CA Final Applicable Amendments, Standards, Notes for Nov 2017. ICAI Issued List of all Amendments, Standards, Guidance Notes Applicable for CA Final Nov 2017 Exams. Recently ICAI Issued CA Final Exam Time Table for Nov 2017 very soon, And we already provided CA Final Result Expected Date for May 2017 Exams, Now Students Planning to Preparation for Nov 2017 Exams but due to change in companies act all students Face Problem for amendments. Here we are providing all CA Final List of Applicable Amendments, Standard, Guidance Notes for Nov 2017 Exams. we also Provide Supplementary Study Material, Practice Manual for Nov 2017 Exams and Revision of Syllabus for Nov 2017 Exams in My Last Articles. Now you can scroll down below and Find Complete details for CA Final Applicable Amendments, Standards Nov 2017
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|CA Final Result May 2017||CA IPCC Result May 2017|
CA Final Applicable Amendments, Standards Nov 2017
Paper 1: CA Final FR Amendments for Nov 2017
- CA Final Financial Reporting Important Updates for Nov 2017
- CA Final Financial Instruments Summary of Ind AS 32,107,109
I. Framework for the Preparation and Presentation of Financial Statements.
II. Accounting Standards
|AS No.||AS Title|
|1||Disclosure of Accounting Policies|
|2||Valuation of Inventories|
|3||Cash Flow Statements|
|4||Contingencies and Events Occurring after the Balance Sheet Date|
|5||Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies|
|7||Construction Contracts (Revised 2002)|
|10||Accounting for Fixed Assets|
|11||The Effects of Changes in Foreign Exchange Rates (Revised 2003)|
|12||Accounting for Government Grants|
|13||Accounting for Investments|
|14||Accounting for Amalgamations|
|18||Related Party Disclosures|
|20||Earnings Per Share|
|21||Consolidated Financial Statements|
|22||Accounting for Taxes on Income|
|23||Accounting for Investment in Associates in Consolidated Financial Statements|
|25||Interim Financial Reporting|
|27||Financial Reporting of Interests in Joint Ventures|
|28||Impairment of Assets|
|29||Provisions, Contingent Liabilities and Contingent Assets|
III. Guidance Notes on Accounting Aspects
- Guidance Note on Accrual Basis of Accounting
- Guidance Note on Accounting Treatment for Excise Duty.
- Guidance Note on Terms Used in Financial Statements.
- Guidance Note on Accounting Treatment for MODVAT/CENVAT.
- Guidance Note on Accounting for Corporate Dividend Tax.
- Guidance Note on Accounting for Employee Share-based Payments.
- Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
- Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
- Guidance Note on Applicability of AS 25 to Interim Financial Results.
- Guidance Note on Turnover in case of Contractors.
- Guidance Note on the Schedule III to the Companies Act, 2013.
- Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
- Guidance Note on Accounting for Derivative Contracts.
- Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013
- Guidance Note on Accounting for Real Estate Transactions (Revised 2012)
IV Applicability of the Companies Act, 2013 and other Legislative Amendments
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, 2017 will be applicable for November, 2017 Examination.
Applicability of Indian Accounting Standard (Ind AS)
The students are expected to have an overall knowledge of the contents covered in the topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” which is Chapter 2 of the Study Material.
- However, considering the extensive coverage of the contents covered in this topic, small simple problems involving conceptual or application issues may be asked in the examination.
- It may be noted that the existing Accounting Standards will continue to be applicable for November, 2017 examination for all chapters except Chapter 2 as mentioned above and Chapter 6 on ‘Accounting and Reporting of Financial Instruments’ which would be based on Ind AS 32, 107 and 109.
VI. Applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015
Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are applicable for November, 2017 examination.
Paper 3: Advanced Auditing and Professional Ethics
- Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
- Framework for Assurance Engagements
II.Engagements and Quality Control Standards on Auditing
|S.No||SA||Title of Standard on Auditing|
|1||SQC 1||Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements|
|2||SA 200||Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing|
|3||SA 210||Agreeing the Terms of Audit Engagements|
|4||SA 220||Quality Control for Audit of Financial Statements|
|5||SA 230||Audit Documentation|
|6||SA 240||The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements|
|7||SA 250||Consideration of Laws and Regulations in An Audit of Financial Statements|
|8||SA 260||Communication with Those Charged with Governance|
|9||SA 265||Communicating Deficiencies in Internal Control to Those Charged with Governance and Management|
|10||SA 299||Responsibility of Joint Auditors|
|11||SA 300||Planning an Audit of Financial Statements|
|12||SA 315||Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment|
|13||SA 320||Materiality in Planning and Performing an Audit|
|14||SA 330||The Auditor’s Responses to Assessed Risks|
|15||SA 402||Audit Considerations Relating to an Entity Using a Service Organization|
|16||SA 450||Evaluation of Misstatements Identified during the Audits|
|17||SA 500||Audit Evidence|
|18||SA 501||Audit Evidence – Specific Considerations for Selected Items|
|19||SA 505||External Confirmations|
|20||SA 510||Initial Audit Engagements-Opening Balances|
|21||SA 520||Analytical Procedures|
|22||SA 530||Audit Sampling|
|23||SA 540||Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures|
|24||SA 550||Related Parties|
|25||SA 560||Subsequent Events|
|26||SA 570||Going Concern|
|27||SA 580||Written Representations|
|28||SA 600||Using the Work of Another Auditor|
|29||SA 610 (Revised)||Using the Work of Internal Auditors|
|30||SA 620||Using the Work of an Auditor’s Expert|
|31||SA 700||Forming an Opinion and Reporting on Financial Statements|
|32||SA 705||Modifications to the Opinion in the Independent Auditor’s Report|
|33||SA 706||Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report|
|34||SA 710||Comparative Information – Corresponding Figures and Comparative Financial Statements|
|35||SA 720||The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements|
|36||SA 800||Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework|
|37||SA 805||Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement|
|38||SA 810||Engagements to Report on Summary Financial Statements|
|39||SRE 2400 (Revised)||Engagements to Review Financial Statements|
|40||SRE 2410||Review of Interim Financial Information Performed by the Independent Auditor of the Entity|
|41||SAE 3400||The Examination of Prospective Financial Information|
|42||SAE 3402||Assurance Reports on Controls At a Service Organisation|
|43||SAE 3420 (New)||Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus|
|44||SRS 4400||Engagements to Perform Agreed Upon Procedures Regarding Financial Information|
|45||SRS 4410||Engagements to Compile Financial Information|
III. Guidance Notes and other publications
- Code of Ethics
- Guidance Note on Independence of Auditors.
