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CA IPCC Amendments Nov 2018 | Account Audit Tax Law ITSM

Download CA IPCC amendments Nov 2018 exams in PDF officially announced by ICAI. Applicable Accounting Standards, Guidance Notes, updated notes.

Download CA IPCC amendments applicable for Nov 2018 examinations. These CA Intermediate (IPC) updates are applicable for old course only. The next examinations of CA IPCC will be held in Nov, 2018 and therefore the Institute of Chartered Accountants of India (ICAI) has announced the applicability of Standards, Guidance Notes and Legislative Amendments etc. for Nov, 2018 – IPCC Examination.

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, 2018 – CA Intermediate (IPC) Examination.

If you are appearing under new syllabus then please click here to see latest amendments and updates applicable for CA Intermediate Nov 20018 exams.

Study Materials for CA IPCC Nov 2018 Exams

CA INTERMEDIATE (IPC)
Edition Applicable for Nov 2018 Exams
Accounting
Study Material (Module 1 to 2)
July, 2015 along with RTP Nov 2018
Practice Manual
April, 2016 + RTP Nov 2018
Business Laws & Ethics and Communication
Study Material (Module 1 to 3)
July, 2015 along with RTP Nov, 2018
Practice Manual
April, 2016
Supplementary BLEC
June, 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
Section A – Income Tax
Study Material for New Course Intermediate Paper 4A will be applicable for Existing Intermediate (IPC) also with the exception of two topics:
A) Tax Collection at Source – Basic concept
in pages 9.60 to 9.65 in Chapter 9; and
B) Self-Assessment in page 10.28 in Chapter 10.
Study Material incorporates questions from Practice Manual and amendments.
The amendments applicable have also been covered in the respective chapters (2, 4, 5 and 6) webhosted at the BOS Knowledge Portal.
RTP for Nov 2018 will contain Statutory update.
Section B – Indirect Taxes
Study Material for New Course Intermediate
Paper 4B: Indirect Taxes will be applicable for existing Intermediate (IPC) course also.
July 2017 (Edition) alongwith Statutory update for Nov 2018 examinations will be hosted on the BOS knowledge Portal.
Advanced Accounting
Study Material (Module 1 to 3)
July, 2015 + RTP Nov 2018
Practice Manual
April, 2016
Auditing and Assurance
Study Material (Module 1 to 2)
July, 2015 + RTP Nov, 2018
SM Auditing Pronouncement
July, 2017 edition for Intermediate Course (New)
Practice Manual
April, 2016
Information Technology Section-A
Study Material
July, 2015 along with RTP Nov, 2018
Practice Manual
June, 2017
Strategic Management Section-B
Study Material
July 2014
Practice Manual
April, 2016

CA Intermediate RTP | CA IPCC RTP Nov 2018 | Revision Test Papers

Paper 1: Accounting

Accounting Standards:

The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 [G.S.R. 364(E) w.e.f. 30.03.2016]. Following accounting standards shall be applicable for paper-1 CA IPCC Nov 2018 examinations.

AS 1: Disclosure of Accounting Policies [Download Now]
AS 2: Valuation of Inventories [Download Now]
AS 3: Cash Flow Statements [Download Now]
AS 6: Depreciation Accounting (Omitted w.e.f. 1-4-2016)
AS 7: Construction Contracts [Download Now]
AS 9: Revenue Recognition [Download Now]
AS 10: Property, Plant and Equipment [Download Now]
AS 13: Accounting for Investments [Download Now]
AS 14: Accounting for Amalgamations [Download Now]

Note: Amendments made by the MCA in certain Accounting Standards on 30.3.2016 are also applicable for Nov, 2018 examination. Above download link is provided from MCA itself as on 16-JAN-2018 and therfore includes all updates if any.

The revisions in AS 2, AS 10, AS 13 and AS 14 are relevant for Students appearing in CA IPCC Nov 2018 Examinations. 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, 2018 Examination.

