Accounting Estimates
(ISA 540)
 Related Parties (ISA 550)
 Special Considerations
(ISA 600, ISA 805)
 Summary Financial
Statements (ISA 810)
 International Standards
on Assurance
engagements
 International Standards
for Review Engagements
 International Standards
on Quality Control
outlines in
different ISA and
law
17. treat issues
relating to related
parties,
accounting
estimates, and
others following
ISA
 Audit in a computerized
environment
 Systems and processes in
place that secure
company data.
 Risks associated with a
company's information
assets in the IT
environment
 Methods of risk
management
 Information
management processes in
compliance with ITspecific laws, policies,
and standards
 Inefficiencies in IT
systems and associated
management
 Computer-Aided
Auditing Technique
(CAAT)
 Process of Information
Systems (IS) Auditing –
18. understand the
basics of audit in
a computerized
environment.
19. identify and
manage the risks
associated with
an IT
environment
20. sketch the
fundamentals of
CAAT
Probable
weight
70%
P a g e 122 | 158
Parts
Topics
Level of
Study
required
Subtopics
Learning outcomes of
topics
Probable
weight
21. understand the
process of public
sector audit
22. outline
requirements and
considerations in
the special audit
30%
Planning (IS audit
standards, guidelines,
code of ethics, risk-based
audit planning) and
Execution (Performing IS
audit, reporting &
communication
techniques, quality
assurance)
D2. Public
sector and
special audit
R, U
 IFAC Guidelines for
public sector audit
 Special Audit
Here, R = Remembering, U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Audit & Assurance. Dhaka: ICMAB
Recommended Textbooks
1. Saeed, K. A. (2013). Advanced Auditing. Karachi: Asianet-Pakistan
2. Tandon,B. N., Sudharsnam, S., & Sundharabahu, S. (2007). A Hand Book of Practical
Auditing. India: S. Chand Publishing
3. Gupta, K. (1999). Contemporary Auditing. India: McGraw Hill Education
Reference Books/Other Learning Materials
1. IFAC. (2018). Handbook of International Quality Control, Auditing, Review, Other
Assurance, and Related Services Pronouncements. IAASB, IFAC
2. IFAC. (2018). Handbook of the International Code of Ethics for Professional Accountants.
IESBA, IFAC
3. GoB. (1995). The Companies Act (Bangladesh), 1994. Ministry of Commerce: Government
of the People's Republic of Bangladesh
AUD Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
POs
1, 3
2, 4
5
6
POs
PO1
PO2
PO3
PO4
CLOs
2
1, 3
2
5
CLOs
CLO1
CLO2
CLO3
CLO4
TLOs
1, 2, 3, 4, 5, 10, 11, 15
6, 7, 10, 16, 17,
4, 5, 9, 11, 12, 15, 16
12, 13, 14
P a g e 123 | 158
PrO5
PrO6
PrO7
4
1, 7
3, 7
PO5
PO6
PO7
4
6
7
CLO5
CLO6
CLO7
8, 11, 12
18, 19, 20
21, 22
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 124 | 158
Course Title:
Cost & Management Audit (CAT)
Knowledge Pillar
Auditing&
Assurance
[AA]
Level
Advanced Level
II
Course Title
Cost & Management
Audit (CAT)
Course Code
AA253
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
Segment Title
Cost Audit
Management Audit
Performance Audit
Weight (%)
50%
30%
20%
Course Description
This course is divided into three major segments which cover cost audit, management audit,
internal audit, internal control, operational audit, and other related issues along with
performance audit. It starts with explaining the cost and management audit concepts & scope,
shading light on the relevant theoretical, regulatory, and management requirements. Focus is
then given to explain how auditing works to be planned, evaluated, performed, and finally
reported to the concerned authority. Ultimately, the learners of the course will understand the
process and concerns in the legal position of cost auditor, cost audit, operational audit,
performance appraisal, reporting system, internal audit, internal control, and other related
issues. This course also introduces the concept of ethics and different measures used in the audit
process. Learners of this course will be exposed to various practical exercises for mastery of the
basic cost and management accounting knowledge & skills and thus, the emphasis is given on
the applications of cost accounting and auditing standards.
Course Objectives
This course focuses on the knowledge of Cost and Management auditing to provide educational
facilities for budding professionals for excelling in the field of cost and management auditing. It
also promotes the decision-making skills and administrative competence relevant to cost &
management auditing and corporate management in general.
Course Learning Outcomes
On successful completion of this course, the aspiring professional accountants will be able to:
1. describe the conceptual and regulatory framework of cost audit in Bangladesh
2. outline and explain the cost audit process following the QCR framework
3. evaluate an entity’s organization in conducting the audit for performance optimization
4. sketch, evaluate, and comment on the requirements of effective internal control systems
5. apply the code of professional ethics in preparing and interpreting cost, management, and
operational audit reports
P a g e 125 | 158
6. illustrate the implications of information technology on auditing
7. evaluate the performance of an organization from multiple perspectives
Detailed Contents
Parts
Topics
A. Cost Audit
(50%)
A1. Cost
Audit
Concept &
Legal issues
Level of
Study
required
R, U
Learning
outcomes of
topics
Subtopics
 Meaning, nature, and scope of
cost audit
 Objectives and purpose of cost
audit
 Advantages and limitation of
cost audit
 Financial audit vs. Cost audit
 The genesis of cost audit in
Bangladesh
 Companies Act, 1994
 Cost Audit (Report) Rules, 1997
 Government Gazette
Notification relating to Cost
Audit
 CMA Ordinance, 1977
(Ordinance No. LIII of 1977)
 CMA Regulations, 1980
 Financial Reporting Council
(FRC)
A2. Cost
Accounting
Standards
R, U, AP  Generally Accepted Cost
Accounting Principles (GACAP)
 Code of conduct and Ethics
 Bangladesh Cost Accounting
Standards (BCAS)
 Guidance notes on Cost
Accounting Standards
 Cost Record and Audit Rules
A3. Cost
Auditing
Standards
and Quality
control
R, U,
AP, AN,
E
 Planning the Audit of Cost
Statements
 Cost Audit Documentation
 Overall Objectives of the
Independent Cost Auditor and
the Conduct of an Audit in
Accordance with Cost Auditing
Standards
1.
Probable
weight
describe the
fundamental
difference
between
financial and
cost audit
outline the
basic
conceptual
and
regulatory
framework
of cost audit
15%
3. describe the
need foran
ethical code
of conduct
4. explain the
guiding
principles for
a cost auditor
5. describe the
need for cost
records and
audit rules
10%
6. outline and
explain the
steps in cost
audit
procedures
7. build
argument
favoring cost
35%
2.
P a g e 126 | 158
Parts
Topics
Level of
Study
required
Subtopics
 Knowledge of Business, its
Processes, and the Business
Environment
 Commencement of Cost Audit
and Audit Procedures
 Guidelines of Cost Audit in
Bangladesh
 Framework of Quality Control
Review (QCR) Program
A4. Legal
Position of
Cost Auditor
A5.
Reporting
under Cost
Audit
B
Management
Audit
(30%)
Learning
outcomes of
topics
audit
8. ensure the
QCR in Audit
Probable
weight
R, U, AP  Appointment of cost auditor
 Qualification and
disqualification of Cost Auditor
 Rights and Powers of cost
auditors
 Responsibilities and Duties of
cost auditors
 Qualities of a cost auditor
 Resignation and Removal of
cost auditors

U, AP,
 Audit Risk Assessment
AN, E,
 Preparation Cost audit report
C, D
in compliance with statutory
obligations and professional
standards
 Key points of a Cost Audit
Report
 Placement of the report to the
Management
 Finalization.
9. outline the
legal position
of cost
auditor
10. describe
expectations
from a cost
auditor
10%
11. draft cost
audit report.
12. interpret cost
audit reports
20%
A6. Cost
Audit in
Information
Technology
(IT)
U, AP,
AN, E,
C, D
 Cost Auditing in computerbased Environment (CBE).
