Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2015 – Intermediate (IPC) Examination Paper 1: Accounting Accounting Standards AS 1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories AS 3 : Cash Flow Statements AS 6 : Depreciation Accounting AS 7 : Construction Contracts (Revised 2002) AS 9 : Revenue Recognition AS 10 : Accounting for Fixed Assets AS 13 : Accounting for Investments AS 14 : Accounting for Amalgamations Paper 5: Advanced Accounting Accounting Standards AS 4 : Contingencies and Events occurring after the Balance Sheet Date AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003) AS 12 : Accounting for Government Grants AS 16 : Borrowing Costs AS 19 : Leases AS 20 : Earnings Per Share AS 26 : Intangible Assets AS 29 : Provisions, Contingent Liabilities and Contingent Assets. Note Regarding Applicability for Paper 1 and Paper 5: The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014.Non-Applicability of Ind ASs for May, 2015 Examination: The MCA has hosted on its website 35 Indian Accounting Standards (Ind AS) without announcing the applicability date. Students may note that these Ind ASs are not applicable for May, 2015 Examination. Paper 2: Business Laws, Ethics and Communication (I) The Companies Act, 2013 : Relevant notified Sections 1 to 122 of the Companies Act, 2013 up to 30th September 2014 by the Ministry of Corporate Affairs are applicable except Section 75 relating to ‘damages for fraud’, Section 48 relating to “Variation of shareholders’ right”, Section 66 related to “Reduction of share capital”, Section 97 relating to “ Power of tribunal to call AGM”, Section 98 relating to “ Power of Tribunal to call meetings of members, etc., and Section 99 relating to “ Punishment for default in complying with provisions of sections 96 to 98”, of the Companies Act, 2013. For other legislative amendments including relevant Notifications/Circulars/Rules/Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014. (II) The Employees’ Provident Funds Miscellaneous Provisions Act, 1952- 1. The Employees’ Deposit Linked Insurance ( Amendment) Scheme, 2014 2. Employees’ Pension (Amendment) Scheme, 2014 Paper 4: Taxation Applicability of the Finance Act, Assessment Year etc. for May, 2015 examination The provisions of income-tax and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including circulars and notifications issued upto 31st October, 2014. The relevant assessment year for income-tax is A.Y. 2015-16. Paper 6: Auditing and Assurance I. Standards on Auditing (SAs) S.No SA Title of Standard on Auditing 1 SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing 2 SA 210 Agreeing the Terms of Audit Engagements 3 SA 220 Quality Control for Audit of Financial Statements 4 SA 230 Audit Documentation5 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements 6 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements 7 SA 260 Communication with Those Charged with Governance 8 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 9 SA 299 Responsibility of Joint Auditors 10 SA 300 Planning an Audit of Financial Statements 11 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment 12 SA 320 Materiality in Planning and Performing an Audit 13 SA 330 The Auditor’s Responses to Assessed Risks 14 SA 402 Audit Considerations Relating to an Entity Using a Service Organization 15 SA 450 Evaluation of Misstatements Identified during the Audits 16 SA 500 Audit Evidence 17 SA 501 Audit Evidence - Specific Considerations for Selected Items 18 SA 505 External Confirmations 19 SA 510 Initial Audit Engagements-Opening Balances 20 SA 520 Analytical Procedures 21 SA 530 Audit Sampling 22 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 23 SA 550 Related Parties 24 SA 560 Subsequent Events25 SA 570 Going Concern 26 SA 580 Written Representations 27 SA 600 Using the Work of Another Auditor 28 SA 610 Using the Work of Internal Auditors 29 SA 620 Using the Work of an Auditor’s Expert 30 SA 700 Forming an Opinion and Reporting on Financial Statements 31 SA 705 Modifications to the Opinion in the Independent Auditor’s Report 32 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 33 SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements 34 SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements II. Statements Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 of the Companies Act, 2013). III. Guidance Notes 1. Guidance Note on Audit of Inventories. 2. Guidance Note on Audit of Debtors, Loans and Advances. 3. Guidance Note on Audit of Investments. 4. Guidance Note on Audit of Cash and Bank Balances. 5. Guidance Note on Audit of Liabilities. 6. Guidance Note on Audit of Revenue. 7. Guidance Note on Audit of Expenses. IV Applicability of the Companies Act, 2013: The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / By Sachin Lal
Posted on: Thu, 22 Jan 2015 10:56:11 +0000
Trending Topics
Recently Viewed Topics
© 2015