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Monday, 30 November 2015

CHANGES IN CA IPCC TAX EXAM FOR MAY 2016

ICAI AS ISSUED CAGES APPICABLE FOR AY 2016 EXAM FOR CA IPCC TAX EXAM

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CHANGES IN CA FINAL FINANCIAL REPORTING EXAM FOR MAY 2016 EXAM

SELECTED CASE LAWS FOR DIRECT TAX AND INDIRECT TAX FOR MAY 2016 FOR CA FINAL

ICAI HAS ISSUED SELECTED CASE LAWS FOR MAY 2016 EXAMS FOR DIRECT TAX AND INDIRECT TAX

GENERALLY 30 MARKS PAPER COMES FROM THE CASE LAWS.

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FINAL STUDENTS CAN ALSO DOWNLOAD

1.CHANGES IN CA FINAL DIRECT TAX AND INDIRECT EXAM FOR MAY 2016

Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting

CHANGES IN CA FINAL DIRECT TAX AND INDIRECT EXAM FOR MAY 2016

ICAI HAS ISSUED SUPPLEMENTARY STUDY MATERIAL FOR CHANGES APPLICABLE FROM MAY 2016 EXAMS.

DOWNLOAD AMENDMENTS AND CHANGES FOR DIRECT TAX  AND INDIRECT TAX FOR MAY 2016 EXAMS FROM BELOW LINK


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Announcement regarding Non-application of AS 30, AS 31 and AS 32 in the Final Course Paper 1: Financial Reporting

The entire IAS 39 “Financial Instruments: Recognition and Measurement”, on which AS 30 “Financial Instruments: Recognition and Measurement” was based, has been replaced by IFRS 9 “Financial Instruments”. Therefore, the Government of India opted to notify Ind AS 109 “Financial Instruments” in correspondence to IFRS 9 and not IAS 39. Also, AS 30, AS 31 and AS 32 on ‘Financial Instruments’ were earlier proposed to be made mandatory for Level I entities only. However, after notification of Ind AS in February, 2015, these entities will be applying the provisions stated in Ind AS 32, Ind AS 107 and Ind AS 109 and not AS 30, AS 31 and AS 32 for accounting of financial instruments. Therefore, it is felt appropriate to make applicable Ind AS 32, Ind AS 107 and Ind AS 109 in place of AS 30, AS 31 and AS 32 to the topic ‘Accounting for Financial Instruments’.

Accordingly, it has been decided to make Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” applicable on the topic ‘Accounting for Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures” from May, 2016 examinations for Paper 1 : Financial Reporting at the Final level.

Further, it may also be noted that existing Accounting Standards as already given in the study material will continue to be part of the syllabus alongwith the topic “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis- à-vis International Financial Reporting Standards (IFRSs)”, which has been recently included in the syllabus from May, 2016 examination and onward. Thus for the remaining topics of the syllabus of Financial Reporting paper, existing Accounting Standards will still be applicable.

OFFICIAL NOTIFICATION

Tuesday, 6 October 2015

ICAI HAS ISSUED ADMIT CARD FOR NOVEMBER 2015 FOR IPCC/FINAL

ADMIT CARD LINK


GO TO THE SITE LINK ENTER YOUR NRO NUMBER AND PIN TO DOWNLOAD ADMIT CARD




CA IPCC AND CA FINAL ADMIT CARD ISSUED FOR NOVEMBER 2015 BY ICAI

Tuesday, 4 August 2015

IPCC TAXATION CHANGES FOR NOVEMBER 2015

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Here we are sharing with you the changes took place in Indirect Tax i.e. Service Tax, Vat, Central Excise and other laws which constitutes the IPCC Indirect Tax. These IDT updates have been shared by Gurukripa publications and are in a really good presentable manner.

