CA Final Financial Reporting Important Updates for May 2019, Important information for Ca Final students, explaining what to be read for the upcoming exam in May 2019 for Financial Reporting paper. Check CA Final Accounts Latest Updates applicable for May 2019 Exams. The institute has given a defined syllabus that comprise of the undermentioned. Many students are inquiring if IFRS / Ind AS are applicable and if yes, how one should read them and from where can he get the complete information regarding the same. Hope this article serves helpful to the students. Now you can scroll down below n check more details for “CA Final Financial Reporting Important Updates for May 2019”
CA Final Financial Reporting Important Updates for May 2019
- I. Framework for the Preparation and Presentation of Financial Statements.
- II. Accounting Standards
|AS No.||AS Title|
|Disclosure of Accounting Policies
Valuation of Inventories
Cash Flow Statements
Contingencies and Events Occurring after the Balance Sheet Date
Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting
Property, Plant and Equipment
The Effects of Changes in Foreign Exchange Rates
Accounting for Government Grants
Accounting for Investments
Accounting for Amalgamations
Related Party Disclosures
Earnings Per Share
Consolidated Financial Statements
Accounting for Taxes on Income
Accounting for Investment in Associates in Consolidated Financial Statements
Interim Financial Reporting
Financial Reporting of Interests in Joint Ventures
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
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.
V. 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.
Must read –
Accounting standards issued by ICAI from 1 to 7 and 9 to 29 are applicable. Please practice the accounting standard from practice manual, study material of institute and after that last 5 terms RTP’s. It would also be of a great help if one reads the accounting standard notes from acknowledge.in. Friends this looks a bit lengthy process but believe me it the the best way to have the full coverage of all AS’s. Download All Notes from Below Links..
Guidance notes on Accounting aspects
There are 12 Guidance Notes in total. Again your teacher would cover almost all the guidance note. The important ones are – Accounting treatment for Excise Duty, Accounting treatment for MODVAT/CENVAT, Share-based Payment, Guidance note on revised schedule III. You can also find these in this link
Must read – CA Final Accounts Latest Notes