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CA Final Amendments Applicable for Nov 2017 Examinations

Download relevant amendments, updates, accounting standards and guidance notes announced by ICAI for the coming examinations of CA Final November 2017.

The Institute of Chartered Accountants of India (ICAI) conducts the Chartered Accountancy (CA) examinations of Final Course twice i.e. May and November every year. Accordingly, after CA Final May Exam 2017, the next CA Final course exam will be held in November, 2017.

You must go through the latest amendments and updates happened at least 6 months prior to the commencement of your CA Final Course examination. Accordingly, you may download Study Materials (latest edition), Additional Reading material, Supplementary Study Materials, Practice Manual, Compilation, Revision Test Papers (RTP) and Mock Test Papers (MTP) from ICAI official website icai.org under Board of Studies (BoS) Knowledge Portal. You may also buy hard copy of the same from CA Institute’s nearest branch office sales counter.

CA Institute announce the approved list of applicability of Standards, Guidance Notes and Legislative Amendments etc. for each term of CA Final Examination well in advance before commencement of exams. Accordingly, following are the relevant Accounting Standards (ASs), Standards on Auditing (SAs), Guidance Notes (GNs), Circulars, Notifications, Companies Act and Finance Act etc. which are very important for CA Final November 2017 examinations.

Applicable Material for CA Final Nov 2017

CA FINAL COURSE
Edition applicable for Nov 2017 Final Exams
Financial Reporting
Study Material
January 2017 along with RTP Nov 2017
Practice Manual
January 2017 along with RTP Nov 2017
Accounting Pronouncements
January 2017 along with RTP Nov 2017
Strategic Financial Management
Study Material
January 2015
Practice Manual
January 2017
Advanced Auditing and Professional Ethics
Study Material
January 2017
Practice Manual
January 2017
Auditing Pronouncements
January 2017
Corporate and Allied Laws
Study Material
January 2016 along with RTP Nov 2017
Practice Manual
January 2017
Supplementary Study Paper
January 2017
Advanced Management Accounting
Study Material
January 2015
Practice Manual AMA Part – A
January 2017
Practice Manual AMA Part – B
January 2017
Information Systems Control and Audit
Study Material
January 2016 + RTP Nov 2017
Practice Manual
January 2017
Direct Tax Laws
Study Material
November, 2015 and Supplementary Sept. 2016, Reprint November, 2016
Practice Manual
December 2016
Indirect Tax Laws
Study Material
November 2015 and Supplementary Sept. 2016 Reprint November, 2016
Practice Manual
December, 2016
Supplementary Study Paper Final Course DT & IDT
September, 2016
Select Cases in Direct and Indirect Taxes
September, 2016

Paper 1: Financial Reporting

Accounting Standards (AS):

Following are the list of 27 Accounting Standards (AS) which are fully applicable for CA Final November, 2017 examinations:

  • AS 1: Disclosure of Accounting Policies
  • AS 2: Valuation of Inventories
  • AS 3: Cash Flow Statements
  • AS 4: Contingencies and Events Occurring after the Balance Sheet Date
  • AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
  • AS 6: Depreciation Accounting (Withdrawn w.e.f. 1st April, 2016 after issuance of revised AS-10)
  • AS 7: Construction Contracts (Revised 2002)
  • AS 9: Revenue Recognition
  • AS 10: Property, Plant and Equipment (Revised 2016)
  • AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
  • AS 12: Accounting for Government Grants
  • AS 13: Accounting for Investments
  • AS 14: Accounting for Amalgamations
  • AS 15: Employee Benefits
  • AS 16: Borrowing Costs
  • AS 17: Segment Reporting
  • AS 18: Related Party Disclosures
  • AS 19: Leases
  • AS 20: Earnings Per Share
  • AS 21: Consolidated Financial Statements
  • AS 22: Accounting for Taxes on Income
  • AS 23: Accounting for Investment in Associates in Consolidated Financial Statements
  • AS 24: Discontinuing Operations
  • AS 25: Interim Financial Reporting
  • AS 26: Intangible Assets
  • AS 27: Financial Reporting of Interests in Joint Ventures
  • AS 28: Impairment of Assets
  • AS 29: Provisions, Contingent Liabilities and Contingent Assets

Indian Accounting Standard (Ind AS):

39 Indian Accounting Standards (Ind AS) have been prepared by the National Advisory Committee on Accounting Standards (NACAS) and the Ministry of Corporate Affairs (MCA) has now notified Roadmap for applicability of Ind AS in February, 2015 under the Companies Act, 2013. Accordingly, the CA Institute has now included following topics based on Indian Accounting Standards in the Final Course curriculum applicable for Nov, 2017 examination.