Monday, 3 August 2015

CA IPCC/FINAL EXAMINATION FORMS FOR NOVEMBER 2015

ICAI EXAMINATION - NOV, 2015
 
Step 1:Create Your Account:  Go to  http://icaiexam.icai.org. Registration will start from 4 aug 2015  10:00 am
 for every upcoming exam by clicking at the link "New user! please click here" (The users who had created login account for any previous exams will have to re-create the account) and authenticating your Student Registration Number (eg: NRO0123456) with your date of birth, your VALID email-id and mobile number. (In Case your Name is not displayed on entering the registration number and Date of Birth, you can still create the login as a PROVISIONAL CANDIDATE by providing correct particulars. You must submit the copy of registration letter and other relevant documents with your application form in case your login is created as Provisional Candidate.)
 Double check your email-id: provided by you in the above step, since the login-id and password created by you for filling up the application form would be sent to this email address and mobile only.
Step 2:Login and Pay Fee Online: Login here with the username and password you receive in your email ID/mobile as provided in Step 1 above. Fill up the Online Application form carefully, confirm the particulars displayed in the Confirmation Page and Pay the Fees Online using Master /Maestro/ Visa Credit or Debit card.Click Here For Fee Details (For general instructions and guidance on how to fill the form, please refer to the "Guidance Notes" given above at the home page) In case you are using a Debit Card, ensure that it is either Master or Visa Debit Card.

Late Fee of Rs. 600/- (USD 10) is applicable if the payment is submitted online after 25th August, 2015
Step 3:Login Again to Take print out of PDF form on A4 size paper with Portrait orientation. Do Not print on both sides of the paper.   If PDF is not generated Click Here.

Check and ensure that Control Number, Bar code and Payment Particulars are appearing correctly in PDF before taking the print out. In case of any issues please report to onlineexamforms@icai.in
Step 4:Affix Photograph & Signature: Paste your Photograph, Sign the form using Black Ink Pen and get the form attested by Principal/Member of the Institute/gazetted officer, as mentioned in the form printed in Step 3 above.
Step 5:
Send us the printout: The Last Date for Receipt of Printout of Exam Application form (PDF) filled Online after affixing photograph and specimen signature and signing the declaration duly countersigned by the Principal/Gazetted Officer are as under:
If Submitted Online Without Late Fee :29th August, 2015
If Submitted Online With Late Fee :07th September, 2015

Friday, 24 July 2015

IPCC MAY 2015 RESULT DATE DECLARED

The Result of the Chartered Accountants Intermediate

 (Integrated Professional Competence) Examination held

 in May, 2015 is likely to be declared 

on Friday, the 31st July, 2015. - (24-07-2015)

IMPORTANT ANNOUNCEMENT

The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held
in May, 2015 is likely to be declared on Friday, the 31st July, 2015 around 4.00 P.M. and the same as
well as the merit list (candidates securing a minimum of 55% and above marks and
 upto the maximum of 50th Rank on all India basis will be available on the following website:
http://www.caresults.nic.in
Arrangements have also been made for the students of Intermediate (IPC) Examination desirous
of having results on their e-mail addresses to register their
 requests at the above website, i.e., http://www.caresults.nic.in from
27th July, 2015. All those registering their requests will be provided their results through
 e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

In addition to above, it may be noted that for accessing the result at the 
above website i.e. http://www.caresults.nic.in the candidate shall have to 
enter his registration no. or PIN no. alongwith his roll number.

Further facilities have been made for candidates of Intermediate (IPC)
 Examination held in May, 2015 desirous of knowing their results with marks on SMS.
The service will be available through India Times.

For getting results through SMS candidates should type:

CAINTER(Space)XXXXXX (where XXXXXX is the six digit Intermediate
 (IPC) Examination roll number of the candidate)

e.g. CAINTER 302971 and send the message to

58888 - for all mobile services - India Times 

Tuesday, 21 July 2015

CA IPCC INFORMATION TECHNOLOGY FULL NOTES FOR NOV 2015

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FROM HERE YOU CAN DOWNLOAD NOTES FOR INFORMATION TECHNOLOGY .

THESE NOTES ARE IN TUNE WITH ICAI SYLLABUS AND ARE LATEST FOR NOVEMBER 2105 STUDENTS.
THESE IT NOTES ARE SELF EXPLANATORY AND EASY TO UNDERSTAND.


LIKE OUR FACEBOOK PAGE:- https://www.facebook.com/charteredaccountancynotes?ref=tn_tnmn

TO GET UPDATES ABOUT NEW NOTES


CA IPCC STUDENTS CAN ALSO SEE THESE POSTS

1. CHANGES APPLICABLE FOR IPCC NOV 2015
2. IPCC STRATEGIC MANAGEMENT ULTRA SUMMARISED 11 PAGES NOTES
3. INCOME TAX FAST TRACK EASY NOTES
4. IPCC PAST 7 ATTEMPTS EXAM PAPER WITH SOLUTION
5. SERVICE TAX 50 MINS REVISION NOTES
6. IPCC AUDIT NOTES WITH MNEMONICS
7. IPCC COSTING FM NOTES WITH FORMULAE BOOK LET



CA FINAL ISCA COMPLETE NOTES WITH MNEMONICS

| CA FINAL ISCA NOTES LATEST PDF EASY|



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The notes are published by a well known CA Institute Teacher and are really amazing, comment below if you like these notes.

