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CA Final Amendments Applicable for Nov 2018 Examinations

Download relevant amendments, updates, accounting standards and guidance notes announced by ICAI for the coming examinations of CA Final November 2018.

In this article you will find CA Final amendments applicable for November 2018 examinations for all subjects including accounting, auditing, taxation, information technology, law and costing etc.

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 2018, the next CA Final course exam will be held in November, 2018.

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 the following resources provided by CA Institute on official website ICAI.org under Board of Studies (BoS) Knowledge Portal.

  1. Study Materials (latest edition)
  2. Additional Reading material
  3. Supplementary Study Materials
  4. CA Final Practice Manual
  5. Compilation of Suggested Answers
  6. CA Final RTP (Revision Test Papers); and
  7. MTP (Mock Test Papers)

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 2018 examinations.

CA Final Amendments for FR Paper-1 Nov 2018

ICAI has prescribed the relevant updates for CA Final Financial Reporting (FR) paper for November 2018 examinations. August 2017 edition of the Study Material is relevant for CA Final November, 2018 examinations. Students are advised to read the same along with the corrigendum uploaded on the website.

The relevant amendments including relevant Notifications / Circulars / Rules issued by the Companies Act, 2013 and other relevant legislations up to 30th April, 2018 will be applicable for November, 2018 Examination.

Accounting Standards included in the Syllabus:

ICAI has included following 6 Accounting Standards in the syllabus of CA Final new course applicable for Nov 2018 Exams.

AS 15: Employee Benefits
AS 21: Consolidated Financial Statements Accounting Standards
AS 23: Accounting for Investments Associates in Consolidated Financial Statements
AS 25: Interim Financial Reporting
AS 27: Financial Reporting of Interests in Joint Ventures
AS 28 : Impairment of Assets

Guidance Notes included in the Syllabus:

Following Guidance Notes has been included in the CA Final New Course syllabus applicable for Nov 2018 examinations.

  1. Guidance Note on Measurement of Income Tax Expense for Interim Financial Reporting in the context of AS 25
  2. Guidance Note on Applicability of AS 25 to Interim Financial Results
  3. Guidance Note on Combined and Carve-Out Financial Statements
  4. Guidance Note on Accounting for Derivative Contracts
  5. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities
  6. Guidance Note on Accounting for Self-Generated Certified Emission Reductions (CERs)
  7. Guidance Note on Accounting by Dot-Com Companies

Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable) has
been removed from the Study Guidelines for this paper since it is no more relevant on advent of notification
of Ind AS 115.

Expert Advisory Opinions On Ind AS:

Application of Existing Indian Accounting Standards. You should download opinion finalised by the Committee on 2.9.2016 on Discounting of deferred debts (retention money).

Expert Advisory Opinions On AS:

Application of Existing Accounting Standards. You should download opinion finalised by the Committee for the following topics:

Announcement for the students of Final level (New Course)
Paper 1 : Financial Reporting
[Updated on 11-Oct-2018]

Students may note that Chapter 13 “Consolidated Financial Statements” has been revised with respect to treatment of dividend explained in Para 5.5.3 “Dividend received from subsidiary companies”. Accordingly, students are advised to refer revised Unit 5 of the chapter along with the questions 1 and 2 given under “Test Your Knowledge”.

The revised chapter which has been uploaded on the BoS Knowledge Portal of the Institute’s website is relevant for November, 2018 examination. The students of Final level (new course) who have August, 2017 Edition of the Study Material are required to refer the revised chapter uploaded on the BoS Knowledge Portal of the Institute’s website at the below mentioned link:

Unit 5: Consolidated Financial Statements: Accounting of Subsidiaries

List of topic-wise exclusions from the syllabus:

Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements. Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’

  • Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
  • Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment

Application of Industry specific and Transaction Specific Indian Accounting Standards (other than Business Combination, Financial Instruments and Share Based Payment).

  • Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies
  • Indian Accounting Standard (Ind AS) 104 : Insurance Contracts
  • Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources

Except the exclusions mentioned from the syllabus, the entire content included in the August 2017 edition of the Study Material is relevant for the CA Final New syllabus examinations.

Ind AS 115 notified on 28.3.2018 alongwith the amendments made in other Ind AS made by MCA as on 28.3.2018 is not applicable for November, 2018 examination. Therefore, for November, 2018 examination Ind AS 11 and Ind AS 18 will be applicable.

CA Final Amendments for SFM Paper-2 Nov 2018

ICAI has prescribed the relevant updates for CA Final Strategic Financial Management (SFM) paper for November 2018 examinations.

Whenever, CA Institute announce any updates related to SFM paper, the same shall be published hereunder.

CA Final Amendments for AAPE Paper-3 Nov 2018

ICAI has prescribed the relevant updates for CA Final Advanced Auditing and Professional Ethics (AAPE) paper for November 2018 examinations.

A- List of topic-wise inclusion in the syllabus
I. List of applicable Statements and Standards for November, 2018 Examination:

  1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
  2. Framework for Assurance Engagements.

II. List of applicable Engagements and Quality Control Standards on Auditing for November, 2018 Examination

  1. SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
  2. SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
  3. SA 210 Agreeing the Terms of Audit Engagements
  4. SA 220 Quality Control for Audit of Financial Statements
  5. SA 230 Audit Documentation
  6. SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
  7. SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
  8. SA 260 Communication with Those Charged with Governance (Revised)
  9. SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
  10. SA 299 Responsibility of Joint Auditors
  11. SA 300 Planning an Audit of Financial Statements
  12. SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
  13. SA 320 Materiality in Planning and Performing an Audit
  14. SA 330 The Auditor’s Responses to Assessed Risks
  15. SA 402 Audit Considerations Relating to an Entity Using a Service Organization
  16. SA 450 Evaluation of Misstatements Identified during the Audits
  17. SA 500 Audit Evidence
  18. SA 501 Audit Evidence – Specific Considerations for Selected Items
  19. SA 505 External Confirmations
  20. SA 510 Initial Audit Engagements-Opening Balances
  21. SA 520 Analytical Procedures
  22. SA 530 Audit Sampling
  23. SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
  24. SA 550 Related Parties
  25. SA 560 Subsequent Events
  26. SA 570 Going Concern (Revised)
  27. SA 580 Written Representations
  28. SA 600 Using the Work of Another Auditor
  29. SA 610 Using the Work of Internal Auditors (Revised)
  30. SA 620 Using the Work of an Auditor’s Expert
  31. SA 700 Forming an Opinion and Reporting on Financial Statements (Revised)
  32. SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (New)
  33. SA 705 Modifications to the Opinion in the Independent Auditor’s Report (Revised)
  34. SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)
  35. SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
  36. SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
  37. SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
  38. SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
  39. SA 810 Engagements to Report on Summary Financial Statements
  40. SRE 2400 Engagements to Review Historical Financial Statements (Revised)
  41. SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
  42. SAE 3400 The Examination of Prospective Financial Information
  43. SAE 3402 Assurance Reports on Controls At a Service Organisation
  44. SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)
  45. SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information
  46. SRS 4410 Compilations Engagements (Revised)

III. List of applicable Guidance Notes and other publications for November, 2018 Examination:

  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.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for November 2018 Examination

Students are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. Accordingly, 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, 2018 will be applicable for November, 2018 Examination.

CA Final Amendments for CEL Paper-4 Nov 2018

ICAI has prescribed the relevant updates for CA Final Corporate and Economic Laws (CEL) paper for November 2018 examinations. The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued up to 30th April, 2018, are applicable for November, 2018 examination.

Part I: Section A Company Law (Companies Act, 2013 covering chapters 1- 13):

Except the Relevant rules to the extent covered in the August 2017 edition of the Study Material, all other Rules of the Companies Act, 2013 are excluded. Therefore, please refer CA Final RTP Nov 2018.