  1. Introduction of Indian Accounting Standards (Ind AS);
  2. Comparative study of ASs vis-a-vis Ind ASs; and
  3. Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs).

As a result of which, the following topics has been excluded from the syllabus of CA Final and the same would not be applicable for November, 2017 Examination:

  1. International Financial Reporting Standards (IFRS);
  2. Overview of International Accounting Standards (IAS);
  3. Significant differences vis-a-vis Indian Accounting Standards;
  4. Understanding of US GAAPs, Applications of IFRS and US GAAP.
  5. Interpretations by International Financial Reporting Interpretation Committee (IFRIC);

Therefore, topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” has been made applicable for CA Final Nov 2017 in place of “Overview of International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS), Interpretations by International Financial Reporting Interpretation Committee (IFRIC), Significant differences vis-a-vis Indian Accounting Standards; Understanding of US GAAPs, Applications of IFRS and US GAAPs”.

Considering the significance and relevance of the Ind AS, the above topic has been included in the syllabus and the students are expected to have an overall knowledge of the contents covered therein. However, considering the extensive coverage of the contents covered in such topic, from the examination perspective, simple problems involving conceptual or application issues may be asked in the examination.

Ind AS instead of AS 30, 31 and 32:

AS-30 “Financial Instruments: Recognition and Measurement”, AS-31 “Financial Instruments: Presentation” and AS-32 “Financial Instruments: Disclosures” shall not be applicable for CA Final Nov 2017 examination. However, the following Ind AS shall be applicable instead of AS 30, AS 31 and AS 32:

  • Ind AS 32 “Financial Instruments: Presentation”,
  • Ind AS 107 “Financial Instruments: Disclosures” and
  • Ind AS 109 “Financial Instruments”.

Thus, the above Ind AS 32, 107 and 109 has been made applicable by CA Institute to the topic ‘Accounting and Reporting of Financial Instruments’ for Nov 2017 Exams. In view of the complexities involved, simple practical problems involving conceptual issues or application issues may be asked in the examination.

Guidance Notes:

Following are the list of 14 Guidance Notes which are fully applicable for CA Final November, 2016 examinations:

  1. Guidance Note on Accrual Basis of Accounting.
  2. Guidance Note on Accounting Treatment for Excise Duty.
  3. Guidance Note on Terms Used in Financial Statements.
  4. Guidance Note on Accounting Treatment for MODVAT/CENVAT.
  5. Guidance Note on Accounting for Corporate Dividend Tax.
  6. Guidance Note on Accounting for Employee Share-based Payments.
  7. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
  8. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
  9. Guidance Note on Applicability of AS 25 to Interim Financial Results.
  10. Guidance Note on Turnover in case of Contractors.
  11. Guidance Note on the Schedule III to the Companies Act, 2013.
  12. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
  13. Guidance Note on Accounting for Derivative Contracts.
  14. Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013

The Companies Act, 2013:

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2017 will be applicable for Nov, 2017 Examination.

Applicability of Amendments made by MCA:

Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are applicable for Nov, 2017 examination.

Paper 3: Advanced Auditing and Professional Ethics

The statement on reporting under Section 227(1A) of the Companies Act, 1956 corresponding to section 143(1) of the Companies Act, 2013 shall be applicable for November, 2017 Examination.

Companies (Auditor’s Report) Order, 2016 [CARO] issued by Ministry of Corporate Affairs (MCA) vide Order No. S.O. 1228(E) on 29th March, 2016 is applicable for CA Final Nov 2017 Exams.

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is applicable for Nov, 2017 Examination.

Additionally, all auditing related sections of the Companies Act, 2013 up to 31st March, 2017 will be applicable for CA Final November, 2017 Exams. All other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2017 is applicable for November 2017 Examination.

