Changes For Accounting IPCC paper-1

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Harsh (Querist)

30 April 2016 what are the changes applicable in accounting PAPER - 1 ? Which AS & Chapters are affacted due to Changes? For IPCC May 2016 EXAM

Harsh

Harsh (Querist)

01 May 2016 As For MAY 2016 EXAM (IPCC) Ind AS are not applicable. AS issued by IFRS are said as "Ind AS" so don't get confused regarding it. The old AS(issued by ICAI) are applicable for may '16 exams.

Sathish M

Sathish M (Expert)

02 May 2016 Applicability of Standards/Guidance Notes/
Legislative Amendments etc. for May, 2016 –
Intermediate (IPC) Examination

Paper- 1: Accounting
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 31st October, 2015 will be applicable for May, 2016 Examination

Non-Applicability of Ind ASs for May, 2016 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.

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