CA Intermediate amendments for May 2018 are officially announced. New Syllabus of CA IPCC are applicable for May 2018 examination. The next examinations of Chartered Accountancy Intermediate course will be held in May 2018 for the first time.
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 2018 – Intermediate Examination.
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CA Intermediate Paper 1: Accounting (New Course)
List of Applicable Accounting Standards:
Following are the relevant amended AS which are applicable for CA Intermediate new course examination.
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 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
AS 17: Segment Reporting
AS 22: Accounting for Taxes on Income
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 31st October, 2017 will be applicable for May, 2018 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.
CA Intermediate Paper 2: Corporate and Other Laws
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 31st October, 2017, are applicable for May, 2018 examination.
CA Intermediate Paper 4: Taxation
Section-A (Income-tax Law):
Applicability of the Finance Act, Assessment Year etc. for May, 2018 Examination The provisions of income-tax law, as amended by the Finance Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2017, are applicable for May, 2018 examination. The relevant assessment year for income-tax is A.Y. 2018-19. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure I.
Section-B (Indirect Taxes):
Applicability of the provisions of GST law for May, 2018 Examination The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2017, are applicable for May, 2018 examination. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure II.