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CA Final Amendments May 2020 Examinations

CA Final Amendments – May 2020 Examinations

CA Final Amendments of Paper 4: Corporate and Allied Laws (Old Course)

– May 2020 Examination

                                                                                                                                                                                                                                                                             CA  final amendments Detailed announcement chapter wise as to Inclusion/ Exclusion of topics from
the scope of the syllabus of Paper 4: Corporate and Allied Laws (Old Course)[in
continuation of earlier announcement dated 3/7/19 ]  

  • Exclusion of topics from the scope of syllabus w.e.f November 2019 examination

 

Topic in the Study materialRetained provisionsExcluded provisions of the respective chapters of the Study Material
(1)(2)(3)
Winding      Up (Chapter 10)

Sections related to winding up by Tribunal            (from sections 271-303); and

Sections applicable to every mode of winding up (from sections       324-336

and 344-347 and 352-

358)

Provisions contained under section 337- 343 and 348 to

351, 359- 365

Producer Companies (Chapter 11)Entire topic
National Company Law Tribunal     and Appellate Tribunal

(Chapter 15)

Sections   407,    420-

434

Provisions covered under section 408 – 419
Special Courts (Chapter 16)Adjudication and special courts [i.e., Sections 435- 440,

442 – 446B]

Compounding of offences’ covered under section 441
Miscellaneous Provisions (Chapter 17)·   Sections 247- 252,

394- 395, 406

·   Provisions covered under the headings “Miscellaneous

Provisions”  –  447,

450,  454,  454A  &

455

Sections 366 to 378, 396 to 404, 405, 448, 449, 451-453,

456-470

 

Insolvency    & Bankruptcy Code, 2016

(Chapter 19)

The Corporate and Insolvency resolution process i.e. upto section 59Remaining provisions i.e. from section 60 onwards
Section B: Allied Laws (30 Marks)
SEBI         Act,

1992,       SEBI (ICDR)

Regulations, 2009

(Chapter 20)

SEBI Act, 1992SEBI (ICDR) Regulations
The     Foreign Exchange Management Act, 1999

(Chapter 22)

The     FEMA,    1999

along       with       the following Rules/Regulations –

·         Fem (Permissible Capital               Account Transactions) Regulations, 2000

·         Fem        (Current Account Transactions) Rules, 2000

·         FEM (Export of Goods               &

Services) Regulations, 2015

·   Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000

·     Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015

·     Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000

·   Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2015

The Securitization and Reconstruction of      Financial Assets               and Enforcement of          Security Interest     Act, 2002

(Chapter 24)

·         Relevant definitions covered    in    the Study Material

·         management of asset by the bank and the financial institutions

[i.e. Sections 1- 19 of the SARFAESI Act]

Section 20 and onwards

 

  • Inclusion of topics within the scope of syllabus effective from May, 2020 Examination onwards

 

Paper

Inclusion

Paper 4: Corporate and Allied LawsLegislationTopics added
The Foreign Exchange Management Act, 1999·  Overseas Direct Investment

·  Import of Goods and Services

·  External Commercial Borrowing Policy

—end of CA final old syllabus paper 4 amendments for May 2020 exam —

Also, please find the links of the best CA Final study material-

 

CA Final Amendments – May 2020 Examinations

ICAI announced amendements in CA final new and old syllabus for May 2020 exam. The amendments were made in Paper 1, 3, 4, 7 & 8 in old syllabus and Papers 1, 3, 4, 6, 7 & 8 in new syllabus.

CAKART.in brings you the amendments here paper wise. PDF of these amendments for new and old syllabus are provided for download.

CA Final Amendments – May 2020 Examinations  new Syllabus

Paper 1 – Financial Reporting

List of topic-wise exclusions from the syllabus

(1)(2)(3)
S. No. in the revised syllabusTopics of the syllabusExclusions
2.Application of Indian Accounting Standards (Ind AS)  with reference to General Purpose Financial StatementsIndian Accounting  Standard  (Ind  AS)  37 ‘Provisions, Contingent Liabilities and Contingent Assets’

·         Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

(v)   Ind   AS     on    Assets and Liabilities      of       the                       Financial Statements including Industry specific Ind AS·         Appendix B: Liabilities  arising  from  Participating  in a Specific Market  —  Waste  Electrical  and Electronic Equipment
 

(viii) Other Ind AS

·         Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies

·         Indian Accounting Standard (Ind AS) 104 : Insurance Contracts

·         Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation  of  Mineral  Resources
·         Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts
5.Analysis of financial statements·         Analysis     of     financial     statements     based     on Accounting Standards

Notes:

  • In the above table, in respect of the topics of the revised syllabus specified in column (2) the related exclusion is given in column (3). The revised syllabus has been enclosed as Annexure I of this Study
  • August, 2019 edition of the Study Material is relevant for May, 2020 The relevant / applicable topics or content are to be read alongwith the ‘Corrigendum to Study Material’ (if any).
  • The relevant Amendments / Notifications /  Circulars /  Rules issued by  the Companies Act, 2013  up  to  31st October, 2019 will be applicable for May, 2020 Accordingly, Ind AS 116 (by replacing Ind AS 17) and other amendments notified by MCA on 30.3.2019 is applicable for May, 2020 examination.

 

REVISED SYLLABUS (FROM NOVEMBER, 2019 EXAMINATION) FINAL NEW COURSE

PAPER – 1: FINANCIAL REPORTING

(One paper – Three hours – 100 Marks)

Annexure I

Objectives – 

  • To acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards for deciding the appropriate accounting treatment and formulating suitable accounting
  • To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards while preparing and presenting the financial
  • To develop the skill to prepare financial statements of group entities which includes subsidiaries, associates and joint arrangements based on Indian Accounting
  • To develop an understanding of the various forms of reporting (other than financial statements) and accounting for special transactions, and apply such knowledge in problem

Contents:

  1. Framework for Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards (Ind AS).
  2. Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements
    • Ind AS on First time adoption of Indian Accounting Standards
    • Ind AS on Presentation of Items in the Financial Statements
    • Ind AS on Measurement based on Accounting Policies
    • Ind AS on Income Statement
    • Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS
    • Ind AS on Items impacting the Financial Statements
    • Ind AS on Disclosures in the Financial Statements
    • Other Ind AS
  3. Indian Accounting Standards on Group Accounting
    • Business Combinations and Accounting for Corporate Restructuring (including demerger) (as per Ind AS
    • Consolidated and Separate Financial Statements (as per Ind AS)
  4. Accounting and Reporting of Financial Instruments (as per Ind AS
  5. Analysis of Financial Statements 
  6. Integrated Reporting
  7. Corporate Social Responsibility Reporting

Notes:

  1. If either a new Indian Accounting Standard (Ind AS) or Announcements  and Limited Revisions  to  Ind  AS   are issued  or the earlier  one are  withdrawn or new Ind AS,  Announcements and Limited Revisions  to Ind   AS are issued  in place of existing  Ind AS, Announcements and Limited  Revisions  to  Ind AS,  the syllabus  will accordingly include  / exclude such new  developments in the place  of the existing ones with effect from  the date to be notified by the
  2. The specific inclusions / exclusions in any topic  covered in  the syllabus will be effected every year by   way   of Study

 

 

Paper-3; Advanced Auditing and Professional Ethics

A- List of topic-wise inclusion in the syllabus

  1. List of applicable Statements and Standards for May, 2020 Examination:
    1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
    2. Framework for Assurance
  2. List of applicable Engagements and Quality Control Standards on Auditing for May, 2020 Examination

 

