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IPCC Amendments May 2017 – Accounts Law Tax & Audit Changes


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Paper 1: Accounting

Applicable Accounting Standards for CA IPCC May 2017

AS 1 : Disclosure of Accounting Policies

AS 2 : Valuation of Inventories

AS 3 : Cash Flow Statements

AS 7 : Construction Contracts (Revised 2002)

AS 9 : Revenue Recognition

AS 10 : Property, Plant and Equipment (2016)

AS 13 : Accounting for Investments

AS 14 : Accounting for Amalgamations

Paper 5: Advanced Accounting

Accounting Standards

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

AS 12 : Accounting for Government Grants

AS 16 : Borrowing Costs

AS 19 : Leases

AS 20 : Earnings Per Share

AS 26 : Intangible Assets

AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

Common Note for Paper 1 “Accounting” and Paper 5 “Advanced Accounting”

  • Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2017 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, 2016 will be applicable for May, 2017 Examination.
  • Applicability of Amendments made by the MCA in the Companies (Accounting Standards) Rules, 2006 Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 are applicable for May, 2017 examination.

III. Non-Applicability of Ind AS for May, 2017 Examination

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 have not been made applicable for May, 2017 Examination.

Paper 2: Business Laws, Ethics and Communication

The Companies Act, 2013: The relevant sections of the Companies Act, 2013, along with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the Ministry of Corporate Affairs upto 31st October, 2016.

For updates, see http://www.mca.gov.in/

Non-applicability of the following sections of the Companies Act, 2013

  • Section 48 Variation of shareholders’ right
  • Section 66 Reduction of share capital

Paper 4: Taxation Amendments May 2017

Applicability of the Finance Act, Assessment Year etc. for May, 2017 examination

The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2016, including circulars and notifications issued upto 31st October, 2016, are applicable for May, 2017 examination. The relevant assessment year for income-tax is A.Y. 2017-18.

Paper 6: Auditing and Assurance

  1. Standards on Auditing (SAs)

S.No SA Title of Standard on Auditing

  • SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
  • SA 210 Agreeing the Terms of Audit Engagements
  • SA 220 Quality Control for Audit of Financial Statements
  • SA 230 Audit Documentation
  • SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
  • SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
  • SA 260 Communication with Those Charged with Governance
  • SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
  • SA 299 Responsibility of Joint Auditors
  • SA 300 Planning an Audit of Financial Statements
  • SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
  • SA 320 Materiality in Planning and Performing an Audit
  • SA 330 The Auditor’s Responses to Assessed Risks
  • SA 402 Audit Considerations Relating to an Entity Using a Service Organization
  • SA 450 Evaluation of Misstatements Identified during the Audits
  • SA 500 Audit Evidence
  • SA 501 Audit Evidence – Specific Considerations for Selected Items
  • SA 505 External Confirmations
  • SA 510 Initial Audit Engagements-Opening Balances
  • SA 520 Analytical Procedures
  • SA 530 Audit Sampling
  • SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
  • SA 550 Related Parties
  • SA 560 Subsequent Events
  • SA 570 Going Concern
  • SA 580 Written Representations
  • SA 600 Using the Work of Another Auditor
  • SA 610 (Revised) Using the Work of Internal Auditors
  • SA 620 Using the Work of an Auditor’s Expert
  • SA 700 Forming an Opinion and Reporting on Financial Statements
  • SA 705 Modifications to the Opinion in the Independent Auditor’s Report
  • SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
  • SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
  • SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
  1. Statements

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

III. Guidance Notes

  1. Guidance Note on Audit of Inventories.
  2. Guidance Note on Audit of Debtors, Loans and Advances.
  3. Guidance Note on Audit of Investments.
  4. Guidance Note on Audit of Cash and Bank Balances.
  5. Guidance Note on Audit of Liabilities.
  6. Guidance Note on Audit of Revenue.
  7. Guidance Note on Audit of Expenses.
  8. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

IV Applicability of the Companies Act, 2013:

(i) The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 31st October, 2016.

(ii) Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for May, 2017 Examination.

Have any Question or Comment?

8 comments on “IPCC Amendments May 2017 – Accounts Law Tax & Audit Changes

Jaison

Please sent Amendments of group 2 for may attempt 2017

Reply
naveenreddygnr

It also includes group 2 amendments, adv accounting, audit

Reply
Rahul Rouniyar

Group 2 amendments

Reply
naveenreddygnr

It also includes group 2 amendments, adv accounting, audit

Reply
Rahul Rouniyar

Group 2 amendments needed for may 2017

Reply
naveenreddygnr

It also includes group 2 amendments, adv accounting, audit

Reply
sreekar

Useful and important

Reply

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