Applicability of amendment/standards for may2016 examination

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2016 – Intermediate (IPC) Examination
Paper 1: Accounting
Accounting Standards
AS 1 : Disclosure of Accounting Policies
AS 2 : Valuation of Inventories
AS 3 : Cash Flow Statements
AS 6 : Depreciation Accounting
AS 7 : Construction Contracts (Revised 2002)
AS 9 : Revenue Recognition
AS 10 : Accounting for Fixed Assets
AS 13 : Accounting for Investments
AS 14 : Accounting for Amalgamations
Paper 5: Advanced Accounting
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 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.
Note Regarding Applicability for Paper 1 and Paper 5: The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2015 will be applicable for May, 2016 Examination
Non-Applicability of Ind ASs for May, 2016 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, 2015, 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). Students may note that these Ind ASs are not applicable for May, 2016 Examination.
Paper 2: Business Laws, Ethics and Communication
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 31st October, 2015. For updates, see https://www.mca.gov.in/
The Companies (Amendment) Act, 2015 : This amendment Act is an Act to amend the Companies Act, 2013 notified in the Official gazette by the Ministry of Law and Justice on 26th May, 2015. VideNotification dated 29th May 2015, Central Government declared the date of enforcement of provisions of sections 1 to 12 and 15 to 23 of the Companies (Amendment) Act, 2015. For relevant sections, see detail at https://www.mca.gov.in/Ministry/pdf/AmendmentAct_2015.pdf
The Negotiable Instruments (Amendment) Second Ordinance, 2015 : In exercise of the powers conferred by Article123(1) of the Constitution, the President promulgated the ordinance called the Negotiable Instruments(Amendment) Second Ordinance, 2015 with effect from 15th June, 2015. Amendments is made with an object to address the difficulties faced by the payee or the lender of the money in filing cases under section 138 of the said Act, because of which large, large number of cases are stuck, so the jurisdiction for offence under section 138 has been clearly defined. For detail click the following link-
file:///C:/Users/user/Desktop/Negotiable%20Instruments%20(A)%20second%20Ordinance.pdf
Non-applicability of the following sections of the Companies Act, 2013
S.No.
Section No.
Section title
1.
Section 48
Variation of shareholders’ right
2.
Section 66
Reduction of share capital
3.
Section 75
damages for fraud
4.
Section 97
Power of tribunal to call AGM
5.
Section 98
Power of Tribunal to call meetings of members, Etc.
6.
Section 99
Punishment for default in complying with provisions of sections 96 to 98
Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for May, 2016 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2015, including circulars and notifications issued upto 31st October, 2015, are applicable for May, 2016 examination. The relevant assessment year for income-tax is A.Y. 2016-17.
Paper 6: Auditing and Assurance
I. Standards on Auditing (SAs)
S.No
SA
Title of Standard on Auditing
1
SA 200
Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
2
SA 210
Agreeing the Terms of Audit Engagements
3
SA 220
Quality Control for Audit of Financial Statements
4
SA 230
Audit Documentation
5
SA 240
The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
6
SA 250
Consideration of Laws and Regulations in An Audit of Financial Statements
7
SA 260
Communication with Those Charged with Governance
8
SA 265
Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
9
SA 299
Responsibility of Joint Auditors
10
SA 300
Planning an Audit of Financial Statements
11
SA 315
Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
12
SA 320
Materiality in Planning and Performing an Audit
13
SA 330
The Auditor’s Responses to Assessed Risks
14
SA 402
Audit Considerations Relating to an Entity Using a Service Organization
15
SA 450
Evaluation of Misstatements Identified during the Audits
16
SA 500
Audit Evidence
17
SA 501
Audit Evidence - Specific Considerations for Selected Items
18
SA 505
External Confirmations
19
SA 510
Initial Audit Engagements-Opening Balances
20
SA 520
Analytical Procedures
21
SA 530
Audit Sampling
22
SA 540
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
23
SA 550
Related Parties
24
SA 560
Subsequent Events
25
SA 570
Going Concern
26
SA 580
Written Representations
27
SA 600
Using the Work of Another Auditor
28
SA 610
Using the Work of Internal Auditors
29
SA 620
Using the Work of an Auditor’s Expert
30
SA 700
Forming an Opinion and Reporting on Financial Statements
31
SA 705
Modifications to the Opinion in the Independent Auditor’s Report
32
SA 706
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
33
SA 710
Comparative Information – Corresponding Figures and Comparative Financial Statements
34
SA 720
The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
II. Statements
Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).
III. Guidance Notes
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
IV Applicability of the Companies Act, 2013:
(i) 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 31st October, 2015.
(ii) Companies (Auditor’s Report) Order, 2015 issued by Ministry of Corporate Affairs on 10th April, 2015 is applicable for May, 2016 Examination.