- Guidance Note on Audit under Section 44AB of the Income-tax Act.
- Guidance Note on Audit of Inventories.
- Guidance Note on Audit of Debtors, Loans and Advances.
- Guidance Note on Audit of Investments.
- Guidance Note on Audit of Cash and Bank Balances.
- Guidance Note on Audit of Liabilities.
- Guidance Note on Audit of Revenue.
- Guidance Note on Audit of Expenses.
- Guidance Note on Computer Assisted Audit Techniques (CAATs).
- Guidance Note on Audit of Payment of Dividend.
- Guidance Note on Audit of Capital and Reserves.
- Guidance Note on Audit of Banks.
- Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
- Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
- Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
- Guidance Note on the Companies (Auditor’s Report) Order, 2016
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 30th April, 2017.
- (ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for November, 2017 Examination.
- (iii) Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016 issued by RBI are applicable for November 2017 Examination.
Paper 4 : Corporate and Allied Laws
The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Allied laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April, 2017, are applicable for November, 2017 examination.
Applicability of Insolvency and Bankruptcy Code, 2016
“Overview of the Insolvency and Bankruptcy Code, 2016” for 10 Marks have been made applicable covering Knowledge and application of the following –
- (1) Important Definitions
- (2) Corporate Insolvency Resolution Process, and
(3) Liquidation Process
With the inclusion of the Insolvency and Bankruptcy Code, 2016, marks allocation will be as under: Company Law- 60 Marks
Insolvency and Bankruptcy Code, 2016-10 Marks
Non-Applicability of the following Amendments/Circulars/Notifications / chapters of the Study material:
Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.
Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws
Applicability of Finance Act, Assessment Year etc. for November, 2017 Examination
The provisions of direct tax laws and indirect tax laws, as amended by the Finance Act, 2016, including notifications and circulars issued and other legislative amendments made up to 30th April, 2017 are applicable for November, 2017 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.2017-18.
Applicability of GST in Paper 8: Indirect Tax Laws
“Overview of GST” will be examined for 10 marks in Paper 8: Indirect Tax Laws with simultaneous exclusion of certain topics from central excise and service tax (given below). 10 marks on Overview of GST have been accommodated in Section B: Service Tax (which presently carries 50 marks). The revised syllabus incorporating Overview of GST and exclusions from central excise and service tax are given as Annexures A and B respectively.
Overview of GST will be tested in the examination in first compulsory question carrying 20 marks and only knowledge and comprehension based question will be asked from this topic. Thus, out of 20 marks allotted to the compulsory question, 10 marks will be allocated to Overview of GST and remaining 10 will be allocated to central excise (5 marks) and customs (5 marks).
Overview of GST will cover an introduction to GST laws in India and basic concepts relating to supply, composite and mixed supplies and charge of tax.
The Supplementary Study Paper on Overview of GST covering the content to be examined in November, 2017 final examination for 10 marks has been hosted on the ICAI website
EXCLUSIONS FROM CENTRAL EXCISE AND SERVICE TAX
|Chapter No. of Study Material1 [Module 1]||Chapter name|
|Chapter 12||Warehousing provisions under central excise|
|Chapter 16||Notifications, Departmental Clarifications and Trade Notices|
|Chapter 14||Organisation structure of the Excise Department|
|Chapter 18||Settlement Commission|
|Chapter 6: Service Tax Procedures||Point 6.6 – Filing of Returns, Point 6.7 – Large Tax Payer|
Note: Chapters of the following publications corresponding to the Chapters of the Study Material (given above), if any, will also be consequently excluded for November, 2017 examination:
- (i) Practice Manual [December, 2016 Edition]
- (ii) Select Cases in Direct and Indirect Tax Laws – 2016
- (iii) Supplementary Study Paper-2016