Engagements and Quality Control Standards on Auditing:

Following are the lists of all 45 Engagements and Quality Control Standards on Auditing which are applicable in CA November, 2016 exams.

SQC 1: Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
SA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
SA 210: Agreeing the Terms of Audit Engagements
SA 220: Quality Control for Audit of Financial Statements
SA 230: Audit Documentation
SA 240: The Auditor’s responsibilities relating to Fraud in an Audit of Financial Statements
SA 250: Consideration of Laws and Regulations in an Audit of Financial Statements
SA 260: Communication with Those Charged with Governance
SA 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
SA 299: Responsibility of Joint Auditors
SA 300: Planning an Audit of Financial Statements
SA 315: Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
SA 320: Materiality in Planning and Performing an Audit
SA 330: The Auditor’s Responses to Assessed Risks
SA 402: Audit Considerations Relating to an Entity Using a Service Organization
SA 450: Evaluation of Misstatements Identified during the Audits
SA 500: Audit Evidence
SA 501: Audit Evidence – Specific Considerations for Selected Items
SA 505: External Confirmations
SA 510: Initial Audit Engagements-Opening Balances
SA 520: Analytical Procedures
SA 530: Audit Sampling
SA 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
SA 550: Related Parties
SA 560: Subsequent Events
SA 570: Going Concern
SA 580: Written Representations
SA 600: Using the Work of Another Auditor
SA 610: Using the Work of Internal Auditors (Revised)
SA 620: Using the Work of an Auditor’s Expert
SA 700: Forming an Opinion and Reporting on Financial Statements
SA 705: Modifications to the Opinion in the Independent Auditor’s Report
SA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
SA 710: Comparative Information – Corresponding Figures and Comparative Financial Statements
SA 720: The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
SA 800: Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
SA 805: Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
SA 810: Engagements to Report on Summary Financial Statements
SRE 2400: Engagements to Review Historical Financial Statements (Revised)
SRE 2410: Review of Interim Financial Information Performed by the Independent Auditor of the Entity
SAE 3400: The Examination of Prospective Financial Information
SAE 3402: Assurance Reports on Controls at a Service Organisation
SRS 3420: Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)
SRS 4400: Engagements to Perform Agreed Upon Procedures Regarding Financial Information
SRS 4410: Compilations Engagements (Revised)

Guidance Notes and other publications

Following are the list of 18 Guidance Notes and other publications which are fully applicable for CA Final November, 2017 examinations:

  1. Code of Ethics
  2. Guidance Note on Independence of Auditors.
  3. Guidance Note on Audit under Section 44AB of the Income-tax Act.
  4. Guidance Note on Audit of Inventories.
  5. Guidance Note on Audit of Debtors, Loans and Advances.
  6. Guidance Note on Audit of Investments.
  7. Guidance Note on Audit of Cash and Bank Balances.
  8. Guidance Note on Audit of Liabilities.
  9. Guidance Note on Audit of Revenue.
  10. Guidance Note on Audit of Expenses.
  11. Guidance Note on Computer Assisted Audit Techniques (CAATs).
  12. Guidance Note on Audit of Payment of Dividend.
  13. Guidance Note on Audit of Capital and Reserves.
  14. Guidance Note on Audit of Banks.
  15. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
  16. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
  17. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
  18. Guidance Note on the Companies (Auditor’s Report) Order, 2016.

Paper 4: Corporate and Allied Laws

The Companies Act, 2013:

The relevant notified Sections of the Companies Act, 2013 before first day of May, 2017 will be applicable for November, 2017 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 6 months i.e. till 30th April 2017.

Applicability of Insolvency and Bankruptcy Code, 2016:

The Council has approved the inclusion of “Overview of the Insolvency and Bankruptcy Code, 2016” for 10 Marks for November 2017 examinations and onwards vide announcement dated 25th May 2017.

With the addition of the Insolvency and Bankruptcy Code, 2016, marks allocation will be as under:

  1. Company Laws for 60 Marks
  2. Insolvency and Bankruptcy Code, 2016 for 10 Marks
  3. Allied Laws for 30 Marks

The Board of Studies will be releasing a reading material on the aforementioned Insolvency and Bankruptcy Code, 2016 which will be hosted on the official website i.e. icai.org. Separate mails and SMS will be sent to the students when the material will be uploaded.

