Directive 1.22
Directive 1.22
Directive 1.22
22
Assessment of Fundamental
Competencies
Directive 1.22
TABLE OF CONTENTS
3 Examinations 4
4 Transition Policy 4
5 Removal of Difficulty 5
6 Effective Date 5
Annexure A Syllabus 6
(i) A candidate shall be required to pass AFC, to be eligible for registration as full-time student
or trainee student.
(ii) A candidate shall be enrolled in AFC, if meets the following conditions:
(a) have passed Higher Secondary School Certificate with minimum 50% aggregate marks;
or two subjects at A Levels; or
(b) have passed minimum 14 years of education with 45% aggregate marks or equivalent
grades; or
(c) Obtained any other equivalent qualification recognized by the Council with minimum
aggregate marks or grades as may be specified by the Council.
(2) Syllabus, mode and standard-setting
(i) The assessment of AFC shall consist of the following competence areas:
AFC-1 Business Writing and Comprehension Skills
AFC -2 Quantitative Methods
AFC -3 Principles of Economics
AFC -4 Introduction to Accounting
AFC -5 Introduction to Business
(ii) The contents and learning outcomes of each area are given in Annexure –A.
(iii) AFC assessments shall be computer-based unless circumstances require a different mode,
which shall be specified by the Institute.
(iv) AFC assessments shall be based on a common online testing system to ensure
standardization of test outcomes.
(3) Conduct of assessment
(4) Result
The schedule of the fees shall be specified by the Council from time to time.
(2) Refunds
The policies of refund applicable under Directive 1.01 shall be the guiding principles for refund
decision.
(i) All assessments shall be held at such time and place and in such manner as the Institute may
determine from time to time.
(ii) The time and places shall be notified on the website.
(2) Other Policies
The following matters shall be dealt with in accordance with the policies specified in Directive
1.01:
(i) Use of unfair means
(ii) The passing marks
(iii) Disclosure of marks
(iv) Special arrangements
4. TRANSITION POLICY
The transition for assessees who have not completed the AFC stage or not passed the papers:
CAF-1 Introduction to Accounting and CAF-2 Introduction to Economics and Finance under
Education scheme 2013 before March 1, 2022 attempt shall be as follows:
(i) They shall be given credit in AFC under the education scheme 2021 as follows:
Subjects before the commencement of the
The Scheme 2021
Scheme 2021
Code Paper Code Paper
Business Writing and
AFC-1 Functional English AFC-1
Comprehension Skills
Business Writing and
AFC-2 Business Communication AFC-1
Comprehension Skills
AFC-3 Quantitative Methods AFC-2 Quantitative Methods
Introduction to Economics and
CAF-2 AFC 3 Principles of Economics
Finance
CAF-1 Introduction to Accounting AFC 4 Introduction to Accounting
Introduction to Information
AFC-4 AFC-5 Introduction to Business
Technology
(ii) They shall have a maximum period of fifteen months to pass papers of AFC under Education scheme
2021, computed from three months after the effective date of this scheme.
5. REMOVAL OF DIFFICULTY
As per policies specified in Directive 1.01.
6. EFFECTIVE DATE
This Directive shall become effective from April 1, 2022 and shall be superseded by Directive 1.20
on the gazette notification of the amendments in CA Bye-Laws 2, 109, 120, 121, 122, 122A, 123
and 124.
Annexure – A
SYLLABUS FOR ASSESSMENT OF FUNDAMENTAL COMPETENCIES
Proficiency and testing levels are mentioned against each learning outcome within the syllabus and
are explained below:
Proficiency levels
The proficiency level is the description of the pitch of the performance expected from the person
taking action. The levels are as follows:
Level of
Description
Proficiency
P3 • Selecting and integrating principles and theories from different areas of technical
competence to manage and lead projects and work assignments, and to make
recommendations appropriate to stakeholder needs;
Level of
Description
Proficiency
Testing Levels
Testing levels are the maximum marks assigned to a topic for examination purposes. The levels are as
follows:
Syllabus
Grid Hours Weightage
Ref.
A Comprehension 15-20 20-30
B Idea Generation and Arguments 15-20 20-30
C Business Correspondence 30-35 40-60
Total 60-75 100
1 Collect and summarize data and information from a variety of sources and perspectives
2 Apply critical thinking skills to generate ideas
3 Apply intellectual agility
4 Communicate clearly and concisely when reporting in formal and informal situations
Syllabus
Grid Hours Weightage
Ref.
A Basic Mathematics 12-15 10-20
B Financial Mathematics 15-18 15-25
C Data Analysis 18-24 20-30
D Probability and Probability Distribution 10-15 15-20
E Sampling and Decision making 15-18 20-25
Total 70-90 100
1 Apply an inquiring mind when collecting and assessing data and information
Syllabus
Grid Hours Weightage
Ref
A Economic Principles and Micro Economics 25-30 30-45
B Macroeconomics – Basic Concepts 10-15 20-30
C Economic Policies and Trends 25-30 30-45
Total 60-75 100
1 Evaluate data and information from a variety of sources and perspective through
integration and analysis.
Syllabus
Grid Hours Weightage
Ref.
A Accounting and Book keeping 30-35 40-60
B Financial Statements 20-25 25-35
C Depreciation and Inventories 10-15 15-25
Total 60-75 100
B. Financial Statements
1 Prepare manufacturing account. P1 T2
2 Prepare a statement of comprehensive income. P1 T2
3 Prepare a statement of financial position P1 T2
C. Depreciation and Inventories
1 Calculate cost and net realizable value of inventory. P1 T1
2 Compute depreciation. P1 T1
3 Account for the given amount of depreciation. P1 T1
1 Evaluate data and information from a variety of sources and perspectives through
research, integration, and analysis.
1 Apply an inquiring mind when collecting and assessing data and information.
2 Apply critical thinking when identifying and evaluating alternatives to determine an
appropriate course of action.
Syllabus
Grid Hours Weightage
Ref
1 Business Organizations 18-21 25-35
2 Business Operations 24-30 35-50
3 Business Finance 12-15 15-25
4 Business Ethics 06-09 05-10
Total 60-75 100
1 Evaluate data and information from a variety of sources and perspectives through
research, integration, and analysis.