Download Study Material and Practice Manual

ICAI has also announced that supplementary material on AS 10 (Revised) shall be applicable in CA Intermediate (IPC) Nov 2018 examination.

Paper 5: Advanced Accounting

Accounting Standards:

Following accounting standards shall be applicable for paper-5 CA IPCC Nov 2018 examinations.

AS 4: Contingencies and Events occurring after the Balance Sheet Date [Download Now]
AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies [Download Now]
AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003) [Download Now]
AS 12: Accounting for Government Grants [Download Now]
AS 16: Borrowing Costs [Download Now]
AS 19: Leases [Download Now]
AS 20: Earnings Per Share [Download Now]
AS 26: Intangible Assets [Download Now]
AS 29: Provisions, Contingent Liabilities and Contingent Assets [Download Now]

Note: Amendments made by the MCA in certain Accounting Standards on 30.3.2016 are also applicable for Nov, 2018 examination. The above download link has already included that updates.

The revisions in AS 4, AS 14 and AS 29 are applicable for Students appearing for Paper 5 “Advanced Accounting” in Nov, 2018 Examinations. Those students who have July 2015 Edition of Paper 5 Advanced Accounting are advised to refer the CA IPCC RTP for Nov, 2018 Examination.

Common Note for Paper 1 and Paper 5 Applicability

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 Authority up to 30th April, 2018 will be applicable for Nov, 2018 Examination.

Companies (Accounting Standards) Rules, 2006:

Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 are applicable for CA IPCC Nov, 2018 examination. The Ministry of Corporate Affairs (MCA) has notified Companies (Accounting Standards) Amendment Rules, 2016 vide Notification No. G.S.R. 364(E) dated 30.03.2016.

MCA has omitted AS 6, Depreciation Accounting and amended the following Accounting Standards issued under Companies (Accounting Standards) Rules, 2006:

  • AS 2, Valuation of Inventories
  • AS 4, Contingencies and Events Occurring After the Balance Sheet Date
  • AS 10, Property, Plant and Equipment
  • AS 13, Accounting for Investments
  • AS 14, Accounting for Amalgamations
  • AS 21, Consolidated Financial Statements [Not covered at Intermediate (IPC) level]
  • AS 29, Provisions, Contingent Liabilities and Contingent Assets.

Non-Applicability of Ind AS for Nov, 2018 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 IPCC Nov, 2018 examinations. Thus, these
Ind AS have not been made applicable for CA IPCC Nov, 2018 Examination.

Paper 2: Business Laws, Ethics and Communication

The Companies Act, 2013:

The relevant sections of the Companies Act, 2013, notified up to 30th April, 2018 are applicable for CA IPCC Nov, 2018 examination. Significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by MCA.

The laws covered under the business laws, as amended by concerned authority, including significant notifications and circulars issued up to 30-April-2018, are applicable for Nov, 2018 examination.

Buy Companies Act in PDF for Nov 2018
(Updated till 30-April-2018)
Download will Start Automatically.

 Paper 4: Taxation

Applicability of the Finance Act, Assessment Year etc. for CA IPCC November, 2018 examination.

Section A (Income-tax):

The provisions of income-tax law, as amended by the Finance Act, 2017 are applicable for CA IPCC Nov 2018 exams. Significant circulars and notifications issued and other legislative amendments made upto 30th April, 2018 are applicable for Nov, 2018 examination.

Assessment year 2018-2019 is relevant for CA IPCC Nov 2018 exams. That means, the relevant assessment year for income-tax is A.Y. 2018-19. You may download the Study Guidelines containing the list of topic-wise exclusions from the syllabus of Income Tax from the link below.

List of topic-wise exclusions from the syllabus of Section A Income Tax

Section B (Indirect Taxes):

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 Nov, 2018 examination. The Study Guidelines containing the list of topic-wise exclusions from the syllabus of Indirect tax is available for download.