 Computer-aided auditing
technique (CAAT)
 IT Control and risk assessment
13. identify
requirements
of audit in a
CBE
14. assess and
control risks
associated
with CBE
10%
B1. Internal
Control &
Internal
Audit
U, AP,
AN, E
 Internal Control – Concept
 Scope and Limitation of
Internal Control
 Structure of Internal Control
 Evaluation of Internal Control
 Internal Control and Internal
Auditor
 Internal Check and Internal
Audit
15. evaluate the
internal
control and
internal audit
practice of a
client
16. contrast
internal
control and
40%
P a g e 127 | 158
Parts
Topics
Level of
Study
required
Subtopics
 Internal Audit and its Scope
 Statutory Auditors and Internal
Auditors
 Assessment of Adequacy of
Internal Audit Function
 Compliance Audit
C.
Performance
Audit
(20%)
Learning
outcomes of
topics
internal
check,
statutory
audit and
internal audit
Probable
weight
B2
Operational
Audit
U, AP,
AN, E,
D
 Operational Audit – Technique
and Procedure
 Budgetary Control System
 Capacity Utilization
 Inventory Control
 Management Information
System (MIS)
 Business Risk Assessment and
Mitigation
 Nature and Scope of
Management Audit
 Audit of Management Process
and Functions
17. outline steps
for
operational
audit
18. Formulate
recommenda
tions for
performance
optimization
30%
B3
Managemen
t Audit in
Different
function
R, U,
AP, AN,
E, D
 Corporate Culture and
Objectives
 Corporate Services Audit
 Corporate Development Audit
 Evaluation of Personnel
Development
 Value For Money (VFM) Audit
 Audit of Corporate Social
Responsibility (CSR) of
Management
 Audit Checks of Different
Functions
 Corporate
Divisions/Departments/Functi
ons
 Corporate Governance and
Audit Committee
 Business Investigations
19. Explain the
basic
requirements
in the audit
of a specific
functional
unit
20. Describe the
role of
corporate
governance
and audit
committee
30%
C1.
Performance
Audit
Process
U, AN,
E, D
 Performance Analysis
 Suggested Mechanism for
Performance Analysis
 Steps Approach Suggested for
Report on Performance
Appraisal
 Indicative Contents of the
Report on Performance
Appraisal
 Capacity Utilization Analysis
21. Evaluate the
performance
of an
organization
from
multiple
perspectives
22. Report on
Performance
appraisal
100%
P a g e 128 | 158
Parts
Topics
Level of
Study
required
Subtopics
 Productivity and Efficiency
Analysis
 Utilities and Energy Efficiency
Analysis
 Key Costs and Contribution
Analysis
 Product/Service Profitability
Analysis
 Market / Customer Profitability
analysis
 Working Capital and Inventory
Management Analysis
 Manpower Analysis
 Impact of IFRS on the Cost
Structure, Cash Flows, and
Profitability
 Management Accounting tools
Learning
outcomes of
topics
using
management
accounting
tools.
Probable
weight
Here, R = Remembering, U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Cost & Management Audit. Dhaka: ICMAB
Recommended Textbooks
4. Saeed, K. A. (2013). Advanced Auditing. Karachi: Asianet-Pakistan
5. Chowdhury, D. D. (2010). Cost Audit & Management Audit. New Delhi: New Central Book
Agency
Reference Books/Other Learning Materials
4. ICMAB. (2021). Bangladesh Cost Accounting Standards. Dhaka: ICMAB
5. IFAC. (2018). Handbook of the International Code of Ethics for Professional Accountants.
IESBA, IFAC
6. GoB. (1995). The Companies Act (Bangladesh), 1994. Ministry of Commerce: Government
of the People's Republic of Bangladesh
7. Cost Auditing Standards
8. Companies (Cost Record and Audit) Amendment Rules, 2019
9. Cost Audit (Report) Rules, 1997
10. Government Gazette Notification relating to Cost Audit
P a g e 129 | 158
CAT Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1, 3
2, 4
5
6
4
1, 7
3, 7
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
3, 7
1
4
5
2
6
2
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 4, 5, 7, 9, 10, 20
4, 5, 6, 8
7, 15, 18, 19
15, 16, 18
3, 9, 10, 11, 12, 17, 18
13, 14
18, 21, 22
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
---------0---------
P a g e 130 | 158
Governance, Laws & Taxation Pillar
The knowledge pillar, Governance, Laws & Taxation (GLT) broadly covers the areas of corporate
governance, legal environment, and the taxation aspects of the business. As a part of Initial
Learning Development (IPD), this pillar will assist the aspiring professional accountants to
develop professional competence in the subject matters, which will lead them to perform the
role of a professional accountant. It will also aid the candidates to advance professional
intellectual skills including professional values and ethics to identify, evaluate and analyze the
governance, legal, and taxation issues arising from the business environment and enable them
to apply professional judgment to solve problems, make decisions and adapt to the change.
This pillar comprises four courses, namely Corporate & Business Laws (CBL), Fundamentals of
Taxation & Public Financial Management (TPF), Corporate Governance & Secretarial Practices
(GSP), and Advanced Income Tax& VAT (ATV). The CBL course covers the major corporate and
business laws of the country that aims to provide working knowledge to the aspiring
professional accountants regarding the laws and regulations of the business environment so that
they can identify and evaluate the legal issues and make an informed decision. In the TPF
course, the taxation segment focuses on both direct and indirect taxes of the country to develop
an intermediate level of proficiency in the topic areas. Contrarily, the segment of Public
Financial Management focuses on fundamental areas of the topic to develop primary knowledge
about financial management and its process of the government of Bangladesh.
The course GSP covers the key elements of corporate governance, its theories, and the
framework to develop professional competence among the aspiring professional accountants.
Besides, this course includes essential aspects of secretarial practice so that the aspiring
candidates can able to identify and evaluate the governance issues and discharge professional
duties as Company Secretary.
Finally, this knowledge pillar contains the ATV course. This course addresses the applied aspects
of income tax and value-added tax to develop professional competence, skills, values, and ethics
among the aspiring professionals so that they can apply such knowledge to identify, analyse,
evaluate and resolve complex tax issues arising from individual and business taxation.
Pillar Objectives
On successful completion of this pillar, the aspiring professional accountants will be able to:
1. understand the regulatory requirements in the formation & operations of an
organization.
2. comment on the legal framework of direct and indirect taxes of Bangladesh.
3. assess the tax liability and outline the income tax plan for an assessee.
4. discuss and apply the provisions of Value Added Tax in determining the tax liability.
5. explain the public finance management systems of Bangladesh.
6. describe corporate governance framework, different compliance issues with regulations
and principles of secretarial practices.
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7. Analyse, evaluate and apply critical thinking and professional judgement for alternative
perspectives of taxation issues for tax planning, regulatory compliance and strategy
setting both for individuals and business entities.
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Course Title :
Corporate & Business Laws (CBL)
Knowledge Pillar
Governance, Laws
& Taxation [GLT]
Level
Intermediate
Level I
Course Title
Corporate &
Business Laws
(CBL)
Course Code
LT125
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
Segment Title
Corporate Laws
Business Laws
Weight
60%
40%
Course Description
This course provides an essential understanding of the corporate and business laws in
Bangladesh. It gives special attention to the Companies Act, Financial Reporting Act, Bank
Company Act, Financial Institutions Act, Insurance Act, Contract Act, Negotiable Instrument
Act, Partnership Act, and the Labour Law to develop technical competence and professional
skills in the area of the legal environment of business.
Course Objectives
This course aims to provide working knowledge to aspiring professional accountants regarding
the laws and regulations of the business so that they can identify and evaluate the legal issues
and apply such knowledge to make informed decisions.
Course Learning Outcomes
Upon successful completion of the course, the aspiring professional accountants should be able
to:
1. identify and explain the laws and regulation that govern different forms of legal entities;
2. interpret the principal provisions of the company law related to separate entry,
incorporation process, capital requirement, administration, directorship, meeting, and
resolution including the winding-up process and apply the knowledge in the practical
situation;
3. explain the financial reporting authority and its functions;
4. identify the nature of banking business, insurance business, and the business of financial
institutions including the basic regulations of these specialized businesses;
5. explain different types of contracts and distinguish among various negotiable instruments
and their underlying provisions;
6. describe the nature of partnership business and demonstrate the knowledge on main
provisions of the Bangladesh Labour Law; and
7. critically evaluate the legal issues in the business environment and make informed decisions.
