CA Final Financial Reporting Important Updates for May 2019 Exams

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
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2

3

4

5

 

7

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

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

Policies

Construction  Contracts

Revenue  Recognition

Property,  Plant  and  Equipment

The  Effects  of  Changes  in  Foreign  Exchange  Rates

Accounting  for  Government  Grants

Accounting  for  Investments

Accounting  for  Amalgamations

Employee  Benefits

Borrowing  Costs

Segment  Reporting

Related  Party  Disclosures

Leases

Earnings  Per  Share

Consolidated  Financial  Statements

Accounting  for  Taxes  on  Income

Accounting  for  Investment  in  Associates  in  Consolidated  Financial  Statements

Discontinuing  Operations

Interim  Financial  Reporting

Intangible  Assets

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.

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Accounting Standards

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..

IndAS 115 Revenue from Contracts with Customers
AS 12 – Full Notes for Accounting for Government Grant
Accounting Standard – 20 Earning Per Share full Notes
Accounting Standard–16, Borrowing Costs Complete Notes
Accounting Standard 18 Notes – Related Party Disclosures
Download Full Notes on Accounting For Taxes On Income
Guidance note on Accounting for expenditure on CSR activities
Complete Notes on N.B.F.C for CA Final Financial Reporting
Download CA Final Human Resource Accounting Notes
Download CA Final ESOP And AS 20 Notes
Accounting Standard – 26 Notes – Intangible Assets
Download CARO 2015 for CA Final With Complete Details
Download AS – 13 Notes (Accounting for Investments)
Download CA Final Mutual Fund Notes for May 2019 Exams

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
https://resource.cdn.icai.org/32076sm_finalnew_accpro-part3.pdf

Must read  CA Final Accounts Latest Notes