CA Inter Amendments for ICAI Nov 2023 Exams

Download CA Intermediate amendments for Nov 2023 exams as announced by ICAI. Updated notes on Account, Audit, Law, Cost, Tax, EISSM and FMEF.

CA Intermediate Nov 2023: In this article you will find all amendments and updates related to CA Intermediate Nov 2023 examination. CA Intermediate amendment applicable for November 2023. CA Inter updated notes for Nov 2023. ICAI officially announces the relevant publications and materials applicable for Nov 2023 exams.

The next examinations of Chartered Accountancy Intermediate course will be held in November 2023. CA Intermediate May 2024 shall be conducted by ICAI under CA Intermediate New Syllabus. Old Syllabus of CA Inter are applicable for Nov 2023 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 Nov 2023 – Intermediate Examination.

Applicable material for Nov 2023 Exams

SubjectsStudy Material
Accounting SM (Module 1, 2 and 3)September, 2021
+RTP Nov 2023
Accounting PronouncementSeptember, 2021
Corporate and Other Laws – SM Part I and II (Modules 1 & 2)September, 2021
+ RTP Nov, 2023
+ MCQ’s Booklet January 2022
Cost and Management Accounting – SM
(Modules 1 and 2)
September, 2021
Taxation – Section A: Income tax Law – SM
(Module 1, 2 and 3)
May, 2022
+ Statutory update for May 2023 Exams
+ RTP Nov 2023 Exam
Taxation Section B: Indirect Taxes – SM
Module 1 and 2
August, 2021
+ Supplementary July 2022 edition
+ Statutory updates for Nov, 2023 Exam
+ RTP Nov 2023 exam
Advanced Accounting SM (Module 1, 2 and 3)September, 2021
+ RTP Nov 2023
Accounting PronouncementJuly, 2019
Auditing and Assurance SM – Module 1 and 2September, 2021
+ RTP Nov 2023
+ Revision in BOS Publications webhosted on BOS knowledge portal
+ MCQs and Case scenarios booklet
(January 2022 edition)
Auditing PronouncementJuly, 2019
Enterprises Information Sys. SMSeptember, 2021
+ Booklet on MCQs and case scenarios
+ January 2022 edition
+ RTP Nov 2023
Strategic ManagementSeptember, 2021
+ Booklet on MCQs and case scenarios
January 2022 edition
Section A: Financial Management – SM
Module 1 and 2
September, 2021
Section B: Economics for Fin. SMSeptember, 2021

Click here to download applicability of study material issued by ICAI for Nov 2023 CA Intermediate examinations.

Amendments for CA Intermediate Nov 2023 Exam

ICAI Announcement for Updates: Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for Nov, 2023 Examination.

Accounting Paper-1 Amendments

List of Applicable Accounting Standards

  • AS 1 : Disclosure of Accounting Policies
  • AS 2 : Valuation of Inventories
  • AS-3 : Cash Flow Statements
  • AS 10: Property, Plant and Equipment
  • AS 11: The Effects of Changes in Foreign Exchange Rates
  • AS-12: Accounting for Government Grants
  • AS 13: Accounting for Investments
  • AS 16: Borrowing Costs

Applicability of 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 Authorities up to 30th April, 2023 will be applicable for Nov 2023 examination.

Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2023 Examination. The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 30th April, 2023 will be applicable for November, 2023 Examination.

Non-Applicability of Ind AS

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 do not form part of the syllabus and hence are not applicable.

Applicable Paper-1 Study Material

September 2021 Edition of Paper-1 (Accounting) study material is applicable for the coming CA Intermediate May 2023 Examinations.

Corporate and Other Laws Paper-2 Amendments

The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the other laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April, 2023 are applicable for Nov 2023 exams.

September 2021 edition of the Study Material is relevant for Nov, 2023 examinations. The amendments – made after the issuance of this Study Material – to the extent covered in the RTP for Nov 2023 examinations shall also be relevant for the said examinations.

ICAI Announcement for Nov 2023 Exams:

Click here to download amendments in Paper-2: Corporate and Other Laws relevant for Nov 2023 examinations.

