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CA Final Amendments for May 2018

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Final New Course Paper 1: Financial Reporting

A- List of topic-wise inclusion in the syllabus

B- List of topic-wise exclusions from the syllabus

Notes:

(1)  In the above tables ‘A’ and ‘B’, in respect of the topics of the syllabus specified in column(2) the related inclusion / exclusion isgiven in column (3).

(2)  August 2017 edition of the Study Material is relevant for May, 2018 and November, 2018 examinations.

(3)  Except the exclusions mentioned (above in Table B) from the syllabus, the entire content included in the August 2017 edition of the Study Material is relevant for the said examinations.

(4) The relevant amendments including relevant Notifications / Circulars / Rules issued by the Companies Act, 2013 and other relevant legislations up to 31st October, 2017 will be applicable for May, 2018 Examination.

Paper 3

Advanced Auditing and Professional Ethics (New Course)

A- List of topic-wise inclusion in the syllabus

  1. List of applicable Statements and Standards for May, 2018 Examination:
  2. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
  3. Framework for Assurance Engagements.
  4. List of applicable Engagements and Quality Control Standards on Auditing for May, 2018 Examination

  List of applicable Guidance Notes and other publications for May, 2018 Examination:

 1.Code of Ethics 

 2.Guidance Note on Independence of Auditors.

3.Guidance Note on Audit under Section 44AB of the Income-tax Act.

4.Guidance Note on Audit of Inventories.

5.Guidance Note on Audit of Debtors, Loans and Advances.

6.Guidance Note on Audit of Investments.

7.Guidance Note on Audit of Cash and Bank Balances.

8.Guidance Note on Audit of Liabilities.

9.Guidance Note on Audit of Revenue.

10.Guidance Note on Audit of Expenses.

11.Guidance Note on Computer Assisted Audit Techniques (CAATs).

12.Guidance Note on Audit of Payment of Dividend.

13.Guidance Note on Audit of Capital and Reserves.

14.Guidance Note on Audit of Banks.

15.Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

16.Guidance Note on Reporting under section 143(3) (f) and (h) of the  Companies Act, 2013.

17.Guidance Note on Reporting on Fraud under section 143(12) of the  Companies Act, 2013.

18.Guidance Note on the Companies (Auditor’s Report) Order, 2016.

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 upto 6 months prior to the examination. Accordingly, 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.

Paper 4: Corporate and Economic Laws

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

Paper 7: Direct Tax Laws and International Taxation

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

The provisions of direct tax laws, as amended by the Finance Act, 2017, including significant notifications and circulars issued and other legislative amendments made up to 31st October, 2017, are applicable for May, 2018 examination. The relevant assessment year is A.Y.2018-19.

Paper 8: Indirect Tax Laws

Applicability of provisions of indirect tax laws for May, 2018 Examination

The following are applicable for May, 2018 examination:

(i)   The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made up to 31st October, 2017.

(ii)    The provisions of the Customs Act, 1962, as amended by the Finance Act, 2017, including significant notifications and circulars issued and other legislative amendments made up to 31st October, 2017.

The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure I.

Paper 8: Indirect Tax Laws

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)  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.

(2)  August 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.

(3)  Except the exclusions mentioned at point (ii) under topic no. 1(ii) of the syllabus and points (i) to (v) and (vii) under topic number 1(vii) of the syllabus, the entire content included in the August 2017 edition of the Study Material  and the Statutory Updates for May, 2018 and November, 2018 examinations shall be relevant for the said examinations.

Paper 6 A: Risk Management

The pattern of examination for this paper is open-book and case study based.  The modified version of  the Study Material for Final Paper 6A: Risk Management would be provided to students as open book. This version of the Study Material would not contain the examples/illustrations/summary given in  tables  in respect of certain topics. The entire content included in the November 2017 edition of the Study Material shall be relevant for the May, 2018 examination.

Paper 6 B: Financial Services and Capital Markets

The pattern of examination for this paper is open-book and case study based.  The modified version of  the Study Material for Final Paper 6B: Financial Services and Capital Markets would be provided to students as open book. This version of the Study Material would not contain the examples/illustrations/summary given in tables  in  respect  of  certain topics.  The entire content included in the November 2017 edition of the Study Material shall be relevant for the May, 2018 examination.

In addition to above following two SEBI Regulations excluding the Schedules related thereto shall also be provided to the students as open book.

(i)    SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Last amended on March 06, 2017]

(ii)    SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 [Last amended on August 14, 2017]

Accordingly, the list of SEBI Regulation and Guidelines as provided in the Chapter 16 of the Study Material need to be ignored.

Compilation of above-mentioned Regulations is available at following link: 

https://resource.cdn.icai.org/48430bos32482.pdf

Paper 6 C: International Taxation

The pattern of examination for this paper is open-book and case study based. The modified version of the Study Material for Final Paper 6C: International Taxation would be provided to students as open book. This version of the Study Material would not contain the examples/illustrations/diagrams/summary given in tables in respect of certain topics. It may be noted that in the chapters comprised in Part I of the Syllabus of this Elective Paper, the special provisions relating to non-resident taxation, transfer pricing, double taxation relief and advance rulings under the Income-tax Act, 1961, as amended by the Finance Act, 2017, are dealt with in detail in the Study Material of this Elective Paper 6C. Also, certain general provisions of the Income-tax Act, 1961, as amended by the Finance Act,2017, which would apply in the same or modified form to non-residents have been discussed at some length in this Study Material.

Since these general provisions and other general provisions of the income-tax law, as  amended by  the Finance Act, 2017, are dealt with in detail in the core paper on Direct Tax Laws and International Taxation [Final Paper 7], students are expected to integrate and apply the provisions of  income-tax law (dealt with in Final Paper 7: Direct Tax Laws and International Taxation and in the Elective Paper

6C: International Taxation) in making computations and addressing relevant issues in questions raised in the Elective Paper on International Taxation.It may be noted that only the modified version of the Study Material of Elective Paper 6C would be available as Open Book, and questions based on case study may involve application of other  provisions of income-tax law dealt with in detail in Paper 7, which the students are expected to be  aware of.

Paper 6 D: Economic Laws

The pattern of examination for this paper is open-book and case study based.  The  modified version of the Study Material for Final Paper 6D: Economic Laws would be provided to students as  open book.  This version of the Study Material would not contain the examples/illustrations/summary given in  tables  in respect of certain topics. The entire content included in the November 2017 edition of the Study Material shall be relevant for the May, 2018 examination.

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