Part I: Section BSecurities Laws [Chapter 1: The Securities Contract (Regulation)Act, 1956 and the Securities Contract(Regulation)Rules, 1957]:

  • Following Securities Contract (Regulation)Rules, 1957 to the extent covered in the study material, shall only be relevant for the said examinations : 3, 4, 4A, 5, 5A, 6, 7, 8, 12, 13, 14, 15, 16, 17, 17A, 19 & 21.
  • Except the Securities Contract (Regulation) Rules, 1957 given above, all other rules of the Securities Contract (Regulation)Rules, 1957 are excluded.
  • Following sections of the SCRA, 1956- Sections 4A, 13, 14, 18, 20, 25, 26B, 26D, 26E, 29, 31, 32 are excluded.

Part I: Section B Securities Laws [Chapter 2: The Securities Exchange Board of India Act, 1992, SEBI(ICDR) Regulations, 2009 and SEBI (LODR) Regulations, 2015]:

Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g),20, 21, 25, 28 & 33.

Part II: Economic Laws [Chapter 1: The Foreign Exchange Management Act, 1999]:

In specific following FEM(Regulations)/ Rules shall only be applicable to the extent covered in the study material-

  • Foreign Exchange Management (Current Account Transactions) Rules, 2000
  • Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000
  • Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000
  • Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015
  • Foreign Exchange Management (Export of Goods and Services) Regulations, 2015
  • Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000
  • Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2015

Following provisions of the FEMA, 1999 is excluded for the examination- Sections 2(cc) & Section 2(gg), 16(2)- 16(6), 17(3) 17(6), 19 to 34, 37(2) – 37(3), 37A, 45, 46, 47 & 48.

Part II: Economic Laws (Chapter 2 : SARFAESI Act, 2002):

Following provisions are excluded for the examination: Sections 2(1)(a), (c), (d),(g), (ga), (h), (m), (ma), (n), (na),(p),(q), (r), (s), (t), (v), (w), (x), (y), (za), (zb), (zc), (ze), (zg)- (zj), & 2(2)- Definitions, 6(3), 7(2A)- 7(4), 14(2)-14(3), 25(2)- 25(4), 26(2) , 30D(2)- 30(11), 39 to 42.

Part II: Economic Laws (Chapter 3: Prevention of Money Laundering Act, 2002):

  • Following Sections are excluded for examination: 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja), (k), (m),(na), (o), (q), (r), (rc), (s), (sa), (sb), (sc), (t), (va), (z) , (zb) & (2)- Definitions, 6(3)-6(15),7,10,9,11, 16 to 24,35(1),35(3)- 35(5), 36- 37, 39- 40, 46(2)-(3), 49 to 54, 58A-58B,59-60,61,67-68, 73,74 & 75.
  • Rules related to PMLA is excluded in its entirety.

Part II: Economic Laws (Chapter 4: Foreign Contribution Regulation Act, 2010):

  • Rules related to FCRR, 2011 is relevant for November 2018 to the extent covered in the August 2017 edition of the Study Material.
  • Following Sections are excluded for examination: Section 2(1)(a), (b), (c), (d), (e), (f), (k), (l), (o), (p), (q), (s), (t), & (u)- Definitions, 21 – 27 44-45, 49 & 54.

Part II: Economic Laws (Chapter 5: The Arbitration and Conciliation Act, 1996):

The entire content included in the August 2017 edition of the Study Material and the Legislative amendments to the extent covered November, 2018 examinations, shall only be relevant for the said examinations.

The Legislative amendments shall be hosted on the BoS Knowledge Portal through RTP.

Part II: Economic Laws (Chapter 6: The Insolvency and Bankruptcy Code, 2016):

Content of this chapter of the Study Material is covering an overview of the Insolvency and Bankruptcy Code with the broad coverage (not in entirety) of the provisions upto section 59 of the Code.