P a g e 133 | 158
Detail Contents
Parts
A. Corporate
Laws
(60%)
Topics
A1. The
Companies
Act, 1994
(30%)
Level of
Study
Required
R, U, AP
Learning outcomes of
Topics
Subtopics
 Overview, Constitution and
Incorporation: Overview of
the Companies Act, 1994;
Documents relating to
incorporate of a company
(Memorandum of AssociationMOA, Articles of AssociationAOA); Private Company; Public
Company; One Person Company;
Change of MOA, AOA, Address
and Name
 Share Capital and Registers:
Types of share and capital
(Bonus share, Right Issue, Share
Split); Share Certificate; Share
Warrant; Members List, Annual
Summary; Transfer of Share
 Management and
Administration: Meeting and
Proceedings (Annual General
Meeting, Statutory Meeting,
Extraordinary General Meeting,
Board Meeting); Provision for
Vote; Appointment of Directors;
Duties of Directors;
Disqualification of Directors;
Removal of Directors; Return of
Allotment
 Accounts, Audit, and
Conversion: Books of Records
as per the Act; Content of
Balance Sheet and Profit and
Loss Accounts; Authentication of
Balance Sheet and Profit and
Loss Accounts; Appointment and
Removal of Auditors; Conversion
of Private Company into Public
Company and Vice-Versa
 Winding-up: Mode of Winding
Up and Process (Winding up by
Court, Voluntary Winding-up Members and Creditors,
Supervision of Court; Official
Liquidator
1.
2.
3.
4.
5.
6.
7.
explain the
background of the
Company Act and
the process to
incorporate a legal
entity.
describe different
types of share
capital, share
related documents,
member registrar,
and share transfer
issues.
understand and
evaluate the
management and
administration
process of a
company and
develop
administration
skills.
identify and
explain books of
records to be kept
as per law.
demonstrate the
appointment
process of the
statutory auditor.
explain the
conversion process.
demonstrate
various modes of
winding-up of a
company and the
procedures.
Weight
50%
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Parts
Topics
Level of
Study
Required
Learning outcomes of
Topics
Subtopics
Weight
A2. The
Financial
Reporting Act,
2015
R, U
 Background and Functions 8.
of the Financial Reporting
Council: Development of FRA
and Purpose; Functional
Divisions; Responsibilities of the
Divisions
 Offense, Punishment, and
Appeal: Offence and
Punishment; Appeal and
Appellate Authority
acquaint with the
FinancialReporting
Council, its
functions,
regulatory
measures, and
appeal procedures
10%
A3. The
Banking
Companies
Act, 1991
(Amended
2013)
R, U, AP
9.
 Business of Banking
Companies, Capital
Regulation, Directorship,
Dividend, and Reserve:
Scope of Business; Minimum
Capital and Regulation; Appoint
and Removal of Directors and
Chief Executive Officer;
Dividend Restrictions; Reserve
Fund
 License, Loan and Advance,
Accounts and Audit and
Winding Up: Bank Company
License; Loan and Advance
Restriction; Accounts and Audit;
Suspension and Winding Up
understand the
Bank Company
Acts and basic
banking
regulations.
15%
A4. The
Financial
Institutions
Act, 1993
R, U, AP
 License, Capital, Credit
Facilities, Management,
Offence, and Punishment:
Licensing of Financial
Institutions; Capital
Requirements; Restrictions for
Credit Facilities; Managing
Director and Chairman; Offence
and Punishment
10. identify and
understand the
basic regulatory
requirements of
financial
institutions.
10%
A5. The
Insurance Act,
2010 and The
Insurance
Development
and
Regulatory
Authority Act,
2010
R, U, AP
 Registration, Premium,
Capital and Deposit,
Accounts, Actuary, Loan,
and Investigation: Insurance
Classification; Registration
Certificate, Renewal, and
Cancellation; Branch Office
License; Premium Rates,
Reinsurance; Capital and
Resave; Separate Accounts;
Actuary Reports; Solvency
Margin and Restrictions on
11. explain the nature
of the insurance
business and
understand the
principal
regulations of an
insurance
company.
12. describe the role
and function of the
regulatory body in
the insurance
15%
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Parts
Topics
Level of
Study
Required
Subtopics
Loan; Power of Regulatory
Authority
 Composition, Functions,
and Duties of the Regulatory
Authority: Composition,
Function, and Duties of
Insurance Development and
Regulatory Authority
B. Business
Law
(40%)
Learning outcomes of
Topics
Weight
industry.
B1. The
Contract Act,
1872
R, U
 Acceptance and Revocation, 13. understand the
features of a
Void and Voidable
contractbased on
Agreement, Indemnity and
the Contract law
Guarantee, Agency:
and define agency
Definition; Essential Elements of
and agency
a Contract; Classification of
relationship.
Contract; Offers and Acceptance;
Free contract; Void and Voidable
Contract; Quasi-contract;
Indemnity and Guarantee; Law
of Agency; Test of Agency;
Creating Agency;
Misrepresentation and Fraud by
Agent; Sub-agent and Co-agent;
Agent’s Right and Personal
Responsibility
25%
B2. The
Negotiable
Instruments
Act, 1881
R, U, AN
 Notes, Bills and Cheques,
Parties, Dishonour, and
Penalty: Definition and Nature
of Negotiable Instrument;
Promissory Note, Bill of
Exchange, Cheque; Rights and
Liabilities of different Parties;
Dishonour and discharge of
negotiable instruments; Notice
of Dishonour; Special Provisions
relating to Cheques and Bills of
Exchange; Penalties in case of
dishonor
25%
B3. The
Partnership
Act, 1932
R, U, AP
15. understand the
 Nature of Partnership,
nature of the
Relationship, Income of
partnership
Partners, Dissolution,
business and the
Registration, and
underlying
Penalty:Creation of
provisions.
Partnership; Relationship
between the Partners and Third
Party; Partnership Deed and
Registration; Retirement of
Partner, Right of Outgoing
Partner; Compulsory Dissolution
14. distinguish various
types of negotiable
instruments,
features, rights,
and obligations.
25%
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Parts
Topics
Level of
Study
Required
Subtopics
Learning outcomes of
Topics
Weight
and Dissolution by Agreement,
Notice, and Court; Application
for Registration; Penalty for
False Information
B4. The
Bangladesh
Labour Act,
2006
(Amended in
2013) and The
Bangladesh
Labour Rules,
2015
R, U, AP
16. identify and
 Service and Employment,
explain the basic
Maternity Benefits, Health
regulations related
and Hygiene, Safety,
to employment,
Working Hour and Leave,
health, hygiene
Wages and Payments,
safety, and welfareParticipation in Companies
related issues as
Profit and Provident Fund:
per Labour Laws
Conditions of Employment,
and Rules.
