Applicability of Standards / Guidance Notes / Amendments for CA Final 2014 Exams

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2014 – Final Examination

Paper 1: Financial Reporting"

I. Statements and Standards

1. Framework for the Preparation and Presentation of Financial Statements.

2. 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
6	Depreciation Accounting
7	Construction Contracts (Revised 2002)
9	Revenue Recognition
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
15	Employee Benefits
16	Borrowing Costs
17	Segment Reporting
18	Related Party Disclosures
19	Leases
20	Earnings Per Share
21	Consolidated Financial Statements
22	Accounting for Taxes on Income
23	Accounting for Investment in Associates in Consolidated Financial Statements
24	Discontinuing Operations
25	Interim Financial Reporting
26	Intangible Assets
27	Financial Reporting of Interests in Joint Ventures
28	Impairment of Assets
29	Provisions, Contingent Liabilities and Contingent Assets
30	Financial Instruments: Recognition and Measurement
31	Financial Instruments: Presentation
32	Financial Instruments: Disclosure

Note: Non-Applicability of Ind ASs for Nov. 2014 Examination

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

II. Guidance Notes on Accounting Aspects
1. Guidance Note on Treatment of Reserves created on Revaluation of Fixed Assets.
2. Guidance Note on Accrual Basis of Accounting.
3. Guidance Note on Accounting Treatment for Excise Duty.
4. Guidance Note on Terms Used in Financial Statements.
5. Guidance Note on Accounting for Depreciation in Companies.
6. Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares.
7. Guidance Note on Accounting Treatment for MODVAT/CENVAT.
8. Guidance Note on Accounting for Corporate Dividend Tax.
9. Guidance Note on Accounting for Employee Share-based Payments.
10. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
11. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.
12. Guidance Note on Applicability of Accounting Standard (AS) 20, Earnings per Share.
13. Guidance Note on Remuneration paid to key management personnel - whether a related party transaction.
14. Guidance Note on Applicability of AS 25 to Interim Financial Results.
15. Guidance Note on Turnover in case of Contractors.
16. Guidance Note on the Revised Schedule VI to the Companies Act, 1956 (Schedule III to the Companies Act, 2013).

III Applicability of the Companies Act, 2013

1. Accounting related sections of the Companies Act, 2013, notified in Sept, 2013, along with the clarifications issued by the Ministry of Corporate Affairs are applicable for Nov. 14 Examination.

2. Notified Sections of Chapter IX of the Companies Act, 2013 along with relevant Rules will be applicable for November, 2014 Examination.

I. Statements and Standards 1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956

2. Statement on the Companies (Auditor's Report) Order, 2003*

3. Framework for Assurance Engagements.

Note : *Statement on CARO, 2003 is applicable on Financial Statements prepared on or before March 31, 2014.

II. 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

III. Guidance Notes and other publications
1. Code of Ethics
2. Guidance Note on Independence of Auditors.
3. Guidance Note on Audit Reports and Certificates for Special Purposes.
4. Guidance Note on Audit under Section 44AB of the Income-tax Act.
5. Guidance Note on Audit of Abridged Financial Statements.
6. Guidance Note on Audit of Inventories.
7. Guidance Note on Audit of Debtors, Loans and Advances.
8. Guidance Note on Audit of Investments.
9. Guidance Note on Audit of Miscellaneous Expenditure.
10. Guidance Note on Audit of Cash and Bank Balances.
11. Guidance Note on Audit of Liabilities.

12. Guidance Note on Audit of Revenue.
13. Guidance Note on Audit of Expenses.
14. Guidance Note on Sections 227(3)(e) and (f) of the Companies Act, 1956.
15. Guidance Note on Certificate of Corporate Governance
16. Guidance Note on Computer Assisted Audit Techniques (CAATs).
17. Guidance Note on Audit of Payment of Dividend.
18. Guidance Note on Audit of Capital and Reserves.
19. Guidance Note on Auditing of Accounts of Liquidators.

IV Applicability of the Companies Act, 2013 :

1. Auditing related sections notified in Sept, 2013 of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs.

2. Notified sections of Chapter IX: Accounts of Companies and Chapter X: Audit and Auditors of the Companies Act, 2013 along with its relevant Rules.

Paper 4 : Corporate and Allied Laws"

1. The Companies Act, 2013

(i) 45 sections of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs.

(ii) Notified sections of Chapter IX: Accounts of Companies and Chapter X: Audit and Auditors of the Companies Act, 2013 along with its relevant Rules.

2. SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009

SEBI vide Notification dated 4th February, 2014 has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2014 which is available at the following link http://www.sebi.gov.in/cms/sebi_data/attachdocs/1391509221289.pdf

3. The Foreign Exchange Management Act, 1999

(i) The Reserve Bank of India has issued a circular dated 9th January, 2014 on Section 6 of the Foreign Exchange Management Act, 1999 which is available at the following link http://rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=8685

(ii) The Reserve Bank of India has issued a circular dated 4th April, 2014 on Compounding of Contraventions under FEMA, 1999 and decided to delegate further powers to the Regional Offices of Reserve Bank of India. The circular is available at the following link http://rbidocs.rbi.org.in/rdocs/notification/PDFs/553APD04042014.pdf

Non-Applicability of the following Amendments/Circulars/Notifications

S.No.	Subject Matter
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
3.	Provisions relating to Revival and Rehabilitation of Sick-Industrial Companies

*As per the Council decision at its 333th meeting held on 14 th May, 2014, notified sections of Chapter IX: Accounts of Companies and Chapter X: Audit and Auditors of the Companies Act, 2013 along with its relevant Rules will also be applicable for November 2014 examinations.

Applicability of the Finance Act, Assessment Year etc. for November, 2014 Examination

The provisions of direct and indirect tax laws, as amended by the Finance Act, 2013, including notifications and circulars issued upto 30th April, 2014. The applicable assessment year for Direct Tax Laws is A.Y. 2014-15.

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