CA Final Amendments May 2018 – Tax Law Audit Fin. Reporting
Get CA Final Amendments May 2018. The Applicable Amendments of CA Final May 2017 are here below. we already know that ICAI had made announcement regarding CA New Scheme 2016 means Change In CA Syllabus and exam pattern. But latest ICAI’s Notification it is confirmed that there is no syllabus change for CA Final May 2017 except following few new applicable amendments. There are new amendments of Financial Reporting, Advanced Auditing and Professional Ethics, Corporate and Allied Laws and Direct Tax Laws & Paper 8 : Indirect Tax Laws applicable for May 2017 CA Final Exam. also Find CA Final Recommended Books for May 2018, CA Final Study Material for May 2017 and CA Final RTP May 2018.
CA Final New Amendments – applicable for May 2018
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2017 – Final Examination
Paper 1: Financial Reporting CA Final Amendments May 2017
With reference to the “Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting” dated 23.11.2015, it is clarified that students are not required to study the differences between Ind AS 32, 107 and 109 vis-à-vis AS 31, 32 and 30 respectively from May, 2016 examination.
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- Framework for the Preparation and Presentation of Financial Statements.
- 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|
|7||Construction Contracts (Revised 2002)|
|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|
|18||Related Party Disclosures|
|20||Earnings Per Share|
|21||Consolidated Financial Statements|
|22||Accounting for Taxes on Income|
|23||Accounting for Investment in Associates in Consolidated Financial Statements|
|25||Interim Financial Reporting|
|27||Financial Reporting of Interests in Joint Ventures|
|28||Impairment of Assets|
|29||Provisions, Contingent Liabilities and Contingent Assets|
- Guidance Notes on Accounting Aspects
- Guidance Note on Accrual Basis of Accounting.
- Guidance Note on Accounting Treatment for Excise Duty.
- Guidance Note on Terms Used in Financial Statements.
- Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares.
- Guidance Note on Accounting Treatment for MODVAT/CENVAT.
- Guidance Note on Accounting for Corporate Dividend Tax.
- Guidance Note on Accounting for Employee Share-based Payments.
- Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
- Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
- Guidance Note on Applicability of AS 25 to Interim Financial Results.
- Guidance Note on Turnover in case of Contractors.
- Guidance Note on the Revised Schedule VI to the Companies Act, 1956 (Now Schedule III to the Companies Act, 2013).
- Applicability of the Companies Act, 2013 and other Legislative Amendments : 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, 2015 will be applicable for May, 2016 Examination.
- Applicability of Indian Accounting Standard (Ind AS) : Topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis-a-vis International Financial Reporting Standards (IFRSs)” has been made applicable from May, 2016 Examination in place of “Overview of International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS), Interpretations by International Financial Reporting Interpretation Committee (IFRIC), Significant differences vis-a-vis Indian Accounting Standards; Understanding of US GAAPs, Applications of IFRS and US”.
- Non-applicability of AS 30, 31 and 32 on the topic ‘Accounting and Reporting of Financial Instruments’ : Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” have been made applicable to the topic ‘Accounting and Reporting of Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures”.
In view of the complexities involved, simple practical problems involving conceptual issues or application issues may be asked in the examination.
Paper 3: Advanced Auditing and Professional Ethics CA Final Amendments May 2018
- Statements and Standards
- Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).
- Framework for Assurance Engagements.
- 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|
Guidance Notes and other publications
- Code of Ethics
- Guidance Note on Independence of Auditors.
- Guidance Note on Audit Reports and Certificates for Special
- Guidance Note on Audit under Section 44AB of the Income-tax Act .
- Guidance Note on Audit of Inventories.
- Guidance Note on Audit of Debtors, Loans and Advances.
- Guidance Note on Audit of Investments.
- Guidance Note on Audit of Cash and Bank
- Guidance Note on Audit of Liabilities.
- Guidance Note on Audit of Revenue.
- Guidance Note on Audit of Expenses.
- Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013.
- Guidance Note on Computer Assisted Audit Techniques (CAATs).
- Guidance Note on Audit of Payment of Dividend.