Part I: Company Law

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April, 2023 are applicable for November 2023 examination.

  1. Companies Act, 2013 (Sections 1 to 148):
    1. Inclusions:
      • The entire content included in the September 2021 edition of the Study Material and the Legislative amendments given in the RTP for May, 2023, shall only be relevant for the said examinations.
    2. Exclusions:
      • Chapter-3 (Prospectus and Allotment of Securities): Sections 24, 30, 33, 38 & 41;
      • Chapter-4 (Share Capital and Debentures): Sections 44, 45, 60, 65 and 72;
      • Chapter-5 (Acceptance of Deposits by Companies): Section 75;
      • Chapter-6 (Registration of Charges): Sections 81 and 85; and
      • Also, the Legislative amendments to be hosted on the official website icai.org for May 2023 examinations, shall also be relevant for the said examinations.

Part II: Other Laws

  1. The Indian Contract Act, 1872 (Specific contracts from section 123 onwards)
    • Inclusions:
      • Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).
      • The entire content included in the September 2021 edition of the Study Material and the RTP for May, 2023, shall only be relevant for the said examinations.
  2. The Negotiable Instruments Act, 1881
    • Inclusions:
      • The entire content included in the September 2021 edition of the Study Material and the Legislative amendments given in the RTP for May, 2023 shall only be relevant for the said examinations.
  3. The General Clauses Act, 1897
    • Inclusions:
      • Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).
  4. Interpretation of Statutes
    • Inclusions:
      • Content of this chapter of the Study Material since covers the significant rules and principles of interpretation in a broad manner. Therefore, the content of the chapter as included in the September 2021 edition of the study material shall form the base for May 2023 examination.

Applicable Paper-2 Study Material

September 2021 Edition of Paper-2 (Corporate and Other Laws) study material and Booklet on MCQs and of Case Scenarios are applicable for CA Intermediate Nov 2023 Exams. The amendments made after the issuance of this Study Material for the period of 1st May 2021 to 30th April, 2023 are also relevant for Nov 2023 examinations.

Cost and Management Accounting Paper-3 Amendments

Applicable Paper-3 Study Material

September 2021 Edition of Paper-3 CMA (Cost and Management Accounting) study material is applicable for CA Intermediate Nov 2023 Exams.

You should also revise your syllabus and practice more with the help of Revision Test Papers issued for Nov 2023 term of exams and test your knowledge by both series of Mock Test Papers. Refer suggested answers of last 5 terms before appearing to the CA Intermediate exams to be held in the month of Nov, 2023.

Income Tax Law Paper-4A Amendments

Finance Act 2022 is applicable for CA Inter Nov 2023. Amendments made till 30th April, 2023 is relevant for CA Intermediate Nov 2023 exams. Financial Year (FY) 2022-23 and Assessment Year (AY) 2023-24 is relevant for November 2023 term of CA Intermediate examinations.

The provisions of income-tax law, as amended by the Finance Act, 2022 including significant circulars and notifications issued upto 30-April-2023 are applicable for Nov 2023 examination. The relevant assessment year for income-tax is A.Y. 2023-24.

The May, 2022 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2022, is relevant for Nov, 2023 examination

Statutory Update for for Nov, 2023 examination:

  • Statutory Update for Sec-A: Income-tax Law for Nov, 2023 examination.
  • Statutory Update for Sec-B: Indirect Taxes for Nov, 2023 examination.

GST Indirect Tax Law Paper-4B Amendments

ICAI has uploaded the required statutory update for Section-B Indirect Taxes for CA Inter exams Nov 2023.

  • Study Guidelines for Sec-B: Indirect Taxes for Nov 2023 examination

Applicability of the provisions of GST law for Nov, 2023 Examination

For Nov 2023 examination, the provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2022, including significant notifications and circulars issued and other legislative amendments made, up to 30.04.2023 are applicable.

