Announcement Relating to Revision in Study Materials for Final Course - (22-02-2011)

We have been receiving innumerable queries,post-release of the revised/updated Study Materials for the Final Course in January 2011, as to whether there has been revision in the syllabus for May 2011 examination. We once again reiterate that there is no change in the syllabus of Final Course, except that the topic “Inflation Accounting” in Paper 1: Financial Reporting and the topics “Time Series Analysis” and “Test of Hypothesis” in Paper 5: Advanced Management Accounting have been excluded for May 2011 examination. Students may be rest assured that there is neither any revision nor any inclusion in the syllabus for May 2011 examination.

As far as revision/updation of Study Materials is concerned, it is a continuous process and it is very essential that you remain updated with the developments in all the subjects of your curriculum. In the Study Materials released in January 2011, the revision in core subjects has been effected to bring themin line with the latest Accounting Standards/IFRSs, Standards on Auditing, Guidance Notes, Finance Act, 2010, Notifications and Circulars, SEBI regulations etc. In other subjects, like Strategic Financial Management, practical illustrations have been added and efforts have been taken to explain the concepts in a more student-friendly manner.

Students may note that the Study Material of Paper 1: Financial Reporting has been revised in line with the latest applicable Accounting Standards and Guidance Notes, IFRSs, amendments made by SEBI regulations and prudential norms for Non-Banking Financial Companies. Similarly, the Study Material for Paper 3: Advanced Auditing and Professional Ethics has been revised in line with the latest applicable Standards on Auditing and notifications and circulars issued by RBI. As regards the Study Material of Paper 4: Corporate and Allied Laws, the revision has been done mainly on account of the latest SEBI regulations and amendments in FEMA, 1999. The significant areas/chapters in which changes have been effected in the Study Materials have been tabulated subject-wise and given as an annexure.

The revised Study Materials, including Practice Manuals, for all the subjects of the Final Course are available at all the regional offices and branches of the Institute. They have also been hosted on the BOS knowledge portal of the Institute’s website. It is desirable that you read the latest Study Materials from the examination point of view also.

In the subjects of Direct Tax Laws and Indirect Tax Laws, Practice Manuals have been prepared for the first time. The Study Materials of these two subjects are based on the law as amended by the Finance Act, 2010 and therefore, they are particularly relevant for May 2011 and November 2011 examinations.These amendments were communicated to the students way back in July 2010 vide the Supplementary Study Paper – 2010 hosted on the Institute’s website and also made available at the sale counters of the branches and regional offices of the Institute. Similarly, significant notifications and circulars as well as case laws in both direct and indirect tax laws are being regularly reported in the Students’ journal. Case Laws are also being hosted on the BOS knowledge portal from time to time. These case laws have now been compiled as a publication “Select Cases in Direct and Indirect Case Laws” and hosted on the BOS knowledge portal after addition of more cases and chapterisation thereof. The latest notifications and circulars reported regularly in the Students journal have also been compiled and given as part of the Revision Test Paper for May 2011 examination.

Therefore, revision/updation is a continuous process and it is our endeavour to regularly communicate the developments in each subject to you vide our monthly Students’ Journal “The Chartered Accountant Student”, which contains academic updates/articles on different subjects.You are expected to read the journal regularly so that you update yourself on a continuous basis. Youneednot wait till the next edition of the Study Materialsare published, since you may find it difficult to assimilate extensive updation in one stroke. The BOS knowledge portal is also a useful medium for you to keep yourself updated on a regular basis.

Director,
Board of Studies

https://www.icai.org/new_post.html?post_id=7003&c_id=121