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What are changes in ipcc may'15 attempt as compared to nov14

rohit (none) (53 Points)

20 December 2014

Please let me know which subject has changed and what are the changes in subjects CA-IPCC for MAY'15 AS COMPARED TO NOV'14 ATTEMPT ?

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Deepak Gupta (CA Student) (15922 Points)
Replied 20 December 2014

Originally posted by : rohit
	Please let me know which subject has changed and what are the changes in subjects CA-IPCC for MAY'15 AS COMPARED TO NOV'14 ATTEMPT ?

G1: Accounting
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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.
- Sec. 129 of the Companies Act, 2013: Financial statement (Presentation and true and fair view)
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Schedule III is applicable for May 2015 exams instead of Revised 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.
- 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].
- "In case of companies covered u/s 135, amount of expenditure incurred on corporate social responsibility activities."
.
Chapter on ‘Financial Statements of Companies’ has been thoroughly revised as per relevant sections of the Companies Act, 2013.
.
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.
.
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.

G1: Business Laws, Ethics and Communication
- Amendments in Company Law portion due to the applicability of remaining sections of the Companies Act,2013 notified till 30.09.2014 - View ICAI Announcement

G1: Cost Accounting and Financial Management
- No change

G1: Taxation
- A.Y. 2015-16 is applicable, i.e. Finance Act, 2014 and amendments made up to 31.10.2014 would be relevant.

Lavanya.1 (Student Others) (151 Points)
Replied 21 December 2014

Are these surely confirmed about these amendments?

Deepak Gupta (CA Student) (15922 Points)
Replied 21 December 2014

Originally posted by : Lavanya.1
	Are these surely confirmed about these amendments?

Refer to the ‘Accounting’ study material applicable for May’15 attempt which has been revised as per the applicable provisions of the Companies Act, 2013.
- View here

rohit (none) (53 Points)
Replied 23 December 2014

what are the changes in advance accounting & audit & assurance ?

Deepak Gupta (CA Student) (15922 Points)
Replied 23 December 2014

G2: Auditing and Assurance
.
Amendments are largely due to the applicability of remaining sections of the Companies Act, 2013 notified till 30.09.2014. (ICAI Announcement)
.
Impact can be seen in the following chapters/topics:

Chapter	Topic
Nature of Auditing	Definition of Auditing Auditing And Investigation
Basic concepts in Auditing	Concept of Auditor’s Independence Concept of Ture and Fair View
Internal Control	Applicability of Provisions of Internal Audit Relationship between the Statutory and the Internal Auditors
Vouching	Transaction with Related Party Remuneration paid to Directors Payments controlled by the Companies Act, 2013
Verification of Assets and Liabilities	Depreciation Special Considerations in the Case of a Company (declaration of dividend out of reserve) Debentures (Debenture Trustee and Trust Deed)
The Company Audit -I	Whole Chapter except SA 700 series part
The Company Audit -II	Almost whole Chapter
Special Audit	Role of Comptroller and General Audit
Schedule III - Disclosure requirement (The format of financial statements given in the Companies Act, 2013 is the same as the revised Schedule VI notified under the erstwhile Companies Act, 1956.)

.
The reply is based on the latest study material of the ICAI (July 2014 revised edition applicable for May 2015 exams).
.
[Note: I have tried to put a brief gist for your perusal but kindly go through the study material once for any oversight.]