Classification of Workers,
Service Book, Punishment;
Employment of Women Worker,
Rights of Maternity Benefits, and
Payment; Cleanliness,
Ventilation, Dust and Fume,
Overcrowding, Lighting,
Drinking Water, Latrines, Bust
Bean; Precaution in case of Fire;
Daily and Weekly Hour,
Holidays, Overtime, Casual and
Sick Leave, Annual Leave; Wages
Definition and Payment,
Deductions; Establishment of
Participation Fund and Welfare
Fund, Management of Funds,
Utilization of Participation Fund;
Provident funds for Workers
25%
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Corporate & Business Laws. Dhaka: ICMAB
Recommended Textbooks
1. Hasan, K.M. (2018). The Companies Act, 1994. Liton Publication.
2. Karim, M.A (2016). Labour Laws of Bangladesh. Sufi Prokashoni
Reference Books/Other Learning Materials
1. The Bangladesh Labour Act, 2006 (Amended in 2013) and Bangladesh Labour Rules, 2015
2. The Contract Act, 1872
3. The Negotiable Instruments Act, 1881
4. The Partnership Act, 1932
P a g e 137 | 158
5. Companies Act, 1994
6. Financial Reporting Act, 2015
7. Bank Company Act 1991, Financial Institutions Act 1993, and The Insurance Act, 2010
CBL Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1, 6
1
6
7
-
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2, 3, 4, 5, 6
2, 3, 4
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1
1, 2, 3, 4, 5, 6, 7
8
9, 10, 11, 12
13, 14
15
16
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 138 | 158
Course Title:
Fundamentals of Taxation & Public Financial Management (TPF)
Knowledge Pillar
Governance,
Laws & Taxation
[GLT]
Level
Intermediate
level II
Course Title
Fundamentals of Tax,
VAT &Public Financial
Management (TPF)
Course Code
LT234
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
C
Segment Title
Direct Taxes
Indirect Taxes
Public Financial Management
Weight
40%
30%
30%
Course Description
This course is designed to comprise the direct and indirect taxes of the country along with the
knowledge domain of public financial management to develop technical competence,
professional skills, values, and ethics among aspiring professional accountants. In the direct tax
segment, this course focuses on the fundamental provisions of the income tax and the gift tax so
that the candidates can develop an intermediate level of proficiency about the topics to apply the
knowledge in identification and evaluation of the given situation in a straightforward way.
Besides, this module covers the basic provisions of the Value Added Tax (VAT) and the Customs
Duties as an indirect tax to develop technical knowledge. Besides, this course includes the
fundamentals of public financial management so that the candidates can gain an elementary
idea about the financial management of the government and its process.
Course Objectives
The course aims to provide candidates with a fundamental understanding of the taxation and
financial management system of Bangladesh so that they can develop their knowledge of the
subject matters and able to identify and evaluate the implication of tax provisions and the
government’s financial management process on individuals and business entities.
Course Learning Outcomes
Upon successful completion of the course, the aspiring professional accountants should be able
to:
1. understand the concepts in issues related to the tax structure in Bangladesh;
2. determine assessable income and allowable deductions for individuals and body corporate;
3. identify the provisions relating to advance payment of tax, submission of returns, and
assessment procedures for preparation of appropriate tax strategy;
4. understand the tax administration procedures including power and authority for imposition
of penalty;
5. develop and apply working knowledge in the areas VAT as per the VAT law;
P a g e 139 | 158
6. aware of the basic concepts of the customs law, gift tax, travel tax, excise duty, and baggage
rules of the country; and
7. gain fundamental concepts of public financial management of Bangladesh.
Detail Contents
Parts
A. Direct
Taxes
(40%)
Topics
A1. Tax
Structure of
Bangladesh
and
Professional
Ethics
A2. Income
Tax
Assessment
and Payment
Level of
Study
Required
R, U, E
R, U, AP, E,
D
Subtopics
Learning Outcomes of
the Topics
 Principles of Taxation, Taxation
System in Bangladesh &
Emerging Issues in
Taxation:Principles/ canons of
taxations; Impact, incidence and
effect of taxation; Objective of
taxation; Rights and obligations of
taxpayers; Scope and Structure of tax
system in Bangladesh; Current trend
and recent update in taxation;
Potential impact of emerging issue in
taxation
 Tax Administration, Power of
Authorities, & Imposition of
Penalty:Appointment of Income Tax
Authorities; Administrative and
Judicial Authority; Delegation of
powers; Appointment; Subordination;
Power to call for information,
inspection, survey, enquiry, search
and seizure; Penalty for nonmaintaining accounts, failure to file
return, fake TIN, advance tax,
concealment of income, fake audit
report and others
 Ethics and Professional
Skepticism:Ethical Behavior;
Principles of IESBA Code of Ethics;
ICMAB Code of Ethics; Threats and
Safeguard; Conflict of Interest; Tax
Avoidance and Evasion; Ethical
Conflict Resolution; Confidentiality
1.
 Statutory Heads of Income,
Computation of Income Tax &
Set-off and Carry-Forward of
Losses: Scope of Total Income;
Deemed Income; Statutory Heads of
Income and Tax Computation
(Salaries, Interest on Securities,
House Property Income, Agricultural
Income, Income from Business or
Profession, Capital Gains, Other
Sources); Non-assessable Income;
Tax-free Income; Unearned and
Earned Incomes; Domestic and
Foreign Incomes; Regular and Casual
Incomes; Income Subject to Regular
Tax Rate and Income Subject to
5.
2.
3.
4.
6.
7.
Weight
Describe general
principles and
objectives of a good
tax system
Comment on the
Bangladesh tax
structure
Identify the current
developments and
ethical issues in
taxation and its
potential impacts.
Understand the tax
administration
system along with
their roles &
responsibilities and
advise to remain
complaint
30%
Apply relevant
provisions of tax
law in computing
taxable income and
determining tax
liabilities both for
individual and
company.
describe the
provisions related to
set-off and carryforward of losses
and advance
payment of tax
fill-up income tax
return.
60%
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B. Indirect
Taxes
(30%)
Special Tax Rate ; Charge of Income
Tax; Set-off and carry-forward of
Losses; Unabsorbed depreciation
 Payment of Tax before
Assessment: Understanding the
concept of Advance Tax and Tax
Deducted at Source (TDS); Benefits of
AT and TDS; TDS deducting
authority; TDS rates and procedure;
Consequence of failure to deduct/
collect tax source; Collection and
Payment procedures of TDS and AT to
government treasury; Minimum tax
u/s 82C; Computation and payment of
Advance Tax; Consequence of Failure
to Pay Advance Tax; Payment of tax
on the basis of return.
 Return Submission &
Assessment Provisions: Return of
Income and Withholding Tax and
Timeline; Audit of Withholding Tax;
Notice for Filing Return; Revised
Return; Statement of Assets,
Liabilities and Lifestyle; Obligation of
furnishing information regarding
salary and Return filing, interest and
dividend; Forms and templates of
various returns.; Definition and cycle
of assessment; Assessment Provisions
(Provisional assessment, Universal
Self-Assessment, Minimum Tax, Spot
assessments, Assessment after
Hearing, Best judgement assessment,
Assessment in case of income
escaping income, person leaving
Bangladesh, deceased person and
limitation for assessment)
8.
Illustrate the issues
concerning income
tax assessment,
payment, and
consequence of
failure
A4. Gift Tax
and Others
R, U, AP
 Fundamentals of Gift Tax, Travel
Tax, Baggage Rules and Excise
Duty: Gift and Scope of Gift Tax;
Exemptions; Valuation of Gift;
Imposition of Gift Tax Rates; Travel
Tax; Baggage Rules
9.
determine tax
liability
understanding the
fundamental
provisions of gift
tax
10. describe provisions
related to excise
duty, travel tax, and
baggage rules.
10%
B1.
Introduction
to Value
Added Tax
(VAT)
R, U
 Overview of VAT System in
Bangladesh and Introduction to
VAT Law & Rules: Nature of Value
Added Tax; Supply Cycle;
Characteristics of Value Added Taxes;
Consumption based Tax System;
Income Based Tax System; Indirect
Tax & Direct Tax; History of Value
Added Tax; Introduction of VAT
System in Bangladesh; Success of
Bangladesh VAT System in Revenue
Collection; Function of VAT System;
11. Understand the
concepts of VAT
and the VAT System
in Bangladesh.
12. Describe the
background and
potentials of new
VAT law of the
country.
13. Explain the
registration and
enlistment
30%
P a g e 141 | 158
Variants of Value Added Tax; Theory
of Value Added Taxes; VAT Chain;
VAT Imposition; Tax Rate; VAT
Exemption; HS Code & Service Code
in VAT; Time of Payment of VAT;
Input Credit System; Self-Assessment
Procedure; VAT Accounting and
Auditing; Return Submission;
Deviation of VAT System in
Bangladesh; Introduction of VAT
Law-2012 & Rule-2016; Difference
between the VAT Act 1991 and VAT &
SD Act 2012; Advantage of New VAT
& SD Act 2012.
