updates for Ipcc Nov 2014 exam Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2014 ¨C Intermediate (IPC) Examination Paper 1: Accounting Accounting Standards AS AS AS AS AS AS 1 : Disclosure of Accounting Policies 2 : Valuation of Inventories 3 : Cash Flow Statements 6 : Depreciation Accounting 7 : Construction Contracts (Revised 2002) 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. Non-Applicability of Ind ASs for November, 2014 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 November, 2014 Examination. Paper 2: Business Laws, Ethics and Communication The Companies Act, 2013 The 53 sections of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs. Supplementary study material in this regard has been hosted on the student portal, ICAI at following link 220.227.161.86/32794ssp- p2blec-ipcc.pdf Non-Applicability of the following /Circulars/Notifications S.No. 1. 2. Subject Matter *New 184 sections of the Companies Act, 2013 notified on 27th February, 2014 and 26th March, 2014. *Rules notified under the Companies Act, 2013 the Interdepartmental Note-(For Examination Committee only) : * Strictly speaking, the matter regarding applicability of further notified sections of the Companies Act, 2013 and rules thereof are under consideration with the Board of Studies and then will be sent to Council. Paper 4: Taxation Applicability of the Finance Act, Assessment Year etc. for November, 2014 examination The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2013, including circulars and notifications issued upto 30th April, 2014. The relevant assessment year for income-tax is A.Y. 2014-15. Paper 6: Auditing and Assurance I. Standards on Auditing (SAs) SA SA 200 SA 210 SA 220 SA 230 SA 240 Title of Standard on Auditing Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing Agreeing the Terms of Audit Engagements Quality Control for Audit of Financial Statements Audit Documentation The Auditor¡¯s responsibilities Relating to Fraud in an Audit of Financial Statements S.No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 SA 250 SA 260 SA 265 SA 299 SA 300 SA 315 SA 320 SA 330 SA 402 SA 450 SA 500 SA 501 SA 505 SA 510 SA 520 SA 530 SA 540 SA 550 SA 560 SA 570 SA 580 Consideration of Laws and Regulations in An Audit of Financial Statements Communication with Those Charged with Governance Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Responsibility of Joint Auditors Planning an Audit of Financial Statements Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment Materiality in Planning and Performing an Audit The Auditor¡¯s Responses to Assessed Risks Audit Considerations Relating to an Entity Using a Service Organization Evaluation of Misstatements Identified during the Audits Audit Evidence Audit Evidence - Specific Considerations for Selected Items External Confirmations Initial Audit Engagements-Opening Balances Analytical Procedures Audit Sampling Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures Related Parties Subsequent Events Going Concern Written Representations 27 28 29 30 31 32 33 34 II. SA 600 SA 610 SA 620 SA 700 SA 705 SA 706 SA 710 SA 720 Statements Using the Work of Another Auditor Using the Work of Internal Auditors Using the Work of an Auditor¡¯s Expert Forming an Opinion and Reporting on Financial Statements Modifications to the Opinion in the Independent Auditor¡¯s Report Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor¡¯s Report Comparative Information ¨C Corresponding Figures and Comparative Financial Statements The Auditor¡¯s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements 1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956. 2. Statement on the Companies (Auditor¡¯s Report) Order, 2003. 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 Miscellaneous Expenditure. 5. Guidance Note on Audit of Cash and Bank Balances. 6. Guidance Note on Audit of Liabilities. 7. Guidance Note on Audit of Revenue. 8. Guidance Note on Audit of Expenses.
Posted on: Fri, 11 Jul 2014 05:41:48 +0000
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