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 up to

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. Vide Notification 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

Sl 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 up to 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)

Sl 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.