CA IPCC List of Amendments,Standards, Applicable for May 2017 Exams. Due to Change in Companies Act Some Topics of CA IPCC are Changed and Every Student is Confused for “What is Changed” Here we are providing a list of IPCC List of Amendments,Standards, Guidance Notes Applicable for May 2017. Recently We Provide CA IPCC Result Date Nov 2016 and CA IPCC Question Papers Nov 2016 and Suggested Answers for May 2016 Exams. IPCC May 2017 Exams are Near and All Students Wants Changes and Amendments Applicable for May 2017 Exams and Here we provide list of all applicable amendments, Notifications, Guidance Notes, Accounting Standards etc. You can also Download CA IPCC Exam Time Table for May 2017 Exams from Below. Now you can scroll Down Below and Find CA IPCC List of Amendments,Standards, Applicable for May 2017 Exams.
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CA IPCC List of Amendments,Standards, Applicable for May 2017
Paper 1: Accounting
|AS||1:||Disclosure of Accounting Policies|
|AS||2:||Valuation of Inventories|
|AS||3:||Cash Flow Statements|
|AS||7 :||Construction Contracts (Revised 2002)|
|AS||10 :||Accounting for Fixed Assets|
|AS||13 :||Accounting for Investments|
|AS||14 :||Accounting for Amalgamations|
Paper 5: Advanced Accounting
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 AccountingPolicies
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.
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.
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 31st October, 2016. For updates, see http://www.mca.gov.in/
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|
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CA IPCC Tax Amendments Applicable fro May 2017 Exams
Applicability of the Finance Act, Assessment Year etc. for May, 2017 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2016, including circulars and notifications issued upto 31st October, 2016, are applicable for May, 2017 examination. The relevant assessment year for income-tax is A.Y. 2017-18.
For more amendments Please visit on following article
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 Joint 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 (Revised)||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|
Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
III. Guidance Notes
- 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
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, 2016.
(ii) Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for May, 2017 Examination.