IPCC Amendments May 2019 – Accounts Law Tax & Audit Changes
IPCC Amendments May 2019 – Accounts, Law, Tax & Audit Changes are provided for CA IPCC November 2018 Exam Preparation. In CA IPCC exam, the syllabus for for every attempt is not same. CA IPCC syllabus changes based on New Law or Tax Amendments, New Income Tax rates and changes in Accounting standards. It is also depends on Companies act rules and regulations.
IPCC Amendments May 2019 – Accounts Law Tax & Audit Changes
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2018 – Intermediate (IPC) Examination
Paper 1: Accounting
Also Check : CA IPCC Syllabus for November 2018
Applicable Accounting Standards for CA IPCC May 2019
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
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”
- Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2018 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 November, 2018 Examination.
- 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 November, 2018 examination.
III. Non-Applicability of Ind AS for May 2019 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 November, 2018 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
- Section 48 Variation of shareholders’ right
- Section 66 Reduction of share capital
Paper 4: Taxation Amendments May 2019
Applicability of the Finance Act, Assessment Year etc. for May 2019 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 November, 2018 examination. The relevant assessment year for income-tax is A.Y. 2017-18.
Paper 6: Auditing and Assurance
- Standards on Auditing (SAs)
S.No SA Title of Standard on Auditing
- SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
- SA 210 Agreeing the Terms of Audit Engagements
- SA 220 Quality Control for Audit of Financial Statements
- SA 230 Audit Documentation
- SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
- SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
- SA 260 Communication with Those Charged with Governance
- SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
- SA 299 Responsibility of Joint Auditors
- SA 300 Planning an Audit of Financial Statements
- SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
- SA 320 Materiality in Planning and Performing an Audit
- SA 330 The Auditor’s Responses to Assessed Risks
- SA 402 Audit Considerations Relating to an Entity Using a Service Organization
- SA 450 Evaluation of Misstatements Identified during the Audits
- SA 500 Audit Evidence
- SA 501 Audit Evidence – Specific Considerations for Selected Items
- SA 505 External Confirmations
- SA 510 Initial Audit Engagements-Opening Balances
- SA 520 Analytical Procedures
- SA 530 Audit Sampling
- SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
- SA 550 Related Parties
- SA 560 Subsequent Events
- SA 570 Going Concern
- SA 580 Written Representations
- SA 600 Using the Work of Another Auditor
- SA 610 (Revised) Using the Work of Internal Auditors
- SA 620 Using the Work of an Auditor’s Expert
- SA 700 Forming an Opinion and Reporting on Financial Statements
- SA 705 Modifications to the Opinion in the Independent Auditor’s Report
- SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
- SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
- SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
III. Guidance Notes
- 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 Balances.
- 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
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 November, 2018 Examination.
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