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CA IPC Amendments and Updates Applicable for May 2017 Exams

Download applicable Accounting Standards, guidance notes, amendments and updates announced by ICAI for coming exams of CA Intermediate (IPC) May 2017
CA IPC May Exam Amendments

The next examinations of Chartered Accountancy (CA) IPC course will be held in May, 2017 and therefore the Institute of Chartered Accountants of India (ICAI) has announced the applicability of Standards, Guidance Notes and Legislative Amendments etc. for May, 2017 – IPC Examination.

Accordingly, the Institute of Chartered Accountants of India (ICAI) has announced that the following Accounting Standards (Ass), Guidance Notes (GNs), Legislative Amendments and updates applicable for May, 2017 – Intermediate (IPC) Examination.

Paper 1: Accounting

Accounting Standards:

Following accounting standards shall be applicable for paper-1 CA IPC may 2017 examinations.

AS 1: Disclosure of Accounting Policies
AS 2: Valuation of Inventories
AS 3: Cash Flow Statements
AS 6: Depreciation Accounting
AS 7: Construction Contracts (Revised 2002)
AS 9: Revenue Recognition
AS 10: Accounting for Fixed Assets
AS 13: Accounting for Investments
AS 14: Accounting for Amalgamations

Paper 5: Advanced Accounting

Accounting Standards:

Following accounting standards shall be applicable for paper-5 CA IPC may 2017 examinations.

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 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
AS 12: Accounting for Government Grants
AS 16: Borrowing Costs
AS 19: Leases
AS 20: Earnings Per Share
AS 26: Intangible Assets
AS 29: Provisions, Contingent Liabilities and Contingent Assets.

Note Regarding Applicability for Paper 1 and Paper 5:

All accounting related sections of the Companies Act, 2013 notified up to 31st October, 2016 will be applicable for CA Intermediate (IPC) May, 2017 Exams.

However, you should refer other legislative amendments including relevant Notifications, Circulars, Rules and Guidelines issued by Regulating Authority 6 months before or prior to the month of commencement of CA IPC exam i.e. up to 31st October, 2016.

Companies (Accounting Standards) Rules, 2006:

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

Non-Applicability of Ind ASs for May, 2017 Examination:

The Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) vide Notification No. G.S.R…….(E) dated 16 February, 2016, for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty-nine (39) Indian Accounting Standards (Ind AS). However, any question based on Ind AS will not be asked in CA IPC May, 2017 examinations.

Paper 2: Business Laws, Ethics and Communication

The Companies Act, 2013:

The relevant sections of the Companies Act, 2013, notified up to 31st October, 2017 along with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the Ministry of Corporate Affairs up to 31st October, 2016.

Non-applicability the Companies Act, 2013:

Following sections of the Companies Act, 2013 shall not be applicable for CA IPC May 2017 examinations.

Section 48: Variation of shareholders’ right
Section 66: Reduction of share capital

Paper 4: Taxation

The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2016, including circulars and notifications issued up to 31st October, 2016 shall be applicable in CA IPC May, 2017 examination. Therefore, the relevant assessment year for income-tax is A.Y. 2017-18.

Study Materials:

Part I: Income-tax (September 2016 Edition) and Part II: Indirect Taxes (September 2015 Edition and Reprint Edition October 2016) to be read along with Supplementary Study Paper-2016 explaining the amendments made by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016.

Practice Manuals:

Part I: Income-tax and Part II: Indirect Taxes – October 2016 Edition, wherein the questions have been modified/adapted and answered on the basis of the provisions of tax laws as amended by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016.

Supplementary Study Paper:

Supplementary Study Paper – 2016 explaining the amendments made by the Finance Act, 2016 and significant notifications and circulars issued upto 30.4.2016. The amendments in the Supplementary Study Paper 2016 have been grouped chapter-wise in line with the Study Material to facilitate combined reading therewith.

Paper 6: Auditing and Assurance

Following are the lists of 34 Engagements and Quality Control Standards on Auditing which are applicable in CA IPC May, 2017 exams.

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 (Revised): Using the Work of Internal Auditors
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

Statements:

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 CA IPC May, 2017 Examination.

Guidance Notes:

Following guidance notes shall be applicable for CA IPC May 2017 examinations.

  1. Guidance Note on Audit of Inventories.
  2. Guidance Note on Audit of Debtors, Loans and Advances.
  3. Guidance Note on Audit of Investments.
  4. Guidance Note on Audit of Cash and Bank Balances.
  5. Guidance Note on Audit of Liabilities.
  6. Guidance Note on Audit of Revenue.
  7. Guidance Note on Audit of Expenses.
  8. Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013.

Applicability of the Companies Act, 2013:

The relevant notified Sections of the Companies Act, 2013 before first day of November, 2016 will be applicable for CA IPC May, 2017 Examination. For other legislative amendments including relevant Notifications, Circulars, Rules and Guidelines issued by Regulating Authority the cut-off date will be 31st October, 2016.

Companies (Auditor’s Report) Order, 2016 [CARO-2016] issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for May 2017 Examination.

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