Therefore, all students appearing in the PCC examination to be held
in Nov, 2012 must go through the pronouncements, publications and
notifications issued by the Institute of Chartered Accountants in India (ICAI) and secure your result for this term by planning your study schedule and Daily Study Routine.
Following are the extract of amendments applicable for PCC November, 2012 Examination.
Following are the extract of amendments applicable for PCC November, 2012 Examination.
Paper 1: Advanced Accounting
1) Accounting Standards (AS) 1-14, 16, 19, 20 26, 29 are covered in the syllabus.
2) The study
materials of Accounting and Advanced Accounting for IPCC along
with practice manuals: revised edition of July, 2011.
3) Revision Test Paper (RTP) for Nov, 2012 which will cover all Official Announcements and Notifications issued till 30th April, 2012.
4) Schedule VI revised by the Ministry of Corporate Affairs (MCA) on 28th February, 2011.
5) Maintenance of Cash Reserve Ratio (CRR) at 4.75 per cent.
6) Amendment to Para 46 of AS-11 of the Companies (Accounting Standards) Rules, 2006: The option for capitalisation of exchange differences arising on reporting of long term foreign currency monetary items has been extended by MCA (amending the Para 46 of AS-11) till 31st March 2020 instead of 31st March 2012.
7) Insertion of Para 46A in AS 11 of the Companies (Accounting Standards) Rules, 2006.
5) Maintenance of Cash Reserve Ratio (CRR) at 4.75 per cent.
6) Amendment to Para 46 of AS-11 of the Companies (Accounting Standards) Rules, 2006: The option for capitalisation of exchange differences arising on reporting of long term foreign currency monetary items has been extended by MCA (amending the Para 46 of AS-11) till 31st March 2020 instead of 31st March 2012.
7) Insertion of Para 46A in AS 11 of the Companies (Accounting Standards) Rules, 2006.
NOTE: All 35 converged Indian Accounting Standards (Ind AS) are hosted on MCA official website mca.gov.in without announcing the applicability date. CA Institute has made it clear that these Ind ASs are not applicable for the students appearing in November, 2012 Examination.
Paper 2: Auditing and Assurance
1) Statement on Reporting under Section
227 (1A) of the Companies Act, 1956.
2) Statement on the Companies (Auditor’s Report)
Order, 2003 (2005 Edition).
3) Total 34 Standards on Auditing (SAs): 200, 210, 220,
230, 240, 250, 260, 265, 299, 300, 315, 320, 330, 402, 450, 500, 501, 505, 510,
520, 530, 540, 550, 560, 570, 580, 600, 610, 620, 700, 705, 706, 710, 720.
4) Total 9 Guidance Notes:
a) Guidance Note on Audit of Inventories.
b) Guidance Note on Audit of Debtors, Loans and Advances.
c) Guidance Note on Audit of Investments.
d) Guidance Note on Audit of Miscellaneous Expenditure.
e) Guidance Note on Audit of Cash and Bank Balances.
f) Guidance Note on Audit of Liabilities.
g) Guidance Note on Audit of Revenue.
h) Guidance Note on Audit of Expenses.
i) Guidance Note on Provision for Proposed Dividend.
Paper 3: Laws, Ethics and Communication
A) The Negotiable Instruments Act, 1881: The Reserve Bank of India vide Notification No. RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12, dated 4th November, 2011 directed that the validity of Cheques/ Pay Orders/Banker’s Cheques will be reduced from the period of six months to three months from the date of such instruments with effect from 1st April,2012.
B) The Companies Bill, 2011: Not Applicable.
B) The Companies Bill, 2011: Not Applicable.
Paper 5: Taxation
1) The Study
Material and Practice Manual for IPCC Paper 4: The Study Material (Volume I) and Practice Manual (Volume II) of IPCC would be relevant for PCC students also, however, with the exception of the following chapters in Part II: Service tax and VAT –
Note that the Study Material should be based on the law as amended by the Finance Act, 2011 as well as the significant notifications and circulars issued up to 30th April, 2011.
2) Point of Taxation Rules, 2011 as covered in the Study Material will apply for November, 2012 examinations.
2) Supplementary Study Paper – 2011 for PCC/IPCC, which explains the amendments made by the Finance Act, 2011 and important notifications/circulars issued between 1.5.2010 and 30.4.2011.
Unit 2 of Chapter 2 on Taxable Services;
Chapter 5 on Input Tax Credit and Composition Scheme for Small Dealers; and
Chapter 6 on VAT Procedures.Note that the Study Material should be based on the law as amended by the Finance Act, 2011 as well as the significant notifications and circulars issued up to 30th April, 2011.
2) Point of Taxation Rules, 2011 as covered in the Study Material will apply for November, 2012 examinations.
2) Supplementary Study Paper – 2011 for PCC/IPCC, which explains the amendments made by the Finance Act, 2011 and important notifications/circulars issued between 1.5.2010 and 30.4.2011.
3) Revision Test
Paper (RTP) for Nov 2012 examination which would cover all the significant amendments
made by circulars/notifications issued between 1.5.2011 and 30th April, 20121.
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