Applicability of Amendments for IPC Nov 2016 Exams

Applicability of Standards/Guidance Notes/Legislative
Amendments etc. for November, 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.

I. Applicability of the Companies Act, 2013 and other Legislative Amendments 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 30th April, 2016 will be applicable for November, 2016 Examination

II. Non-Applicability of Ind ASs for November, 2016 Examination for Paper 1 and Paper 5: The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of companies. These Ind AS have not been made applicable for November, 2016 Examination.

III. Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 for Paper 1 and Paper 5: Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 have not been made applicable for November, 2016 examination.

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