S.NoSATitle of Standard on Auditing
1SQC 1Quality Control for Firms that Perform Audits and  Reviews  of  Historical  Financial Information, and Other Assurance  and  Related  Services  Engagements
2SA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
3SA 210Agreeing the Terms of Audit Engagements
4SA 220Quality Control for Audit of Financial Statements
5SA 230Audit Documentation
6SA 240The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
7SA 250Consideration of Laws and Regulations in An Audit of Financial Statements
8SA 260Communication with Those Charged with Governance (Revised)
9SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10SA 299Joint Audit of Financial Statements (Revised)
11SA 300Planning an Audit of Financial Statements
12SA 315Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13SA 320Materiality in Planning and Performing an Audit
14SA 330The Auditor’s Responses to Assessed Risks
15SA 402Audit Considerations Relating to an Entity Using a Service Organization
16SA 450Evaluation of Misstatements Identified during the Audits
17SA 500Audit Evidence
18SA 501Audit Evidence – Specific Considerations for Selected Items
19SA 505External Confirmations
20SA 510Initial Audit Engagements-Opening Balances
21SA 520Analytical Procedures

 

22SA 530Audit Sampling
23SA 540Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
24SA 550Related Parties
25SA 560Subsequent Events
26SA 570Going Concern (Revised)
27SA 580Written Representations
28SA 600Using the Work of Another Auditor
29SA 610Using the Work of Internal Auditors (Revised)
30SA 620Using the Work of an Auditor’s Expert
31SA 700Forming an Opinion and Reporting on Financial Statements (Revised)
32SA 701Communicating Key Audit Matters in the Independent Auditor’s Report (New)
33SA 705Modifications to the Opinion in the Independent Auditor’s Report (Revised)
34SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)
35SA 710Comparative Information – Corresponding Figures and Comparative Financial Statements
36SA 720The Auditor’s Responsibility in Relation to Other Information (Revised)
  • List of applicable Guidance Notes and other publications for May, 2020 Examination:
    1. Guidance Note on Audit under Section 44AB of the Income-tax
    2. Guidance Note on Audit of
    3. Guidance Note on Audit of Internal Financial Controls over Financial
    4. Guidance Note on the Companies (Auditor’s Report) Order,

IV            Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2020 Examination

  • Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the Accordingly,  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,  2019  will  be applicable for May, 2020 Examination. It may be  noted  that  the  significant  notifications  and  circulars issued which are not covered in  the  August  2019  edition  of  Study  Material,  would  be given as Academic Update in the Revision Test Paper for May, 2020 Examination.
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2020
  • Audit provision under GST Laws are applicable for May, 2020

B- List of topic-wise exclusions from the syllabus

I      Chapter 14 : Special Audit Assignment topic has been excluded.

  1. Following Engagement and Quality Control Standards excluded:
(1)(2)(3)
S.

No

Topics of the syllabusExclusions
1SA 800Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
2SA 805Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
3SA 810Engagements to Report on Summary Financial Statements
4SRE 2400Engagements to Review Historical Financial Statements (Revised)
5SRE 2410Review    of    Interim    Financial    Information    Performed    by    the Independent Auditor of the Entity
6SAE 3400The Examination of Prospective Financial Information
7SAE 3402Assurance Reports on Controls At a Service Organisation
8SAE 3420Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)
9SRS 4400Engagements to Perform Agreed Upon Procedures Regarding Financial Information
10SRS 4410Compilations Engagements (Revised)

*Note: In view of Exclusion of SA 800 Series, SREs, SAEs and SRSs series Chapter 7 will be excluded from the syllabus for May, 2020 Examination.

  • Following Guidance Notes and other publications are excluded:
    1. Code of Ethics publication is excluded whereas Chapter 20 on Professional Ethics is in syllabus
    2. Guidance Note on Independence of
    3. Guidance Note on Audit of
    4. Guidance Note on Audit of Debtors, Loans and
    5. Guidance Note on Audit of
    6. Guidance Note on Audit of Cash and Bank
    7. Guidance Note on Audit of
    8. Guidance Note on Audit of
    9. Guidance Note on Audit of
    10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
  1. Guidance Note on Audit of Payment of
  2. Guidance Note on Audit of Capital and
  3. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
  4. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

Paper 4: Corporate and Economic Laws

The provisions of Companies Act,  2013  along  with  significant  Rules/  Notifications/  Circulars/  Clarification/ Orders issued by the  Ministry of Corporate Affairs and the  laws covered  under  the Economic Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31st October  2019  are applicable for May 2020 examination.

(1)(2)(3)(4)
S. No. in the syllabusChapters/ Topics of the syllabusInclusions (Provisions which are included from the

corresponding chapter of the syllabus)

Exclusions

(Provisions which are excluded from the corresponding chapter of the syllabus)

Part I: Section A- Company Law 

Chapter              1:

Appointment and Qualifications of Directors

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.
Part I: Section A- Company LawChapter             2:

Appointment and remuneration of Managerial Personnel

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.
Part I: Section A- Company LawChapter              3:

Meetings            of Board and its powers

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

 

Part I: Section A- Company LawChapter             4:

Inspection, inquiry            and Investigation

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.
Part I: Section A- Company LawChapter             5:

Compromises, Arrangements and Amalgamations

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.
Part I: Section A- Company LawChapter             6:

Prevention of Oppression and Mismanagement

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.
Part I: Section A- Company LawChapter             7:

Winding Up

Sections related to winding up by Tribunal (from sections 271- 303); and

Sections applicable to every mode of winding up (from sections 324-336 and 344-347

and 352- 358)

Remaining provisions other than given in column (3), are excluded.
Part I: Section A- Company LawChapter             8:

Producer Companies

Entire topic is excluded
Part I: Section A- Company LawChapter             9:

Companies incorporated outside India

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.
Part I: Section A- CompanyChapter           10:

Miscellaneous

The entire content included in the August 2019 edition of the1.      Sections  366  to  378,  396  to 404,

405,  448,   449,   451-453, 456-470

 

LawProvisionsStudy Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.are excluded.

2. Except the Relevant rules  to  the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

Part I: Section A- Company LawChapter           11:

Compounding of offences, Adjudication, Special Courts

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.1.          Compounding of offences covered under section 441 is excluded.

2.          Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

Part I: Section A- Company LawChapter           12:

National Company      Law

Tribunal         and Appellate Tribunal

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.1.          Provisions dealing with constitution of NCLT/NCLAT and qualification of chairman and NCLT/NCLAT members, their salary, allowances etc. (i.e. section 408 to 419) are excluded.

2.          Except the Relevant rules to the extent covered in the August 2019 edition of the Study Material and RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

Part I: Section A- Company LawChapter           13:

Corporate Secretarial Practice– Drafting             of Notices, Resolutions, Minutes          and Reports

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website) shall only be relevant for the said examinations.
Part I: Section B- Securities LawsChapter 1: The Securities Contract (Regulation) Act, 1956     and     the Securities Contract (Regulation) Rules, 1957The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.

The following Securities Contract (Regulation) Rules,

1.          Following sections of the SCRA, 1956- Sections 4A, 4B, 20, 25, 26B, 26D, 26E, 29, 29A, 30, 30A, 31, 32 are excluded.

2.          Except the Securities Contract (Regulation) Rules, 1957 given in the Column (3), all other rules of the Securities Contract (Regulation) Rules, 1957 are excluded.

 

1957 to the extent covered in the study material, shall only be relevant for the said examinations:

3, 4, 4A, 5, 5A, 6, 7, 8, 12, 13,

14, 15, 16, 17, 17A, 19 & 21.

Part I: Section B- Securities LawsChapter 2: The Securities Exchange Board of      India      Act,

1992,            SEBI (ICDR)

Regulations, 2009 and SEBI (LODR)

Regulations, 2015

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.

In particular, SEBI (LODR) Regulations, 2015 to  the extent covered in the study material, shall only be applicable for the examination.

1.          Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g), 20, 21, 25, 28 & 33.

2.          SEBI (ICDR) Regulations is excluded

Part Economic LawsII:Chapter 1: The Foreign Exchange Management Act, 1999The FEMA, 1999 along with the following Rules/Regulations-

·           Fem (Permissible Capital Account Transactions) Regulations, 2000

·           Fem (Current Account Transactions) Rules, 2000

·           FEM (Export of Goods & Services) Regulations, 2015

·         Overseas                 Direct Investment

·         Import of Goods and Services

·           External Commercial Borrowing Policy

1.          Following provisions of the FEMA, 1999 is excluded for the examination-Sections 2(cc) & Section 2(gg), 16(2)- 16(6) ,17(4) 17(6), 19 to 34, 37(2) – 37(3), 37A, 45, 46, 47 & 48.