Notes are exhaustive and in tune with icai course ,students appearing for May november 2017 will find these isca notes extremely helpful.


Generally students face difficulties in preparing for isca so with these isca notes your problems might get solved.



Like our facebook page for daily updates about new notes.
Facebook page:-https://www.facebook.com/Cagyanguru

CA FINAL STUDENTS CAN ALSO CHECK THESE POSTS

Friday, 10 July 2015

CA FINAL AND CPT RESULT DATE ANNOUNCED FOR MAY 2015

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
[Set up by an Act of Parliament]
July 9, 2015
                                 IMPORTANT ANNOUNCEMENT


The result of the Chartered Accountants Final Examination held in May, 2015 and Common
Proficiency Test (CPT) held in June, 2015 are likely to be declared on Thursday, the 16th July, 2015
around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and
above marks and upto the maximum of 50th Rank in the case of Final Examination and candidates securing
a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common
Proficiency Test and in accordance with the decision of the Examination Committee) on all India basis will
be available on the following website:
http://www.caresults.nic.in

Arrangements have also been made for the students of Final Examination and Common Proficiency
Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above
website, i.e., http://www.caresults.nic.in from 10th July, 2015. All those registering their requests will
be provided their results through e-mail on the e-mail addresses registered as above immediately after the
declaration of the result.

In addition to above, it may be noted that for accessing the result at the above website i.e.
http://www.caresults.nic.in the student shall have to enter his registration no. or PIN no. alongwith his roll
number.

Further, facilities have been made for students of Final Examination and Common Proficiency Test
(CPT) held in May/June, 2015 desirous of knowing their results with marks on SMS. The service will be
available through India Times.
For getting results through SMS, students should type:

i) for Final Examination result the following
CAFNL(space)XXXXXX (Where XXXXXX is the six digit Final examination roll number of the
candidate)
e.g. CAFNL 000128

ii) for Common Proficiency Test result the following
CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll
number of the candidate
e.g. CACPT 000171
and send the message to:

58888 - for all mobile services - India Times


(B. MURALIDHARAN)

DEPUTY SECRETARY

Wednesday, 8 July 2015

CHANGES AND AMENDMENTS APPLICABLE FOR CA FINAL FOR NOVEMBER 2015

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2015 – Final Examination


Paper 1: Financial Reporting


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

III. Guidance Notes on Accounting Aspect
s
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 Accounting Standard (AS) 20, Earnings per Share.
11. Guidance Note on Remuneration paid to key management personnel – whether a related party transaction.
12. Guidance Note on Applicability of AS 25 to Interim Financial Results.
13. Guidance Note on Turnover in case of Contractors.
14. Guidance Note on the Revised Schedule VI to the Companies Act, 1956*
[*Schedule III to the Companies Act, 2013.]

IV. Applicability of the Companies Act, 2013 and other Legislative Amendments

The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2015.

Non-Applicability of Ind ASs:

The Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) vide Notification No. G.S.R…….(E) dated 16 February, 2015, for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS). Students may note that these Ind ASs are not applicable for November, 2015 Examination.


Paper 3: Advanced Auditing and Professional Ethics

I. Statements and Standards
1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 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 (Revised in view of Latest Form 3CA, 3CB and 3CD notified on 25th July).
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 Computer Assisted Audit Techniques (CAATs).
13. Guidance Note on Audit of Payment of Dividend.
14. Guidance Note on Audit of Capital and Reserves.

IV Applicability of the Companies Act, 2013 and Other Legislative Amendments:

(i) The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 alongwith other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities cut-off date will be 30th April, 2015.

(ii) Companies (Auditor’s Report) Order, 2015 [CARO] issued by Ministry of Corporate Affairs on 10th April, 2015 is applicable for November 2015 Examination.
Paper 4 : Corporate and Allied Laws
I Applicability of Relevant Amendments/Circulars/ Notifications/Regulations etc.
1. The Companies Act, 2013
The relevant sections of the Companies Act, 2013, notified up to 31st March, 2015 along with relevant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 30th April, 2015.

2. SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009
SEBI vide Notification dated 24th March, 2015 has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2015.

The amendments have been carried out in regulation 4 and 54 of SEBI (ICDR) Regulations, 2009.

3. The Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999
Vide Notification dated 23rd March, 2015, Ministry of Law and Justice further amended the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 by enacting the Insurance Laws (Amendment) Act, 2015. It shall be deemed to have come into force on the 26th day of December, 2014.

II Non-Applicability of the following Amendments/Circulars/Notifications
S.No.
Subject Matter
1.Chapter 9 of the study material (October, 2014 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.

2. Chapter 15 of the study material (October, 2014 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal.

Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws

Applicability of Finance Act, Assessment Year etc. for November, 2015 Examination
The provisions of direct and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including notifications and circulars issued up to 30th April, 2015, are applicable for November, 2015 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.2015-16.
In Paper 7: Direct Tax Laws, the Wealth-tax Act, 1957 and Rules thereunder are not applicable for November 2015 examination.

CHANGES AND AMENDMENTS APPLICABLE FOR CA IPCC FOR NOVEMBER 2015

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2015 – 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.

Note Regarding Applicability for Paper 1 and Paper 5:
The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2015
.
Non-Applicability of Ind ASs:

The Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) vide Notification No. G.S.R…….(E) dated 16 February, 2015, for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS). Students may note that these Ind ASs are not applicable for November, 2015 Examination.

Paper 2: Business Laws, Ethics and Communication

The Companies Act, 2013 : The relevant sections of the Companies Act, 2013, notified up to 31st March, 2015 along with significant Rules/ Notifications/ Circulars/ Clarifications/ Orders issued by the Ministry of Corporate Affairs upto 30th April, 2015.
Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for November, 2015 examination
The provisions of income-tax and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including circulars and notifications issued upto 30th April, 2015, are applicable for November, 2015 examination. The relevant assessment year for income-tax is A.Y. 2015-16.
Paper 6: Auditing and Assurance

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(1A) of the Companies Act, 1956 (Section 143 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.
IV Applicability of the Companies Act, 2013:
(i) The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 alongwith other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities cut-off date will be 30th April, 2015.
(ii) Companies (Auditor’s Report) Order, 2015 issued by Ministry of Corporate Affairs on 10th April, 2015 is applicable for November 2015 Examination.

CHANGES IN ICAI SYLLABUS WITH EFFECT FROM 2016

ICAI HAS ANNOUNCED SIGINIFICANT CHANGES IN CA COURSE FROM THE YEAR 2016 ONWARD.

AS DECIDED EARLIER ABOUT EXCLUSION OF ISCA FROM FINAL COURSE, ICAI ON THE CONTRARY HAS KEPT ISCA




CA Course Changes From 2016. The Institute of Chartered Accountants of India (ICAI) released anotification regarding revised scheme of education and training for CA Course.  Here we are providing full details of CA Course Changes From 2016 in CPT, IPCC and Final. In Foundation course Paper 2 and Paper 4 will be Objective type papers and remaining are descriptive papers. ICAI didn’t remove Information Technology and Strategic Management Paper in CA IPCC Group – 2 and also ICAI didn’t remove Information Systems Control and Audit paper in CA Final. Read remaining changes as per new syllabus in CA CPT, IPCC and CA Final from May 2016 !!
CA Course Changes


Under the Foundation Course Route, the following steps are required
  • Register with Board of Studies (BoS) after appearing in Class XII till June 30/Dec 31.
  • Be eligible to appear for Foundation examination after passing Class XII examination. The first Foundation examination can be taken in November/May, as applicable, following passing of Class XII examination.
  • Qualify Foundation Course.
  • Register with the BoS for the Intermediate Course.
  • Complete 8 months of study
  • Appear and Pass in either or both Groups of Intermediate Course
  • Successfully complete Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS) before commencement of the practical training
  • Register for Three years Practical Training on passing either or both the Groups of Intermediate.
  • Register for the Final Course after qualifying both the Groups of Intermediate Course.
  • Successfully complete Four Weeks Advanced ICITSS during the last two years of Practical Training.
  • Complete Practical Training.
  • Appear in Final examination after completion of practical training and Advanced ICITSS.
  • Become Member.
Note‬: ICAI has decided in principle the above mentioned Scheme. However, the scheme will be notified inthe official Gazette in due course.

