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Change in syllabus

sneha (student) (209 Points)

15 December 2014

frnds is there any change in accounts syllabus for may 2015 and ifrs are gng to apply?? i am an ipcc studentc so plzzz tell me the changee..

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shrinivas (ca) (48 Points)
Replied 15 December 2014

I think change only taken place in law and mery in other subjects remains unchange

Deepak Gupta (CA Student) (15922 Points)
Replied 15 December 2014

Originally posted by : sneha
	frnds is there any change in accounts syllabus for may 2015 and ifrs are gng to apply?? i am an ipcc studentc so plzzz tell me the changee..

-> IFRS is not applicable for CA Inter May 2015 exams.

Just a brief introduction regarding what is IFRS has been given in the study material which is of miniscule importance for exam purpose.
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-> Additions made in AS Chapter (under overview of AS)

Sec. 133 of the Companies Act, 2013: Central Government to prescribe accounting standards.
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Sec. 129 of the Companies Act, 2013: Financial statement (Presentation and true & fair view)
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-> Schedule III is applicable for May 2015 exams instead of Rev. Schedule VI.

The format for preparation and presentation of financial statements as per Schedule III of the Companies Act, 2013 is almost the same as that of Revised Schedule VI notified under Companies Act, 1956.
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However in statement of profit and loss, the company shall disclose the following as an additional information, which was not required to be disclosed under the Companies Act 1956.
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"In case of companies covered u/s 135, amount of expenditure incurred on corporate social responsibility activities".
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-> Chapter on ‘Financial Statements of Companies’ has been thoroughly revised as per relevant sections of the Companies Act, 2013.
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-> Financial Statements of Not-For-Profit Organisations:

NPO’s registered under section 8 of the Companies Act, 2013 are required to prepare their Income and Expenditure A/c and Balance Sheet as per Schedule III. Before the amendment, it was section 25 under the Companies Act, 1956 and Revised Schedule VI was applicable.
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-> Accounting for Bonus Issue: Refer the relevant provisions of Companies Act, 2013 which were not given under the Companies Act, 1956.
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Note: I have tried to put a brief gist for your perusal but kindly go through the study material once for any oversight.

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UMA (STUDENT) (43 Points)
Replied 16 December 2014

Tq g.................. .. .. . ...

VIKAS GUPTA (Student CA Final ) (153 Points)
Replied 16 December 2014

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vijay krishna (Student) (42 Points)
Replied 17 December 2014

Thank you Deepak Gupta Sir.. Only two doubts - 1.Should I prepare balance sheet as per revised schedule VI (vertical format) or horizontal format?? 2. What about financial statements of NPO?

sneha (student) (209 Points)
Replied 17 December 2014

yes sirr me too had the same doubtt..

suraj aggarwal (suraj) (185 Points)
Replied 17 December 2014

Hey you should use new format as icai notifies it

Deepak Gupta (CA Student) (15922 Points)
Replied 17 December 2014

Erstwhile Revised Schedule VI under Companies Act, 1956 or Schedule III under Companies Act, 2013 prescribes only the vertical format for presentation of Financial Statements. Horizontal format was prescribed in Old Schedule VI. Hence, you should use only the vertical format in exams.
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In case of NPO, if it is registered under section 8 of the Companies Act, 2013, then prepare statements as per Schedule III otherwise normal ‘T’ format accounts.

sneha (student) (209 Points)
Replied 18 December 2014

thanqq sirr and again any change in costing and fm.. i thinkh my guess is correct this is the only sub which does not have any changesss ???

Deepak Gupta (CA Student) (15922 Points)
Replied 18 December 2014

Originally posted by : sneha
	thanqq sirr and again any change in costing and fm.. i thinkh my guess is correct this is the only sub which does not have any changesss ???

Yes, your observation is correct.