List of topic-wise exclusions from the syllabus

SL. No. in the syllabus, topics of the syllabus and provisions which are excluded from the corresponding topic of the syllabus:-

  1. 2(ii)(c) Charge of tax including reverse charge
    • CGST Act, 2017
      • Rate of tax prescribed for supply of goods*
      • Rate of tax prescribed for supply of services*
      • Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3)
    • IGST Act, 2017
      • Rate of tax prescribed for supply of goods
      • Rate of tax prescribed for supply of services
      • Categories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)
      • Determination of nature of supply – Inter-State supply; Intra-State supply; Supplies in territorial waters
      • Special provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services
  2. 2(ii)(d) Exemption from tax CGST Act, 2017 & IGST Act, 2017
    • (i) Exemptions for supply of goods
  3. 2(iii) Basic concepts of time and value of supply: CGST Act, 2017 & CGST Rules, 2017
    • (i) Provisions relating to change in rate of tax in respect of supply of goods or services
    • (ii) Chapter IV: Determination of Value of Supply [Rules 27-35] of CGST Rules, 2017
  4. 2(iv) Input tax credit: CGST Act, 2017 read with CGST Rules, 2017
    • (i) Manner of determination of input tax credit in respect of inputs or input services and reversal thereof [Rule 42]
    • (ii) Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases [Rule 43]
    • (iii) Input tax credit provisions in respect of inputs and capital goods sent for job work
    • (iv) Input tax credit provisions relating to distribution of credit by Input Service Distributor [ISD]
    • (v) Manner of recovery of credit distributed in excess
    • (vi) Manner of reversal of credit of additional duty of customs in respect of Gold dore bar.
  5. 2(ix) Payment of tax: CGST Act, 2017
    • (i) Tax deduction at source.
    • (ii) Collection of tax at source.

*Rates specified for computing the tax payable under composition levy are included in the syllabus.

Notes:

  1. Applicability of the Finance Act, 2022

    The amendments made by the Annual Union Finance Acts in the CGST Act, 2017 and IGST Act, 2017 are made effective from the date notified subsequently. Thus, only those amendments made by the Finance Act, 2022 which have become effective till 30.04.2023 are applicable for Nov 2023 examinations. Remaining amendments made by the Finance Act, 2022 are not applicable for Nov 2023 examinations.
  2. The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.
  3. August 2021 edition of the Study Material is relevant for Nov 2023 examinations. The amendments in the GST law – made after the issuance of this Study Material – to the extent covered in the Statutory Update for Nov 2023 examination alone shall be relevant for the said examination.

Applicable Paper-4 Study Material

August 2021 Edition of Paper-4 (Taxation) study material is applicable for CA Intermediate Nov 2023 exams. You may click here to download latest edition of MCQs applicable for CA Inter Nov 2023 examinations.

Advanced Accounting Paper-5 Amendments

List of Applicable Accounting Standards

  • 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-7: Construction Contracts
  • AS-9: Revenue Recognition
  • AS-14: Accounting for Amalgamations
  • AS-17: Segment Reporting
  • AS-18: Related Party Disclosures
  • AS-19: Leases
  • AS-20: Earnings Per Share
  • AS-22 Accounting for Taxes on Income
  • AS-24: Discontinuing Operations
  • AS-26: Intangible Assets
  • AS-29: Provisions, Contingent Liabilities and Contingent Assets.

Companies Act 2013 Updates

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 30th April 2023 will be applicable for Nov, 2023 Examination.

You may read the reference book for Quick Revision on topics like AS, Partnership Accounts and Accounting for ESOPs.

Non-Applicability of Ind AS

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 do not form part of the syllabus and hence are not applicable.

Applicable Paper-5 Study Material

September 2021 Edition of Paper-5 (Advanced Accounting) study material is applicable for your next CA Inter Nov 2023 Examinations.

Auditing and Assurance Paper-6 Amendments

You may also download reference eBook for quick revision purpose compiled from CA students Journals and uploaded by ICAI on official website www.icai.org.