2.          All other FEM (Regulations)/ Rules except given in column (3), are excluded.

Part Economic LawsII:Chapter SARFAESI 20022:

Act,

·           Relevant                             definitions covered in the Study Material

·           Management of asset by the bank and the financial institutions

Remaining provisions (i.e. section 20 and onwards) are excluded.
Part Economic LawsII:Chapter Prevention Money Laundering3:

of

 

Act,

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments1. Following Sections are excluded for examination: 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja), (k), (m), (na), (o), (q), (r), (rc), (s),

 

2002covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.(sa), (sb), (sc), (t), (va), (z) , (zb) & (2)- Definitions, 6(3)-6(15), 7, 10, 11,

16  to  24,  35(1),  35(3)-  35(5),  36-

37, 39- 40, 49 to 54,  58A – 58B, 59-

60, 61, 67-68, 73, 74 & 75.

2.      Rules related to PMLA is excluded in its entirety.

Part Economic LawsII:Chapter Foreign Contribution Regulation 20104:

 

 

Act,

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be

relevant for the said examinations.

Following Sections are excluded for examination:

Section 2(1)(a), (b), (c), (d), (e), (f), (k), (l),

(o), (p), (q), (s), (t), & (u)- Definitions, 21, 23 – 27, 44, 45, 49, 53 & 54.

Rules related to FCRR, 2011 is relevant for May 2020 to the extent covered in the August 2019 edition of the Study Material.
Part Economic LawsII:Chapter 5: The Arbitration and Conciliation Act, 1996The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations (to be hosted on the website), shall only be relevant for the said examinations.
Part Economic LawsII:Chapter 6: The Insolvency     and Bankruptcy Code, 2016Content of this chapter of the Study Material is covering an overview of the Insolvency and Bankruptcy Code with the broad coverage (not in entirety) of the provisions upto section 59 of

the Code.

Provisions from section 60 onwards are excluded.
Rules related to Insolvency and Bankruptcy Code, is relevant for May 2020 to the extent covered

in the August 2019 edition of the Study Material.

The entire content included in the August 2019 edition of the Study Material and the Legislative                                  amendments covered in RTP for May 2020 examinations  (to  be  hosted on

the    website),    shall    only be

 

relevant        for        the        said examinations.

Notes:

  • In the above table of exclusion, in respect of the Chapters of the syllabus specified in column (2) the related exclusion is given in column (4). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  • August 2019 edition of the Study Material is relevant for May 2020 examinations. The amendments, made after the issuance of this Study Material, to the extent applicable for May 2020 examinations alone shall be relevant for the said examinations. The Legislative amendments will be available through RTP hosted on the BoS Knowledge
  • Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the August 2019 edition of the Study Material and the Legislative amendments for May 2020 examinations (to be hosted on the website) shall be relevant for the said

 

Elective Papers; Paper 6A: Risk Management

The pattern of examination for this paper is open-book and case study based. The entire content included in the August 2019 edition of the Study Material shall be relevant for the May 2020 examination.

 

Paper 6B: Financial Services and Capital Markets

The pattern of examination for this paper is open-book and case study based. The entire content included in the September 2019 edition of the Part A of Study Material shall be relevant for May 2020 examination.

In addition to above, following five SEBI Regulations excluding the Schedules related thereto as covered by the October 2019 edition of Part B of the Study Material shall also be relevant for May 2020 examination.

  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Last amended upto June 30, 2019]
  • SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 [Last amended upto June 30, 2019]
  • SEBI (Prohibition of Insider Trading) Regulations, 2015 [Last amended upto June 30, 2019]
  • SEBI (Buy Back of Securities) Regulations, 2018 [Last amended upto June 30, 2019]
  • (Mutual Funds) Regulations, 1996 [Last amended upto June 30, 2019]

         Applicability of amendments made by Finance Act

As far as the applicability of Finance Act is concerned, the amendments made by the Finance Act of a particular year would be applicable for the May and November examinations of the next year.  For instance, the direct tax laws, as amended by  the Finance  Act,  2019 and Finance  (No.2)  Act,  2019, would be applicable for May, 2020 and November 2020 examinations. The relevant  assessment  year for May,  2020  and November, 2020 examinations  is  A.Y.2020 -21.  This would   be relevant as far as the topics on International Taxation pertain to the Income-tax Act, 1961, equalization levy and the  Black  Money  (Undisclosed  Foreign  Income  and  Assets)  and Imposition of Tax Act, 2015.

 

However, in case the case study based question requires computation/determination relating to any earlier assessment year also, then, the relevant provisions  pertaining  to  that year  would be  given in the question itself. In the alternative, the question may mention that  the  relevant provisions  in  the earlier year were the same as they are for A.Y.2020-21.

2.          Applicability of amendments made by circulars, notifications, press releases/press  notes  and other legislations

 

Students  are expected to  be  updated with  the  notifications, circulars  and press   releases/press  notes in direct tax laws issued upto 6 months prior to the examination. For  instance,  for  May,  2020  examination, significant notifications, circulars and press releases/press notes issued by  the CBDT/Central Government upto 31st October, 2019  would  be  relevant.  Significant  notifications, circulars, press releases/press notes issued upto 31.10.2019, but not covered in the September, 2019 edition of the Study Material of Paper  6C  International  Taxation,  will  be  webhosted  as  Statutory Update for May 2020 examination at the BoS Knowledge Portal.

 

3.          Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing issues and making computation in case study based questions in Final (New) Paper 6C

The questions based on case study in the Elective Paper 6C: International Taxation may involve application of other provisions of direct tax laws dealt with in detail in Paper 7: Direct Tax Laws and International Taxation, which  the students  are expected to  be  aware  of.  Students  may note  that  they  are expected to integrate and apply  the  provisions  of  direct tax  laws   (dealt with in   Final Paper 7: Direct Tax Laws  and  International Taxation  and in  the Elective Paper  6C:   International Taxation) in  making  computations and addressing relevant  issues  in  questions raised  in  the   Elective Paper  6C on International Taxation.

Therefore, the September, 2019 edition of the Study Material  for  Final  Paper  6C:  International Taxation available at https://www.icai.org/post.html?post_id=16004, the October, 2019  edition  of the Study Material for Final Paper 7: Direct Tax Laws and International Taxation available  at https://www.icai.org/post.html?post_id=16019, the webhosted Statutory Update for May, 2020 Examination for both Paper 6C and Paper 7, the webhosted  Judicial  Update  for  May,  2020  Examination for Paper 7 are relevant and important for answering  case-study  based  questions  in Paper 6C. These publications and updates have to be read along  with  the  relevant  bare  Acts  and Rules  to  address issues and   make computations in   case study  based questions.  The initial pages   of    the                  Study                  Material                   of                  Paper                  6C                 available athttps://resource.cdn.icai.org/56882bos46141initpages.pdf  gives  link to  the  important webpages of the income-tax department and the relevant bare Acts and Rules.

4.            Scope of coverage of certain topics

 

As regards certain  topics on  International Taxation, namely,  Tax  Treaties: Overview, Features, Application   & Interpretation and Anti-Avoidance Measures, only the  content  as covered  in  the  September,  2019 edition of the Study Material would be relevant for May, 2020 Examination. US Model Convention is excluded from the scope of the topic “Overview of Model Tax Conventions”.

 

It may be noted that if a case study based question  involves  application  of  a  double  tax  ation avoidance agreement (DTAA), the extract of the relevant article(s) of the DTAA would be given in the question paper. Alternatively, the question may mention that the DTAA is in  line  with  the  OECD/UN Model Tax Convention, in which case the students have to refer to  the relevant article(s)  of the  Model  Tax Convention. Students are expected to have the ability to interpret the article(s) of the DTAA in answering case study based questions.

