CA Intermediate Accounting Amendments for May 2018
Ever heard of a successful Chartered Account who’s weak in Accountancy? Neither have we. So, you already know this, Accountancy is among the most important subjects in CA. The syllabus of Accountancy, as covered under CA Intermediate, is designed to give the students a thorough idea of core accounting concepts. CA Intermediate Accountancy consists of a total of 15 chapters which are divided into 3 modules for the convenience of the students.
Thankfully for the students, ICAI has come up with the Amendments for CA Intermediate, May 2018 attempt. Given that Accountancy has more to do with solving problems than theoretical learning, the AMENDMENTS is a good way to revisit your leanings at a glance. Referring to the AMENDMENTS is the best way to enhance your expertise and score more in the upcoming CA Intermediate exams. It will help you to master the core concepts, and you can keep solving sums till you can do them in your sleep.
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
AS 12: 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.