CA Final Applicable Amendments, Standards, Notes for Nov 2017

CA Final Applicable Amendments, Standards

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 Applicable Amendments, Standards Nov 2017

CA Final Applicable Amendments, Standards

Paper 1: CA Final FR Amendments for Nov 2017

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

Read also – CA Final Accounts Latest Notes, Amendments Nov 2017

III. Guidance Notes on Accounting Aspects

  1. Guidance Note on Accrual Basis of Accounting
  2. Guidance Note on Accounting Treatment for Excise Duty.
  3. Guidance Note on Terms Used in Financial Statements.
  4. Guidance Note on Accounting Treatment for MODVAT/CENVAT.
  5. Guidance Note on Accounting for Corporate Dividend Tax.
  6. Guidance Note on Accounting for Employee Share-based Payments.
  7. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
  8. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
  9. Guidance Note on Applicability of AS 25 to Interim Financial Results.
  10. Guidance Note on Turnover in case of Contractors.
  11. Guidance Note on the Schedule III to the Companies Act, 2013.
  12. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
  13. Guidance Note on Accounting for Derivative Contracts.
  14. Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013
  15. 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.

Read also – CA Final ISCA Latest Notes, Amendment, Applicable Nov 2017

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
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 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.

Read also – CA Final Law Latest Notes Amendment Applicable Nov 2017

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

Read also – CA Final IDT Latest Notes Amendment Applicable Nov 2017

Read also –  Final DT Latest Notes Amendment Applicable Nov 2017

3 thoughts on “CA Final Applicable Amendments, Standards, Notes for Nov 2017

  1. Gaurav Sharma says:

    whether amendment/addition made in Revised Edition : January 2016 in Isca paper is applicable in may 2016 exam

    Amendment like:- 1. Limitation of Mobile Computing in Emerging Technologies.
    2. Data resource management control in auditing of information system . etc

    • Raju Choudhary says:

      Hi Gaurav Sharma

      January 2015 Edition is Applicable for May, 2016 examination and January 2016 edition is Applicable for November, 2016 examination and onwards. I hope you can get your answer.

  2. Ajay says:

    Sir..I had done my financial reporting classes in nov 2013-april 2014.I am writing exams now in November 2015.I want to know if there is any change in the accounting standards?

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