Chartered Accountant Course New Scheme | Direct Entry Route

As per the existing scheme, it is proposed to allow Commerce Graduates/Post – Graduates ( with minimum 55 % marks ) or Other Graduates/Post – Graduates ( with minimum 60 % marks )  to enter directly to the Intermediate Course. The following steps are required to be undertaken by the eligible Graduates and Post Graduates under this route:
  • Register with the BoS for the Intermediate course (provisional registration allowed to the Final year students )
  • Complete Three Weeks Integrated Course on Information Technology and Soft Skills ( ICITSS ) before commencement  of the practical training.
  • Register for Three Years Practical Training.
  • Appear in Intermediate Examination after Twelve months of Practical Training.
  • Qualify Intermediate Examination.
  • Register for the Final Course after qualifying both Groups of Intermediate Course
  • Complete Three Weeks Advanced ICTTSS during the last two years of Practical Training.
  • Complete Practical Training.
  • Appear in Final examination after completion of practical training.
  • Become Member
Note: Candidates who have passed Intermediate level examination of ICSI or ICWAI and enter the CA Intermediate course directly shall be treated at par with Foundation passed students and shall have to undergo the CA course in the manner ak into the Foundation passed students.

CA Course Changes | Foundation Course

CA Foundation Course Changes From 2016
Number of Papers – 4
Paper 1: Principles and Practices of Accounting (100 Marks)
Paper 2*: Business Mathematics and Logical Reasoning & Statistics (100 Marks)
  • Part I: Business Mathematics and Logical Reasoning (60 Marks)
  • Part II: Statistics (40 Marks)
Paper 3: Mercantile Law & General English (100 Marks)
  • Part I: Mercantile Law (60 Marks)
  • Part II: General English (40 Marks)
Paper 4*: Business Economics & Business and Commercial Knowledge (100 Marks)
  • Part I: Business Economics (60 Marks)
  • Part II: Business and Commercial Knowledge (40 Marks)
Two papers will be MCQ based papers.
*Paper 2 and Paper 4 will be Objective type papers
Note :
1. Passing percentage:Aggregate- 50% and Subject-wise- 40% at one sitting.
2. Objective type question of I or more marks.
3. Examination: In the month of November and May after passing Class XII

CA Course Changes | Intermediate Course

CA Course Changes in CA IPCC

Number of Papers – 8

Group I
Paper I : Accounting (100 Marks)
Paper 2: Corporate Laws & Other Laws (100 Marks)
  • Part I: Corporate Laws (60 Marks)
  • Part II: Other Laws (40 Marks)
Paper 3: Cost Accounting (100 Marks)
Paper 4: Direct Tax Laws & Indirect Tax Laws (100 Marks)
  • Part I: Direct Tax Laws (60 Marks)
  • Part II: Indirect Tax Laws (40 Marks)
Group II
Paper 5: Advanced Accounting (100 Marks)
Paper 6: Auditing and Assurance (100 Marks)
Paper 7: Financial Management & Business Economic Environment (100 Marks)
  • Part I: Financial Management (60 Marks)
  • Part II: Business Economic Environment (40 Marks)
Paper 8: Information Technology & Strategic Management (100 Marks)
  • Part I: Information Technology (60 Marks)
  • Part II: Strategic Management (40 Marks)

Four Weeks Integrated Course on Information Technology and Soft Skills (ICITSS)

Duration: 4 weeks (2 weeks for soft skills and 2 weeks for IT)
When to complete: Students registering for the Intermediate course shall be required to do ICITSS before commencement of practical training.
Assessment Test: An assessment test shall be conducted at the end of the course which the students have to qualify for being able to appear in the Intermediate examination.

Practical Training

Duration of Practical Training: Three Years
Commences after completing Integrated Course on Information Technology and Soft Skills (ICITSS) and passing Either or Both Groups of Intermediate.
For direct entrants coming through Graduation and Post Graduation route, the practical training commences immediately after they complete four weeks ICITSS.

Advance Four Weeks Integrated Course on Information Technology and Soft Skills (AICITSS)

Duration: 4 weeks (2 weeks for soft skills and 2 weeks for Advance IT)
When to complete: Students undergoing Practical training shall be required to do AICITSS during the last 2 years of Practical training but to complete the same before appearing in the Final Examination.
Assessment Test: An assessment test shall be conducted at the end of the course which the students have to qualify for being eligible to appear in the Final Examination.

