SFM Changes in Mat

CA Final Course - New Scheme
Paper-2
Strategic Financial Management
2019 VS 2020 UPDATIONS/CHANGES
CHAPTERS CHAPTERS
Relevant For NOVEMBER, 2019 Examination Relevant For MAY, 2020 Examination
 CHAPTER 1 : FINANCIAL POLICY AND CORPORATE STRATEGY  CHAPTER 1 : FINANCIAL POLICY AND CORPORATE STRATEGY
 CHAPTER 2 : INDIAN FINANCIAL SYSTEM *  CHAPTER 2 : RISK MANAGEMENT
 CHAPTER 3 : RISK MANAGEMENT  CHAPTER 3 : SECURITY ANALYSIS
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 CHAPTER 4 : SECURITY ANALYSIS  CHAPTER 4 : SECURITY VALUATION
 CHAPTER 5 : SECURITY VALUATION  CHAPTER 5 : PORTFOLIO MANAGEMENT
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 CHAPTER 6 : PORTFOLIO MANAGEMENT  CHAPTER 6 : SECURITIZATION
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 CHAPTER 7 : SECURITIZATION  CHAPTER 7 : MUTUAL FUNDS
 CHAPTER 8 : MUTUAL FUNDS  CHAPTER 8 : DERIVATIVES ANALYSIS AND VALUATION
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 CHAPTER 9 : DERIVATIVES ANALYSIS AND VALUATION  CHAPTER 9 : FOREIGN EXCHANGE EXPOSURE AND RISK MANAGEMENT
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 CHAPTER 10 : FOREIGN EXCHANGE EXPOSURE AND RISK MANAGEMENT  CHAPTER 10 : INTERNATIONAL FINANCIAL MANAGEMENT
 CHAPTER 11 : INTERNATIONAL FINANCIAL MANAGEMENT  CHAPTER 11 : INTEREST RATE RISK MANAGEMENT
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CHAPTER 12 : INTEREST RATE RISK MANAGEMENT
CHAPTER 13 : CORPORATE VALUATION O 
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CHAPTER 12 : CORPORATE VALUATION
CHAPTER 13 : MERGERS, ACQUISITIONS & CORPORATE RESTRUCTURING
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 CHAPTER 14 : MERGERS, ACQUISITIONS & CORPORATE RESTRUCTURING  CHAPTER 14 : STARTUP FINANCE
 CHAPTER 15 : INTERNATIONAL FINANCIAL CENTRE (IFC)*
 CHAPTER 16 : STARTUP FINANCE
 CHAPTER 17 : SMALL AND MEDIUM ENTERPRISES*
* Out of syllabus for May 2020 examination
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Sanjay Saraf Educational Institute Pvt. Ltd.
ICAI NOVEMBER 2019 STUDY MATERIAL ICAI MAY 2020 STUDY MATERIAL
CHAPTER 1 CHAPTER 1
FINANCIAL POLICY AND CORPORATE STRATEGY FINANCIAL POLICY AND CORPORATE STRATEGY
Page No. 1.3 Page No. 1.3
1.1 - Functions of Strategic Financial Management 1.1 - Functions of Strategic Financial Management
Since capital is the limiting factor, the strategic problem for Since capital is the limiting factor, the strategic problem for
financial management is how limited funds are allocated between financial management is how limited funds are allocated between
alternative uses. This dilemma of corporate management is resolved alternative uses.
by the pioneering work of Jenson and Meckling (1976)2, which is
popularly known as ‘agency theory’ which you have already studied Red marked Removed from May 2020 Study Material
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at your Intermediate (IPC) level. According to this theory, strategic
financial management is the function of four major components
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based on the mathematical concept of expected NPV (net present
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value) maximization,- Financing decisions; Investment decisions;
Dividend decisions; and Portfolio decisions.
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CHAPTER 3 CHAPTER 2
RISK MANAGEMENT RISK MANAGEMENT
Page No. 3.3 Page No. 2.3 Point 1.4.5 Liquidity risk Added
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CHAPTER 3 CHAPTER 2
RISK MANAGEMENT RISK MANAGEMENT
Page No. 3.6 Page No. 2.6 Change in Sequence
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CHAPTER 4 CHAPTER 3
SECURITY ANALYSIS SECURITY ANALYSIS
Page No. 4.26 Page No. 3.26 Updated
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Page No. 3.27 Added
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CHAPTER 4 CHAPTER 3
SECURITY ANALYSIS SECURITY ANALYSIS
Practical Question - 1 Practical Question - 1
Calculate Exponential Moving Average (EMA) of Sensex during the Calculate Exponential Moving Average (EMA) of Sensex during
above period. The 30 days simple moving average of Sensex can be the above period. The previous day exponential moving average of
assumed as 15,000. The value of exponent for 30 days EMA is 0.062. Sensex can be assumed as 15,000. The value of exponent for 31 days
EMA is 0.062.
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CHAPTER 5 CHAPTER 4
SECURITY VALUATION SECURITY VALUATION
Page No.5.11 Page No. 4.11 Updated/Corrected
6.3.1 Calculation of Free Cash Flow to Firm (FCFF) 6.3.1 Calculation of Free Cash Flow to Firm (FCFF):
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Page No. 5.17

Removed form May 2020
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CHAPTER 5 CHAPTER 4
Solution to Practical Question 2 Solution to Practical Question 2
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CHAPTER 5 CHAPTER 4
Solution to Practical Question 5a Solution to Practical Question 5a
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CHAPTER 6 CHAPTER 5
PORTFOLIO MANAGEMENT PORTFOLIO MANAGEMENT
Page No. 6.38 Page No. 5.37 Corrected
Last paragraph of 7.Capital Asset Pricing Model (CAPM) Last paragraph of 7.Capital Asset Pricing Model (CAPM)
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Solution to illustration 1 Solution to illustration 1
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αi = Value of alpha for security i
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CHAPTER 7 CHAPTER 6
SECURITIZATION SECURITIZATION
THERE IS NO CHANGES OR UPDATIONS
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CHAPTER 8 CHAPTER 7
MUTUAL FUNDS MUTUAL FUNDS
Page No. 7.12 Addition
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CHAPTER 8 CHAPTER 7
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CHAPTER 8 CHAPTER 7
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CHAPTER 9 CHAPTER 8
DERIVATIVES ANALYSIS AND VALUATION DERIVATIVES ANALYSIS AND VALUATION
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Solution to Practical Question 5 Solution to Practical Question 5
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CHAPTER 10 CHAPTER 9
FOREIGN EXCHANGE EXPOSURE FOREIGN EXCHANGE EXPOSURE
AND RISK MANAGEMENT AND RISK MANAGEMENT
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INTERNATIONAL FINANCIAL MANAGEMENT INTERNATIONAL FINANCIAL MANAGEMENT
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In solution to illustration 4
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Read Cost of GDR to Odessa Ltd.
as Cost of GDR to X Ltd.
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INTEREST RATE RISK MANAGEMENT INTEREST RATE RISK MANAGEMENT
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CORPORATE VALUATION CORPORATE VALUATION
Solution to illustration 1 Solution to illustration 1
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CORPORATE VALUATION CORPORATE VALUATION
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MERGERS, ACQUISITIONS & CORPORATE MERGERS, ACQUISITIONS & CORPORATE
RESTRUCTURING RESTRUCTURING
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STARTUP FINANCE STARTUP FINANCE
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CA Final Course - New Scheme

* Out of syllabus for May 2020 examination

Page No. 5.14 Page No. 4.14 Updated

Page No. 5.17

Page No. 6.48 Page No. 5.46 Corrected

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