Applicability of amendments for May 2016 - IPC Exam

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May , 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. Note Regarding Applicability 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 3 1 st October , 2015 will be applicable for May, 2016 Examination Non -Applicability of Ind ASs for May, 201 6 Examination: The Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) vide Notification No. G.S.R…….(E) dated 16 February, 2015, for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS). Students may note that these Ind ASs are not applicable for May , 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 31 st October , 2015. For updates, see http://www.mca.gov.in/ The Companies (Amendment) Act, 2015 : This amendment Act is an Act to amend the Companies Act, 2013 notified in the Official gazette by the Ministry of Law and Justice on 26 th May, 2015. VideNotification dated 29th May 2015, Central Government declared the date of enforcement of provisions of sections 1 to 12 and 15 to 23 of the Companies (Amendment) Act, 2015. For relevant sections, see detail at http://www.mca.gov.in/Ministry/pdf/AmendmentAct_2015.pdf The Negotiable Instruments (Amendment) Second Ordinance, 2015 : In exercise of the powers conferred by Article123(1) of the Constitution, the President promulgated the ordinance called the Negotiable Instruments(Amendment) Second Ordinance, 2015 with effect from 15 th June, 2015. Amendments is made with an object to address the difficul ties faced by the payee or the lender of the money in filing cases under section 138 of the said Act, because of which large, large number of cases are stuck, so the jurisdiction for offence under section 138 has been clearly defined. For detail click the following link - file:///C:/Users/user/Desktop/Negotiable%20Instruments%20(A)%20second%20Or dinance.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 May, 2016 examination The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2015, including circulars and notifications issued upto 31st October, 2015, are applicable for May, 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 Joi nt 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. G uidance 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 31st October, 2015. (ii) Companies (Auditor’s Report) Or der, 2015 issued by Ministry of Corporate Affairs on 10 th April, 2015 is applicable for May, 2016 Examination.