CA Final Amendments for SCM & PE Paper-5 Nov 2018

ICAI has prescribed the relevant updates for CA Final Strategic Cost Management and Performance Evaluation (SCM & PE) paper for November 2018 examinations. Whenever, ICAI shall announce latest updates for CA Final Paper 5, the same shall be published hereunder.

CA Final Amendments for RM Paper-6A Nov 2018

ICAI has prescribed the relevant updates for CA Final Risk Management (RM) paper for November 2018 examinations.

CA Final Amendments for FSCM Paper-6B Nov 2018

ICAI has prescribed the relevant updates for CA Final Financial Services and Capital Markets (FSCM) paper for November 2018 examinations.

CA Final Amendments for IT Paper-6C Nov 2018

ICAI has prescribed the relevant updates for CA Final International Taxation (IT) paper for November 2018 examinations.

CA Final Amendments for EL Paper-6D Nov 2018

ICAI has prescribed the relevant updates for CA Final Economic Laws (EL) paper for November 2018 examinations.

CA Final Amendments for GFRS Paper-6E Nov 2018

ICAI has prescribed the relevant updates for CA Final Global Financial Reporting Standards (GFRS) paper for November 2018 examinations.

CA Final Amendments for MCS Paper-6F Nov 2018

ICAI has prescribed the relevant updates for CA Final Multidisciplinary Case Study (MCS) paper for November 2018 examinations.

CA Final Amendments for DTL & IT Paper-7 Nov 2018

ICAI has prescribed the relevant updates for CA Final Direct Tax Laws and International Taxation (DTL & IT) paper for November 2018 examinations.

CA Final Amendments for IDTL Paper-8 Nov 2018

ICAI has prescribed the relevant updates for CA Final Indirect Tax Laws (IDTL) paper for November 2018 examinations.

GST Updates for CA Final:

Indirect Tax Laws, the provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 30th April, 2018, are applicable for November, 2018 examinations.

Download GST Notes
(Applicable for Nov 2018)

Update [11-Sept-2018]: From the above, you may download the significant notifications and circulars issued from 16.09.2017 to 30.04.2018 in Goods and Services Tax.

Download Customs Notes
(Applicable for Nov 2018)

 

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2018 Examination
[New Syllabus] (Download in PDF all Updates For CA Final Nov 2018 Exams)

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2018 Examination
[Old Syllabus] (Download in PDF all Updates For CA Final Nov 2018 Exams)

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Pankaj kumar
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Pankaj kumar

Are the para 46 and 46a of as11 applicable for may 2018 ca final exam??

Leena
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Leena

Are the new rates of depreciation as per notification 103/2016 dated 07.11.2016 applicable for November 2017 CA Final exams?

MEENU sharma
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MEENU sharma

Hello sir, thanks for sharing all the updates regarding syllabus applicable for nov 2017. Sir last time I appeared for both groups but could not cleared.. Plz guide me this time shall I go for both groups or single.. If single then which groups keeping in mind changed in Dt and idt.

Akshada Tambat
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Akshada Tambat

Sir can you please provide the statutory updates and notifications and circulars relating to Indirect tax laws issued from 1st November 2016 to 30th April 2017 which are applicable for CA Final November 2017 examinations as the same are not provided in ICAI Revision Test Paper for November 2017 exam.

Harsh Gupta
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Harsh Gupta

There is any effect of demonitisation in DT syllabus

Pankaj
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Pankaj

Thank you. ☺

amit
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amit

thanks for updates sir

Aakash
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Aakash

Nice.. Got lot of help.

Chirag Harwani
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Chirag Harwani

Thanks for guidance.

Shikha
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Shikha

Thanks

B.prudhvi reddy
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B.prudhvi reddy

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

lokesh
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lokesh

thans sir

bharti sharma
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bharti sharma

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

priyanka
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priyanka

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

archana jain
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archana jain

thanks a lot

bhavesh patel
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bhavesh patel

please sir give me all amendment for ca final exam Nov. 2016

chintu
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chintu

Kya karega padke

bhavesh
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bhavesh

Thanks

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