Paper 6D: Economic Laws

All the significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued in the specified Acts covered under the Economic Laws, up to 31st October 2019, are applicable for May 2020 examination.

(1)(2)(3)(4)
S. No. in the syllabusChapters/ Topics of the syllabusInclusions (Provisions which are included from the corresponding chapter

of the syllabus)

Exclusions (Provisions which are excluded from the corresponding chapter

of the syllabus)

Chapter 1World Trade OrganizationEntire chapter is excluded.
Chapter 2The      Competition     Act, 2002                 and

Rules/Regulations

The entire content included in the November 2019 edition of the Study Material and the Legislative amendments to be hosted on the website for May 2020 examinations, shall only be relevant for the said examinations.

 

Significant Rules/Regulations related to the Competition Act are covered in the study material in the Broad manner. These are relevant for May 2020 examination to the extent covered in the study material.

Following Sections of the Competition Act, 2002 are excluded for the examination:

23, 24, 25, 34, 37, 40 are excluded.

 

 

 

 

 

 

 

Coverage of the Rules or regulations to the Competition Act are restricted to the extent covered in the study material.

Chapter 3Real Estate (Regulation and Development) Act,

2016                               and

The entire content included in the November 2019 edition of the

Study Material and the Legislative

Regulations pertaining to RERA is excluded.

 

Rules/Regulationsamendments to be hosted on the website for May 2020 examinations,     shall     only   be

relevant for the said examinations.

Chapter 4The       Insolvency       and Bankruptcy Code, 2016The entire content included in the November 2019 edition of theFollowing sections are excluded of the Notified chapters of the Code.:
and Rules/RegulationsStudy Material and the Legislative3(2), 3(3), 3(5), 3(14), 3(22), 3(24),
amendments to be hosted on the3(25), 3(26), 3(28), 3(29), 3(32),
website         for         May         20203(36), 3(37), 5(2) to 5(4), 5(10),
examinations,     shall     only     be5(15), 5(16), 5(19), 5(21) to 5(23),
relevant for the said examinations.19, 26, 191, 195, 205, 224, 228,

229, 241-255.

In specific, Regulations/ RulesIn     specific,    chapter    related    to
related      to       Insolvency      andInsolvency           resolution          and
Bankruptcy, it is covered broadlybankruptcy     for     individuals    and
and not in entirety.

These shall only be applicable to the extent covered in the study material.

partnership firms of the Code (from section 78 to 187) is excluded. (Being un-notified as on 31st October, 2019)
Coverage      of      the      Rules      or
regulations to the IBC are restricted
to the extent covered in the study
material.
Chapter 5The Prevention of Money Laundering Act, 2002 and Rules/RegulationsThe entire content included in the November 2019 edition of the Study Material and the Legislative amendments to be hosted on the website for May 2020 examinations, shall only be relevant for the said examinations.Following provisions are excluded for the examination:

Sections  2(1)(a),  (c),  (d),  (g), (ga),

(h),  (m),  (ma),  (r),  ,  (t),  (v),  ,  (x),

(za), (zc), (ze), (zg)- (zj), & 2(2)- Definitions,  27, 28, 29, 30,  31,  32,

33, 34, 48, 49, 50, 51, 52, 53, & 54.

Rules     related     to      PMLA      are excluded.
Chapter 6The Foreign Exchange Management Act, 1999 and Rules /RegulationsThe entire content included in the November 2019 edition of the Study Material and the Legislative amendments to be hosted on the website for May 2020 examinations, shall only be relevant for the said examinations.Following provisions of the FEMA, 1999 is excluded for the examination-

Sections 17(3) – 17(6), 20 to 31, 33,

45, 46, 47 & 48.

In specific following FEM (Regulations)/ Rules shall only be applicable to the extent covered in the study material- 

 

Following FEM(Regulations)/ Rules are entirely excluded:

 

·   Foreign Exchange Management (Current Account Transactions) Rules, 2000

·   Foreign Exchange Management (Permissible Capital Account Transactions)  Regulations, 2000

·   Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018

·     Foreign      Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015

·           Foreign          Exchange Management (Export of Goods and Services) Regulations, 2015

·     Foreign                       Exchange

Management                                      (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015

·   Foreign Exchange Management (Possession and retention of foreign currency) Regulations, 2015

·   Liberalized                                    Remittance Scheme.

·   Import of Goods and Services

·   External                                 Commercial Borrowings

·   Overseas Direct Investments

·   Foreign Exchange (Authentication of Documents) Rules, 2000

·   Foreign Exchange (Compounding Proceedings) Rules, 2000

·   Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000

·   Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000

·   Foreign Exchange Management (Borrowing and lending in  Rupees) Regulations, 2000

·   Foreign Exchange Management (Deposit) Regulations, 2016

·   Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other place of business) Regulations, 2016

·   Foreign Exchange Management (Export and Import of Currency) Regulations, 2015

·   Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015

·   Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000

·   Foreign Exchange Management (Guarantees) Regulations, 2000

·   Foreign Exchange Management (Insurance) Regulations, 2015

·   Foreign Exchange Management (Investment in firm or proprietary Concern in India) Regulations, 2000

·   Foreign Exchange Management (Issue of security in India by a Branch Office or Agency of a  person Resident in outside India) Regulations, 2000

 

·   Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016

·   Foreign Exchange Management (Remittance of Assets) Regulations, 2016

·   Foreign Exchange Management (Transfer or issue of any Foreign security) Regulations, 2004

·   Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000

·   Foreign Exchange Management (Withdrawal of General permission to Overseas Corporate Bodies) Regulations, 2003

·   Foreign Exchange Management (Removal of Difficulties) Order, 2000

·   Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014

·   Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002

·   Foreign Exchange Management (International financial Services Centre) Regulations, 2015

·   Foreign Exchange Management (Regularization    of     assets    held abroad by a person Resident in India) Regulations, 2015

Chapter 7Prohibition of Benami Property Transactions Act,1988 and Rules/ RegulationsThe entire content included in the November 2019 edition of the Study Material and the Legislative amendments to be hosted on the website for May 2020 examinations, shall only be relevant for the said examinations.Except the provisions covered under column (3), others are excluded.

 

Notes:

  • In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (2) the related exclusion is given in column (4). Where an exclusion has been so specified in any topic of the syllabus,

the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.

  • November 2019 edition of the Study Material is relevant for May 2020 examinations. The amendments – made after the issuance of this Study Material – i.e. amendments webhosted for May 2020 examinations also shall be relevant for the said examinations. The Legislative amendments will be available on the BoS Knowledge Portal. In addition, Students will be informed upon releasing of a booklet on Case Laws  of  Economic
  • Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the November 2019 edition of the Study Material and the Legislative amendments for May 2020 examinations shall be relevant for the said

 

Paper 6E: Global Financial Reporting Standards

1.   Study Material to be referred

In respect of Final Elective Paper 6E : Global Financial Reporting  Standards  (GFRS),  students are advised to read Module 1 (except headings 1.1 to 1.6 of  Chapter  2 Unit 1)  to Module 4 (except Chapter 16 and Chapter 17) of Final Paper  1 : Financial Reporting  (Revised  August,  2019 edition) alongwith the ‘Major Differences between Ind AS and IFRS and Reason therefor’ hosted at the BOS  Knowledge  Portal  at  https://www.icai.org/post.html?post_id=14444. Reference of Ind AS material has been  given because Ind  AS  alongwith the  differences  in  Ind AS vis-à-vis IFRS is equivalent to IFRS. Students will be informed upon releasing of the study material of GFRS.

The objective of this elective paper is to develop an understanding of the key concepts and principles of International Financial Reporting Standards and to acquire the ability to apply such knowledge to address issues and make computations  in practical case scenarios. Accordingly,  the students are expected to keep this objective in mind and read the content based on Ind AS discussed in Modules 1 to 4 of the core Paper 1 on Financial Reporting along with the above referred differences; and apply the same  to  address issues  and  make  computations on  the basis of IFRS.

