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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2015 - Final Examination.
January, 21st 2015
       Applicability of Standards/Guidance Notes/Legislative Amendments etc.
                           for May, 2015 ­ Final Examination
                       Paper 1: Financial Reporting
I.     Framework for the Preparation and Presentation of Financial Statements.
II.    Accounting Standards
      AS No.                                      AS Title
        1      Disclosure of Accounting Policies
        2      Valuation of Inventories
        3      Cash Flow Statements
        4      Contingencies and Events Occurring after the Balance Sheet Date
        5      Net Profit or Loss for the Period, Prior Period Items and Changes in
               Accounting Policies
        6      Depreciation Accounting
        7      Construction Contracts (Revised 2002)
        9      Revenue Recognition
       10      Accounting for Fixed Assets
       11      The Effects of Changes in Foreign Exchange Rates (Revised 2003)
       12      Accounting for Government Grants
       13      Accounting for Investments
       14      Accounting for Amalgamations
       15      Employee Benefits
       16      Borrowing Costs
       17      Segment Reporting
       18      Related Party Disclosures
       19      Leases
       20      Earnings Per Share
       21      Consolidated Financial Statements
       22      Accounting for Taxes on Income
       23      Accounting for Investment in Associates in Consolidated Financial Statements
       24      Discontinuing Operations
       25      Interim Financial Reporting
       26      Intangible Assets
       27      Financial Reporting of Interests in Joint Ventures
       28      Impairment of Assets
       29      Provisions, Contingent Liabilities and Contingent Assets
       30      Financial Instruments: Recognition and Measurement
       31      Financial Instruments: Presentation
       32      Financial Instruments: Disclosure
      Note: Applicability of Ind ASs
The Ministry of Corporate Affairs has placed on its website 35 Indian Accounting Standards (Ind ASs - the expression Ind AS is used in India in place of IFRS) without announcing their applicability date. Since these Ind ASs have not been notified by MCA, the same are not applicable for May, 15 Examinations. However, students should have overall general understanding of Ind ASs since they generally correspond to IFRSs except certain carve outs and there is a full chapter on IFRS in the present syllabus of Financial Reporting. III. Guidance Notes on Accounting Aspects 1. Guidance Note on Accrual Basis of Accounting. 2. Guidance Note on Accounting Treatment for Excise Duty. 3. Guidance Note on Terms Used in Financial Statements. 4. Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares. 5. Guidance Note on Accounting Treatment for MODVAT/CENVAT. 6. Guidance Note on Accounting for Corporate Dividend Tax. 7. Guidance Note on Accounting for Employee Share-based Payments. 8. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961. 9. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25. 10. Guidance Note on Applicability of Accounting Standard (AS) 20, Earnings per Share. 11. Guidance Note on Remuneration paid to key management personnel ­ whether a related party transaction. 12. Guidance Note on Applicability of AS 25 to Interim Financial Results. 13. Guidance Note on Turnover in case of Contractors. 14. Guidance Note on the Revised Schedule VI to the Companies Act, 1956 (Schedule III to the Companies Act, 2013). IV. Applicability of the Companies Act, 2013 and other Legislative Amendments: The relevant notified Sections of the Companies Act, 2013 up to 30 th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be six months. Paper 3: Advanced Auditing and Professional Ethics I. Statements and Standards 1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 of the Companies Act, 2013). 2. Framework for Assurance Engagements. II. Engagements and Quality Control Standards on Auditing 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 9 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 10 SA 299 Responsibility of Joint Auditors 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 27 SA 580 Written Representations 28 SA 600 Using the Work of Another Auditor 29 SA 610 Using the Work of Internal Auditors 30 SA 620 Using the Work of an Auditor's Expert 31 SA 700 Forming an Opinion and Reporting on Financial Statements 32 SA 705 Modifications to the Opinion in the Independent Auditor's Report 33 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report 34 SA 710 Comparative Information ­ Corresponding Figures and Comparative Financial Statements 35 SA 720 The Auditor's Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements 36 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework 37 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 38 SA 810 Engagements to Report on Summary Financial Statements 39 SRE Engagements to Review Financial Statements 2400 40 SRE Review of Interim Financial Information Performed by the 2410 Independent Auditor of the Entity 41 SAE The Examination of Prospective Financial Information 3400 42 SAE Assurance Reports on Controls At a Service Organisation 3402 43 SRS Engagements to Perform Agreed Upon Procedures Regarding 4400 Financial Information 44 SRS Engagements to Compile Financial Information 4410
III. Guidance Notes and other publications 1. Code of Ethics 2. Guidance Note on Independence of Auditors. 3. Guidance Note on Audit Reports and Certificates for Special Purposes. 4. Guidance Note on Audit under Section 44AB of the Income-tax Act (Revised in view of Latest Form 3CA, 3CB and 3CD notified on 25th July). 5. Guidance Note on Audit of Inventories. 6. Guidance Note on Audit of Debtors, Loans and Advances. 7. Guidance Note on Audit of Investments. 8. Guidance Note on Audit of Cash and Bank Balances. 9. Guidance Note on Audit of Liabilities. 10. Guidance Note on Audit of Revenue. 11. Guidance Note on Audit of Expenses. 12. Guidance Note on Sections 227(3)(e) and (f) of the Companies Act, 1956(Section 143 of the Companies Act, 2013). 13. Guidance Note on Computer Assisted Audit Techniques (CAATs). 14. Guidance Note on Audit of Payment of Dividend. 15. Guidance Note on Audit of Capital and Reserves. IV Applicability of the Companies Act, 2013 and Other Legislative Amendments: The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be six months. Paper 4 : Corporate and Allied Laws I Applicability of Relevant Amendments/Circulars/ Notifications/Regulations etc. 1. The Companies Act, 2013 : The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be six months. 2. The SEBI Act, 1992 : The Ministry of Law and Justice vide Notification dated 25 th August, 2014 has issued Securities Laws (Amendment) Act, 2014 which is available at the following link http://www.sebi.gov.in/cms/sebi_data/attachdocs/1409135096979.pdf 3. SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009 : SEBI vide Notification dated 25th August, 2014 has issued SEBI (Issue of Capital and Disclosure Requirement) (Second Amendment) Regulations, 2014 which is available at the following link http://www.sebi.gov.in/cms/sebi_data/attachdocs/1409120871432.pdf Note: Study Material (October 2014 edition) in this regard has been hosted under BoS Knowledge Portal, ICAI and hard copy of the same is also available. II Non-Applicability of the following Amendments/Circulars/Notifications S.No. Subject M atter 1. Chapter 9 of the study material (October, 2014 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies. 2. Chapter 15 of the study material (October, 2014 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal. Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws Applicability of the Finance Act, Assessment Year etc. for May, 2015 Examination The provisions of direct and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including notifications and circulars issued up to 31st October, 2014. The applicable assessment year for Direct Tax Laws is A.Y.2015-16.
 
 
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