CA Final Applicable Amendments, Standards, Notes for May 2019

CA Final Applicable Amendments, Standards, Notes for May 2019. ICAI Issued List of all Amendments, Standards, Guidance Notes Applicable for CA Final May 2019 Exams. Recently ICAI Issued CA Final Exam Time Table for May 2019 very soon, And we already provided CA Final Result Expected Date for May 2017 Exams, Now Students Planning to Preparation for May 2019 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 May 2019 Exams. we also Provide Supplementary Study Material, Practice Manual for May 2019 Exams and Revision of Syllabus for May 2019 Exams in My Last Articles. Now you can scroll down below and Find Complete details for CA Final Applicable Amendments, Standards May 2019

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CA Final Applicable Amendments, Standards May 2019

Paper 1: CA Final FR Amendments for May 2019

Special –

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)
9 Revenue Recognition
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
15 Employee Benefits
16 Borrowing Costs
17 Segment Reporting
18 Related Party Disclosures
19 Leases
20 Earnings Per Share
21 Consolidated Financial Statements
22 Accounting for Taxes on Income
23 Accounting for Investment in Associates in Consolidated Financial Statements
24 Discontinuing Operations
25 Interim Financial Reporting
26 Intangible Assets
27 Financial Reporting of Interests in Joint Ventures
28 Impairment of Assets
29 Provisions, Contingent Liabilities and Contingent Assets

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III. Guidance Notes on Accounting Aspects

  1. Guidance Note on Accrual Basis of Accounting.
  2. Guidance Note on Terms Used in Financial Statements.
  3. Guidance Note on Accounting for Corporate Dividend Tax.
  4. Guidance Note on Accounting for Employee Share-based Payments.
  5. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
  6. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
  7. Guidance Note on Applicability of AS 25 to Interim Financial Results.
  8. Guidance Note on Turnover in case of Contractors.
  9. Guidance Note on Schedule III to the Companies Act, 2013.
  10. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
  11. Guidance Note on Accounting for Derivative Contracts.

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 31st October, 2018 will be applicable for May, 2019 Examination. In specific, notification issued by the MCA on 28.3.2018 for amendments in certain Ind AS and notification of Ind AS 115 will be applicable for May, 2019 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/in in Ind ASs visà-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 issues may be asked in the examination.
  • It may be noted that Accounting Standards will continue to be applicable for May, 2019 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.
  • Further, for May, 2019 examination, Ind AS 115 is applicable and not Ind AS 11 and Ind AS 18.

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Paper 3: Advanced Auditing and Professional Ethics

  1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
  2. 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
SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report (New)
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

  1. Code of Ethics
  2. Guidance Note on Independence of Auditors.
  3. Guidance Note on Audit under Section 44AB of the Income-tax Act.
  4. Guidance Note on Audit of Inventories.
  5. Guidance Note on Audit of Debtors, Loans and Advances.
  6. Guidance Note on Audit of Investments.
  7. Guidance Note on Audit of Cash and Bank Balances.
  8. Guidance Note on Audit of Liabilities.
  9. Guidance Note on Audit of Revenue.
  10. Guidance Note on Audit of Expenses.
  11. Guidance Note on Computer Assisted Audit Techniques (CAATs).
  12. Guidance Note on Audit of Payment of Dividend.
  13. Guidance Note on Audit of Capital and Reserves.
  14. Guidance Note on Audit of Banks.
  15. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
  16. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
  17. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
  18. 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 31st October, 2018. It may be noted that the significant notifications and circulars issued which are not covered in the Study Material, would be given as Academic Update in the Revision Test Paper for May 2019 Examination.
  • (ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2019 Examination.
  • (iii) Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016 issued by RBI are applicable for May, 2019 Examination.
  • (iv) Audit provision under GST Laws are applicable for May, 2019 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 31st October, 2018, are applicable for May 2019 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 Allied Laws- 30 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.

