CA Intermediate Advanced Accounting Amendments for May 2018
Advanced Accounting is a subject that enables CA students to acquire the ability to apply specific Accounting Standards to different transactions and events in a real-life scenario where a student has to prepare and present financial statements of varied business entities.The Amendments for Advanced Accounting for CA Intermediate is compiled by ICAI keeping in mind the requirements of the students to practice, revise and solve problems to score more. It also keeps students abreast of the latest developments in the syllabus. Also, the AMENDMENTS is extremely student-friendly. They are the ultimate study guide for students appearing for the CA Intermediate in the May 2018 attempt.
List of Applicable Accounting Standards
AS7 : Construction Contracts
AS9 : Revenue Recognition
AS14: Accounting for Amalgamations
AS18 : Related Party Disclosures
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
- Guidance Note on Terms Used in Financial Statements.
- Guidance Note on Accrual Basis of Accounting.
- Guidance Note on Accounting for Corporate Dividend Tax.
- Guidance Note on Accounting for Employee Share-base Payments
- Guidance Note on Accounting for Employee Share-base Payments.Guidance Note on Accounting for Credit Available in Respect of Minimum Alternative Tax under the Income-tax Act, 1961.
- Guidance Note on Accounting for Real Estate Transactions (revised 2012)
- Guidance Note on Turnover in case of Contractors.
- Guidance Note on Schedule III to the Companies Act, 2013.