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 Admit Cards for May 2016 Examination

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2015 - Intermediate (IPC) Examination. -
January, 21st 2015
Applicability of Standards/Guidance Notes/Legislative Amendments etc.
            for May, 2015 ­ Intermediate (IPC) Examination


                              Paper 1: Accounting
Accounting Standards
AS    1 : Disclosure of Accounting Policies
AS    2 : Valuation of Inventories
AS    3 : Cash Flow Statements
AS    6 : Depreciation Accounting
AS    7 : Construction Contracts (Revised 2002)
AS    9 : Revenue Recognition
AS 10 : Accounting for Fixed Assets
AS 13 : Accounting for Investments
AS 14 : Accounting for Amalgamations



                       Paper 5: Advanced Accounting
Accounting Standards
AS 4 :   Contingencies and Events occurring after the Balance Sheet Date
AS 5 :   Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting
         Policies
AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003)
AS 12 : Accounting for Government Grants
AS 16 : Borrowing Costs
AS 19 : Leases
AS 20 : Earnings Per Share
AS 26 : Intangible Assets
AS 29 : Provisions, Contingent Liabilities and Contingent Assets.
Note Regarding Applicability for Paper 1 and Paper 5: 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 31st October, 2014.
Non-Applicability of Ind ASs for May, 2015 Examination: The MCA has hosted on its
website 35 Indian Accounting Standards (Ind AS) without announcing the applicability
date. Students may note that these Ind ASs are not applicable for May, 2015
Examination.






       Paper 2: Business Laws, Ethics and Communication
(I) The Companies Act, 2013 : Relevant notified Sections 1 to 122 of the Companies Act,
2013 up to 30th September 2014 by the Ministry of Corporate Affairs are applicable except
Section 75 relating to `damages for fraud', Section 48 relating to "Variation of shareholders'
right", Section 66 related to "Reduction of share capital", Section 97 relating to " Power of
tribunal to call AGM", Section 98 relating to " Power of Tribunal to call meetings of members,
etc., and Section 99 relating to " Punishment for default in complying with provisions of
sections 96 to 98", of the Companies Act, 2013. For other legislative amendments including
relevant Notifications/Circulars/Rules/Guidelines issued by Regulating Authority cut-off date
will be 31st October, 2014.
 (II) The Employees' Provident Funds Miscellaneous Provisions Act, 1952-
      1. The Employees' Deposit Linked Insurance ( Amendment) Scheme, 2014
      2. Employees' Pension (Amendment) Scheme, 2014

                                 Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for May, 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 31st October, 2014. The relevant
assessment year for income-tax is A.Y. 2015-16.



                     Paper 6: Auditing and Assurance
I.   Standards on Auditing (SAs)

S.No       SA                             Title of Standard on Auditing

1      SA 200       Overall Objectives of the Independent Auditor and the Conduct of an Audit in
                    Accordance with Standards on Auditing

2      SA 210       Agreeing the Terms of Audit Engagements

3      SA 220       Quality Control for Audit of Financial Statements

4      SA 230       Audit Documentation
5    SA 240   The Auditor's responsibilities Relating to Fraud in an Audit of Financial
              Statements

6    SA 250   Consideration of Laws and Regulations in An Audit of Financial
              Statements

7    SA 260   Communication with Those Charged with Governance

8    SA 265   Communicating Deficiencies in Internal Control to Those Charged with
              Governance and Management

9    SA 299   Responsibility of Joint Auditors

10   SA 300   Planning an Audit of Financial Statements

11   SA 315   Identifying and Assessing the Risks of Material Misstatement through
              Understanding the Entity and its Environment

12   SA 320   Materiality in Planning and Performing an Audit

13   SA 330   The Auditor's Responses to Assessed Risks

14   SA 402   Audit Considerations Relating to an Entity Using a Service Organization

15   SA 450   Evaluation of Misstatements Identified during the Audits

16   SA 500   Audit Evidence

17   SA 501   Audit Evidence - Specific Considerations for Selected Items

18   SA 505   External Confirmations

19   SA 510   Initial Audit Engagements-Opening Balances

20   SA 520   Analytical Procedures

21   SA 530   Audit Sampling

22   SA 540   Auditing Accounting Estimates, Including Fair Value Accounting
              Estimates, and Related Disclosures




23   SA 550   Related Parties

24   SA 560   Subsequent Events
25      SA 570       Going Concern

26      SA 580       Written Representations

27      SA 600       Using the Work of Another Auditor

28      SA 610       Using the Work of Internal Auditors

29      SA 620       Using the Work of an Auditor's Expert

30      SA 700       Forming an Opinion and Reporting on Financial Statements

31      SA 705       Modifications to the Opinion in the Independent Auditor's Report

32      SA 706       Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
                     Independent Auditor's Report

33      SA 710       Comparative Information ­ Corresponding Figures and Comparative
                     Financial Statements

34      SA 720       The 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: 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 31st October, 2014.

 
 
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