List of topic-wise exclusions from the syllabus of Section B Indirect Tax

Goods and Services Tax (GST):

The Council of ICAI has decided that Goods and Services Tax (GST) will be examined in Part II: Indirect Taxes of Paper 4: Taxation of Intermediate (IPC) Course for Nov, 2018 examination.

GST will be examined in Nov, 2018 IIPC examination in Section B – Indirect Taxes of Paper 4: Taxation (carrying 50 Marks) under old scheme of education and training. Detailed syllabus of Section B – Indirect Taxes of Paper 4: Taxation under old scheme of education and training is provided in Annexure A.

Further, GST will be examined in Nov, 2018 Intermediate examination in Section B – Indirect Taxes of Paper 4: Taxation (carrying 40 Marks)under new scheme of education and training. Detailed syllabus of Section B – Indirect Taxes of Paper 4: Taxation under new scheme of education and training is hosted at official website of ICAI Resources.

Study Materials:

Announcement for November 2018 IIPCE – Study Material applicable for IIPCC Paper 4: Taxation – (28-09-2017) – Students of IIPCC, appearing in November 2018 examinations, may note that the new Study Material for Intermediate Paper 4: Taxation under the Revised Scheme of Education and Training is relevant for IIPCC Paper 4: Taxation as well, with the exception of the following topics in Section A: Income-tax Law discussed under the following headings –

  • “8. Tax Collection at Source – Basic Concept [Section 206C]” in pages 9.60 to 9.65 in Chapter 9
  • “19. Self-Assessment” in page 10.28 in Chapter 10

Consequently, the summary of the above two topics forming part of “Let us recapitulate” at the end of these chapters is also not relevant for IIPCC Paper 4: Taxation.

It may be noted that the content of Section A of the Study Material is based on the income-tax law as amended by the Finance Act, 2017. The relevant assessment year is A.Y.2018-19.

The Study Guidelines, containing the list of topic-wise exclusions from the syllabus of New Intermediate Course Paper 4: Taxation, Section A: Income-tax law, given in pages ix – xix forming part of the initial pages of Module 1 of the Study Material, is applicable for IIPCC Paper 4: Taxation Section A Income-tax, also. In effect, the provisions/ sections given in the Study Guidelines will be excluded from the syllabus of IIPCC Paper 4 Taxation, as well.

Section B: Indirect Taxes comprises of GST, the syllabus for which is the same in both old course and new course, and hence, the Study Material for new course is applicable for the old course.

Students may note that the marks allocation for Sections A & B is 50:50 in CA IPCC Paper 4: Taxation and 60:40 in new Intermediate Paper 4: Taxation.

Study Material relevant for November, 2018 examinations

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.

Download Study Material and Practice Manual

Paper 6: Auditing and Assurance

Following are the lists of 34 Engagements and Quality Control Standards on Auditing which are applicable in CA IPCC Nov, 2018 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 (Revised)
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 (Revised)
SA 580: Written Representations
SA 600: Using the Work of Another Auditor
SA 610 : Using the Work of Internal Auditors (Revised)
SA 620: Using the Work of an Auditor’s Expert
SA 700: Forming an Opinion and Reporting on Financial Statements (Revised)
SA 701: Communication Key Audit Matters in the Independent Auditor’s Report (New)
SA 705: Modifications to the Opinion in the Independent Auditor’s Report (Revised)
SA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)
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 Nov, 2018 Examination.

Guidance Notes:

Following guidance notes shall be applicable for CA IPCC Nov 2018 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 May, 2018 will be applicable for CA IPCC Nov, 2018 Examination. For other legislative amendments including relevant Notifications, Circulars, Rules and Guidelines issued by Regulating Authority the cut-off date will be 30th April, 2018.

Companies (Auditor’s Report) Order, 2016 [CARO-2016] issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for Nov 2018 Examination.

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