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List of Amendments applicable for CA Intermediate | CA IPCC Nov 2015 exam

List of Amendments applicable for CA Intermediate | CA IPCC Nov 2015 exam

Amendments-applicable-for-IPCC-Nov-2015-In-simple-languagePaper 1: Accounting

Accounting Standards
The Companies Act, 2013 : The relevant sections of the Companies Act, 2013, notified up to 31st March, 2015 along with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the Ministry of Corporate Affairs upto 30th April, 2015.

AS1:00Disclosure of Accounting Policies
AS2:00Valuation of Inventories
AS3:00Cash Flow Statements
AS6:00Depreciation Accounting
AS7:00Construction Contracts (Revised 2002)
AS9:00Revenue Recognition
AS10:00Accounting for Fixed Assets
AS13:00Accounting for Investments
AS14:00Accounting for Amalgamations

Paper 5: Advanced Accounting

Accounting Standards

AS 4 : Contingencies and Events occurring after the Balance Sheet Date
AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in AccountingPolicies
AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003)
AS 12 : Accounting for Government Grants
AS 16 : Borrowing Costs
AS 19 : Leases
AS 20 : Earnings Per Share
AS 26 : Intangible Assets
AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

Note Regarding Applicability for Paper 1 and Paper 5: The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2015

Non-Applicability of Ind ASs: The Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) vide Notification No. G.S.R…….(E) dated 16 February, 2015, for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS). Students may note that these Ind ASs are not applicable for November, 2015 Examination.

Recommended Read: Tips to pass CA Intermediate | CA IPCC exam in first attempt 

Paper 2: Business Laws, Ethics and Communication

The Companies Act, 2013 : The relevant sections of the Companies Act, 2013, notified up to 31st March, 2015 along with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the Ministry of Corporate Affairs upto 30th April, 2015.

Recommended Read :

List of Amendments applicable for CA Intermediate | CA IPCC Nov 2015 exam

Paper 4: Taxation

Applicability of the Finance Act, Assessment Year etc. for November, 2015 examination.The provisions of income-tax and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including circulars and notifications issued upto 30th April, 2015, are applicable for November, 2015 examination. The relevant assessment year for income-tax is A.Y. 2015-16.

Paper 6: Auditing and Assurance

I. Standards on Auditing (SAs)

S.NoSATitle of Standard on Auditing
1SA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
2SA 210Agreeing the Terms of Audit Engagements
3SA 220Quality Control for Audit of Financial Statements
4SA 230Audit Documentation
5SA 240The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
6SA 250Consideration of Laws and Regulations in An Audit of Financial Statements
7SA 260Communication with Those Charged with Governance
8SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
9SA 299Responsibility of Joint Auditors
10SA 300Planning an Audit of Financial Statements
11SA 315Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
12SA 320Materiality in Planning and Performing an Audit
13SA 330The Auditor’s Responses to Assessed Risks
14SA 402Audit Considerations Relating to an Entity Using a Service Organization
15SA 450Evaluation of Misstatements Identified during the Audits
16SA 500Audit Evidence
17SA 501Audit Evidence – Specific Considerations for Selected Items
18SA 505External Confirmations
19SA 510Initial Audit Engagements-Opening Balances
20SA 520Analytical Procedures
21SA 530Audit Sampling
22SA 540Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
23SA 550Related Parties
24SA 560Subsequent Events
25SA 570Going Concern
26SA 580Written Representations
27SA 600Using the Work of Another Auditor
28SA 610Using the Work of Internal Auditors
29SA 620Using the Work of an Auditor’s Expert
30SA 700Forming an Opinion and Reporting on Financial Statements
31SA 705Modifications to the Opinion in the Independent Auditor’s Report
32SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
33SA 710Comparative Information – Corresponding Figures and Comparative Financial Statements
34SA 720The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements

II. Statements

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 of the Companies Act, 2013).

III. Guidance Notes

  1. Guidance Note on Audit of Inventories.
  2. Guidance Note on Audit of Debtors, Loans and Advances.
  3. Guidance Note on Audit of Investments.
  4. Guidance Note on Audit of Cash and Bank Balances.
  5. Guidance Note on Audit of Liabilities.
  6. Guidance Note on Audit of Revenue.
  7. Guidance Note on Audit of Expenses.

IV Applicability of the Companies Act, 2013

(i) The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 alongwith other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities cut-off date will be 30th April, 2015.

(ii) Companies (Auditor’s Report) Order, 2015 issued by Ministry of Corporate Affairs on 10th April, 2015 is applicable for November 2015 Examination.

List of Amendments applicable for CA Intermediate | CA IPCC Nov 2015 exam

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