In addition, the students are also required to develop an understanding of the significant  differences between IFRS and US GAAP.  The  same  has  also  been  webhosted  at the  above link along with the differences between IFRS and Ind-AS.

Students may note that at the end of certain Ind AS, appendix corresponding to relevant IFRIC /  SIC has been appended. Since IFRICs / SICs are part of IFRS, they also form  part  of  the  syllabus. Hence, ‘List of IFRICs /  SICs  included  in  the corresponding  Appendices to  Ind  AS’ has also been uploaded on the website alongwith  the  ‘List of IFRS corresponding  to Ind AS’  at  the above link.

  1. Non-applicability of certain International Financial Reporting Standards (IFRS) and IFRS Interpretations (IFRICs)

Since the Core paper on Financial Reporting does  not  cover  Ind  AS  equivalent   to   IAS   26, IAS 29, IFRS 4, IFRS 6, IFRS 14 and IFRS 17, the same IFRS shall also not  form part  of the  GFRS Paper. Similarly, in applicable Ind AS there are no corresponding Appendix on IFRIC 2 , IFRIC 9 and SIC 7, so they have not been discussed in the Core paper on Financial Reporting. Hence the same shall also not form part of the GFRS Paper.

  1. Applicability of amendments made by circulars, notifications and other legislations

Students are expected to be updated with the notifications, circulars and other legislative amendments in Ind  AS  corresponding to  IFRS, made upto 6  months  prior to  the  examination. In specific, notification issued by the MCA on 30.3.2019 for amendments in Indian Accounting Standards is relevant for GFRS paper for  May,  2020  examination  with respect  to  IFRS. Hence, IFRS 16 (which replaces Ind AS 17) is applicable for May, 2020 examination.

  1. Scope of coverage of certain topics

As regards to the topic on ‘Significant differences between IFRS and US GAAPs’, the content as covered in the file uploaded on the website at the link https://resource.cdn.icai.org/48696bos32691a.PDF would be relevant for May, 2020 Examination.

 

 

Paper 6F: Multidisciplinary Case Study

The Multi-disciplinary case study would involve application of two or more of the seven core subjects at the Final level. List of seven core subject at final level is given as under:

Final Paper
Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing and Professional Ethics
Paper 4: Corporate and Economic Laws
Paper 5: Strategic Cost Management and Performance Evaluation
Paper 7: Direct Tax Laws & International Taxation
Paper 8: Indirect Tax Laws

 

Note: The applicability/non-applicability of Standards/Guidance Notes/Legislative Amendments etc. for this paper for May, 2020 Examination would be the same as applicable for each of the above individual papers.

Paper 7: Direct Tax Laws and International Taxationlity 

applcation of Finance Act, Assessment Year etc. for May, 2020 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2019, Finance (No.2) Act, 2019 and the Taxation Laws (Amendment) Act, 2019 including significant notifications and circulars issued up to 31st October, 2019, are applicable for May, 2020 examination. The relevant assessment year is A.Y.2020-21.

Note – The October 2019 edition of the Study Material is relevant for May, 2020 examination. The Statutory Update for May,2020 examination, containing the amendments made by the Taxation Laws (Amendment) Act, 2019 and

circulars and notifications issued upto 31.10.2019, but not covered in the October, 2019 edition of the Study Material; and the Judicial Update for May, 2020 examination would be webhosted at the BoS Knowledge Portal. These updates are important and relevant for May, 2020 examination.

Scope of coverage of certain topics in Part II: International Taxation

As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the content as covered in the October, 2019 edition of the Study Material would be relevant for May, 2020 Examination.

Paper 8 : Indirect Tax Laws

The following are applicable for May 2020 examination:

  • The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made, upto 31st October
  • The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance (No. 2) Act, 2019, including significant notifications and circulars issued up to 31st October

The Study Guidelines given below specify the exclusions from the syllabus for May 2020 examination

 

List of topic-wise exclusions from the syllabus
(1)(2)(3)
S. No. in the syllabusTopics of the syllabusExclusions

(Provisions which are excluded from the corresponding topic of the syllabus)

Part-I: Goods and Services Tax
1(ii)Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply     including    composite     and                 mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemption from tax; Composition levy(i)         Rate of tax prescribed for supply of goods*

(ii)        Rate of tax prescribed for supply of services*

(iii)      Exemptions for supply of goods

(iv)      Categories of supply of goods, tax on which is payable on reverse charge basis

1(iv)Time and Value of supplyValue of supply in cases where Kerala Flood Cess is applicable.
1(v)Input tax credit(i)         Manner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projects

(ii)        Manner of reversal of credit of additional duty of customs in respect of Gold dore bar

1(vii)Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund,

job work

(i)         Furnishing of GSTR-2, GSTR-1A and GSTR-3

(ii)        Matching, reversal & reclaim of input tax credit

(iii)      Matching, reversal & reclaim of reduction in output tax liability

1(xvi)Other ProvisionsTransitional Provisions
Part-II: Customs & FTP
1.(v)Officers      of     Customs;      Appointment     of

customs ports, airports etc.

Completely excluded
1.(vii)Provisions relating to coastal goods and

vessels carrying coastal goods

 

1.(viii)Warehousing
1.(x)Demand and Recovery
1.(xi)Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods
1.(xii)Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution
1.(xiii)Appeals and Revision; Advance Rulings; Settlement Commission
1.(xiv)Other provisions

 

*Rates specified for computing the tax payable under composition levy and special rate of tax prescribed under Notification 2/2019 CT (R) dated 07.03.2019 [Effective rate 6% – CGST 3% & SGST 3%] are included in the syllabus.

Notes:

  • Applicability of the Finance (No. 2) Act, 2019
    • Part I : GST – Except the amendment made in section 54 of the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the retrospective amendments made in rate Notification Nos. 2/2017 CT (R) & 2/2017 IT (R) both dated 28.06.2017 (for goods), amendments made by the Finance (No. 2) Act, 2019 in the CGST Act, 2017 and Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] have not become effective till 10.2019.

Therefore, only the amendment made in section 54 of the CGST Act, 2017 is applicable for May 2020 examinations; all the remaining amendments made by the Finance (No. 2) Act, 2019 in the CGST Act and the IGST Act, 2017 are not applicable for May 2020 examinations. It may  be noted that since rate of tax on goods is specifically excluded from the syllabus, retrospective amendments made in the rate Notification Nos. 2/2017 CT (R) & 2/2017 IT (R) both dated 28.06.2017 are also excluded from the syllabus.

  • Part II: Customs & FTP – The amendments made by the Finance (No. 2) Act, 2019 in the Customs Act, 1962 and the Customs Tariff Act, 1975 have become effective from 01.08.2019 and hence, the same are applicable for May 2020
  • Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No.

2) Act, 2019 is not applicable for May 2020 examinations.

  • The former state of Jammu & Kashmir has been reorganized as the new Union Territory of Jammu and Kashmir and the new Union Territory of Ladakh on 31st October 2019. Such reorganisation, to the extent relevant in the context of GST law, shall not be applicable for May 2020
  • In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be
  • October 2019 edition of the Study Material is relevant for May 2020 and November 2020 examinations. The amendments in the GST law and in the customs law and FTP – made after the issuance of this Study Material – to the extent covered in the Statutory Update for May 2020 examination alone shall be relevant for the said examination. The Statutory Update will be hosted on the BoS Knowledge
  • The entire content included in the October 2019 edition of the Study Material (except the exclusions mentioned herein) and the Statutory Update for May 2020 examination shall be relevant for the said

 

Here is the pdf link to download new syllabus amendments.

CA Final Amendments – May 2020 Examinations  Old Syllabus

CA Final Amendments Applicable for  Examination May 2020 is Available on the CAKART website.

ICAI announced amendements in CA final old syllabus for May 2020 exam. The amendments were made in Paper 1, 3, 4, 7 & 8.

CAKART.in brings you the amendments here paper wise.

