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CA Final Amendments Applicable For Nov 2016 – Tax Law Accounts Audit

Get CA Final Amendments Applicable For Nov 2016 Details. In the previous article, we have given CA Final Study Material & Practice Manual For November 2016. Download CA Final Revision Test papers RTP November 2017 also. Today we are providing CA Final amendments applicable for Nov 2016 attempt. Recently ICAI has given a notification about CA Final amendments in the following subjects i.e. Financial reporting, Advanced auditing and professional ethics, Corporate and allied laws, Direct tax and Indirect tax applicable for Nov 2016. Applicability of the Companies Act, 2013, Applicability of Indian Accounting Standard (Ind AS), Non-applicability of AS 30, 31 and 32 on the topic ‘Accounting and Reporting of Financial Instruments, Applicability of Finance Act for Nov 2016 attempt. Here you get what are the applicable changes for CA Final Dec 2016 exam and what are the CA Fina New amendments Dec 2016 & syllabus changes for CA Final Dec 2016 exam. Read below.

CA Final Amendments applicable for Exam

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CA Final Amendments Applicable For Nov 2016

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for Nov, 2016 – Final Examination

Paper 1: Financial Reporting 

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

II. Accounting Standards

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

III. Guidance Notes on Accounting Aspects

1. Guidance Note on Accrual Basis of Accounting.

2. Guidance Note on Accounting Treatment for Excise Duty.

3. Guidance Note on Terms Used in Financial Statements.

4. Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares.

5. Guidance Note on Accounting Treatment for MODVAT/CENVAT.

6. Guidance Note on Accounting for Corporate Dividend Tax.

7. Guidance Note on Accounting for Employee Share-based Payments.

8. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.

9. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of
AS 25.

10. Guidance Note on Applicability of AS 25 to Interim Financial Results.

11. Guidance Note on Turnover in case of Contractors.

12. Guidance Note on the Schedule III to the Companies Act, 2013.

13. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.

14. Guidance Note on Guidance Note on Accounting for Derivative Contracts.

IV. 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 30th April, 2016 will be applicable for November, 2016 Examination.

V. 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 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”.

Considering the significance and relevance of the Ind AS, the above topic has been included in the syllabus and the students are expected to have an overall knowledge of the contents covered therein. However, considering the extensive coverage of the contents covered in such topic, from the examination perspective, simple problems involving conceptual or application issues may be asked in the examination.

VI. 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.

VII. Non-applicability of Amendments made by MCA in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015

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, 2016 examination.

CA Final Amendments Nov 2016 | Advanced Auditing and Professional Ethics

I. Statements and Standards

1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).

2. Framework for Assurance Engagements.

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 Inventories.

6. Guidance Note on Audit of Debtors, Loans and Advances.

7. Guidance Note on Audit of Investments.

8. Guidance Note on Audit of Cash and Bank Balances.

9. Guidance Note on Audit of Liabilities.

10. Guidance Note on Audit of Revenue.

11 . Guidance Note on Audit of Expenses.

12. Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013.

13. Guidance Note on Computer Assisted Audit Techniques (CAATs).

14. Guidance Note on Audit of Payment of Dividend.

15. Guidance Note on Audit of Capital and Reserves.

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.

CA Final Amendments Nov 2016 | Corporate and Allied Laws

Applicability of the following Amendments/Circulars/Notifications:

(I) The Companies Act, 2013: The relevant sections of the Companies Act, 2013, along with significantRules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs up to 30thApril 2016. For updates, see http://www.mca.gov.in/

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

S.No.

Amendments

Date                of

Notification

Reference of Link

1

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)    (Fifth Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/LAD-NRO/GN/2015- 16/012 w.e.f 1 January, 2016

14th      August, 2015

http://goo.gl/BIkoU3

2.

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements (Seventh Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/ LAD-NRO/GN/2015- 16/025w.e.f 1 December, 2015

27th of October, 2015

http://goo.gl/q1C9FF

3.

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016 issued by SEBI vide Notification No. SEBI/LAD-NRO/GN/2015- 16/036 are effective from date of their publication in the Official Gazette.

17th February, 2016

http://goo.gl/KqYyT0

(III) Foreign Exchange Management Act, 1999

S. No

Amendment

Notification No. with date

Link

1.

Vide Notification no. RBI/FED/2015- 16/3,Reserve Bank of India issues directions to Authorized Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999 to lay down the modalities as to how the foreign exchange business has to be conducted by the Authorized Persons with their customers/constituents with a view to implementing the Liberalized Remittance Scheme.

1st January 2016

https://goo.gl/IYE3lM

2.

Vide Notification No. FEMA 23(R)/2015-RB, in exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of itsNotificationNo.FEMA.23/2000-RB dated May 3, 2000as amended from time to time, Reserve Bank of Indiamakes Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 in respect of Export of Goods and Services from India.

12thJanuary, 2016

https://goo.gl/iU48Vi

3.

Vide Notification No. FEMA. 345/2015-RB in exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes amendments in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 by the issue of  the Foreign Exchange

16th

November,

2015

https://goo.gl/5HTpf3c

(IV) The Competition Act, 2002

S No.

Amendments

Date               of Notification

Reference of Link

1

Vide Notification no. S.O. 673(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent. of voting rights in other enterprise from the provisions of section 5 of the said Act for a period of five years with effect from the date of publication of this notification in the official gazette.

4th March, 2016

http://goo.gl/W88tyb

2.

Vide Notification no S.O. 674(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or assets are being acquired has either assets of the value of not more than rupees three hundred and fifty crores in India or turnover of not more than rupees one thousand crores in India from the provisions of section 5 of the said Act for a period of five years from the date of publication of the notification in the official gazette.

4th March, 2016

http://goo.gl/W88tyb

3.

Vide Notification no S.O. 675(E),in exercise of the powers conferred by sub-section (3) of Section 20 of the Competition Act, 2002 (12 of 2003), the Central Government in consultation with the Competition Commission of India, hereby enhances, on the basis of the wholesale price index, the value of assets and the value of turnover, by hundred per cent for the purposes of section 5 of the said Act, from the date of publication of this notification in the Official Gazette.

4th March, 2016

http://goo.gl/W88tyb

Non-Applicability of the following Amendments/Circulars/Notifications / chapters of the Study material

S.No.

Subject Matter

1.

Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.

2.

Chapter 15 of the study material (January, 2016 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal.

CA Final Amendments Nov 2016 | Direct Tax and Indirect Tax Laws

Applicability of Finance Act, Assessment Year etc. for November, 2016 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 30th April, 2016, are applicable for November, 2016 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.2016-17.

Click Here to download CA Final Amendments applicable for Nov 2016 attempt in PDF format.

Still Have any doubts & issues regarding CA Final Amendments Applicable for November 2016, CA Final New Changes in Dec 2016 exam, or CA Final Financial reporting Topic Changes , Advanced auditing and professional ethics Changes for CA Final Dec 2016, Corporate and allied laws, Direct tax and Indirect tax applicable for Nov 2016. Applicability of the Companies Act, 2013, Applicability of Indian Accounting Standard (Ind AS), Non-applicability of AS 30, 31 and 32 on the topic ‘Accounting and Reporting of Financial Instruments, Applicability of Finance Act for Nov 2016 attempt, You can ask via comment box.

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