Modifications in ISC Class 12 Accounts Syllabus

From the examination year 2023, some changes will be applied to the Accounts syllabus.
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<red> June 24th, 2022 <red>

Changes in Class 12 Accounts Syllabus as per Schedule III of Companies Act, 2013

Official website of CISCE

The Indian School Certificate (ISC) board released a notification on June 21st regarding some changes in the Accounts syllabus for Class 12. On March 24th, 2021, a notice was published by “The Ministry of Corporate Affairs” that says that under Section III sub-section (i) the heading “II Assets”, under sub-heading “Non-current assets”, after the words “Property, Plant and Equipment”, the words “and Intangible assets” shall be inserted and for the words “Tangible Assets”, the words “Property, Plant and Equipment” shall be substituted. To read that notification click here.

According to Schedule III of the Companies Act 2013: 

  1. The sub-head Fixed Assets under Non-Current Assets is replaced with Property, Plant and Equipment and Intangible Assets.
  2. Tangible Assets under Fixed Assets are replaced with ‘Property, Plant and Equipment.

The presentation of the term as a sub-head under “Fixed Assets” and again under the sub-head “Non-Current Assets” in the following topics has also been modified:

  • Section A
  • Unit 2D: Final Accounts of Companies
  • Section B
  • Unit 3-Financial Statement Analysis – Comparative and Common size Balance Sheet and Statement of Profit and Loss
  • Unit 4-Cash Flow Statement
  • Unit 5-Ratio Analysis

The presentation of the sub-head “Fixed Assets” under the head “Non-Current Assets” shall be in this form: 

Non-Current Assets

Property plant and equipment

i) Property Plant and Equipment

ii) Intangible Assets

iii) Capital Word in Progress

iv) Intangible Assets under Development

NOTE: These changes will be implemented from the examination year 2023. Students can download the notification from the below-given download button. 

<cta> Download <cta>

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