Applicability of Legislative Amendments for Ca Final Examination, November- 2015

Applicability of Standards/Guidance Notes/Legislative
Amendments etc. for November, 2015 – Final Examination

Paper 1: Financial Reporting

I.                    
Framework for the Preparation and
Presentation of Financial Statements.

 

II.          Accounting
Standards

AS
No.   AS Title

 

1                 
Disclosure of Accounting Policies

 

2                 
Valuation of Inventories

 

3                 
Cash Flow Statements

 

4                 
Contingencies and Events Occurring after
the Balance Sheet Date

 

5                 
Net Profit or Loss for the Period, Prior
Period Items and Changes in Accounting Policies

 

6                 
Depreciation Accounting

 

7                 
Construction Contracts (Revised 2002)

 

9        Revenue Recognition

 

10               
Accounting for Fixed Assets

 

11               
The Effects of Changes in Foreign Exchange
Rates (Revised 2003)

 

12               
Accounting for Government Grants

 

13               
Accounting for Investments

 

14               
Accounting for Amalgamations

 

15               
Employee Benefits

 

16               
Borrowing Costs

 

17               
Segment Reporting

 

18               
Related Party Disclosures

 

19               
Leases

 

20               
Earnings Per Share

 

21               
Consolidated Financial Statements

 

22               
Accounting for Taxes on Income

 

23               
Accounting for Investment in Associates in
Consolidated Financial Statements

 

24               
Discontinuing Operations

 

25               
Interim Financial Reporting

 

26               
Intangible Assets

 

27               
Financial Reporting of Interests in Joint
Ventures

 

28               
Impairment of Assets

 

29               
Provisions, Contingent Liabilities and
Contingent Assets

 

30               
Financial Instruments: Recognition and
Measurement

31               
Financial Instruments: Presentation

 

32               
Financial Instruments: Disclosure

 

III.
Guidance Notes on Accounting Aspects

 

1.        
Guidance Note on Accrual Basis of
Accounting.

 

2.        
Guidance Note on Accounting Treatment for
Excise Duty.

 

3.        
Guidance Note on Terms Used in Financial
Statements.

 

4.        
Guidance Note on Availability of
Revaluation Reserve for Issue of Bonus Shares.

 

5.        
Guidance Note on Accounting Treatment for
MODVAT/CENVAT.

 

6.        
Guidance Note on Accounting for Corporate
Dividend Tax.

 

7.        
Guidance Note on Accounting for Employee
Share-based Payments.

 

8.        
Guidance Note on Accounting for Credit
Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.

9.        
Guidance Note on Measurement of Income Tax
for Interim Financial Reporting in the context of AS 25.

 

10.     
Guidance Note on Applicability of
Accounting Standard (AS) 20, Earnings per Share.

 

11.     
Guidance Note on Remuneration paid to key
management personnel – whether a related party transaction.

12.     
Guidance Note on Applicability of AS 25 to
Interim Financial Results.

 

13.     
Guidance Note on Turnover in case of
Contractors.

 

14.     
Guidance Note on the Revised Schedule VI
to the Companies Act, 1956*

 

[*Schedule III to the Companies Act,
2013.]

 

IV.    Applicability
of the Companies Act, 2013 and other Legislative Amendments

 

The relevant notified Sections of the
Companies Act, 2013 up to 31st March, 2015 and other legislative
amendments including relevant Notifications / Circulars / Rules / Guidelines
issued by Regulating Authority up to 30th April, 2015.

 

Non-Applicability of Ind ASs:

 

The
Ministry of Corporate Affairs has notified Roadmap for applicability of Indian
Accounting Standards (Ind AS) vide Notification
No. G.S.R…….(E) dated 16 February, 2015, for compliance
by the class of companies

specified
in the said roadmap. The notification has been uploaded on www.mca.gov.in along
with the thirty nine (39) Indian Accounting Standards (Ind AS). Students may
note that these Ind ASs are not applicable for

November, 2015 Examination.

