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  The Chartered Accountants’ Students Benevolent Fund (CASBF)
 Admit Cards for Intermediate (IPC) and Final November 2016 Examination
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  Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
 CA Students participation in Institute Programmes for 5 hours
 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Intermediate (IPC) Examination
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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 Intermediate (IPC) Examination
July, 11th 2016
Applicability of Standards/Guidance Notes/Legislative Amendments etc.
        for November, 2016 ­ 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.


I.   Applicability of the Companies Act, 2013 and other Legislative Amendments for
     Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013 and
     legislative amendments including relevant Notifications / Circulars / Rules / Guidelines
     issued by Regulating Authority up to 30 th April, 2016 will be applicable for November,
     2016 Examination
II. Non-Applicability of Ind ASs for November, 2016 Examination for Paper 1 and
   Paper 5 : The Ministry of Corporate Affairs has notified Companies (Indian Accounting
   Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of
   companies. These Ind AS have not been made applicable for November, 2016
   Examination.
III. Non-applicability of Amendments made by MCA in the Companies
     (Accounting Standards) Rules, 2006 and Companies (Indian Accounting
     Standards) Rules, 2015 for Paper 1 and Paper 5 : Amendments made by MCA on
   30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian
   Accounting Standards) Rules, 2015 have not been made applicable for November, 2016
   examination.






       Paper 2: Business Laws, Ethics and Communication
The Companies Act, 2013:The relevant sections of the Companies Act, 2013, along
with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the
Ministry of Corporate Affairs upto 30th April, 2016. For updates, see
http://www.mca.gov.in/
The Negotiable Instruments (Amendment) Act, 2015:The Negotiable Instruments
(Amendment) Act, 2015 received the assent of the president on 26th December, 2015
and has been notified in the Official Gazette on 29th December, 2015 by the Ministry
of Law and Justice.
This is an Act further to amend the Negotiable Instruments Act, 1881 and shall be
deemed to have come into force on the 15th day of June, 2015.For detail click the
following link-
NI-Act-gazette-notification-26.12.2015.pdf
The Payment of Bonus (Amendment) Act, 2015: An Act further to amend the
Payment of Bonus Act, 1965. The Act received the assent of the President on the31st
December, 2015, and published in the Official gazette on 1st January 2016 by Ministry
of Law and Justice. It shall be deemed to have come into force on the 1st day of April,
2014.For detail click the following link-
http://www.prsindia.org/uploads/media/Payment%20of%20Bonus/Payment%20of%20
Bonus%20Act,%202015.pdf
Non-applicability of the following sections of the Companies Act, 2013
  S.No.      Section No.        Section title
  1.         Section 48         Variation of shareholders' right

  2.         Section 66         Reduction of share capital
     3.             Section 75          damages for fraud

     4.             Section 97          Power of tribunal to call AGM

     5.             Section 98        Power of Tribunal to call meetings of members, Etc.

     6.             Section 99        Punishment for default in complying with provisions of
                                      sections 96 to 98

                                      Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for November, 2016 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2015,
including circulars and notifications issued upto 30th April, 2016, are applicable for November,
2016 examination. The relevant assessment year for income-tax is A.Y. 2016-17.



                          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 (1) 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.
      8. Guidance Note on Reporting under section 143 (3) (f) and (h) of the
         Companies Act, 2013
IV    Applicability of the Companies Act, 2013:
      (i) The relevant notified Sections of the Companies Act, 2013 and other
          legislative amendments including relevant Notifications / Circulars / Rules /
          Guidelines issued by Regulating Authorities, cut-off date will be 30th April, 2016.
      (ii) Companies (Auditor's Report) Order, 2016 issued by Ministry of Corporate
          Affairs on 29th March, 2016 is applicable for November, 2016 Examination.

 
 
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