 Registration and Enlistment:
VAT Registration; Registration
Threshold; Enlistment Threshold;
Type of Registration (Central VAT
Registration Vs Unit Registration);
Persons to Be Registered /Enlisted;
Mandatory Registration; Use of
Business Identification Number
C. Public
Financial
Management
provisions.
B2. VAT
Assessment,
Filing, and
Record
Keeping
U, AP, E, D
 Imposition of VAT, VAT
Collection System and Input Out
Co-efficient: Imposition VAT in
Different Stage; Output Rate; Persons
Liable to Pay VAT; Zero Rated Goods
/Service Supply VAT; Manner of VAT
Collection; VAT on Import; Advance
Tax (AT); Calculation of VAT, SD, RD,
AT And AIT At Import Stage; Net VAT
Calculation; The Input Output CoEfficient; Importance of Input Output
Co-efficient;
 VAT Return: Type of Return;
Submission/Filing of Return; OutputSupply; Input-Purchase; Increasing
Adjustment; Decreasing Adjustment
 Record Keeping and Accounting
in VAT: Importance of Record
Keeping In VAT; Obligation & Record
Keeping; Types of Records; Mushak
Forms and its Practical Application;
VAT Accounting and Payment
Procedures; Dual accounting System
in VAT Law.
14. Describe VAT
imposition
procedures and its
collection system
15. Explain VAT Return
and its filling
procedures.
16. Describe books of
records under VAT
laws and its
importance.
50%
B3. Customs
Tax, and
Others
R, U, AP
 Basics of Customs Tax: Objectives;
Prohibited Goods; Regulatory Duty;
Countervailing Duty; Antidumping
Duty; Safeguard Duty; Valuation for
Import Duty; Assessment; Duty
Drawback; Bonded Warehouse; World
Customs Organization (WCO); World
Trade Organization (WTO); Excise
Duty
17. Explain various
provisions of
customs duty and
its implications.
20%
C1. Basic
Concepts of
PFM
R, U, E
 Definition and objectives of PFM
 Attributes of a good Financial
Management system
18. Understand basic
concepts of PFM
with its objectives
35%
P a g e 142 | 158
(PFM)
(30%)
 Key processes of Public Financial
Management System (Macroeconomic
forecasting, Budget preparation,
Budget Execution, Accounting and
Fiscal reporting, Cash Management,
Debt management, Revenue
Administration, Auditing);
 Broad understanding of the key
processes
 Issues associated with PFM
 Constitutional Mandate and Laws on
PFM
 Types of Government Entities
 Responsible Authorities Engaged in
PFM
 Responsibilities of the Authorities
Engaged in PFM
 Committees of Parliament Members
on PFM
 Background to the PFM Strategy
2016-21
and attributes.
19. Explain the key
processes associated
with PFM.
C2. Economic
Planning in
Bangladesh
R, U
 History of Development Planning in
Bangladesh
 Perspective Plan of Bangladesh (20102021): Making Vision 2021 a Reality
 Priorities of Vision 2021
 Seventh Five Year Plan Targets
 SDG and Seventh Plan
 Annual Development Program
 Vision 2041
20. Describe
development
planning of
Bangladesh and its
key insights.
15%
C3.
Mobilization
of Financial
Resources
R, U
 Budget and its Dimensions
 Budget Classification: Why It Is
Important; 13-digit Classification
Structure & its limitation
 New Classification Structure
 Benefits of New Classification
 Medium Term Budget Framework
 MTBF Approach
 Regulatory Framework of Budget
 Public Moneys and Budget
Management Act, 2009
 External Aid, Loans
 Foreign Aid and Budget Accounts
(FABA)
21. Explain conceptual
and regulatory
framework of
government
budgeting in
Bangladesh.
22. Understand the
budgeting
approaches use by
various department
of government.
15%
C4.
Management
and
Execution of
Public
Expenditure
U, E
 Legal Framework of Public
Procurement- Salient features of the
PPA 2006 and the PPR 2008
 Budgeting and Accounting
Classification System (BACS)
 Integrated Budgetary and Accounting
System (iBAS++)
 Supplementary Rules (SR)
 Management of Public ProcurementKey risks in public procurement and
mitigation
 Procurement Management under
23. Describe the legal
framework of public
procurement in
Bangladesh
24. Understand various
public procurement
reforms and
DIMAPPP.
20%
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Public Private Partnership (PPP)
 Public Procurement Reform Project II
(PPRP-II)
 Digitizing Implementation Monitoring
and Public Procurement Project
(DIMAPPP)
C5. Supreme
Audit
Institution
(SAI) of
Bangladesh
U, E
 Institutional Models of Supreme Audit
Institutions; Comptroller and Auditor
General (C&AG) of Bangladesh
 Authorities and Responsibilities of
C&AG
 Audits of SAI
 International Public Sector
Accounting Standards (IPSAS)
 International Organization of
Supreme Audit Institutions
(INTOSAI)
 International Standards of Supreme
Audit Institutions (ISSAIS)
 Asian Association of Supreme Audit
Institutions (ASOSAI)
 Public Expenditure and Financial
Accountability (PEFA)
 Public Access to the Information of
PFM
25. Explain and
evaluate the
auditing procedures
in public sector of
Bangladesh
26. Evaluate the
institutional model
of SAI
27. Describe
different types of
audit and usefulness
of audit report.
15%
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Fundamentals of Taxation & Public Financial
Management. Dhaka: ICMAB
Recommended Textbooks
1. Shil, N. C., Masud, M. Z., & Alam, M. F. (2020). Bangladesh Income Tax: Theory and
Practice. Shams Publications.
2. Rauf, A. (2019). Shahoj Vasai Notun VAT Ain. Liton Publication.
Reference Books/Other Learning Materials
3. Adhikary, L.A. (2019). Income Tax Manual (Part 1 and 2). Supreme Prakashani.
4. The income tax ordinance, 1984.
5. Income Tax Manual by Lal Bahadur Adhikary (latest Edition)
6. Value Added Tax & SD Act 2012(Updated)
7. Value Added Tax & SD Rule 2016(Updated)
8. GoB. (2016). Public Financial Management (PFM) Reform Strategy 2016-2021. Ministry of
Finance: Government of the People’s Republic of Bangladesh
9. Cangiano, M., Curristine, T., &Lazare, M.(2013).Public Financial Management and Its
Emerging Architecture. Washington: International Monetary Fund
P a g e 144 | 158
10. ADB. (2018). Public Financial Management Systems—BangladeshKey elements from
financial Management Perspective. Asian Development Bank
TPF Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
2, 4
7
3
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2, 4, 6
3, 4
5
3
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3
4, 5, 6, 7
6, 7, 11
2, 7, 10
10, 11, 12, 13, 14, 15
8, 9, 16
17, 18, 19, 20, 21, 22, 23, 24, 25, 26
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 145 | 158
Course Title:
Corporate Governance & Secretarial Practices (GSP)
Knowledge Pillar
Governance, Laws &
Taxation [GLT]
Level
Advanced
Level I
Course Title
Corporate Governance &
Secretarial Practices
(GSP)
Course Code
LT344
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
Segment Title
Corporate Governance
Secretarial Practices
Weight
70%
30%
Course Description
The course describes the key elements of corporate governance, its theories, and framework to
develop professional skills among the aspiring professional accountants with the notion of
corporate governance and its importance in an organizational setting. Besides, this course
explains the essential aspects of secretarial practice to the practical application of the secretarial
functions within an organization to ensure good corporate governance practice.
Course Objectives
This course aims to develop a sound understanding of corporate governance aspects relating to
shareholders, the board of directors, management, and other stakeholders of organizations,
putting the focus at the national and international levels. Besides, this course intends to develop
the essential knowledge, professional judgment, and skills involved in secretarial practice so that
it helps the candidates to identify and evaluate the governance issues and discharge regulatory
compliances as a company secretary.
Course Learning Outcomes
Upon successful completion of the course, the aspiring professional accountants should be able
to:
1. identify and explain the conceptual framework of corporate governance;
2. evaluate and appraise appropriate corporate governance mechanisms;
3. identify the role that governance plays in corporate social responsibility and sustainability;
4. recognize and evaluate the relationship among governance, management, and internal
control;
5. identify and describe the role and authority of the company secretary to carry out secretarial
functions;
6. recognize the functions of the company secretary to carry out the professional
responsibilities;
7. identify and evaluate critically the corporate governance issues as a company secretary and
advise the board for compliance.