 

Paper 3: Advanced Auditing and Professional Ethics

I.           
Statements and Standards

 

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

 

2.    
Framework for Assurance Engagements.

II.         
Engagements and Quality Control Standards
on Auditing

 

S.No

SA

Title
of Standard on Auditing

1

SQC
1

Quality
Control for Firms that Perform Audits and Reviews of

 

 

Historical  Financial 
Information,  and  Other 
Assurance  and

 

 

Related
Services Engagements

 

 

 

2

SA
200

Overall
Objectives of the Independent Auditor and the Conduct of

 

 

an Audit in
Accordance with Standards on Auditing

 

 

 

3

SA 210

Agreeing the
Terms of Audit Engagements

 

 

 

4

SA 220

Quality
Control for Audit of Financial Statements

 

 

 

5

SA 230

Audit
Documentation

 

 

 

6

SA
240

The
Auditor’s responsibilities Relating to Fraud in an Audit of

 

 

Financial
Statements

 

 

 

7

SA
250

Consideration
of Laws and Regulations in An Audit of Financial

 

 

Statements

 

 

 

8

SA 260

Communication
with Those Charged with Governance

 

 

 

9

SA
265

Communicating
Deficiencies in Internal Control to Those Charged

 

 

with
Governance and Management

 

 

 

10

SA 299

Responsibility
of Joint Auditors

 

 

 

11

SA 300

Planning an
Audit of Financial Statements

 

 

 

12

SA
315

Identifying  and 
Assessing  the  Risks 
of  Material  Misstatement

 

 

through
Understanding the Entity and its Environment

 

 

 

13

SA 320

Materiality
in Planning and Performing an Audit

 

 

 

14

SA 330

The
Auditor’s Responses to Assessed Risks

 

 

 

15

SA
402

Audit  Considerations  Relating 
to  an  Entity 
Using  a  Service

 

 

Organization

 

 

 

16

SA 450

Evaluation
of Misstatements Identified during the Audits

 

 

 

17

SA 500

Audit
Evidence

 

 

 

18

SA 501

Audit
Evidence – Specific Considerations for Selected Items

 

 

 

19

SA 505

External Confirmations

 

 

 

20

SA 510

Initial
Audit Engagements-Opening Balances

 

 

 

21

SA 520

Analytical
Procedures

 

 

 

22

SA 530

Audit
Sampling

 

 

 

23

SA
540

Auditing
Accounting Estimates, Including Fair Value Accounting

 

 

Estimates,
and Related Disclosures

 

 

 

24

SA 550

Related
Parties

 

 

 

25

SA 560

Subsequent
Events

 

 

 

26

SA 570

Going
Concern

 

 

 

27

SA 580

Written
Representations

 

 

 

28

SA 600

Using the
Work of Another Auditor

 

 

 

29

SA 610

Using the
Work of Internal Auditors

 

 

 

30

SA 620

Using the
Work of an Auditor’s Expert

 

 

 

31

SA 700

Forming an
Opinion and Reporting on Financial Statements

 

 

 

32

SA 705

Modifications
to the Opinion in the Independent Auditor’s Report

 

 

 

33

SA
706

Emphasis
of Matter Paragraphs and Other Matter Paragraphs in

 

 

the
Independent Auditor’s Report

 

 

 

34

SA
710

Comparative   Information   –  
Corresponding   Figures   and

 

 

Comparative
Financial Statements

 

 

 

35

SA
720

The
Auditor’s Responsibility in Relation to Other Information in

 

 

Documents Containing
Audited Financial Statements

 

 

 

36

SA
800

Special
Considerations-Audits of Financial Statements Prepared

 

 

in
Accordance with Special Purpose Framework

 

 

 

37

SA
805

Special  Considerations-Audits  of 
Single  Purpose  Financial

 

 

Statements  and 
Specific  Elements,  Accounts 
or  Items  of  a

 

 

Financial
Statement

 

 

 

38

SA 810

Engagements
to Report on Summary Financial Statements

 

 

 

39

SRE 2400

Engagements
to Review Financial Statements

 

 

 

40

SRE
2410

Review  of 
Interim  Financial  Information 
Performed  by  the

 

 

