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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – 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 6 Depreciation Accounting 7 Construction Contracts (Revised 2002) 9 Revenue Recognition 10 Accounting for Fixed Assets 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 Availability of Revaluation Reserve for Issue of Bonus Shares. 5. Guidance Note on Accounting Treatment for MODVAT/CENVAT. 6. Guidance Note on Accounting for Corporate Dividend Tax. 7. Guidance Note on Accounting for Employee Share- based Payments. 8. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961. 9. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25. 10. Guidance Note on Ap plicability of AS 25 to Interim Financial Results. 11. Guidance Note on Turnover in case of Contractors. 12. Guidance Note on the Schedule III to the Companies Act, 2013 . 13. Guidance Note on Accounting for Expenditure on Corporate S ocial Responsibility Activities. 14. Guidance Note on Guidance Note on Accounting for Derivative Contracts . IV. Applicability of the Companies Act, 2013 and other Legislative Amendments The relevant notified Sections of the Companies Act, 2013 and legislative amendments includ ing relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 3 0 th April , 201 6 will be applicable for November, 2016 Examination . V. Applicability of Indian Accounting Standard (Ind AS) Topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis -a -vis Ind ASs; Carve outs/ins in Ind ASs vis -à -vis International Financial Reporting Standards (IFRSs)” has been made applicable in place of “Overview of Internati onal Accounting Standards (IAS) / International Financial Reporting Standards (IFRS), Interpretations by International Financial Reporting Interpretation Committee (IFRIC), Significant differences vis -a -vis Indian Accounting Standards; Understanding of US GAAPs, Applications of IFRS and US” . Considering the significance and relevance of the Ind AS, the above topic has been included in the syllabus and the students are expected to have an overall knowledge of the contents covered therein. However, consider ing the extensive coverage of the contents covered in such topic, from the examination perspective, simple problems involving conceptual or application issues may be asked in the examination. VI. Non -applicability of AS 30, 31 and 32 on the topic ‘Account ing and Reporting of Financial Instruments’ Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” have been made applicable to the topic ‘Accounting and Reporting of Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures”. In view of the complexities involved, si mple practical problems involving conceptual issues or application issues may be asked in the examination . V II. Non -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 have not been made applicable for November, 2016 examination. Paper 3: Advanced Auditing and Professional Ethics I. Statements and Standards 1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956(Section 143 (1) of the Companies Act, 2013). 2 . Framework for Assurance Engagements . II. Engagements and Qualit y Control Standards on Auditing S.No SA Title of Standard on Auditing 1 SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements 2 SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing 3 SA 210 Agreeing the Terms of Audit Engagements 4 SA 220 Quality Control for Audit of Financial Statements 5 SA 230 Audit Documentation 6 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements 7 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements 8 SA 260 Communication with Those Charged with Governance 9 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 10 SA 299 Responsibility of Joint Auditors 11 SA 300 Planning an Audit of Financial Statements 12 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment 13 SA 320 Materiality in Planning and Performing an Audit 14 SA 330 The Auditor’s Responses to Assessed Risks 15 SA 402 Audit Considerations Relating to an Entity Using a Service Organization 16 SA 450 Evaluation of Misstatements Identified during the Audits 17 SA 500 Audit Evidence 18 SA 501 Audit Evidence - Specific Considerations for Selected Items 19 SA 505 External Confirmations 20 SA 510 Initial Audit Engagements-Opening Balances 21 SA 520 Analytical Procedures 22 SA 530 Audit Sampling 23 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 24 SA 550 Related Parties 25 SA 560 Subsequent Events 26 SA 570 Going Concern 27 SA 580 Written Representations 28 SA 600 Using the Work of Another Auditor 29 SA 610 Using the Work of Internal Auditors 30 SA 620 Using the Work of an Auditor’s Expert 31 SA 700 Forming an Opinion and Reporting on Financial Statements 32 SA 705 Modifications to the Opinion in the Independent Auditor’s Report 33 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 34 SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements 35 SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements 36 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework 37 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 38 SA 810 Engagements to Report on Summary Financial Statements 39 SRE 2400 Engagements to Review Financial Statements 40 SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity 41 SAE 3400 The Examination of Prospective Financial Information 42 SAE 3402 Assurance Reports on Controls At a Service Organisation 43 SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information 44 SRS 4410 Engagements to Compile Financial Information III. Guidance Notes and other publications 1. Code of E thics 2. Guidance Note on Independence of Auditors. 3. Guidance Note on Audit Reports and Certificates for Special Purposes. 4. Guidance Note on Audit under Section 44AB of the Income -tax Act . 