P a g e 146 | 158
Detail Contents
Level of
Study
Required
Learning outcomes of
Topics
Subtopics
Probable
Weight
Parts
Topics
A.
Corporate
Governance
(70%)
A1.
Conceptual
Framework of
Corporate
Governance
U, AP,
AN, E
 The Concept of ‘Corporate Governance 1.
(CG)’ and its Essential Principles
(Meaning & Definition of CG, Need for
CG, Elements & Scope, Essential
Principle, Perception of Good CG, Cost
of Corporate Governance, Benefits of
Good CG, Distinguishing Corporate
Governance with Corporate
2.
Management, Approaches to
Corporate Governance, External and
Internal Pressures for Sound
Corporate Governance)
 Corporate Governance Theory and its
Developments
3.
 Theoretical Aspects of Corporate
Governance (Theories associated with
the development of CG, Agency
theory, Stakeholder theory,
Stewardship theory, Resource
dependency theory)
 Development of Corporate Governance
Codes (Corporate Governance in the
UK, Cadbury Report, OECD Principles
of CG, World Bank, Global Corporate
Governance Forum (GCGF), EU &
Corporate Governance, Basle
Committee, US Corporate
Governance, Sarbanes-Oxley Act
2002)
 Cases in Corporate Governance Failure
and Current Tend and Issues.
explain the
concept of
‘Corporate
Governance’
focusing on the
importance and
elements of good
governance.
Build arguments
based on CG
theories for
practicing good
corporate
governance
analyze and
evaluate corporate
governance failure
and identify the
current trends
15%
A2. Corporate
Governance
Mechanism
U, AP, E,
D
 Board of Directors (BoDs) &
Leadership (Formation of Board of
Directors, Size of the Board of
Directors, The Role of the Board of
Directors, Types of BoDs, Unitary
Board, Two-tier Board, Structure of
the Board of Directors, Executive
Directors, Non-Executive Directors,
Shadow Directors, Alternate Director,
Independent Director, Women
Representation in the Board of
Directors, Power & Duties of
Directors, Proceedings of Directors,
Director Evaluation, Maintenance of
Books of Accounts & Audit, Director’s
Training, Development &
Familiarization)
 Effectiveness of the Board of Directors
4.
Understand the
implications of
appointing
different directors
Explain the
necessity of
women
representation in
the Board
Describe various
governance
perspectives like
succession
planning, ethics,
compliance, and
capital plan.
Identify and
explain the types
50%
5.
6.
7.
P a g e 147 | 158













A3. Corporate
Social
Responsibility
(CSR) and
Corporate
Sustainability
U, AP












A4. Risk
U, AP, D
- Responsibilities and Authorities of
the Board of Directors (The Key
Position, The Chairman, Managing
Director & CEO, The Company
Secretary);
8.
Appointment of Managing Director;
The duality of Chairperson of the BoDs
and Managing Director or CEO;
Meeting of the BoDs;
The requirement to attend BoDs
Meeting of MD or CEO, CS, CFO &
Head of Internal Audit & Compliance;
Code of Conduct in Conformity with
the ‘National Integrity Strategy’;
Succession Planning;
Ethics & Compliance;
Capital Plan;
Related Party Transaction;
Website Management;
Governance of the Board of Directors
of the Subsidiary Company
Committees of the Board of Directors:
Executive Committee (EC)
(Constitution of EC, Role and
Responsibilities of EC, Meeting of EC);
Audit Committee (AC) (Responsibility
to the Board of Directors, Constitution
of the AC, Chairperson of the AC,
Meeting of the AC, Role of AC,
Reporting of the AC); Nomination and
Remuneration Committee (NRC)
(Responsibility to the Board of
Directors, Constitution of NRC,
Chairperson of NRC, Meeting of the
NRC, Role of the NRC)
Relations with Shareholders
(Members) - Concept of Minority &
Majority; Equitable treatment of
Shareholders; Protection for Minority
Interest; Rights and Powers of
Shareholders; Role of Institutional
Investors
Meaning of CSR
Why CSR?
Key Stakeholders of CSR
Factors influencing CSR
Triple Bottom Line Approach
CSR vs Philanthropic Activities
Concept of Corporate Sustainability
Reputation Risk of Board of Directors
(BoDs)
The vested interest of Stakeholders in
Sustainability
Reporting to Stakeholders on
Sustainability
Global Reporting Initiative (GRI)
Integrated Reporting
 Concept of Risk
of board’s
committees with
their role and
responsibilities.
Understand the
concept of
minority interest
and the role of
shareholders
9.
Demonstrate the
role of corporate
governance to
promote corporate
social
responsibility and
sustainability.
10. Critically evaluate
the concept of
sustainable
development
focusing on the
global
environmental
and social aspects.
10%
11.
15%
Describe the
P a g e 148 | 158
Management
B.
Secretarial
Practice
(30%)
 Enterprise Risk Management (ERM)
and its Framework
 Risk Management Committee and
Meeting
 Roles and Responsibilities of RMC
 Risk Management Objectives
12.
 Risk Management Principles and
Policies
 Board’s Oversight on Risk
Management
 Steps in the Risk Management Process
 Risk Mitigation Strategy
 Risk Governance at Management level
 Disaster Recovery Plans
 Risk Appetite Statement
 Comprehensive Risk Management
Report
notion of 'risk' and
the ERM as a
policy framework
for the
management of
risk.
illustrate the risk
management
process using the
appropriate
technique
A5. Internal
Control
U, AP










Meaning of Internal Control
Objectives of Internal Control
Elements of Internal Control
Limitations of Internal Control
Board of Directors' responsibility to IC
Adequacy of Internal Control
COSO Model of Internal Control
Whistle Blowing Policy
Insider Trading
Conflict of Interest
13.
Develop the
working
knowledge of
internal control to
performing the
supervisory and
monitoring role
10%
B1. The Role
and Authority
of Company
Secretary
U, AP
 Need for the importance of Company
Secretary
 Qualifications of a Company Secretary
 Independence of Company Secretary
 Appointment of Company Secretary
 General Provisions
 Developing Corporate Governance
Policies and Best Practices
 Legal & Organizational support of the
Board of Directors (BoDs)
 Protecting Shareholder Rights
 Disclosures and Transparency
14.
Explain and
understand the
role of the
company secretary
for good corporate
governance
Describe the
functions of
company secretary
for ensuring good
governance.
35%
B2. Board of
Directors and
BoardProcesse
s
R, U, AP
15.
 Board of Directors: Meaning & Types
of Directors as per Company Act, 1994;
Consent of Director; Appointment of
Directors; Restrictions on
appointment; Removal of Director;
Retirement & Rotation of Director;
16.
Qualification of Share;
Disqualification; Vacation of Office of
Director; Loan to Director; Director
not to hold the office of Profit;
Conflicts of interest; Penalties;
Offences
 Board processes: Convening a
Meeting; Frequency of Meeting;
Quorum; Attendance at Meetings;
Chairman; Passing of Resolution by
Circulation; Minutes; Preservation of
Illustrate the
functions
conducted by the
company secretary
related to Board of
Directors.
Identify the
process of board
and role of
secretary for
maintaining good
governance.
15%
P a g e 149 | 158
Minutes and other records; Share
Transfer and Transmission;
AGM/EGM; Meeting through
Tele/Video Conferencing
B3. Statutory
Auditors
U, A






B4. Corporate
Compliance
U, A & D
 National Integrity Strategy
 Corporate Governance Code issued by
BSEC
 Money Laundering Prevention Act,
2012
 Listing Regulations, 2015
B5. Corporate
Reporting
U, E
 Director’s Report as per Company Act, 19.
