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CA IPCC Amendments and Updates Applicable for Nov 2017 Exams

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

The next examinations of Chartered Accountancy (CA) IPC course will be held in November, 2016 and therefore the Institute of Chartered Accountants of India (ICAI) has announced the applicability of Standards, Guidance Notes and Legislative Amendments etc. for November, 2017 – IPC Examinations.

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 November, 2017 – Intermediate (IPC) Examination.

CA INTERMEDIATE (IPC) COURSE
Edition applicable for
CA IPCC Nov 2017 Exams
Accounting
Study Material (Module 1 to 2)
July, 2015 along with RTP Nov 2017
Practice Manual
April, 2016
Business Laws & Ethics and Communication
Study Material (Module 1 to 3)
July, 2015 along with RTP Nov, 2017
Practice Manual
April, 2016
Supplementary BLEC
April, 2017
Cost Accounting
Study Material (Module 1 to 2)
April, 2016
Practice Manual
April, 2016
Financial Management
Study Material (Module 1 to 2)
April, 2016
Practice Manual
April, 2016
Taxation
Part I: Taxation – SM -(Module 1 to 3)
September, 2016
Part I: Taxation – Practice Manual
October, 2016
Part II: Taxation (Indirect Taxes)- SM
Sept., 2015 and Supplementary August, 2016 Reprint October, 2016
Part II: Taxation (Indirect Taxes)- PM
October, 2016
Supplementary Study Material – Taxation
August, 2016
Advanced Accounting
Study Material (Module 1 to 3)
July, 2015 + RTP Nov 2017
Practice Manual
April, 2016
Auditing and Assurance
Study Material (Module 1 to 2)
July, 2015 + RTP Nov, 2017
SM Auditing Pronouncement
July, 2015
Practice Manual
April, 2016
Supplementary Auditing and Assurance
March, 2017
Information Technology Section-A
Study Material
July, 2015 along with RTP Nov, 2017
Practice Manual
April, 2016
Strategic Management Section-B
Study Material
July, 2014/ July 2015
Practice Manual
April, 2016

CA IPCC Amendment in Paper 1: Accounting for Nov 2017 Exam

Accounting Standards:

Following 8 accounting standards (AS 1 to AS 14) shall be applicable for CA IPCC Nov 2017 Examination.

AS 1: Disclosure of Accounting Policies
AS 2: Valuation of Inventories
AS 3: Cash Flow Statements
AS 6: Depreciation Accounting (Omitted w.e.f. 01-04-2016)
AS 7: Construction Contracts (Revised 2002)
AS 9: Revenue Recognition
AS 10: Property, Plant and Equipment (2016)
AS 13: Accounting for Investments
AS 14: Accounting for Amalgamations

Those students who have July 2015 Edition of Paper 1 “Accounting” are advised to ignore Para 2.4.4 on Deprecation Accounting and Para 2.4.7 on Accounting for Fixed Assets because AS 6 ‘Deprecation Accounting’ And AS 10 ‘Accounting for Fixed Assets’ have been withdrawn after issuance of AS 10 ‘Property, Plant and Equipment’.

The students are also advised to ignore the questions numbered 21 to 33 (based on AS 6) and 46 to 55 ( based on AS 10) given in April, 2016 Edition of Practice Manual. They are also suggested to refer the Supplementary material on AS 10, Property, Plant and Equipment along with the RTP for Nov, 2017 Examination.

CA IPCC Amendment in Paper 5: Advanced Accounting for Nov 2017 Exam

Accounting Standards:

Following 9 accounting standards (AS 4 to AS 29) shall be applicable for CA IPCC Nov 2017 Examination.

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.

Those students who have July 2015 Edition of Paper 5 Advanced Accounting are advised to refer the RTP for Nov, 2017 Examination.

Applicability of Other Amendments for Paper 1 and Paper 5

Applicability of the Companies Act, 2013:

All accounting related sections of the Companies Act, 2013 notified up to 30th April, 2017 will be applicable for CA Intermediate (IPC) November, 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 IPCC exam i.e. up to 30th April, 2017.

Non-Applicability of Ind AS for CA IPCC Nov 2017 Exam:

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of companies. These Ind AS have not been made applicable for November, 2017 Examination.

Applicability of Companies (AS) Rules, 2006 and Companies (Ind AS) Rules, 2015:

Amendments made by the Ministry of Corporate Affairs (MCA) on 30-03-2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 have been made applicable for CA IPCC November, 2017 examination.

