Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2014 – Intermediate (IPC) Examination

June 10, 2014

Paper 1: Accounting
Accounting Standards
AS 1 : Disclosure of Accounting Policies
AS 2 : Valuation of Inventories
AS 3 : Cash Flow Statements
AS 6 : Depreciation Accounting
AS 7 : Construction Contracts (Revised 2002)
AS 9 : Revenue Recognition
AS 10 : Accounting for Fixed Assets
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.

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

Paper 2: Business Laws, Ethics and Communication
The Companies Act, 2013:

• The 53 sections of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs.
• Supplementary study material in this regard has been hosted on the student portal, ICAI at the following link http://220.227.161.86/32794ssp-p2blec-ipcc.pdf

Non-Applicability of the following /Circulars/Notifications:

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

Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for November, 2014 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2013, including circulars and notifications issued upto 30th April, 2014. The relevant assessment year for income-tax is A.Y. 2014-15.

Paper 6: Auditing and Assurance

I) Standards on Auditing (SAs)

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

II) Statements

1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956.
2. Statement on the Companies (Auditor’s Report) Order, 2003.

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 Miscellaneous Expenditure.
5. Guidance Note on Audit of Cash and Bank Balances.
6. Guidance Note on Audit of Liabilities.
7. Guidance Note on Audit of Revenue.
8. Guidance Note on Audit of Expenses.

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