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Paper 7 : Direct Tax Laws

Applicability of Finance Act, Assessment Year etc. for May, 2019 Examination

Paper 7: Direct Tax Laws The provisions of direct tax laws, as amended by the Finance Act, 2018, including significant notifications and circulars issued up to 31st October, 2018, are applicable for May, 2019 examination. The relevant assessment year is A.Y. 2019- 20.

Note – The September 2018 edition of the Study Material for Final (New) Paper 7: Direct Tax Laws and International Taxation is also relevant for Final (Old) Paper 7: Direct Tax Laws, with the exception of Chapters 6, 7 and 8 of Module 4 of the Study Material. In effect, all chapters in Modules 1, 2 and 3 and Chapters 1 to 5 of Module 4 of the Study Material are relevant for Final (Old) Paper 7 for May, 2019 and November, 2019 examinations. The RTP for May, 2019 contains the Statutory Update (Circulars and Notifications). The Judicial Update (Significant Select Case Laws) have been webhosted at the BOS Knowledge Portal at https://resource.cdn.icai.org/53979bosjudicial-070219.pdf

Applicability Paper 8: Indirect Tax Laws

The following are applicable for May, 2019 examination:

(i) The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued upto 31st October, 2018.

(ii) The provisions of the Customs Act, 1962, as amended by the Finance Act, 2018, including significant notifications and circulars issued up to 31st October, 2018.

List of topic-wise exclusions from the syllabus

Topics of the syllabus Exclusions (Provisions which are excluded from the corresponding topic of the syllabus)
Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax; Exemption from tax; Composition levy CGST Act, 2017 & IGST Act, 2017

(i) Rate of tax prescribed for supply of goods*

(ii) Rate of tax prescribed for supply of services*

(ii) Exemptions for supply of goods

Input tax credit Manner of reversal of credit of additional duty of customs in respect of Gold dore bar
Procedures under GST – All procedures including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including reverse charge, refund, job work CGST Act, 2017 and CGST Rules, 2017

(i) Furnishing of GSTR-2, GSTR-1A, GSTR-3, GSTR-7, GSTR-8

(ii) Claim of input tax credit and provisional acceptance thereof

(iii) Matching, reversal & reclaim of input tax credit

(iv) Matching, reversal & reclaim of reduction in output tax liability

(v) Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3)

IGST Act, 2017

Categories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)

Other Provisions Transitional Provisions

*Rates specified for computing the amount payable under composition levy are included in the syllabus.

Notes: (1) Only the following sections of the Central Goods and Services Tax (Amendment) Act, 2018, which have become retrospectively effective from 1st July, 2017, are applicable for May, 2019 examination: (i) Section 3 of the CGST Amendment Act, 2018 amending section 7 of the CGST Act, 2017, and (ii) Section 31 of the CGST Amendment Act, 2018 amending Schedule II to the CGST Act, 2017. Section 28 of the CGST Amendment Act, 2018 which has amended section 140 of the CGST Act, 2017, though effective from 1st July, 2017, is not applicable for May, 2019 examination as section 140 covered under “Chapter XX – Transitional Provisions” has been excluded from the syllabus by way of Study Guidelines as mentioned above. It may be noted that all the remaining provisions of the CGST Amendment Act, 2018 have not been made effective till 31.10.2018 and hence, are not applicable for May, 2019 examination.

(2) In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.

(3) October, 2018 edition of the Study Material is relevant for May, 2019 and November, 2019 examinations. The amendments in Part-II: Customs & FTP – made after the issuance of this Study Material – to the extent covered in the Statutory Updates for May, 2019 examination alone shall be relevant for the said examination. The Statutory Updates shall be hosted on the BoS Knowledge Portal.

(4) The entire content included in the October, 2018 edition of the Study Material, except the exclusions mentioned in the table above, and the Statutory Updates for May, 2019 examination shall be relevant for the said examination.

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