Applicability of Standards / Guidance Notes / Amendments for CA Final 2014 Exams

30 Jun

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2014 – Final Examination

amendments-for-ca-final-nov-2014

 

 

Paper 1: Financial Reporting”

I. Statements and Standards

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

2. Accounting Standards

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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

 

Note: Non-Applicability of Ind ASs for Nov. 2014 Examination

 

The MCA has hosted on its website 35 Indian Accounting Standards (Ind AS) without announcing their applicability date. Students may note that Ind ASs are not applicable for November, 2014 Examination.

 

II. Guidance Notes on Accounting Aspects

1. Guidance Note on Treatment of Reserves created on Revaluation of Fixed Assets.

2. Guidance Note on Accrual Basis of Accounting.

3. Guidance Note on Accounting Treatment for Excise Duty.

4. Guidance Note on Terms Used in Financial Statements.

5. Guidance Note on Accounting for Depreciation in Companies.

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

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

8. Guidance Note on Accounting for Corporate Dividend Tax.

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

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

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

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

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

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

15. Guidance Note on Turnover in case of Contractors.

16. Guidance Note on the Revised Schedule VI to the Companies Act, 1956 (Schedule III to the Companies Act, 2013).

III Applicability of the Companies Act, 2013

1. Accounting related sections of the Companies Act, 2013, notified in Sept, 2013, along with the clarifications issued by the Ministry of Corporate Affairs are applicable for Nov. 14 Examination.

2. Notified Sections of Chapter IX of the Companies Act, 2013 along with relevant Rules will be applicable for November, 2014 Examination.

I. Statements and Standards 1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956

2. Statement on the Companies (Auditor’s Report) Order, 2003*

3. Framework for Assurance Engagements.

Note : *Statement on CARO, 2003 is applicable on Financial Statements prepared on or before March 31, 2014.

 

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.

5. Guidance Note on Audit of Abridged Financial Statements.

6. Guidance Note on Audit of Inventories.

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

8. Guidance Note on Audit of Investments.

9. Guidance Note on Audit of Miscellaneous Expenditure.

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

11. Guidance Note on Audit of Liabilities.

 

12. Guidance Note on Audit of Revenue.

13. Guidance Note on Audit of Expenses.

14. Guidance Note on Sections 227(3)(e) and (f) of the Companies Act, 1956.

15. Guidance Note on Certificate of Corporate Governance

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

17. Guidance Note on Audit of Payment of Dividend.

18. Guidance Note on Audit of Capital and Reserves.

19. Guidance Note on Auditing of Accounts of Liquidators.

IV Applicability of the Companies Act, 2013 :

1. Auditing related sections notified in Sept, 2013 of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs.

2. Notified sections of Chapter IX: Accounts of Companies and Chapter X: Audit and Auditors of the Companies Act, 2013 along with its relevant Rules.

 

 

Paper 4 : Corporate and Allied Laws”

1. The Companies Act, 2013

(i) 45 sections of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs.

(ii) Notified sections of Chapter IX: Accounts of Companies and Chapter X: Audit and Auditors of the Companies Act, 2013 along with its relevant Rules.

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

SEBI vide Notification dated 4th February, 2014 has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2014 which is available at the following link http://www.sebi.gov.in/cms/sebi_data/attachdocs/1391509221289.pdf

3. The Foreign Exchange Management Act, 1999

(i) The Reserve Bank of India has issued a circular dated 9th January, 2014 on Section 6 of the Foreign Exchange Management Act, 1999 which is available at the following link http://rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=8685

(ii) The Reserve Bank of India has issued a circular dated 4th April, 2014 on Compounding of Contraventions under FEMA, 1999 and decided to delegate further powers to the Regional Offices of Reserve Bank of India. The circular is available at the following link http://rbidocs.rbi.org.in/rdocs/notification/PDFs/553APD04042014.pdf

Non-Applicability of the following Amendments/Circulars/Notifications

 

S.No.

Subject Matter

1.

* New 184 sections of the Companies Act, 2013 notified on 27th February, 2014 and 26th March, 2014.

2.

* Rules notified under the Companies Act, 2013

3.

Provisions relating to Revival and Rehabilitation of Sick-Industrial Companies

 

 

*As per the Council decision at its 333th meeting held on 14 th May, 2014, notified sections of Chapter IX: Accounts of Companies and Chapter X: Audit and Auditors of the Companies Act, 2013 along with its relevant Rules will also be applicable for November 2014 examinations.

 
 

Applicability of the Finance Act, Assessment Year etc. for November, 2014 Examination

The provisions of direct and indirect tax laws, as amended by the Finance Act, 2013, including notifications and circulars issued upto 30th April, 2014. The applicable assessment year for Direct Tax Laws is A.Y. 2014-15.

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