File Content -
Applicability of Standards/Guidance Notes/Legislative Amendments etc.
for May , 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.
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 3 1
st
October , 2015 will be applicable for May, 2016 Examination
Non -Applicability of Ind ASs for May, 201 6 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.
Paper 2: Business Laws, Ethics and Communication
The Companies Act, 2013: The relevant sections of the Companies Act, 2013, along
with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the
Ministry of Corporate Affairs upto 31
st October , 2015. For updates, see
http://www.mca.gov.in/
The Companies (Amendment) Act, 2015 : This amendment Act is an Act to amend the
Companies Act, 2013 notified in the Official gazette by the Ministry of Law and Justice
on 26
th May, 2015. VideNotification dated 29th May 2015, Central Government
declared the date of enforcement of provisions of sections 1 to 12 and 15 to 23 of the
Companies (Amendment) Act, 2015. For relevant sections, see detail at
http://www.mca.gov.in/Ministry/pdf/AmendmentAct_2015.pdf
The Negotiable Instruments (Amendment) Second Ordinance, 2015 : In exercise of
the powers conferred by Article123(1) of the Constitution, the President promulgated
the ordinance called the Negotiable Instruments(Amendment) Second Ordinance, 2015
with effect from 15
th June, 2015. Amendments is made with an object to address the
difficul ties faced by the payee or the lender of the money in filing cases under section
138 of the said Act, because of which large, large number of cases are stuck, so the
jurisdiction for offence under section 138 has been clearly defined. For detail click the
following link -
file:///C:/Users/user/Desktop/Negotiable%20Instruments%20(A)%20second%20Or
dinance.pdf
Non -applicability of the following sections of the Companies Act, 2013
S.No. Section No. Section title
1. Section 48 Variation of shareholders’ right
2. Section 66 Reduction of share capital
3. Section 75 damages for fraud
4. Section 97 Power of tribunal to call AGM
5. Section 98 Power of Tribunal to call meetings of members,
Etc.
6. Section 99 Punishment for default in complying with
provisions of sections 96 to 98
Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for May, 2016 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance Act,
2015, including circulars and notifications issued upto 31st October, 2015, are
applicable for May, 2016 examination. The relevant assessment year for income- tax is
A.Y. 2016-17.
Paper 6: Auditing and Assurance
I. Standards on Auditing (SAs)
S.No SA Title of Standard on Auditing
1 SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in
Accordance with Standards on Auditing
2 SA 210 Agreeing the Terms of Audit Engagements
3 SA 220 Quality Control for Audit of Financial Statements
4 SA 230 Audit Documentation
5 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial
Statements
6 SA 250 Consideration of Laws and Regulations in An Audit of Financial
Statements
7 SA 260 Communication with Those Charged with Governance
8 SA 265 Communicating Deficiencies in Internal Control to Those Charged with
Governance and Management
9 SA 299 Responsibility of Joi nt Auditors
10 SA 300 Planning an Audit of Financial Statements
11 SA 315 Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and its Environment
12 SA 320 Materiality in Planning and Performing an Audit
13 SA 330 The Auditor’s Responses to Assessed Risks
14 SA 402 Audit Considerations Relating to an Entity Using a Service Organization
15 SA 450 Evaluation of Misstatements Identified during the Audits
16 SA 500 Audit Evidence
17 SA 501 Audit Evidence - Specific Considerations for Selected Items
18 SA 505 External Confirmations
19 SA 510 Initial Audit Engagements -Opening Balances
20 SA 520 Analytical Procedures
21 SA 530 Audit Sampling
22 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures
23 SA 550 Related Parties
24 SA 560 Subsequent Events
25 SA 570 Going Concern
26 SA 580 Written Representations
27 SA 600 Using the Work of Another Auditor
28 SA 610 Using the Work of Internal Auditors
29 SA 620 Using the Work of an Auditor’s Expert
30 SA 700 Forming an Opinion and Reporting on Financial Statements
31 SA 705 Modifications to the Opinion in the Independent Auditor’s Report
32 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
Independent Auditor’s Report
33 SA 710 Comparative Information – Corresponding Figures and Comparative
Financial Statements
34 SA 720 The Auditor’s Responsibility in Relation to Other Information in
Documents Containing Audited Financial Statements
II. Statements
Statement on Reporting under Section 227(1A) of the Companies Act, 1956
(Section 143 (1) of the Companies Act, 2013).
III. Guidance Notes
1. Guidance Note on Audit of Inventories.
2. Guidance Note on Audit of Debtors, Loans and Advances.
3. Guidance Note on Audit of Investments.
4. Guidance Note on Audit of Cash and Bank Balances.
5. Guidance Note on Audit of Liabilities.
6. Guidance Note on Audit of Revenue.
7. G uidance Note on Audit of Expenses.
8. Guidance Note on Reporting under section 143 (3) (f) and (h) of the
Companies Act, 2013
IV Applicability of the Companies Act, 2013:
(i) The relevant notified Sections of the Companies Act, 2013 and other
legislative amendments including relevant Notifications / Circulars / Rules /
Guidelines issued by Regulating Authorities, cut -off date will be 31st October,
2015.
(ii) Companies (Auditor’s Report) Or der, 2015 issued by Ministry of Corporate
Affairs on 10
th April, 2015 is applicable for May, 2016 Examination.