The following changes are relevant in Financial Reporting Paper for Nov 2014 examination: (a) Revised Schedule VI under Companies Act, 1956 has been renamed as Schedule III under Companies Act, 2013. Format is exactly same. (b) Under AS-11, option to capitaliziation of foreign exchange difference against capital assets or to transfer of foreign exchange difference to Foreign Currency Translation... Reserve Account with reference to Long Term Monetary Items shall now available to all entities. Earlier it was available to Corporate Entities only. (c) According to section 129 of the companies Act, 2013, A company having subsidiary(ies) (the word subsidiary includes Joint Venture and Associates also) shall also attach a statement containing the salient features of the financial statement of its subsidiary(ies). The format of prescribed form is enclosed herewith. Apart from above, there is no other change in the syllabus of Financial Reporting. There is no change for Costing and FM papers. Encls: Format-Picture 24 and Picture 26
Posted on: Sun, 10 Aug 2014 15:54:59 +0000
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