1994
 Disclosure on Price Sensitive
Information (PSI)
 Reporting on Shareholding as per
Listing Rules
 Disclosure on the appointment or
reappointment of Directors
 Declaration or certification by the CEO
and the CFO to the Board on Financial
Statements for the Year ended
 The Report as well as certificate
regarding compliance conditions of
Corporate Governance Code
 Submission of return to RJSC&F
 IPO issue in accordance with
Bangladesh Securities and Exchange
Commission (Public Issue) Rules, 2015
Appointment
Removal
Remuneration
Approval
Scope of Audit
Duties and Rights of Auditors
17.
Identify the
procedures to
appoint statutory
auditor and role of
company
secretary.
18. Outline the
applicable laws
related to
governance
Identify and
evaluate the
reporting
requirements for
compliance and
good governance.
15%
15%
20%
Here, R = Remembering, U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
ICMAB. (2021). ICMAB Learning Manual for Corporate Governance and Secretarial Practice.
Dhaka: ICMAB
Recommended Textbooks
1. Mallin, C. A. (Ed.). (2011). Handbook on International Corporate Governance: Country
Analyses. Edward Elgar Publishing.
2. Lipman, F. D., & Lipman, L. K. (2006). Corporate Governance Best Practices: Strategies for
Public, Private, And Not-For-Profit Organizations. John Wiley & Sons.
3. Du Plessis, J. J., Hargovan, A., & Harris, J. (2018). Principles of Contemporary Corporate
Governance. Cambridge University Press.
P a g e 150 | 158
Reference Books/Other Learning Materials
1. Plessis, J. J., Hargovan, A., Bagaric, M., & Harris, J. (2018). Principles of Contemporary
Corporate Governance. Cambridge University Press
2. Mallin, C. A. (2010). Corporate Governance. Oxford University Press
3. Money Laundering Prevention Act, 2012
4. Corporate Governance Code. Bangladesh Securities & Exchange Commission
5. The Companies Act, 1994
GSP Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1, 6
1
6
7
-
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 5
1, 2, 3, 7
3, 4, 5, 6
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3
4, 5, 6, 7, 8
9, 10
11, 12, 13
14
14, 15, 16
17, 18, 19
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
P a g e 151 | 158
Course Title:
Advanced Income Tax & VAT (ATV)
Knowledge Pillar
Governance, Laws
& Taxation [GLT]
Level
Advanced
Level II
Course Title
Advanced Income
Tax & VAT (ATV)
Course Code
LT454
Total Marks
100
Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment
A
B
Title
Advanced Income Tax
Advanced Value Added Tax (VAT)
Weight
50%
50%
Course Description
This course is designed comprising the advanced aspects of the income tax law and the value
added tax to develop professional competence among the aspiring professional accountants so
that they can apply the technical knowledge of the topic areas, professional skills, values, and
ethics to identify and resolve complex taxation issues that raise from individual and business
taxation. In the segment of advanced income tax, the course focuses on ascertaining income tax
liability and compliance requirements of persons including individuals, companies, and
partnership firms to develop a thorough knowledge so that the aspiring professionals can apply
such knowledge and skills for tax planning, regulatory compliance and strategy setting both for
corporate and personal taxpayers. Likewise, the advanced VAT covers the areas of VAT
imposition, assessment, deduction at source, return submission, audit and investigation, offense
and punishment, administration including appeal and revision so that the aspiring professionals
can able to adhere to VAT regulations and apply such knowledge to address various VAT issues
arising from different types of businesslike trading, importing, manufacturing, and service
enterprises.
Course Objectives
The course aims to provide the aspiring professional candidates a thorough understanding
regarding the income tax and VAT laws of the country so that they can able to develop
professional competence and skills on the subject matters and can apply critical thinking with
professional judgment to identify and evaluate the alternative aspects of taxation issues for tax
planning, compliance and strategy setting both for individuals and corporate entities.
Course Learning Outcomes
Upon successful completion of the course, the aspiring professional accountants should be able
to:
1. determine tax liability for individuals and partnership firms and able to address complex tax
issues arising from individual and partnership assessment;
P a g e 152 | 158
2. determine corporate tax liability and able to address complex tax issues arising in corporate
transactions;
3. demonstrate the assessment and appeal procedures in the taxation process;
4. explain the process of VAT assessment, computation, and payment of VAT as applicable on
different types of business including VAT administration, offense, punishment, and appeal
procedures;
5. discuss the provisions related to VAT deduction at source
6. evaluate and comment on the issues relating to international tax planning
7. analyze, evaluate, and apply critical thinking and professional judgment for alternative
perspectives of taxation issues for tax planning, regulatory compliance, and strategy setting
both for individuals and business entities.
Detail Contents
Parts
A.
Advanced
Income
Tax
(50%)
Topics
Level of
Study
Required
Learning Outcomes of the
Topics
Subtopics
Weight
A1. Income Tax
Profile of
Individuals
and Individual
Tax Planning
R, U, AP,
AN, E, D
 Scope and Source of Total Income
of an individual (salary, interest on
securities, house property income,
agricultural income, capital gain –
sale of land, sale of flat, sale of
share; income from other sources,
salary, commission, interest
income from partnerships, income
of spouse, foreign income)
 Non-assessable income
 Tax credit income or investment
allowance
 Deduction of tax at source
 Tax rebate calculation based on
individual income
 Personal tax structure
 Tax rates - male-female, senior
citizen, Freedom Fighter,
Physically Challenged People
 Implication of Resident and Nonresident Status
 Individual Tax Planning – Tax
Avoidance, Tax Evasion,
Investment Credit; Design of
Salary Structure
 Salary Tax Certificate
 TDS Challan
 Minimum Tax
 Tax Refund
 Filling Income Tax Return for
Individual
1.
analyse the individual’s
profile, sources of
income, and deductions
to identify, evaluate and
recommend possible taxplanning
opportunities.
2. design salary structure to
avoid tax burden.
3. identify compliance
requirements and risks
for non-compliance or tax
evasion for individuals.
4. prepare suitable advice to
individuals with
interpretation based on
underlying calculation.
30%
A2. Income
Tax Profile of
Body
Corporate and
Corporate Tax
R, U, AP,
AN, E, D
 Scope and Source of Total Income
of Company (Income from
Business or Profession, Other
Income, Capital Gain, Allowable
deductions, Inadmissible
5. analyse the corporation’s
tax profile in
reconciling accounting
income to taxable
income.
30%
P a g e 153 | 158
Planning





















expenses, methods of accounting,
depreciation allowance)
Accounting Income vs Taxable
Income
Tax rebate for corporate
organizations
Condition of exemption and tax
rebate on CSR related expenditure
Charge of minimum tax; Charge of
surcharge
Charge of additional tax;
Unexplained investment or
expenditure deemed as income
Stock dividend tax
Retained earnings, reserve and
surplus tax; Difference between
business loss and unabsorbed
depreciation
Tax holiday income
Various Corporate Tax Rate
Computation of Income at reduced
rate
Provident Fund
Computation of Income of Bank
and Insurance
Corporate Tax Planning
Tax Avoidance
Tax Evasion
Advance Payment of Tax
Source Tax Deduction
Compliance Requirements, and
Penalty for Non-compliance
Tax Governance, Control and
Corporate Reporting
Filling Income Tax Return for
Companies
6. evaluate and advise on
tax strategies to meet
business objectives.
7. advise on alternative tax
treatments in a given
scenario.
8. identify compliance
requirements and risks
for non-compliance or tax
evasion for companies.
A3. Income
Tax Profile of
Partnership
Business & Tax
Planning
U, AP,
AN
 Partner and Partnership
 Special provision for assessment of
a firm
 Procedures of assessment of Firm
and partners
 Set-off and Carry-forward of
Firm’s Losses
 Share of Spouse or Minor Child
 Computation of Partner’s Share of
Profit or Loss
9. analyse the partnership
firm’s tax profile to
identify,
evaluate and recommend
possible tax-planning
opportunities
10. identify legitimate tax
planning measures to
minimise tax liability of
partners.
10%
A4.
