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CA IPCC Amendments applicable for May 2019 | Tax, Law & Accounts

CA IPCC Accounting New Amendments, Taxation amendments and Law Amendments for May 2019 are here below. We are giving Latest CA IPCC Law Amendments May 2019 and IPCC Tax Applicable amendments for May 2019 exam. Download ICAI’s Official Notification regarding CA IPCC Accounts New amendments and applicable Accounting Standards for November 2017 exam. We already have given Latest CA IPCC Tax Amendments For May 2019. Changes in IPCC Tax Syllabus For May 2019. In previous post, we have given CA IPCC Tax Question Papers and Suggested Answers of previous exams. Download CA IPCC tax amendments and supplementary study material / supplementary study paper applicable for Nov 2017 exam. ICAI has given IPCC tax supplementary study paper both Direct tax and Indirect tax with latest amendments applicable for Nov 2016 and May 2018 exams. We are providing these Direct tax and Indirect tax amendments and supplementary study paper in PDF format.CA IPCC Amendments Applicable For May 2019. In the previous article, we have given CA IPCC Study Material & Practice Manual For May 2019 and IPCC Tax Amendments Applicable For November 2018. Today we are providing IPCC amendments applicable for November 2018 of following subjects Ie Accounts, Law ethics, and communication, Tax, Advanced accounting, and Auditing. Recently ICAI has given a notification about applicability and non-applicability of companies act 2013 in Law and auditing, applicability of finance act in tax, applicability of accounting standards and non-applicability of Indian accounting standards for CA IPCC November 2018 attempt. Read below !

CA IPCC Amendments Applicable For May 2019

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May 2019– Intermediate (IPC) Examination

Paper 1: Accounting

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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.

I. Applicability of the Companies Act, 2013 and other Legislative Amendments for Paper 1 and Paper 5 : The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2016 will be applicable for November, 2016 Examination

II. Non-Applicability of Ind ASs for November, 2017 Examination for Paper 1 and Paper 5 :The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2016 on 16th February, 2016, for compliance by certain class of companies. These Ind AS have not been made applicable for November, 2017 Examination.

III. Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 for Paper 1 and Paper 5 : Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 have not been made applicable for November, 2017 examination.

Students may note that these Ind ASs are not applicable for Nov 2017 Examination.

CA IPCC Business Laws, Ethics and Communication Amendments For May 2019

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 30th April, 2016. For updates, see http://www.mca.gov.in

The Negotiable Instruments (Amendment) Act, 2015: The Negotiable Instruments (Amendment) Act, 2015 received the assent of the president on 26th December, 2015 and has been notified in the Official Gazette on 29th December, 2015 by the Ministry of Law and Justice.

This is an Act further to amend the Negotiable Instruments Act, 1881 and shall be deemed to have come into force on the 15th day of June, 2015. For detail click the following link-

NI-Act-gazette-notification-26.12.2015.pdf

The Payment of Bonus (Amendment) Act, 2015: An Act further to amend the Payment of Bonus Act, 1965. The Act received the assent of the President on the31st December, 2015, and published in the Official gazette on 1st January 2016 by Ministry of Law and Justice. It shall be deemed to have come into force on the 1st day of April, 2014.For detail click the following link-

http://www.prsindia.org/…/Pavment%20of%20Bo…/Payment%20of%20Bonus%20Act.%202015.pdf

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
3.Section 75damages for fraud
4.Section 97Power of tribunal to call AGM
5.Section 98Power of Tribunal to call meetings of members, Etc.
6.Section 99Punishment for default in complying with provisions of sections 96 to 98
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Corrigendum to the questions related to Payment of Gratuity Act, 1972 given in the Practice Manual of Paper No. 2, Business Laws, Ethics and Communication [July 2015 edition]

Students referring the printed copy of Practice Manual ( July 2015, edition) are advised to read the following para given in the answer to question no. 3 given on page no. 5.3 replacing the para stating that “K will be considered to be in continuous service…”

K will be considered to be in continuous employment during the year for a period she worked + the period for which she was on maternity leave = 150 + 50 = 200 days. Since, she worked in an establishment which works for five days in a week for more than 190 days, so she will be entitled to gratuity.

CA IPCC Tax Amendments For May 2019

Applicability of the Finance Act, Assessment Year etc. for November, 2016 examination

The provisions of income tax and indirect tax laws, as amended by the Finance Act, 2015, including circulars and notifications issued up to 30th April, 2016, are applicable for November, 2016 examination. The relevant assessment year for income-tax is A.Y. 2016-17.

CA IPCC Auditing and Assurance Amendments For November 2018

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
14 SA 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 610Using 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(1 A) 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 30th April, 2016.

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

Click Here to download official of notification of ICAI about IPCC amendments applicable for May 2019.

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