SEBI (ICDR) Regulations, 2009:

The Securities and Exchange Board of India (SEBI) has issued following regulations to amend SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 which are applicable for Nov 2017 examination:

Vide Notification No. SEBI/LAD-NRO/GN/2016-17/003 dated 25th May, 2016, SEBI hereby further amend the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 through
the enforcement of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
(Third Amendment) Regulations,2016 from the date of their publication in the Official Gazette.

Amendments have been made in relevant Regulations 2, 4, 73 & 84 of the Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2009 and these shall be applicable to issuers filing offer
documents with the Registrar of companies on or after the date of commencement of these regulations.

ESI and RDL and Miscellaneous (Amendment) Act, 2016:

Ministry of Law and Justice on 16th August, 2016 has published for general information, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016. It is an Act further to amend four laws:

  1. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI);
  2. Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDDBFI);
  3. Indian Stamp Act, 1899; and
  4. Depositories Act, 1996, and for matters connected therewith or incidental thereto.

Chapter II, of this amendment Act deals with the amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, whereby, it is an act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a central database of security interests created on property rights, and for matters connected therewith or incidental thereto.

Non-Applicability of Chapters:

Following chapters is not applicable for Nov 2017 term of CA Final Examinations.

  • Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.

Paper 5: Advanced Management Accounting

There is no any amendments has been made in Paper-5 (Advanced Management Accounting) of CA Final Course. Therefore, you may refer the reprinted edition of Study Materials (January 2015 Edition) for your Nov 2017 Examinations.

Further, you should use January 2017 Edition of Practice Manual (AMA Part – A and AMA Part – B) which contain more than 350 practicle questions along with some relevant theory and simple basic knowledge base. Additionally, the CA Institute has also hosted a compilation of Suggested Answers to Questions set from May, 2004 – November, 2014 examinations.

Paper 6: Information Systems Control and Audit

ICAI has hosted January 2016 edition of Study Material, Practice Manual, Power Point Presentations and Podcasts related to Paper-6 (ISCA) and the same would be applicable for November, 2017 examination and onwards. You should also refer the compilation of suggested answers to questions set of last 23 term exams starting from CA Final Nov 2003 to Nov 2014 examinations.

Paper 7: Direct Tax Laws (DTL)

Amendments made in the provisions of Direct Tax Laws by the Finance Act, 2016 including various circulars and notifications issued up to 30th April, 2017 will be applicable for CA Final November, 2017 examinations. Accordingly, the applicable assessment year shall be A.Y. 2017-18 for Direct Tax Laws for CA Final November, 2017 Examination.

Study Material of November 2015 Edition has been released and it is based on the provisions of direct tax laws as amended by the Finance Act, 2015. You should also read the Supplementary Study Paper of September 2016 edition which explains the amendments made by the Finance Act, 2016 in DTL as well as the significant circulars and notifications issued between 01-05-2015 and 30-04-2016.

December 2016 Edition of Practice Manual on DTL having thoroughly revised and updated questions solved on the basis of provisions of law applicable for A.Y.2017-18. Select cases for better understanding of latest amendments made in DTL for CA Final Nov 2017 examinations. However, Hindi Medium candidates may download the Supplementary Study Paper – 2016 relevant for their November 2017 examinations.

The Revision Test Paper (RTP) for November 2017 Examination shall contain the significant amendments by way of notifications and circulars issued between 1st May, 2016 and 30th April, 2017.

ICDS Applicable for November, 2017 Exam:

CA Final students appearing in November, 2017 examination may note that Income Computation and Disclosure Standards (ICDS) shall be applicable. Accordingly, you are required to apply ICDS for computation of income or for answering application based or knowledge based questions. This is because the applicability of ICDS has been postponed to the assessment year 2017-18 and subsequent assessment years by CBDT vide Notification No.S.O.3079(E) dated 29.9.2016.

Paper 8: Indirect Tax Laws (IDTL)

Latest amendments and updates made in the provisions related to Indirect Tax Laws by the Finance Act, 2016 including various notifications and circulars issued up to 30/04/2017 will be applicable for CA Final November, 2017 examinations.