List of topic-wise inclusion in the syllabus

  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 299: Joint Audit of Financial Statements(Revised)
  9. SA 300: Planning an Audit of Financial Statements
  10. SA 315: Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
  11. SA 320: Materiality in Planning and Performing an Audit
  12. SA 500: Audit Evidence
  13. SA 501: Audit Evidence – Specific Considerations for Selected Items
  14. SA 505: External Confirmations
  15. SA 510: Initial Audit Engagements-Opening Balances
  16. SA 520: Analytical Procedures
  17. SA 530: Audit Sampling
  18. SA 550: Related Parties
  19. SA 560: Subsequent Events
  20. SA 570: Going Concern (Revised)
  21. SA 580: Written Representations
  22. SA 610: Using the Work of Internal Auditors (Revised)
  23. SA 700: Forming an Opinion and Reporting on Financial Statements (Revised)
  24. SA 701: Communicating Key Audit Matters in the Independent Auditor’s Report (New)
  25. SA 705: Modifications to the Opinion in the Independent Auditor’s Report (Revised)
  26. SA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)
  27. SA 710: Comparative Information – Corresponding Figures and Comparative Financial Statements

Applicability of the Amendments to Schedule III to the Companies Act 2013

The Central Government made certain amendments in Schedule III to the Companies Act, 2013 (vide Notification dated 24th March, 2021), with effect from 1st day of April, 2021. These amendments to Schedule III are applicable for Nov, 2023 Examination.

Applicability of the Companies Act 2013

(i) The September 2021 Edition of the Study Material on Intermediate Paper 6: Auditing and Assurance [comprising of 2 Modules – Modules 1 – 2] is relevant for Nov 2023 examinations. This is an integrated Study Material cum Practice Manual.

Students are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. For instance, for Nov, 2023 examination, significant notifications and circulars issued upto 30-Apr-2023 would be relevant.

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 2023 will be applicable for Nov, 2023 Examination.

It may be noted that the significant notifications and circulars issued up to 30th April 2023, which are not covered in the September, 2021 Edition of the Study Material, would be given as Academic Update in the Revision Test Paper for Nov, 2023 Examination.

(ii) Companies (Auditor’s Report) Order, 2020 [CARO 2020] issued by Ministry of Corporate Affairs is applicable for Nov 2023 Examination.

List of topic-wise exclusion in the syllabus

  1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013) excluded.
  2. Following Engagements and Quality Control Standards on Auditing excluded
    • SA 260: Communication with Those Charged with Governance (Revised)
    • SA 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
    • 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 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
    • SA 600: Using the Work of Another Auditor
    • SA 620: Using the Work of an Auditor’s Expert
    • SA 720: The Auditor’s Responsibilities Relating to Other Information
  3. Following Guidance Notes are excluded
    • Guidance Note on Audit of Inventories.
    • Guidance Note on Audit of Debtors, Loans and Advances.
    • Guidance Note on Audit of Investments.
    • Guidance Note on Audit of Cash and Bank Balances.
    • Guidance Note on Audit of Liabilities.
    • Guidance Note on Audit of Revenue.
    • Guidance Note on Audit of Expenses.
    • Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

Applicable Paper-6 Study Material

September 2021 Edition of Paper-6 (Auditing and Assurance) study material is applicable for CA Intermediate Nov 2023 Exams.

EIS & SM Paper-7 Amendments

CA Institute has hosted the MCQs and Case Scenarios Booklet for Section-A (EIS) and Section-B (SM). Don’t forget to go though the Mock Test Papers (MTP) and Revision Test Papers (RTP) for Enterprise Information Systems & Strategic Management.

Applicable Paper-7 Study Material

September 2021 Edition of Paper-7 (Enterprise Information Systems & Strategic Management) study material is applicable for CA Intermediate Nov 2023 Examinations.

FM & Eco Finance Paper-8 Amendments

There is no academic updates for the last paper FM (Financial Management) and EF (Economics for Finance). You may use RTP for Paper-8 which covers relevant questions that would be relevant for your coming exams.

ICAI has uploaded the referencer for quick revision of FM and Eco paper.

Applicable Paper-8 Study Material

September 2021 Edition of Paper-8 (Financial Management & Economics for Finance) study material is applicable for CA Intermediate Nov 2023 Exams.


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