Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for November, 2014 Intermediate (IPC) Examination
June, 13th 2014
Applicability of Standards/Guidance Notes/Legislative Amendments etc.
for November, 2014 Intermediate (IPC) Examination
Paper 1: Accounting
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
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
AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003)
AS 12 : Accounting for Government Grants
AS 16 : Borrowing Costs
AS 19 : Leases
AS 20 : Earnings Per Share
AS 26 : Intangible Assets
AS 29 : Provisions, Contingent Liabilities and Contingent Assets.
Non-Applicability of Ind ASs for November, 2014 Examination
The MCA has hosted on its website 35 Indian Accounting Standards (Ind AS) without
announcing the applicability date. Students may note that these Ind ASs are not
applicable for November, 2014 Examination.
Paper 2: Business Laws, Ethics and Communication
The Companies Act, 2013
The 53 sections of the Companies Act, 2013 along with the clarifications notified by the Ministry of
Supplementary study material in this regard has been hosted on the student portal, ICAI at the
following link http://126.96.36.199/32794ssp-p2blec-ipcc.pdf
Non-Applicability of the following /Circulars/Notifications
S.No. Subject Matter
1. *New 184 sections of the Companies Act, 2013 notified on 27th February, 2014
and 26th March, 2014.
2. *Rules notified under the Companies Act, 2013
Interdepartmental Note-(For Examination Committee only) : * Strictly speaking, the matter
regarding applicability of further notified sections of the Companies Act, 2013 and rules
thereof are under consideration with the Board of Studies and then will be sent to Council.
Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for November, 2014 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2013,
including circulars and notifications issued upto 30th April, 2014. The relevant assessment
year for income-tax is A.Y. 2014-15.
Paper 6: Auditing and Assurance
I. Standards on Auditing (SAs)
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
6 SA 250 Consideration of Laws and Regulations in An Audit of Financial
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
34 SA 720 The Auditor's Responsibility in Relation to Other Information in
Documents Containing Audited Financial Statements
1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956.
2. Statement on the Companies (Auditor's Report) Order, 2003.
III. Guidance Notes
1. Guidance Note on Audit of Inventories.
2. Guidance Note on Audit of Debtors, Loans and Advances.
3. Guidance Note on Audit of Investments.
4. Guidance Note on Audit of Miscellaneous Expenditure.
5. Guidance Note on Audit of Cash and Bank Balances.
6. Guidance Note on Audit of Liabilities.
7. Guidance Note on Audit of Revenue.
8. Guidance Note on Audit of Expenses.