Independent
Auditor of the Entity

 

 

 

41

SAE 3400

The
Examination of Prospective Financial Information

 

 

 

42

SAE 3402

Assurance
Reports on Controls At a Service Organisation

 

 

 

43

SRS
4400

Engagements  to  Perform 
Agreed  Upon  Procedures 
Regarding

 

 

Financial
Information

 

 

 

44

SRS 4410

Engagements
to Compile Financial Information

 

 

 

 III.                 
Guidance Notes and other publications

 

1.            
Code of Ethics

 

2.            
Guidance Note on Independence of Auditors.

 

3.            
Guidance Note on Audit Reports and
Certificates for Special Purposes.

 

4.            
Guidance Note on Audit under Section 44AB
of the Income-tax Act (Revised in view of Latest Form 3CA, 3CB and 3CD notified
on 25th
July).

 

5.            
Guidance Note on Audit of Inventories.

 

6.            
Guidance Note on Audit of Debtors, Loans
and Advances.

 

7.            
Guidance Note on Audit of Investments.

 

8.            
Guidance Note on Audit of Cash and Bank
Balances.

 

9.            
Guidance Note on Audit of Liabilities.

 

10.         
Guidance Note on Audit of Revenue.

 

11.         
Guidance Note on Audit of Expenses.

 

12.         
Guidance Note on Computer Assisted Audit
Techniques (CAATs).

 

13.         
Guidance Note on Audit of Payment of
Dividend.

 

14.         
Guidance Note on Audit of Capital and
Reserves.

IV         Applicability
of the Companies Act, 2013 and Other Legislative Amendments:

 

(i) The relevant
notified Sections of the Companies Act, 2013 up to 31stMarch,
2015 alongwith other legislative amendments including relevant
Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities
cut-off date will be 30th
April, 2015.

 

(ii) Companies
(Auditor’s Report) Order, 2015 [CARO] issued by Ministry of Corporate Affairs
on 10thApril, 2015 is applicable for November 2015 Examination.

 

Paper 4 : Corporate and Allied Laws

I                      
Applicability of Relevant
Amendments/Circulars/ Notifications/Regulations etc.

 

1.                  
The Companies Act, 2013

 

The relevant
sections of the Companies Act, 2013, notified up to 31st March, 2015
along with relevant Rules/ Notifications/ Circulars/ Clarification/ Orders
issued by the Ministry of Corporate Affairs upto 30th April, 2015.

2.                  
SEBI (Issue of Capital and Disclosure
Requirement) Regulations, 2009

 

SEBI vide Notification dated 24th March, 2015
has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment)
Regulations, 2015.

 

The amendments
have been carried out in regulation 4 and 54 of SEBI (ICDR) Regulations, 2009.

 

3.                     
The Insurance Act, 1938 and the Insurance
Regulatory and Development Authority Act, 1999

 

Vide Notification dated 23rd March, 2015,
Ministry of Law and Justice further amended the Insurance
Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 by
enacting the Insurance Laws (Amendment) Act, 2015. It shall be deemed to have
come into force on the 26th day of December, 2014.

 

II          Non-Applicability
of the following Amendments/Circulars/Notifications

 

S.No.

Subject
Matter

 

 

1.

Chapter
9 of the study material (October, 2014 edition) covering provisions relating
to Revival

 

and
Rehabilitation of Sick-Industrial Companies.

 

 

2.

Chapter
15 of the study material (October, 2014 edition) covering provisions relating
to the

 

National
Company Law Tribunal and Appellate Tribunal.

 

Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws

Applicability of Finance Act, Assessment
Year etc. for November, 2015 Examination

 

The
provisions of direct and indirect tax laws, as amended by the Finance (No.2)
Act, 2014, including notifications and circulars issued up to 30th April, 2015,
are applicable for November, 2015 examination. The relevant assessment year for
Paper 7: Direct Tax Laws is A.Y.2015-16.

 

In
Paper 7: Direct Tax Laws, the Wealth-tax Act, 1957 and Rules thereunder are not
applicable for November 2015 examination.

 Source: ICAI.ORG

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