Study Material on IDTL November 2015 Edition is relevant for Nov 2017 exam if you read Supplementary study material of September 2016 edition. This edition of study material is based on the provisions of indirect tax laws as amended by the Finance Act, 2015. Whereas, the Sept. 2016 edition of Supplementary shall contain amendments made by Finance Act, 2016 and the same is relevant for CA Final Nov 2017 examination.

December 2016 Edition of Practice Manual on IDTL having thoroughly thoroughly revised and updated questions adapted/modified and solved on the basis of provisions of Indirect Tax laws as amended by the Finance Act, 2016.

You should also download the Supplementary Study Paper of September 2016 Edition which contain amendments made by Finance Act, 2016 and significant circulars/notifications issued between May 2015 to April 2016 and new foreign trade policy 2015-2020. Hindi Medium students may download the Supplementary Study Paper – 2016 relevant for November 2017 examinations.

Click here to download the September 2016 edition of Select Cases in Indirect Tax Laws relevant for CA Final Course examinations to be held in Nov 2017. You will find the significant judicial decisions reported from year 2010 to April 2016.

Revision Test Paper (RTP) for CA Final Course November, 2017 Examination is a revision material for self-assessment and updation and covers the circulars and notifications issued upto 30-04-2017.

For November, 2017 examination, the amendments made vide the Finance Act, 2016 as well as Notifications and circulars issued upto 30.04.2017 are relevant. Therefore, provisions relating to Krishi Kalyan Cess (KKC) shall be applicable for November, 2017 examination as the same have become effective from 01.06.2016.

Applicability of GST in Nov 2017:

CA Institute has now announced dated 30th May 2017 that Goods and Services Tax (GST) shall be applicable for CA Final November, 2017 Examination. Accordingly, the contents of syllabus shall be as follows:

Section A: Central Excise (25 marks)*

  • Central Excise Act, 1944 and the Central Excise Tariff Act, 1985

Section B: Service Tax & Goods and Services Tax (50 marks)

I. Service Tax (40 marks)*

  • Law relating to service tax as contained in the Finance Act, 1994 as amended from time to time

II. Overview of GST (10 marks)

  • GST in India: An Introduction
  • Basic Concepts – Supply, Composite and Mixed supplies, Charge of tax

Section C: Customs (25 marks)

  • Customs Act, 1962 and Customs Tariff Act, 1975 and Foreign Trade Policy to the extent relevant to indirect tax laws

Note that with respect to Overview of GST as covered in Section B: Service Tax and Goods and Services Tax, only a working level of knowledge is expected from students.

EXCLUSIONS FROM CENTRAL EXCISE AND SERVICE TAX:

On account of inclusion of Overview of GST in the syllabus, certain topics have been excluded from central excise and service tax.

Section A: Central Excise (25 Marks)

Chapter 12: Warehousing provisions under central excise
Chapter 14: Notifications, Departmental Clarifications and Trade Notices
Chapter 16: Organisation structure of the Excise Department
Chapter 18: Settlement Commission

Section B: Service Tax (40 Marks)

Chapter 6: Service Tax Procedures

  • Point 6.6 – Filing of Returns
  • Point 6.7 – Large Tax Payer

Note: Chapters of the following publications corresponding to the Chapters of the Study Material (Reprint Edition : November, 2016), if any, will also be consequently excluded for November, 2017 examination:

(i) Practice Manual [December, 2016 Edition]

(ii) Select Cases in Direct and Indirect Tax Laws – 2016

(iii) Supplementary Study Paper-2016

Accordingly, please click here and download the latest Study Material for Indirect Tax for CA Final Nov 2017 examinations.

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12 Responses to CA Final Amendments Applicable for Nov 2017 Examinations

  1. amit says:

    thanks for updates sir

  2. Aakash says:

    Nice.. Got lot of help.

  3. Chirag Harwani says:

    Thanks for guidance.

  4. Shikha says:

    Thanks

  5. B.prudhvi reddy says:

    It has made very helpful to me when i am in confusion . Thanks sir

  6. lokesh says:

    thans sir

  7. bharti sharma says:

    sir can u please provide me details of amendments in isca for Nov 2016 final exams.

  8. priyanka says:

    hello sir , can you please provide me the details of amendment happened in isca ………..

  9. archana jain says:

    thanks a lot

  10. bhavesh says:

    Thanks

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