Paper 1: Accounting
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
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)
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
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
Responsibility of Joint Auditors
Planning an Audit of Financial Statements
Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
Materiality in Planning and Performing an Audit
The Auditor’s Responses to Assessed Risks
Audit Considerations Relating to an Entity Using a Service Organization
Evaluation of Misstatements Identified during the Audits
Audit Evidence - Specific Considerations for Selected Items
Initial Audit Engagements-Opening Balances
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
Using the Work of Another Auditor
Using the Work of Internal Auditors
Using the Work of an Auditor’s Expert
Forming an Opinion and Reporting on Financial Statements
Modifications to the Opinion in the Independent Auditor’s Report
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
Comparative Information – Corresponding Figures and Comparative Financial Statements
The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial 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.