CA IPCC Amendment in Paper 2: Business Laws, Ethics and Communication for Nov 2017 Exam

The Companies Act, 2013:

The relevant sections of the Companies Act, 2013, along with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the Ministry of Corporate Affairs upto 30th April, 2017.

The Negotiable Instruments (Amendment) Act, 2015:

The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015 and has been notified in the Official Gazette on 29th December, 2015 by the Ministry of Law and Justice.

Download Negotiable Instruments (Amendment) Act, 2015

This is an Act further to amend the Negotiable Instruments Act, 1881 and shall be deemed to have come into force on the 15th day of June, 2015.

The Payment of Bonus (Amendment) Act, 2015:

An Act further to amend the Payment of Bonus Act, 1965. The Act received the assent of the President on the 31st December, 2015, and published in the Official gazette on 1st January 2016 by Ministry of Law and Justice. It shall be deemed to have come into force on the 1st day of April, 2014.

Download Payment of Bonus (Amendment) Act, 2015

Applicability of the Companies Act, 2013:

Following 6 sections shall be applicable for CA Intermediate (IPC) Nov 2017 Examination.

Section 48: Variation of shareholders’ right
Section 66: Reduction of share capital
Section 75: damages for fraud
Section 97: Power of tribunal to call AGM
Section 98: Power of Tribunal to call meetings of members, Etc.
Section 99: Punishment for default in complying with provisions of sections 96 to 98

CA IPCC Amendment in Paper 4: Taxation for Nov 2017

Applicability of Finance Act and Assessment Year for Nov 2017:

The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2016, including circulars and notifications issued upto 30th April, 2017, are applicable for November, 2017 examination. The relevant assessment year for income-tax is A.Y. 2017-18 for CA IPCC Nov 2017 examination.

Important Announcement 31st May 2017:

With effect from CA IIPC Nov 2017 exam, paper-4 (Taxation) shall be divided into two sections viz. Section A covers questions related to Direct Taxes whereas Section B which shall contain questions on Indirect Taxes. This announcement has been made by ICAI dated 31st May 2017 as follows:

It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.

It has now been decided to bifurcate the above mentioned Paper 4- Taxation of Intermediate (IPC) into two sections.

Accordingly, the question paper in respect of Paper 4 will have two sections.

  • Section A- covering questions from Direct Taxes ( 50 marks)
  • Section B- covering questions from Indirect Taxes ( 50 marks)

The said paper will continue to be held in a single session of 3 hours. Candidates will be required to write their answers in respect of each of the sections in two separate answer books. They will be required to write answers relating to Direct Taxes in the answer book meant for Section A ( duly marked “A” ) and those relating to Indirect Taxes in the answer book meant for Section B( duly marked “B”).

Consolidated marks of both the sections would be indicated in the statement of marks. The paper will be treated as a single paper for the purpose of passing requirements, exemptions and for providing certified copies.

The above arrangement will operate on the same lines as Paper 7- Information Technology and Strategic Management of Intermediate (IPC) examination.

Note: The bifurcation as mentioned above will be effective from the CA Intermediate(IPC) examination to be held in November 2017 and onwards.

ICDS Applicable for November, 2017 Exam:

CA IPCC students appearing in IIPCE Paper 4: Taxation 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.

Applicability of GST:

ICAI announced dated 1st March 2017 that students appearing in November, 2017 Intermediate (IPC) Examination may note that Goods and Services Tax (GST) will not be examined in Part II: Indirect Taxes of Paper 4: Taxation.

Therefore, CA IPCC students are advised to start studying the existing indirect tax laws as covered in the syllabus of Part II of this paper and not postpone their studies. However, GST shall be applicable from May 2018 examination.

CA IPCC Amendment in Paper 6: Auditing and Assurance for Nov 2017

Standards on Auditing (SA):

Following are the lists of 34 Engagements and Quality Control Standards on Auditing which are applicable in CA IPC Nov, 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: 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 IPCC November, 2017 Examination.

Guidance Notes:

Following 8 guidance note shall be applicable for CA IPC Nov 2017 Examination.

  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 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 30th April, 2017.

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

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One Response to CA IPCC Amendments and Updates Applicable for Nov 2017 Exams

  1. poornima tatakala says:

    existing plan says that we have 7subjects and proposed plan updated with 8subjects. If I appeared for group 1 in November 2017 and group 2 in May 2018 how my syllabus will be then?

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