CA Course Changes | Final Course

CA Course Changes in CA Final
Number of Papers – 8
Group I
Paper I: Financial Reporting (100 Marks)
Paper 2 : Strategic Financial Management (100 Marks)
Paper 3 :Advanced Auditing and Professional Ethics (100 Marks)
Paper 4 : Corporate Laws and other Economic Laws (100 Marks)
Group II
Paper 5 : Advanced Management Accounting (100 Marks)
Paper 6 : Financial Services and Capital Markets & Information Systems Control and Audit (100 Marks)
  • Part I: Financial Services and Capital Markets (50 Marks)
  • Part II: Information Systems Control and Audit (50 Marks)
Paper 7: Advanced Direct Tax Laws & International Taxation
  • Part I: Advanced Direct Tax Laws (70 Marks)
  • Part II: International Taxation (30 Marks)
Paper – 8: Advanced Indirect Tax Laws (100 Marks)

Thursday, 25 June 2015

CHANGES IN ITR FORMS EVERY CA STUDENT SHOULD KNOW

The government on Tuesday notified the new income tax returns forms. As per the new norms, an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income can file a shorter version of ITR2, i.e. ITR 2A.
In case you sold any asset during the year then old ITR form 2 needs to be filed. As the software for these forms is under preparation, they are likely to be available for e-filing shortly. ITR1 and ITR4S have been enabled. Therefore, the time limit for filing these returns is extended up to 31 August.
Actually, there would be less than 20 percent of the taxpayers who have capital gain or foreign assets in ITR 2 but one needs to file the bulky form. Hence, for approx 80 percent of these filers, ITR-2A would be more relevant and user friendly. ITR-2A has been introduced which will not ask for capital gains income or foreign assets information.

For the last few years, the income tax department is trying to catch the tax evaders by introducing newer requirement in tax returns and simultaneously projecting itself to be taxpayer-friendly. It goes well with the political agenda of the government too, i.e. controlling black money and imparting effective governance.
But such hypes have a problem – only 5 percent of what is talked about is achieved and the rest 95 percent remain as before. The end result? Neither will the tax to GDP ratio improve, nor will the taxpayers’ perception about the income tax department change.


Here’s how the new ITR forms will change your life:
Passport number to be disclosed whereas travel expense details are not required (ITR2/2A): It seems that the income tax department will get some data from visa authorities based on passport number which will be matched with the return data to catch the tax evaders. To be sure, this is not a fool proof system or very effective one to control the use of black money in domestic travel. Only time will tell whether this hyped change, which actually delayed return filing by one month, is worth it or not.
All bank account numbers to be disclosed: In the current scenario, bank account details of any one of the operating bank account is required to be filled in the ITR Forms. With the passing of the black money Bill, it has become expedient to include details of all bank accounts held during the year. The closing bank balance as of 31 March 2015 is not required in the income tax returns, though.
After a lot of representations from various forums regarding such disclosures, the government now has come up only with the mandatory disclosure of IFS code, account number of all the current/savings account held at any time during the previous year. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.
Exempt income from fully exempt source can file Sahaj without any ceiling: In the current scenario, individuals/HUFs having any exempt income like long-term capital gains, agricultural income or interest income have to file their returns in ITR-2 or ITR-4 depending on the nature of income. With a view to providing for a simplified form for individuals/HUFs who have earned exempt income without any limit, it is proposed to use ITR-1 Sahaj (Only individuals can use ITR-1) or ITR-4S (Both individuals and HUFs can use ITR-4S), the simplest of all forms. Exempt income without any ceiling refers to those incomes which are fully exempt from tax. Example of income which is fully exempt from tax is long-term capital gains on sale of shares. Example of income which is not fully exempt from tax is agricultural income.
Relief for foreign citizens: Those taxpayers who are not Indian citizens and have come to India on a business, employment or student visa (expatriate), have been exempt from reporting foreign assets acquired by him/her during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year. This is a relief for these assesses.
Aadhaar card holders need not send ITR-V to Bangalore: The government has come up with an idea of dispensing with the formality of posting the duly signed ITR-V form to CPC, Bengaluru, after e-filing of the income tax returns if the Aadhaar number of the assessee is furnished in the returns. Aadhar number is optional as of now.