Paper 1.Financial Reporting

Important Note : 

  • I .  Framework for the Preparation and Presentation of Financial Statements.
    • Accounting Standards

     

    AS No.AS Title
    1Disclosure of Accounting Policies
    2Valuation of Inventories
    3Cash Flow Statements
    4Contingencies and Events Occurring after the Balance Sheet Date
    5Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
    7Construction Contracts
    9Revenue Recognition
    10Property, Plant and Equipment
    11The Effects of Changes in Foreign Exchange Rates
    12Accounting for Government Grants
    13Accounting for Investments
    14Accounting for Amalgamations
    15Employee Benefits
    16Borrowing Costs
    17Segment Reporting
    18Related Party Disclosures
    19Leases
    20Earnings Per Share
    21Consolidated Financial Statements
    22Accounting for Taxes on Income
    23Accounting for Investment in Associates in Consolidated Financial Statements
    24Discontinuing Operations
    25Interim Financial Reporting
    26Intangible Assets
    27Financial Reporting of Interests in Joint Ventures
    28Impairment of Assets
    29Provisions, Contingent Liabilities and Contingent Assets
    • Guidance Notes on Accounting Aspects
      • Guidance Note on Accrual Basis of
      • Guidance Note on Terms Used in Financial
      • Guidance Note on Accounting for Corporate Dividend
      • Guidance Note on Accounting for Employee Share-based
      • Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act,
      • Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS
      • Guidance Note on Applicability of AS 25 to Interim Financial
      • Guidance Note on Turnover in case of
      • Guidance Note on Division I to Schedule III to the Companies Act,
      • Guidance Note on Accounting for Expenditure on Corporate Social Responsibility
      • Guidance Note on Accounting for Derivative

      II.           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, 2019 will  be applicable for May, 2020 Examination. Accordingly, the Companies (Indian Accounting  Standards) Amendment Rules, 2019 notified by MCA on 30.3.2019 wherein  it  has  notified  Ind  AS 116  (by replacing Ind AS 17) is applicable for May, 2020 examination. Therefore, students  are  supposed  to  refer  the overview of Ind AS 116 as given in the RTP for May, 2020 examination.

      III.         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 vis-à- 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,  2020  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, 2020, Ind AS 115 and Ind AS 116 is applicable and not Ind AS 11, Ind AS 18 and Ind AS 17.

       

Paper 3: Advanced Auditing and Professional Ethics

    • A- List of topic-wise inclusion in the syllabus
      1. List of applicable Statements and Standards for May, 2020 Examination:
        1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
          1. Framework for Assurance
          1. List of applicable Engagements and Quality Control Standards on Auditing for May, 2020 Examination

           

          S.No

          SA

          Title of Standard on Auditing

          1

          SQC 1

          Quality Control for Firms that Perform Audits and  Reviews  of  Historical  Financial Information, and Other  Assurance  and  Related  Services Engagements

          2

          SA 200

          Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

          3

          SA 210

          Agreeing the Terms of Audit Engagements

          4

          SA 220

          Quality Control for Audit of Financial Statements

          5

          SA 230

          Audit Documentation

          6

          SA 240

          The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements

          7

          SA 250

          Consideration of Laws and Regulations in An Audit of Financial Statements

          8

          SA 260

          Communication with Those Charged with Governance (Revised)

          9

          SA 265

          Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

          10

          SA 299

          Joint Audit of Financial Statements (Revised)

          11

          SA 300

          Planning an Audit of Financial Statements

          12

          SA 315

          Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

          13

          SA 320

          Materiality in Planning and Performing an Audit

          14

          SA 330

          The Auditor’s Responses to Assessed Risks

          15

          SA 402

          Audit Considerations Relating to an Entity Using a Service Organization

          16

          SA 450

          Evaluation of Misstatements Identified during the Audits

          17

          SA 500

          Audit Evidence

          18

          SA 501

          Audit Evidence – Specific Considerations for Selected Items

          19

          SA 505

          External Confirmations

          20

          SA 510

          Initial Audit Engagements-Opening Balances

          21

          SA 520

          Analytical Procedures

          22

          SA 530

          Audit Sampling

          23

          SA 540

          Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

          24

          SA 550

          Related Parties

          25

          SA 560

          Subsequent Events

           

           

          26

          SA 570

          Going Concern (Revised)

          27

          SA 580

          Written Representations

          28

          SA 600

          Using the Work of Another Auditor

          29

          SA 610

          Using the Work of Internal Auditors (Revised)

          30

          SA 620

          Using the Work of an Auditor’s Expert

          31

          SA 700

          Forming an Opinion and Reporting on Financial Statements (Revised)

          32

          SA 701

          Communicating Key Audit Matters in the Independent Auditor’s Report (New)

          33

          SA 705

          Modifications to the Opinion in the Independent Auditor’s Report (Revised)

          34

          SA 706

          Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)

          35

          SA 710

          Comparative Information – Corresponding Figures and Comparative Financial Statements

          36

          SA 720

          The Auditor’s Responsibility in Relation to Other Information (Revised)

          • List of applicable Guidance Notes and other publications for May, 2020 Examination:

            1. Guidance Note on Audit under Section 44AB of the Income-tax

            2. Guidance Note on Audit of

            3. Guidance Note on Audit of Internal Financial Controls over Financial

            4. Guidance Note on the Companies (Auditor’s Report) Order,

          IV            Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2020 Examination

          Students are expected to be update

          • with the notifications, circulars and other legislative amendments made up to 6 months prior to the Accordingly, 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,  2019  will  be applicable for May, 2020 Examination. It may be  noted  that  the  significant  notifications  and  circulars  issued which are   not covered in   the Study Material, would be given as   Academic Update   in the Revision Test Paper for May, 2020 Examination.

          • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2020

          • Audit provision under GST Laws are applicable for May, 2020

          B- List of topic-wise exclusions from the syllabus :

          I Chapter 17 : Special Audit Assignment topic has been excluded.

          1. Following Engagement and Quality Control Standards excluded:

           

          (1)

          (2)

          (3)

          S.

          Topics of the

          Exclusions

           

          No

          syllabus

          1

          SA 800

          Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework

          2

          SA 805

          Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

          3

          SA 810

          Engagements to Report on Summary Financial Statements

          4

          SRE 2400

          Engagements to Review Historical Financial Statements (Revised)

          5

          SRE 2410

          Review    of    Interim    Financial    Information    Performed    by    the Independent Auditor of the Entity

          6

          SAE 3400

          The Examination of Prospective Financial Information

          7

          SAE 3402

          Assurance Reports on Controls At a Service Organisation

          8

          SAE 3420

          Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)

          9

          SRS 4400

          Engagements to Perform Agreed Upon Procedures Regarding Financial Information

          10

          SRS 4410

          Compilations Engagements (Revised)

          • Following Guidance Notes and other publications are excluded:

            1. Code of Ethics publication is excluded whereas Chapter 20 on Professional Ethics is in syllabus

            2. Guidance Note on Independence of

            3. Guidance Note on Audit of

            4. Guidance Note on Audit of Debtors, Loans and

            5. Guidance Note on Audit of

            6. Guidance Note on Audit of Cash and Bank

            7. Guidance Note on Audit of

            8. Guidance Note on Audit of

            9. Guidance Note on Audit of

            10. Guidance Note on Computer Assisted Audit Techniques (CAATs).

            11. Guidance Note on Audit of Payment of

            12. Guidance Note on Audit of Capital and

            13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

            14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

              Paper 4 : Corporate and Allied Laws


              Applicability of the following Amendments/Circulars/Notifications: 
              The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Allied laws, as amended by concerned

              authority, including significant notifications and circulars issued up to 31st October, 2019, are applicable for May 2020 examination.

