Applicability of Standards / Guidance Notes / Legislative Amendments etc. for Nov & Dec 2023 CA Exams

Last updated: 12 July 2023

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Candidates preparing for the November/December 2023 CA examinations should be aware of the specific standards and legislative amendments that are applicable. For the Foundation course, the September 2021 edition of the Study Material, along with legislative amendments up to 30th April 2023, is relevant for Business Laws and Business Mathematics papers. For the Intermediate level, specific accounting standards and provisions of the Companies Act, 2013, including amendments up to 30th April 2023, are applicable. Note that Ind AS are not part of the syllabus.

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for December 2023 - Foundation Course Examination

Paper 2, Section A: Business Laws for November 2023 examination

Inclusions from the syllabus

(1)	(2)	(3)
S. No. in the syllabus	Chapters/ Topics of the syllabus	Inclusions
1.	Chapter 1: The Indian Contract Act, 1872	The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations.
2.	Chapter 2: The Sale of Goods Act, 1930	The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations.
3.	Chapter 3: The Indian Partnership Act, 1932	The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations.
4.	Chapter 4: The Limited Liability Partnership Act, 2008	The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations.
5.	Chapter 5: The Companies Act, 2013	The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for November 2023 examinations, shall only be relevant for the said examinations.

CA Exam Nov/Dec 2023: Standards and Amendments Applicability

Note:

September 2021 edition of the Study Material is relevant for November 2023 examinations. The amendments - made after the issuance of this Study Material – i.e. for period 1st of May 2021 to 30th April, 2023 shall also be relevant. The relevant Legislative amendments for November 2023 will be available on the BoS Knowledge Portal.

Paper 3 - Business Mathematics. Logical Reasoning and Statistics

The following topics are deleted from the syllabus of Foundation Paper 3: Business Mathematics, Logical Reasoning and statistics from May 2022 examinations:

Chapter No	Deleted Topics
Chapter 2	Unit II : Matrices
Chapter 13	Syllogism
Chapter 19	Unit II : Time Series

Paper-4: Part-II: Business and Commercial Knowledge

September 2021 edition of the Study Material is relevant for November 2023 examinations. The amendments made after the issuance of this Study Material i.e., the changes in the names of CEO, CFO etc., Forbes 2023 ranking, Fortune 2023 ranking in chapter 3 (Business Organisations) are applicable for November 2023 Examination. The relevant amendments will be available on the BoS Knowledge Portal.

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November 2023 Examination

Intermediate Level

Paper 1: Accounting

List of Applicable Accounting Standards

AS 1 : Disclosure of Accounting Policies
AS 2 : Valuation of Inventories
AS 3 : Cash Flow Statements
AS 10 : Property, Plant and Equipment
AS 11 : The Effects of Changes in Foreign Exchange Rates
AS 12 : Accounting for Government Grants
AS 13 : Accounting for Investments
AS 16 : Borrowing Costs

Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2023 Examination

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 30th April, 2023 will be applicable for November, 2023 Examination.

Non-Applicability of Ind AS

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 do not form part of the syllabus and hence are not applicable.

Paper 2: Corporate and Other Laws

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April, 2023 are applicable for November 2023 examination.

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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November 2023 Examination

(Study Guidelines for November 2023 Examinations)

Paper 1: Financial Reporting

List of topic-wise exclusions from the syllabus

(1)	(2)	(3)
S. No. in the revised syllabus	Topics of the syllabus	Exclusions
2.	Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements	Indian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’ Appendix B- Stripping Costs in the Production Phase of a Surface Mine
	(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS	Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets' Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
		Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment
	(viii) Other Ind AS	Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies Indian Accounting Standard (Ind AS) 104 : Insurance Contracts Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts
5.	Analysis of financial statements	Analysis of financial statements based on Accounting Standards

Notes:

October, 2021 edition of the Study Material is relevant for November, 2023 examination. The relevant / applicable topics or content are to be read alongwith the webhosted ‘Corrigendum to Study Material’, if any.
The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up to 30th April, 2023 will be applicable for November, 2023 Examination. Accordingly, amendments issued by MCA and notified by the Central Government

on 30th March, 2022 wrt the Companies (Indian Accounting Standards) Rules, 2015,
on 20th September, 2022 wrt Amendments in the Companies (Corporate Social Responsibility) Rules, 2014; and
on 31st March, 2023 in the Companies (Indian Accounting Standards) Rules, 2015 are applicable for November, 2023 Examination.

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FAQ :

For the November 2023 CA Foundation examinations, the September 2021 edition of the Study Material is relevant for Business Laws and Business Mathematics papers.

Legislative amendments hosted on the website for November 2023 examinations, specifically for the period 1st May 2021 to 30th April 2023, are relevant for the Foundation course.

No, the Ind AS (Indian Accounting Standards) do not form part of the syllabus and are therefore not applicable for the November 2023 CA Intermediate examinations.

The relevant notified Sections of the Companies Act, 2013, and legislative amendments, including relevant Notifications/Circulars/Rules/Guidelines issued by Regulating Authorities, up to 30th April 2023, are applicable for the November 2023 CA Intermediate examinations.

The applicable accounting standards include AS 1, AS 2, AS 3, AS 10, AS 11, AS 12, AS 13, and AS 16.

Yes, from the May 2022 examinations onwards, the following topics have been deleted from Foundation Paper 3: Unit II of Chapter 2 (Matrices), Chapter 13 (Syllogism), and Unit II of Chapter 19 (Time Series).

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