Assessment,
offence &
Appeal
U, AP,
AN, E
 Individual assessment
(Assessment procedures under
Universal Self-Assessment,
Assessment after Hearing,
Acknowledgement Receipt,
Income Tax Certificate, Best
Judgement Assessment)
 Company assessment (Assessment
procedures under Universal SelfAssessment, Assessment after
Hearing, Acknowledgement
11. understand the
requirement of filling
income tax return and
procedures for tax
assessment.
12. evaluate and analyse the
assessment order and
advise possible
alternatives if aggrieved.
13. understand the appeal
procedures and advise on
20%
P a g e 154 | 158
B.
Advanced
Value
Added Tax
(VAT)
(50%)
Receipt, Income Tax Certificate,
Assessment Order – IT 88, Tax
Computation – IT 30 and Demand
Notice – IT 15, Best Judgement
Assessment, Assessment u/s 82C)
 Imposition of penalty, Offences
and Prosecution
 Appeal procedures for First
Appeal, Second Appeal and
Reference to High Court Division
and Reference to Appellate
Division
 Alternative Dispute Resolution
(ADR)
merit of the assessment
and appellate order.
14. explain the offence and
penalties for noncompliance.
A5.
International
Tax Planning
R, U, AP
 Transfer pricing
 Computation of Arm’s Length
Price
 Statement International
Transactions
 Penalty for Non-Compliance
 Double Taxation, Double Tax
Avoidance Agreement (DTAA)
 Implications of DTAA
 Relief in respect of Income Arising
outside Bangladesh
 Methods of Avoiding Double
Taxation
 Introduction to Tax Havens
 Anti-Tax Haven Policy
 Tax Planning Strategies of
Multinational Groups
15. understand the concepts
of transfer pricing.
16. apply the concept of
arms’ length price in
calculating income.
17. identify instance and
procedure for transfer
pricing compliance.
18. recognise the
implications of double tax
treaties, and advise on
double taxation relief
10%
B1. VAT
Imposition &
Collection,
Supplementary
Duty (SD) and
Turnover Tax
U, AP
 Preparation of Input Output Coefficient (Mushk_4.3) for
Manufacturing and Commercial
Importer, Traders
 Fair market Value and it’s
Different Valuation method;
 VAT Imposition
 VAT Agent for Non residence
person
 VAT on reverse charged to
recipient
 Zero Rated Goods Goods/Service
Supply
 VAT on Supply of goods and
service under international Tender
 VAT, SD, Turnover Tax Collection
Method
 Export for re-import; Import for
re-export
 Advance tax (AT)
 Refund of advance tax
 Determination of value of taxable
supply
 Declaration of the value of supply
 Time of payment of VAT
 Sale of running business
19. demonstrate the process
of VAT imposition and
collection including SD
and Turnover Tax.
20%
P a g e 155 | 158
VAT determination in cancelled
transaction
B2. VAT
Deduction at
Source (VDS)
R, U, E
 Procurement provider under VDS
 VDS in case of payment through
local letter of credit against service
 VDS Against import of service
from outside the geographical area
of Bangladesh
 Deduction of VAT at source in case
of miscellaneous fees, royalty,
charge, etc.
 Deposit of withheld VAT by the
VAT registered withholding entity;
 Depositing code
 Content of treasury challan (T.R.
form No.-6) for VDS
 To do by the accounts Officer for
VDS
 Timeline for issuing certificate to
the supplier
 Decreasing adjustment by the
supplier
 Interest for non-deduction of VAT
at source
 Personal penalty for non-deposit
of withheld VAT
Penalty for non-issuance of VDS
certificate by the withholding
entity & Law clauses
20. identify the transaction
on which VDS is
applicable and its rate.
21. describe the process of
VDS and its deposit.
22. evaluate and advise to
remain complaint.
10%
B3. Net Tax
Assessment
and Payment
U, E




23. understand and evaluate
area of net tax
assessment and payment.
20%
24. describe VAT return, its
filling procedure,
submission, carry
forward of VAT and the
refund system.
20%











B4. Return
Submission,
Carry forward
and Refund
U, E
Input
Input Tax Credit
Turnover Tax
Input Tax and Input Tax Paid on
Import
Output Tax
Adjustments
Input Tax Credit-Conditions
Input Tax Credit Not Allowed
under Certain Circumstances
Partial Input Tax Credit
Net tax Assessment
Negative Balance
Documents Required for Input
Tax Credit
Penalty for Non-Compliance
Ex-Current Account Balance
Ex-Current Account Balance
Adjustment
Net Tax Payable-Calculation after
Input Tax Credit
 Model Vat Return
 Tax Base & Determination of
Assessable Value for VAT
 Different Kinds of Value
 Declaration & Calculation of
Value; Carry Forward & Refund
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 Total Payable Output Tax (Vat) &
SD
 Application of The Refunded
Money
 Vat Refund & Procedure of Refund
Duty Drawback & Function of
DEDO
B5. VAT at
Import,
Manufacturing
, Service and
Trade Point
U, AN







Tax Liability
Value Addition
Vat-Able Products and Services
Vat Exemption & Tax Rate
Turnover Tax
ECR, EFD, SDC & Advance VAT
Value Calculation & Payment of
Tax
 Excise Duty & Obligation of VAT
Unit
 VAT on Banking & Insurance
Sector, Hotel, Restaurant,
Construction Firms and Building
Developer
AVT System on Export and
Deemed Export
25. analyse practical insight
of VAT in the areas of
import, manufacturing,
service, trading and
export.
10%
B6. Tax
Determination,
VAT Authority,
Notice, Audit &
Investigation,
Arrear VAT
Recovery
R, U




26. identify the VAT
authority and their
functions.
10%
B7. Offence,
Trail,
Punishment,
Appeal,
Revision &
Miscellaneous
R, U, AP
 Offences and Penalty Under VAT
Act
 Offences for Adjudication
 Power of Adjudication
 Imposition of Penalties
 Adjudication and Appeal
 Adjudication Procedure
 Trial by Special Judge
 Appeal procedure
 Alternative Dispute Resolution
(ADR)
 VAT Consultant
 VAT Agent
 Replying of Departmental Notices
Under VAT Act-A Sample cases
 Operation of VAT Portal-A
Walkthrough
VAT Computerization
27. understand offence, trail
and punishment.
Describe appeal, revision
and other issues.
10%
Tax Determination;
VAT Authority;
Notice & Record;
Audit by VAT Department;
Audit by Professional Accountant;
Recovery of Arrear VAT
Here, R = Remembering,U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =
Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended books and Learning Materials
Primary Textbook
P a g e 157 | 158
ICMAB. (2021). ICMAB Learning Manual for Advanced Income Taxation & VAT. Dhaka:
ICMAB
Recommended Textbooks
1. Shil, N. C., Masud, M. Z., & Alam, M. F. (2020). Bangladesh Income Tax: Theory and
Practice. Shams Publications.
2. Rauf, A. (2019). Shahoj Vasai Notun VAT Ain. Liton Publication.
Reference Books/Other Learning Materials
1. Adhikary, L.A. (2019). Income Tax Manual (Part 1 and 2). Supreme Prakashani.
2. The income tax ordinance, 1984.
3. Income Tax Manual by Lal Bahadur Adhikary (latest Edition)
4. Value Added Tax & SD Act 2012(Updated)
5. Value Added Tax & SD Rule 2016(Updated)
ATV Course Mapping
PrOs
PrO1
PrO2
PrO3
PrO4
PrO5
PrO6
PrO7
POs
1
1, 2, 4
7
3
POs
PO1
PO2
PO3
PO4
PO5
PO6
PO7
CLOs
1, 2
1, 2, 3, 4
1, 2, 6, 7
4, 5
7
CLOs
CLO1
CLO2
CLO3
CLO4
CLO5
CLO6
CLO7
TLOs
1, 2, 3, 4, 9, 10
5, 6, 7, 8,
11, 12, 13, 14
19, 20, 21, 22, 23, 24, 25, 26, 27
20, 21, 22
15, 16, 17, 18
1, 2, 3, 4, 7, 10, 18
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic
Learning Outcomes
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