              Applicability of Insolvency and Bankruptcy Code, 2016

              “Overview of the Insolvency and Bankruptcy Code, 2016” for 10 Marks have been made applicable covering Knowledge and application of the following –

              • Important Definitions

              • Corporate Insolvency Resolution Process, and

              • Liquidation Process

              With the inclusion of the Insolvency and Bankruptcy Code, 2016, marks allocation will be as under:

              Company Law- 60 Marks

              Insolvency and Bankruptcy Code, 2016- 10 Marks Allied Laws- 30 Marks

              nclusions /Exclusions from the syllabus

              I

              (1)

              (2)

              (3)

              (4)

              S. No. in the syllabus

              Chapters/ Topics of the syllabus

              Inclusions (Provisions which are included from the

              corresponding chapter of the syllabus)

              Exclusions

              (Provisions which are excluded from the corresponding chapter of the syllabus)

              Section         A- Company Law [60 Marks]

              Chapter             1:

              Declaration and payment            of Dividend

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter             2:

              Accounts       and audit

              The entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law

              Chapter             3:

              Appointment and

              The        entire                content included in the Revised

              Except the Relevant rules covered in the Revised June 2018 edition of the Study

            15. [60 Marks]

              Qualifications of Directors

              June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2020 (to be hosted on the website) examinations, shall only be relevant for

              the said examinations.

              Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter             4:

              Appointment and remuneration of Managerial Personnel

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter             5:

              Meetings of Board and its powers

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section A- Company Law [60 Marks]

              Chapter             6:

              Inspection, Inquiry            and Investigation

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter             7:

              Compromises, Arrangements and Amalgamations

              The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              2020 (to be hosted on the website) examinations, shall only be relevant for

              the said examinations.

              Section         A- Company Law [60 Marks]

              Chapter             8:

              Prevention of Oppression and Mismanagement

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter           10:

              Winding up

              Sections related to winding up by Tribunal (from sections 271-303); and

              Remaining provisions other than given in column (3), are excluded.

              Sections applicable to every mode of winding up (from    sections   324-336

              and   344-347   and   352-

              358)

              Section A- Company Law [60 Marks]

              Chapter           11:

              Producer Companies

              Entire topic is excluded

              Section         A- Company Law [60 Marks]

              Chapter           12:

              Companies Incorporated outside India

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter           13:

              Offences        and Penalties

              The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP  for  May

              2020 (to be hosted on the

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              website)       examinations,

              shall only be relevant for the said examinations.

              Section         A- Company Law [60 Marks]

              Chapter 14: E- Governance

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative                   amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A-

              Chapter

              15:

              The        entire        content

              1.         Provisions dealing with constitution of NCLT/NCLAT and qualification of chairman and NCLT/NCLAT members, their salary, allowances etc. (i.e. section 408-419) are excluded.

              2.         Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Company Law

              National

              included in the Revised

              [60 Marks]

              Company

              Law

              June 2018 edition of the

              Tribunal

              and

              Study Material and the

              Appellate

              Legislative    amendments

              Tribunal

              given in the RTP for May

              2020 (to be hosted on the

              website)       examinations,

              shall only be relevant for

              the said examinations.

              Section         A- Company Law [60 Marks]

              Chapter           16:

              Special Courts

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative                   amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              1.         Compounding of offences i.e. section 441 is excluded.

              2.         Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section         A- Company Law [60 Marks]

              Chapter           17:

              Miscellaneous Provisions

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative                   amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              1.      Sections  366  to  378,  396  to  404, 405,

              448,     449,     451-454,     456-470     are

              excluded.

              2. Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2020, all other Rules of the Companies Act, 2013 are excluded.

              Section

              A-

              Chapter

              18:

              The

              entire

              content

              Company Law [60 Marks]

              Corporate Secretarial Practice– Drafting             of Resolution, Minutes,

              Notices          and Reports

              included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2020 (to be hosted on the website) examinations, shall only be relevant for

              the said examinations.

              Section         A-

              Overview     on the Insolvency and Bankruptcy Code, 2016

              [10 Marks]

              Chapter           19:

              Insolvency     and Bankruptcy Code covering important Definitions, Corporate Insolvency Resolution process          and Liquidation

              Process

              The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2020 (to be hosted on the website) examinations, shall only be relevant for the said examinations.

              Following Provisions are excluded and shall not be applicable for May 2020 Examination- Sections   3(14),   3(22),   3(24)-   3(26), 3(28),

              3(29),  3(32),  3(36),  3(37),  5(2),  5(3), 5(13),

              5(19) and section 60 onwards.

              Respective Rules of the Code are excluded from the study material.

              Section B- Allied Laws [30 Marks]

              Chapter           20:

              SEBI   Act,  1992

              and     the     SEBI (ICDR)

              Regulations, 2009

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              1.          Following provisions of the SEBI Act, are entirely excluded –

              Sections      2(1)(b),      2(1)(c),                      2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g), 9, 10,

              19, 21, 28B, 33, 35

              2.         SEBI (ICDR) Regulations is excluded

              Section B- Allied Laws [30 Marks]

              Chapter           21:

              Securities Contracts (Regulation) Act, 1956

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              The Securities Contracts (Regulation) Rules, 1957 are entirely excluded.

              Section B- Allied Laws [30 Marks]

              Chapter 22: The Foreign Exchange

              Management

              The FEMA, 1999 along with the following Rules/Regulations-

              All other FEM (Regulations)/ Rules are entirely excluded.

              Act, 1999 and the significant FEM Regulations

              ·         Fem                (Permissible Capital                   Account Transactions) Regulations, 2000

              ·         Fem                       (Current Account Transactions) Rules, 2000

              ·         FEM (Export of Goods & Services) Regulations, 2015

              ·         Overseas Direct Investment

              ·         Import of Goods and Services

              ·         External Commercial Borrowing Policy

              Section B- Allied Laws [30 Marks]

              Chapter 23: The Competition Act, 2002

              The        entire        content included in the Revised June 2018 edition of the Study Material and the Legislative    amendments given in the RTP for May 2020 (to be hosted on the website)                       examinations, shall only be relevant for the said examinations.

              Following Sections 23, 24, 25, 34, 37, 40 are excluded.

              Section B- Allied Laws [30 Marks]

              Chapter           24:

              Overview          of Banking Regulations Act, 1949, Insurance Act,

              1938, IRDA,

              1999 and the SARFAESI Act, 2002

              Content of the chapter of the Study Material is covering an overview of the Act with the broad coverage (not in entirety) of the following sections-

              Under the Banking Regulation    Act,   1949:

              Sections  6,  8,  9,  17, 20,

              29,   30,   35,   35A,  35B,

              35AA,   35AB,   36, 36AA,

              36AB,       36AE,       36AF,

              36AG, 36AH, 36AI, 36AJ.

              Insurance    Act,     1938:

              Sections 2(1), 2(1A), 2(2),

              2(4A)2(5B),   2(6),   2(6B),

              Under the Banking Regulation Act, 1949

              All other provisions except given in column (3) are excluded

              Insurance Act, 1938

              All other provisions except given in column (3) are excluded

              2(6C), 2(7), 2(7A), 2(9),

              IRDA, 1999

              All other provisions except given in column (3) are excluded

              SARFAESI Act, 2002

              Remaining provisions i.e. section 20 and onwards are excluded

              2(10),      2(10A),       2(11),

              2(16B), 2(CB), 6, 6A,

              13,14, 15, 27, 29, 30,

              32D, 33, 40, 42, 42A, 45,

              48A, 52, 64, 64UM, 64V,

              64VA.

              IRDA,     1999:     Sections

              2(a), 2(b), 2(c), 2(d), 2(e),

              2(f), 2(g), 3-12, 13, 14, 15-

              17, 18-32.

              SARFAESI    Act,    2002:

              Relevant             definitions

              covered    in     the    Study

              Material

              management of asset by

              the bank and the financial

              institutions

              The        entire        content

              included in the Revised

              June 2018 edition of the

              Study Material and the

              Legislative    amendments

              given in the RTP for May

              2020 (to be hosted on the

              website)       examinations,

              shall only be relevant for

              the said examinations.

