Source : ICAI E- Journal March 2011
The major changes made in the January 2011 edition of the Study Materials are given hereunder
Paper Subject Significant changes made in the Jan 2011 edition of the Study Material
1. Financial Reporting Chapter 1 on "Accounting Standards and Guidance Notes" has
been revised in line with the latest applicable Accounting
Standards and Guidance Notes.
Chapter 2 on "IAS, IFRS, their interpretations & US GAAPs - An
Overview" has been revised in line with the latest amendments
in IFRS and its interpretations.
Chapter 8 on "Financial Reporting for Financial Institutions" has
been updated in line with -
(i) SEBI (Mutual Funds) (Amendment) Regulations, 2010;
(ii) Non-Banking Financial (Deposit Accepting or Holding)
Companies Prudential Norms
(Reserve Bank) Directions, 2007 and circulars issued from
time to time;
(iii) SEBI (Merchant Bankers) (Amendment) Regulations, 2010;
(iv) S E B I ( S t o c k b r o k e r s a n d S u b - b r o k e r s ) (Ame n dme n t )
Regulations, 2010; and
(v) SEBI (Intermediaries) Regulations, 2008.
2. Strategic Financial The following chapters in the Study Material have been thoroughly
Management revised -
Chapter 1 - "Financial Policy and Corporate Strategy"
Chapter 2 - "Project Planning and Capital Budgeting"
Chapter 3 - "Leasing decision"
Chapter 4 - "Dividend Decisions"
Chapter 5 - "Indian Capital Market"
Chapter 7 - "Portfolio Theory"
Chapter 9 - "Mutual Funds"
Chapter 12 - "Foreign Exchange Exposure and Risk Management"
Chapter 13 - "Mergers, Acquisitions and Restructuring".
3. Advanced Auditing and The following chapters have been updated in line with the latest
Professional Ethics standards on auditing -
Chapter 1 on "Auditing Standards, Statements and Guidance Notes
- An overview",
Chapter 2 on "Audit Strategy Planning and Programming",
Chapter 3 on "Risk Assessment and
-- Internal Control" (including
Salient Feature of Sarbanes Oxley Act, 2002 as an annexure),
Chapter 5 on "Special Audit Techniques" and
Chapter 8 on "Audit Report"
Fu r t h e r, C h a p t e r 1 4 o n "Au d i t o f No n B a n k i n g Fi n a n c i a l
Companies" has been updated as per the latest notifications and
circulars issued by RBI.
Also, Chapter 15 on "Audit under Fiscal Laws" has been updated
based on the law as amended by the Finance Act 2010.
SIn addition, Chapter 21 on "Peer Review" and Chapter 22 on "Code
of Ethics" have also been updated.
Text of all latest Standards on Auditing have also been given
separately in Volume II.
4. Corporate and Allied Laws The following Chapters have been revised -
Chap. Chapter heading Revision effected
13. E- Governance " Director Identification
Number (DIN)
" List of E-Forms
15. Corporate Secretarial " Topic 15.1 i.e. "Certain
Practice - Drafting of Companies to have
Resolutions, Minutes, Secretaries"
Notice and Report
16. The Securities And " SEBI (Issue of Capital and
Exchange Board of India Disclosure
(SEBI) Act, 1992 - Unit II Requirements)
Regulations, 2009
amended upto 13th
April, 2010
18. Foreign Exchange
Management Act, 1999 " Current Account
Transactions
" Acquisition and transferImmovable Property in
India
" Acquisition and transfer
of Immovable Property
outside India
" Export of goods and
services
" Compounding of
offences
5. Advanced Management There are no significant changes in the latest edition of the Study
Accounting Material.
6. Information Systems and Chapter 4 on Testing- General and Automated Controls has been
Control Audit revised from the audit/controls perspective.
In Chapter 8 on Information Systems Auditing Standards,
Guidelines, Best Practices, older version of COBIT has been
replaced by the latest version i.e. COBIT 4.1 and BS 7799 has
been replaced by IS0 27001.
7. Direct Tax Laws & Indirect tax laws-the new study materials are based on the law amended by the Finance Act, 2010 and significant circulars/notifications issued
upto 30.4.2010. The relevant assessment year for Direct Tax Laws
is A.Y.2011-12. Therefore, these study materials are specifically
relevant for May 2011 and November 2011 examinations.
Note - The amendments made by circulars/notifications issued
between 1.5.2010 and 31.10.2010 are contained in the RTP for
May 2011 examination, which has also been hosted on the BOS
knowledge portal of the Institute's website.
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