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CA Intermediate Amendments for May 2018

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Intermediate Paper 1: Accounting (New Course)

List of Applicable  Accounting  Standards

 AS 1  :  Disclosure of Accounting Policies

AS 2  :  Valuation of Inventories

AS 3  :  Cash Flow Statements

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 10:  Property, Plant and Equipment

AS 11:  The Effects of Changes in Foreign Exchange Rates

AS12:   Accounting for Government Grants

AS 13:  Accounting for Investments

AS 16:  Borrowing Costs

AS 17:  Segment Reporting

AS 22:  Accounting for Taxes on Income

Applicability of the Companies Act, 2013 and other Legislative Amendments for May 2018 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 31st October, 2017 will be applicable for May, 2018 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.

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May 2018 Examination

Study Guidelines

Intermediate Course

Paper 2: Corporate and Other Laws

The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/  Orders issued by the Ministry of Corporate Affairs and the other laws, as amended by concerned authority, including significant notifications and circulars issued up to 31st October, 2017, are applicable for May, 2018 examination.

Section A: Income-tax Law

Applicability of the Finance Act, Assessment Year etc. for May, 2018 Examination

The provisions of income-tax law, as amended by the Finance Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2017, are applicable for May, 2018 examination. The relevant assessment year for income-tax is A.Y. 2018-19. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure I.

Section B: Indirect Taxes

Applicability of the provisions of GST law for May, 2018 Examination

The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2017, are applicable for May, 2018 examination. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure II.


Intermediate Paper 4: Taxation Section A: Income-tax Law

List of topic-wise exclusions from the syllabus

*Rates specified for computing the amount payable under composition levy are included in the syllabus.

Notes:

(1) The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.

(2)  In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded. For example, since provisions relating to ISD and tax collection at source are excluded from the topics “Input tax credit” and “Payment of tax including reverse charge” respectively, the provisions relating to (i) registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics “Registration” and “Returns” respectively.

(3) July 2017 edition of the Study Material is relevant for May, 2018 and November, 2018 examinations. The amendments - made after the issuance of this Study Material - to the extent covered in the Statutory Updates for May, 2018 and November, 2018 examinations alone shall be relevant for the said examinations. The Statutory Updates shall be hosted on the BoS Knowledge Portal.

(4) The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the July 2017 edition of the Study Material and the Statutory Updates for May, 2018 and November, 2018 examinations shall alone be relevant for the said examinations. It may be noted that though the rates of taxes applicable on supply of services are given in the Study Material, the same have been excluded from the syllabus vide these Study Guidelines.

Intermediate Paper 5: Advanced Accounting (New Course)

List of Applicable Accounting Standards

AS7 :  Construction Contracts

AS9 :  Revenue Recognition

AS14: Accounting for Amalgamations

AS18 : Related Party Disclosures

AS19:  Leases

AS20 : Earnings Per Share

AS24 : Discontinuing Operations

AS26 : Intangible Assets

AS29 :  Provisions, Contingent Liabilities and Contingent Assets.

List of Applicable Guidance Notes issued by ICAI on specified accounting aspects 

The Study Guidelines containing the List of applicable Guidance Notes is given as Annexure.

Applicability of the Companies Act, 2013 and other Legislative Amendments for May 2018 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 31st October, 2017 will be applicable for May, 2018 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.

ANNEXURE: Study Guidelines 

List of applicable Guidance Notes issued by ICAI on specified accounting aspects 

  1. Guidance Note on Terms Used in Financial Statements.
  2. Guidance Note on Accrual Basis of Accounting.
  3. Guidance Note on Accounting for Corporate Dividend Tax.
  4. Guidance Note on Accounting for Employee Share-base Payments.
    1. Guidance Note on Accounting for Credit Available in Respect  of  Minimum  Alternative  Tax under the Income-tax Act, 1961.
    2. Guidance Note on Accounting for Real Estate Transactions (revised 2012)
    3. Guidance Note on Turnover in case of Contractors.

Guidance Note on Schedule III to the Companies Act, 2013.

Auditing and Assurance

(New Course)

A- List of topic-wise inclusion in the syllabus

  1. I. List of applicable Statements and Standards for May, 2018 Examination:

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).

  1. II. List of applicable Engagements and Quality Control Standards on Auditing for May, 2018 Examination

  1. I. List of applicable Guidance Notes and other publications for May, 2018 Examination:
  2. Guidance Note on Audit of Inventories.
    1. Guidance Note on Audit of Debtors, Loans and Advances.
  3. Guidance Note on Audit of Investments.
    1. Guidance Note on Audit of Cash and Bank Balances.
  4. Guidance Note on  Audit of Liabilities.
    1. Guidance Note on Audit of Revenue.
    2. Guidance Note on Audit of Expenses.
    3. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

IV  Applicability of the Companies Act, 2013 and other Legislative Amendments for May 2018 Examination

  Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the     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, 2017 will be applicable for May, 2018 Examination

Source

https://www.icai.org/

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