- Guidance Note on Audit of Capital and Reserves.
IV Applicability of the Companies Act, 2013:
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, 2015 will be applicable for May, 2016 Examination.
Paper 4 : Corporate and Allied Laws CA Final Amendments May 2018
Applicability of the following Amendments/Circulars/Notifications:
- The Companies Act, 2013: The relevant sections of the Companies Act, 2013, along with relevant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 30th October, 2015.
- The Companies (Amendment) Act, 2015: This amendment Act is an Act to amend the Companies Act, 2013 notified in the Official gazette by the Ministry of Law and Justice on 26th May, 2015.Vide Notification dated 29th May 2015, Central Government declared the date of enforcement of provisions of sections 1 to 12 and 15 to 23 of the Companies (Amendment) Act, 2015. For detail see http://www.mca.gov.in/Ministry/pdf/AmendmentAct 2015.pdf
(III) SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009
|Reference of Link|
|1||The SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2015||24th March, 2015||http://www.sebi.gov.in/cms/sebi data/ attachdocs/1427273950402.pdf|
|2.||Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2015||5th May 2015||http://www.sebi.gov.in/cms/sebi data/ attachdocs/1430885855266.pdf|
|3.||The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2015||11th August, 2015||http://www.sebi.gov.in/cms/sebi data/ attachdocs/1439288946967.pdf|
|4.||The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2015.||14th August, 2015||http://www.sebi.gov.in/cms/sebi data/ attachdocs/1439551592983.pdf|
|5.||The SEBI (Issue of Capital and Disclosure Requirements) (Sixth Amendment) Regulations, 2015||10th September
|http://www.sebi.gov.in/cms/sebi data/ attachdocs/1441965949162.pdf|
|6.||The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Seventh Amendment) Regulations, 2015||27th October 2015||http://www.sebi.gov.in/cms/sebi data/ attachdocs/1446100080710.pdf|
(IV) Foreign Exchange Management Act, 1999
|S No||Amendment||Notification No. with date||Link|
Management (Acquisition and
Transfer of Immovable Property in
India)(Amendment) Regulations, 2015
|FEMA. 335/2015- RB, dated 4th Feb, 2015||https://rbi.org.in/scripts/FS Notification.aspx?Id=9 582&fn=5&Mode=0|
Management (Permissible Capital Account Transactions) (Second Amendment) Regulations, 2015
|FEMA. 337/2015- RB dated 2nd
|https://rbi.org.in/scripts/FS Notification.aspx?Id=9 763&fn=5&Mode=0|
|3.||The Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2015.||FEMA.342/RB- 2014, dated 23rd April, 2015||https://rbi.org.in/scripts/FS Notification.aspx?Id=9 764&fn=5&Mode=0|
Management (Permissible Capital Account Transactions) (Third Amendment)
|FEMA. 341/2015- RB dated May 26, 2015||https://rbi.org.in/scripts/FS Notification.aspx?Id=9 757&fn=5&Mode=0|
|5.||The Foreign Exchange Management (Export of Goods & Services) (Second Amendment) Regulations, 2015||FEMA. 347/2015- RB, dated 24th July 2015||https://rbi.org.in/scripts/FS Notification.aspx?Id=1 0060&fn=5&Mode=0|
(IV) Securities Contracts (Regulation) Act, 1956 [As Amended by the Finance Act, 2015] : Various amendments have been inserted in the Securities Contracts (Regulation) Act, 1956 by Part II of Chapter VIII of the Finance Act 2015, w.e.f. 28.09.2015 vide Gazette Notification F. No. 1/9/SM/2015, Extraordinary, Pt. II, Sec. 3, Sub-section (ii) dated 28.08.2015.
Non-Applicability of the following Amendments/Circulars/Notifications
|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 CA Final Amendments May 2018
Applicability of Finance Act, Assessment Year etc. for May, 2017 Examination
The provisions of direct tax laws (income-tax) and indirect tax laws, as amended by the Finance Act, 2015, including notifications and circulars issued up to 31st October, 2015, are applicable for May, 2018 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.2017-18.
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