              Section B- Allied Laws [30 Marks]

              Chapter 25: The Prevention        of Money Laundering Act, 2002

              The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2020 (to be hosted on the website) examinations, shall only be relevant for the said examinations.

              Following are the provisions that are excluded: Section related to definitions under 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja),

              (k), (m), (o), (q), (r), (rc), (s), (sa), (sb), (sc), (t), (va), (z), (zb) & (2).

              Sections 6(3) – 6(14)- Adjudicating authorities, composition, powers, etc.

              Section 7- Staff of Adjudicating Authorities Sections 10- 11 Management of properties confiscated   under   this   Chapter   &   Power

              regarding summons, production of documents

              and evidence, etc.

              Sections 16- 24- Powers related to search, and seizure etc.

              35(3)- 35(5)- Powers of the Appellant Tribunal Sections 37- Power of Chairman to transfer cases

              Sections 39- 40- Right of appellant to take assistance of authorized representative and of Government to appoint presenting officers & Members, etc., to be public servants.

              Sections 46(2)- (3) – Application of Code of Criminal Procedure, 1973 to proceedings before Special Court.

              Sections 49 to 54- Provisions related to the Powers of appointment of authorities and other officers, jurisdiction, inquiry etc.

              Sections 58A- Special Court to release the property

              Section 59 –Reciprocal arrangements Section 67-68- Bar of suits and notice Sections 73- 75- Powers related to making of

              rules and to remove difficulties

              Section B- Allied Laws [30 Marks]

              Chapter 26: Interpretation of statutes,     deeds and documents

              Content of this chapter of the Study Material covers the significant rules and principles of interpretation in a broad manner. Thus, the content of the chapter as included in the study material may be taken into

              consideration.

              Notes:

              • In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (2) the related exclusion is given in column (4). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be

              • June 2018 edition of the Study Material is relevant for May 2020 examinations. The amendments – made after the issuance of this Study Material –to the extent covered in RTP for May 2020 examinations, alone shall be relevant for the said examinations The Legislative amendments will be made available through RTP hosted on the BoS Knowledge

              • Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the June 2018 edition of the Study Material and the Legislative amendments for May 2020 examinations shall be relevant for the said


              The provisions of direct tax laws, as amended by the Finance Act, 2019, Finance (No.2) Act, 2019 and the Taxation Laws (Amendment) Act, 2019 including significant notifications and circulars issued up to
              31st October, 2019, are applicable for May, 2020 examination. The relevant assessment year is A.Y.2020-21.Applicability of Finance Act, Assessment Year etc. for May, 2020 Examination

              Note – The October 2019 edition of the Study Material for Final (New) Paper 7 is also relevant for May, 2020 Final (Old) Paper 7: Direct Tax Laws, with the exception of chapters 6 to 8 in Module 4 of the Study Material. Thus, all chapters in Modules 1, 2 and 3 and chapters 1 to 5 of Module 4 of the October 2019 edition of the Study Material of Final (New) Paper 7 is relevant for Final (Old) Paper 7 Direct Tax Laws also.

              The Statutory Update for May,2020 examination, containing the amendments made by the Taxation Laws (Amendment) Act, 2019 and circulars and notifications issued upto 31.10.2019, but not covered in the October, 2019 edition of the Study Material; and the Judicial Update for May, 2020 examination would be webhosted at the BoS Knowledge Portal. These updates are important and relevant for May, 2020 examination.

              Paper 8 : Indirect Tax Laws

              The following are applicable for May 2020 examination:

              • The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made, upto 31st October

              • The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance (No. 2) Act, 2019, including significant notifications and circulars issued up to 31st October

              The Study Guidelines given below specify the exclusions from the syllabus for May 2020 examination

              List of topic-wise exclusions from the syllabus

              (1)

              (2)

              (3)

              S. No. in the syllabus

              Topics of the syllabus

              Exclusions

              (Provisions which are excluded from the corresponding topic of the syllabus)

              Part-I: Goods and Services Tax

              1(ii)

              Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemption from tax; Composition levy

              (i)          Rate of tax prescribed for supply of goods*

              (ii)        Rate of tax prescribed for supply of services*

              (iii)       Exemptions for supply of goods

              (iv)      Categories of supply of goods, tax on which is payable on reverse charge basis

              1(iv)

              Time and Value of supply

              Value of supply in cases where Kerala Flood Cess is applicable.

              1(v)

              Input tax credit

              (i)         Manner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projects

              (ii)        Manner of reversal of credit of additional duty of customs in respect of Gold dore bar

              1(vii)

              Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund,

              job work

              (i)         Furnishing of GSTR-2, GSTR-1A and GSTR-3

              (ii)        Matching, reversal & reclaim of input tax credit

              (iii)      Matching, reversal & reclaim of reduction in output tax liability

              1(xvi)

              Other Provisions

              Transitional Provisions

              Part-II: Customs & FTP

              1.(v)

              Officers     of     Customs;      Appointment     of customs ports, airports etc.

              Completely excluded

              1.(vii)

              Provisions relating to coastal goods and vessels carrying coastal goods

              1.(viii)

              Warehousing

              1.(x)

              Demand and Recovery

              1.(xi)

              Provisions    relating    to     prohibited    goods,

              notified    goods,     specified    goods,                  illegal importation/exportation of goods

              1.(xii)

              Searches, seizure and arrest; Offences;

              Penalties; Confiscation and Prosecution

              1.(xiii)

              Appeals and Revision; Advance Rulings;

              Settlement Commission

              1.(xiv)

              Other provisions

              *Rates specified for computing the tax payable under composition levy and special rate of tax prescribed under Notification 2/2019 CT (R) dated 07.03.2019 [Effective rate 6% – CGST 3% & SGST 3%] are included in the syllabus.

              Notes:

              • Applicability of the Finance (No. 2) Act, 2019

                • Part I : GST – Except the amendment made in section 54 of the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the retrospective amendments made in rate Notification Nos. 2/2017 CT (R) & 2/2017 IT (R) both dated 28.06.2017 (for goods), amendments made by the Finance (No. 2) Act, 2019 in the CGST Act, 2017 and Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] have not become effective till 10.2019.

              Therefore, only the amendment made in section 54 of the CGST Act, 2017 is applicable for May 2020 examinations; all the remaining amendments made by the Finance (No. 2) Act, 2019 in the CGST Act and the IGST Act, 2017 are not applicable for May 2020 examinations. It may  be noted that since rate of tax on goods is specifically excluded from the syllabus, retrospective amendments made

              in the rate Notification Nos. 2/2017 CT (R) & 2/2017 IT (R) both dated 28.06.2017 are also excluded from the syllabus.

              • Part II: Customs & FTP – The amendments made by the Finance (No. 2) Act, 2019 in the Customs Act, 1962 and the Customs Tariff Act, 1975 have become effective from 01.08.2019 and hence, the same are applicable for May 2020

              • Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No.

              2) Act, 2019 is not applicable for May 2020 examinations.

              • The former state of Jammu & Kashmir has been reorganized as the new Union Territory of Jammu and Kashmir and the new Union Territory of Ladakh on 31st October 2019. Such reorganization, to the extent relevant in the context of GST law, shall not be applicable for May 2020

              • In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be

              • October 2019 edition of the Study Material is relevant for May 2020 and November 2020 examinations. The amendments in the GST law and in the customs law and FTP – made after the issuance of this Study Material – to the extent covered in the Statutory Update for May 2020 examination alone shall be relevant for the said examination. The Statutory Update will be hosted on the BoS Knowledge

              • The entire content included in the October 2019 edition of the Study Material (except the exclusions mentioned herein) and the Statutory Update for May 2020 examination shall be relevant for the said examination.

           

3. Relevant Study Material for May 2020 Examination:

CA Final Amendments :  New Course study material shall be applicable for CA Final May 2020 examination.

CA Final Advanced Management Accounting

CA Final Amendments :  New Course study material shall be applicable for CA Final May 2018 examination.

Download whole syllabus from the given link:

ca-final-old

CA final old syllabus

 

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