IPC May 2017 -Applicability of Standards/Guidance Notes/Legislative Amendments etc.

By | January 17, 2017
(Last Updated On: January 17, 2017)

Applicability of Standards/Guidance Notes/Legislative Amendments etc.
for May, 2017 – Intermediate (IPC) Examination

Paper 1: Accounting

Accounting Standards

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”

I. 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.

II. 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

S.No.Section No.Section title
1.Section 48Variation of shareholders’ right
2.Section 66Reduction of share capital

Paper 4: Taxation

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. 201 7-18.

Paper 6: Auditing and Assurance

I. Standards on Auditing (SAs)

S.NoSATitle of Standard on Auditing
1SA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
2SA 210Agreeing the Terms of Audit Engagements
3SA 220Quality Control for Audit of Financial Statements
4SA 230Audit Documentation
5SA 240The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
6SA 250Consideration      of    Laws    and    Regulations     in   An    Audit    of    Financial
Statements
7SA 260Communication with Those Charged with Governance
8SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
9SA 299Responsibility of Joint Auditors
10SA 300Planning an Audit of Financial Statements
11SA 315Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
12SA 320Materiality in Planning and Performing an Audit
13SA 330The Auditor’s Responses to Assessed Risks
14SA 402Audit Considerations Relating to an Entity Using a Service Organization
15SA 450Evaluation of Misstatements Identified during the Audits
16SA 500Audit Evidence
17SA 501Audit Evidence – Specific Considerations for Selected Items
18SA 505External Confirmations
19SA 510Initial Audit Engagements-Opening Balances
20SA 520Analytical Procedures
21SA 530Audit Sampling
22SA 540Auditing      Accounting      Estimates,      Including      Fair    Value     Accounting
Estimates, and Related Disclosures
23SA 550Related Parties
24SA 560Subsequent Events
25SA 570Going Concern
26SA 580Written Representations
27SA 600Using the Work of Another Auditor
28SA 610 (Revised)Using the Work of Internal Auditors
29SA 620Using the Work of an Auditor’s Expert
30SA 700Forming an Opinion and Reporting on Financial Statements
31SA 705Modifications to the Opinion in the Independent Auditor’s Report
32SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
33SA 710Comparative      Information    –   Corresponding     Figures    and    Comparative
Financial Statements
34SA 720The    Auditor’s      Responsibility       in    Relation     to    Other    Information     in
Documents Containing Audited Financial Statements

II. 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.

Download PDF file on Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – Intermediate (IPC) Examination

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