- CA Final Applicable Amendments, Standards Nov 2016
- Paper 1: Financial Reporting Amendments for Nov 2016
- Applicability of Indian Accounting Standard (Ind AS)
- Paper 3: Advanced Auditing and Professional Ethics
- III. Guidance Notes and other publications
- Paper 4 : Corporate and Allied Laws
- Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws
CA Final Applicable Amendments, Standards Nov 2016. ICAI Issued List of all Amendments, Standards, Guidance Notes Applicable for CA Final Nov 2016 Exams. Recently ICAI Issued CA Final Exam Time Table for Nov 2016 And we already provided CA Final Expected Result Date May 2016 Exams, Now Students Planning to Preparation for Nov 2016 Exams but due to change in companies act all students Face Problem for amendments. Here we are providing all CA Final List of Applicable Amendments, Standard, Guidance Notes for Nov 2016 Exams. we also Provide Supplementary Study Material, Practice Manual for Nov 2016 Exams and Revision of Syllabus for Nov 2016 Exams in My Last Articles. Now you can scroll down below and Find Complete details for CA Final Applicable Amendments, Standards Nov 2016
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CA Final Applicable Amendments, Standards Nov 2016
Paper 1: Financial Reporting Amendments for Nov 2016
Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 for November, 2016 Examination. – (17-06-2016)
Any new AS or Ind AS or revised version of AS or Ind AS, notified by the MCA, is being made applicable for CA examination only after one year of its notification.
Accordingly, amendments made on 31st March, 2016 by the Ministry of Corporate Affairs in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are not applicable for November, 2016 examination both at the Intermediate (IPC) and Final levels.
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)|
|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|
|18||Related Party Disclosures|
|20||Earnings Per Share|
|21||Consolidated Financial Statements|
|22||Accounting for Taxes on Income|
|23||Accounting for Investment in Associates in Consolidated Financial Statements|
|25||Interim Financial Reporting|
|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
- Guidance Note on Accrual Basis of Accounting.
- Guidance Note on Accounting Treatment for Excise Duty.
- Guidance Note on Terms Used in Financial Statements.
- Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares.
- Guidance Note on Accounting Treatment for MODVAT/CENVAT.
- Guidance Note on Accounting for Corporate Dividend Tax.
- Guidance Note on Accounting for Employee Share-based Payments.
- Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
- Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
- Guidance Note on Applicability of AS 25 to Interim Financial Results.
- Guidance Note on Turnover in case of Contractors.
- Guidance Note on the Schedule III to the Companies Act, 2013.
- Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities
- 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 including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2016 will be applicable for November, 2016 Examination.
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 International 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, considering 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.
Non-applicability of AS 30, 31 and 32 on the topic ‘Accounting 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, simple practical problems involving conceptual issues or application issues may be asked in the examination.
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
- Statements and Standards
- Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).
Framework for Assurance Engagements.
II. Engagements and Quality 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
- Code of Ethics
- Guidance Note on Independence of Auditors.
- Guidance Note on Audit Reports and Certificates for Special Purposes.
- Guidance Note on Audit under Section 44AB of the Income-tax Act .
- Guidance Note on Audit of Inventories.
- Guidance Note on Audit of Debtors, Loans and Advances.
- Guidance Note on Audit of Investments.
- Guidance Note on Audit of Cash and Bank Balances.
- Guidance Note on Audit of Liabilities.
- Guidance Note on Audit of Revenue.
- Guidance Note on Audit of Expenses.
- Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013
- Guidance Note on Computer Assisted Audit Techniques (CAATs)
- Guidance Note on Audit of Payment of Dividend.
- Guidance Note on Audit of Capital and Reserves.
IV. Applicability of the Companies Act, 2013 and Other Legislative Amendments
- 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 30th April, 2016.
- Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for November, 2016 Examination.
Paper 4 : Corporate and Allied Laws
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 30thApril 2016. For updates, see http://www.mca.gov.in/
(III) SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009
|Amendments||Date of Notification||Reference of Link|
|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||Download|
|Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Seventh Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/ LAD-NRO/GN/2015- 16/025w.e.f 1 December, 2015||27th of October, 2015||Download|
|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||Download|
Non-Applicability of the following Amendments/Circulars/Notifications / chapters of the Study material
- Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.
- 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 30th April, 2016, are applicable for November, 2016 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.2016-17.