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CA IPCC Amendments applicable for Nov 2016 Notification pdf

Get CA IPCC Amendments applicable for November 2016 exam. Earlier we have provided CA IPCC Study Material For Nov 2016 and CA IPCC Practice Manual for Nov 2016. Here you can get ICAI official amendments & CA IPCC Accounting New Amendments, Taxation amendments and Law Amendments for Nov 2016 . We are giving Latest CA IPCC Law Amendments November 2016 and IPCC Tax Applicable amendments for Nov 2016 exam. Download ICAI’s Official Notification regarding CA IPCC Accounts New amendments and applicable Accounting Standards for November 2016 exam. We already given Latest CA IPCC Tax Amendments For Nov 2016. Changes in IPCC Tax Syllabus For Nov 2016. Download CA IPCC tax amendments and supplementary study material / supplementary study paper applicable for Nov 2016 exam. ICAI has given IPCC tax supplementary study paper both Direct tax and Indirect tax with latest amendments applicable for May 2016 and Nov 2016 exams. We are providing these Direct tax and Indirect tax amendments and supplementary study paper in PDF format.CA IPCC Amendments Applicable For Nov 2016. In the previous article, we have given CA IPCC Study Material & Practice Manual For Nov 2016 and IPCC Tax Amendments Applicable For Nov 2016. Today we are providing IPCC amendments applicable for November 2016 of following subjects I;e 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 Nov 2016 attempt. Read below !!

CA IPCC Amendments Applicable for Exam pdf

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CA IPCC Amendments Applicable For Nov 2016

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – 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.

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, 2016 Examination for Paper 1 and Paper 5 :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, 2016 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, 2016 examination.

Students may note that these Ind ASs are not applicable for Nov 2016 Examination.

CA IPCC Business Laws, Ethics and Communication Amendments For Nov 2016

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 48 Variation of shareholders’ right
2. Section 66 Reduction of share capital
3. Section 75 damages for fraud
4. Section 97 Power of tribunal to call AGM
5. Section 98 Power of Tribunal to call meetings of members, Etc.
6. Section 99 Punishment for default in complying with provisions of sections 96 to 98

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 2016

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 May 2016

I. Standards on Auditing (SAs)

S.No SA Title of Standard on Auditing
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 Governance and Management
9 SA 299 Responsibility of Joint Auditors
10 SA 300 Planning an Audit of Financial Statements
11 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
12 SA 320 Materiality in Planning and Performing an Audit
13 SA 330 The Auditor’s Responses to Assessed Risks
14  SA 402 Audit Considerations Relating to an Entity Using a Service Organization
15 SA 450 Evaluation of Misstatements Identified during the Audits
16 SA 500 Audit Evidence
17 SA 501 Audit Evidence – Specific Considerations for Selected Items
18 SA 505 External Confirmations
19 SA 510 Initial Audit Engagements-Opening Balances
20 SA 520 Analytical Procedures
21 SA 530 Audit Sampling
22 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
23 SA 550 Related Parties
24 SA 560 Subsequent Events
25 SA 570 Going Concern
26 SA 580 Written Representations
27 SA 600 Using the Work of Another Auditor
28 SA 610 Using the Work of Internal Auditors
29 SA 620 Using the Work of an Auditor’s Expert
30 SA 700 Forming an Opinion and Reporting on Financial Statements
31 SA 705 Modifications to the Opinion in the Independent Auditor’s Report
32 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
33 SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
34 SA 720 The 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 Nov 2016.

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