Amendments for CA IPCC November 2014 Exams - Accounts, Tax, Law, IT

After giving you changes in the paper of Information Technology and Strategic Management, now I'm here providing you the amendments which are applicable in CA IPCC November 2014 Exams.
These amendments are provided by the ICAI.


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

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's 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.

A. Applicable for November, 2014 examination
(i) Revision in the Criteria for classifying Level II Non-Corporate Entities
Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria of Level II Non-Corporate Entities i.e. determination of SME on turnover basis from ` 40 lakhs to ` 1 Crore vide announcement “Revision in the Criteria for classifying Level II Non-Corporate Entities” issued by ICAI on 7th March, 2013. This revision is applicable with effect from the accounting year commencing on or after April 1, 2012.
(ii) Section 24 of the Banking Regulation Act, 1949 Maintenance of Statutory Liquidity Ratio (SLR) - Local Area Banks
In exercise of the powers conferred by sub-section (2A) of Section 24 of Banking Regulation Act, 1949 (10 of 1949) as amended from time to time, RBI vide notification DBOD.No.Ret.BC.48 /12.02.001/2012-13 dated September 28, 2012 has decided that Statutory Liquidity Ratio for Local Area Banks be reduced from 25 per cent to 23 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning August 11, 2012.
(iii) Maintenance of Cash Reserve Ratio (CRR)
Reserve Bank of India has decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 25 basis points from 4.25 per cent to 4.00 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning February 09, 2013 vide circular DBOD.No.Ret.BC.76 /12.01.001/2012-13 dated January 29, 2013. The Local Area Banks shall also maintain CRR at 3.00 percent of its net demand and time liabilities up to February 08, 2013 and 4.00 per cent of its net demand and time liabilities from the fortnight beginning from February 09, 2013.
(iv) Buy Back of Securities (Amendment) Regulations, 2013
In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 read with clause (f) of sub-section (2) of Section 77A of the Companies Act, 1956 SEBI made Securities and Exchange Board of India (Buy-back of Securities) (Amendment) Regulations, 2013 to amend the Securities and Exchange Board of India (Buy back of Securities) Regulations, 1998. The important provisions of the new regulations are:

• No offer of buy-back for fifteen per cent or more of the paid up capital and free reserves of the company shall be made from the open market.
• A company shall not make any offer of buy-back within a period of one year reckoned from the date of closure of the preceding offer of buy-back, if any.
• The company shall ensure that at least fifty per cent of the amount earmarked for buy-back is utilized for buying-back shares or other specified securities.

B. Not applicable for November, 2014 examination
Ind ASs issued by the Ministry of Corporate Affairs
The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis-à-vis IFRS. These Ind ASs are not applicable for the students appearing in 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
Check Here- All the amendments syllabus) due to Companies Act, 2013
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
9. 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

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. 8. Guidance Note on Audit of Expenses.

Paper 7: Information Technology and Strategic Management (IT/SM)
The syllabus of Paper-7 of the IPCC Syllabus, i.e Information Technology has been changed. Certain topics from the old syllabus have been excluded and few new topics were inserted. You can check here the New Chapters which are applicable for November 2014 IPCC Exams: Amendments for syllabus of IT

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