5. Guidance Note on Audit of Inventories. 6 . Guidance Note on Audit of Debtors, Loans and Advances. 7 . Guidance Note on Audit of Investments. 8 . Guidance Note on Audit of Cash and Bank Balances. 9 . Guidance Note on Audit of Liabilities. 10. Guidance Note on Audit of Revenue. 1 1. Guidance Note on Audit of Expenses. 1 2. Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013 . 1 3. Guidance Note on Computer Assisted Audit Techni ques (CAATs). 1 4. Guidance Note on Audit of Payment of Dividend. 1 5. Guidance Note on Audit of Capital and Reserves. 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 30 th April , 2016. (ii) Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29 th March, 2016 is applicable for November, 2016 Examination. Paper 4 : Corporate and Allied Laws Applicability of the following Amendments/Circulars/Notifications: (I) The Companies Act, 2013:The relevant sections of the Companies Act, 2013, along with significantRules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 30 thApril 2016. For updates, see http://w ww.mca.gov.in/ (II) SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009 SNo. Amendments Date of Notification Reference of Link 1 Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/LAD -NRO/GN/2015 - 16/012 w.e.f 1 January, 2016 14th August, 2015 http://www.sebi.gov.in/cms/sebi_d ata/attachdocs/1439551701999.pd f 2. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Seventh Amendment) Regulations, 2015 issued by SEBI vide 27th of October, 2015 http://www.sebi.gov.in/cms/sebi_d ata/attachdocs/1446100080710.pd f Notification No. SEBI/ LAD-NRO/GN/2015- 16/025w.e.f 1 December, 2015 3. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016 issued by SEBI vide Notification No. SEBI/LAD-NRO/GN/2015 - 16/036 are effective from date of their publication in the Official Gazette. 17th February, 2016 http://www.sebi.gov.in/cms/sebi_d ata/attachdocs/1455800031396.pd f (III) Foreign Exchange Management Act, 1999 SNo Amendment Notification No. with date Link 1. Vide Notification no. RBI/FED/2015- 16/3,Reserve Bank of India issues directions to Authorized Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999 to lay down the modalities as to how the foreign exchange business has to be conducted by the Authorized Pe rsons with their customers/constituents with a view to implementing the Liberalized Remittance Scheme. 1st January 2016 https://rbi.org.in/Scripts/Notification User.aspx?Id=10192&Mode=0 2. Vide Notification No. FEMA 23(R)/2015-RB, in exercise of the powers conferred by clause (a) of sub -section (1), sub -section (3) of Section 7 and sub -section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of itsNotificationNo.FEMA.23/2000- RB dated May 3, 2000 as amended from time to time, Reserve Bank of India makes Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 in respect of Export of Goods and Services from India. 12thJanuary, 2016 https://rbi.org.in/Scripts/Notification User.aspx?Id=10256&Mode=0 3. Vide Notification No. FEMA. 345/2015-RB in exercise of the powers conferred by sub-section (2) of Section 6, sub -section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes amendments in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 by the issue of the Foreign Exchange 16th November, 2015 https://rbi.org.in/Scripts/Notification User.aspx?Id=10129&Mode=0 Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015. (IV) The Competition Act, 2002 S No. Amendments Date of Notification Reference of Link 1 Vide Notification no. S.O. 673(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent. of vot ing rights in other enterprise from the provisions of section 5 of the said Act for a period of five years with effect from the date of publication of this notification in the official gazette. 4th March, 2016 http://www.cci.gov.in/sites/default/f iles/notification/SO%20673%28E %29-674%28E%29- 675%28E%29.pdf 2. Vide Notification no S.O. 674(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or a ssets are being acquired has either assets of the value of not more than rupees three hundred and fifty crores in India or turnover of not more than rupees one thousand crores in India from the provisions of section 5 of the said Act for a period of five years from the date of publication of the notification in the official gazette. 4th March, 2016 http://www.cci.gov.in/sites/default/f iles/notification/SO%20673%28E %29-674%28E%29- 675%28E%29.pdf 3. Vide Notification no S.O. 675(E),in exercise of the powers conferred by sub -section (3) of Section 20 of the Competition Act, 2002 (12 of 2003), the Central Government in consultation with the Competition Commission of India, hereby enhances, on the basis of the wholesale price index, the value of assets and the value of turnover, by hundred per cent for the purposes of section 5 of the said Act, from the date of publication of this notification in the Official Gazette. 4th March, 2016 http://www.cci.gov.in/sites/default/f iles/notification/SO%20673%28E %29-674%28E%29- 675%28E%29.pdf Non-Applicability of the following Amendments/Circulars/Notifications / chapters of the Study material S.No. Subject Matter 1. Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies. 2. Chapter 15 of the study material (January, 2016 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal. Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws Applicability of Finance Act, Assessment Year etc. for November , 2016 Examination The provisions of direct tax laws (income -tax) and indirect tax laws, as amended by the Finance Act, 2015, including notifications and circulars issued up to 3 0th April, 2016 , are applicable for November, 2016 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.201 6-1 7.




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