Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – 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 7 : Construction Contracts (Revised 2002)
- AS 9 : Revenue Recognition
- AS 10 : Property, Plant and Equipment (2016)
- 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.
Common Note for Paper 1 “Accounting” and Paper 5 “Advanced Accounting”
I. Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2017 Examination
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, 2016 will be applicable for May, 2017 Examination. © The Institute of Chartered Accountants of India
II. Applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015
Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are applicable for May, 2017 examination.
III. Non-Applicability of Ind ASs for May, 2017 Examination
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 May, 2017 Examination.
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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – Final Examination
Paper 1: Financial Reporting
I. Framework for the Preparation and Presentation of Financial Statements.
II. Accounting Standards
AS No. AS Title
1 Disclosure of Accounting Policies
2 Valuation of Inventories
3 Cash Flow Statements
4 Contingencies and Events Occurring after the Balance Sheet Date
5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
7 Construction Contracts (Revised 2002)
9 Revenue Recognition
10 Property, Plant and Equipment (2016)
11 The Effects of Changes in Foreign Exchange Rates (Revised 2003)
12 Accounting for Government Grants
13 Accounting for Investments
14 Accounting for Amalgamations
15 Employee Benefits
16 Borrowing Costs
17 Segment Reporting
18 Related Party Disclosures
19 Leases
20 Earnings Per Share
21 Consolidated Financial Statements
22 Accounting for Taxes on Income
23 Accounting for Investment in Associates in Consolidated Financial Statements
24 Discontinuing Operations
25 Interim Financial Reporting
26 Intangible Assets
27 Financial Reporting of Interests in Joint Ventures
28 Impairment of Assets
29 Provisions, Contingent Liabilities and Contingent Assets
III. Guidance Notes on Accounting Aspects
1. Guidance Note on Accrual Basis of Accounting.
2. Guidance Note on Accounting Treatment for Excise Duty.
3. Guidance Note on Terms Used in Financial Statements.
4. Guidance Note on Accounting Treatment for MODVAT/CENVAT.
5. Guidance Note on Accounting for Corporate Dividend Tax.
6. Guidance Note on Accounting for Employee Share-based Payments.
7. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
8. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
9. Guidance Note on Applicability of AS 25 to Interim Financial Results.
10. Guidance Note on Turnover in case of Contractors.
11. Guidance Note on the Schedule III to the Companies Act, 2013.
12. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.
13. Guidance Note on Accounting for Derivative Contracts.
14. Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013
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