Amendments applicable for IPCC Nov 18 In simple language

 

Amendments applicable for IPCC Nov 2016
Amendments applicable for IPCC Nov 2018

Amendments applicable for IPCC Nov 18 Paper 1 : Accounts 

Non Applicability of IND AS : Any new AS or Ind AS or revised version of AS or Ind AS, notified by the MCA, is being made applicable for CA examination only after one year of its notification.

Applicability of Accounting Standards:
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3Cash Flow Statements
AS 7 Construction Contracts
AS 9 Revenue Recognition
AS 10 Property, Plant and Equipment
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations

 

Note: Amendments made by the MCA in certain Accounting Standards on 30.3.2016 are also  applicable for November, 2018 examination.

Chapter Name – Following chapter is added from may 15 Financial Statements of Companies
  • Meaning of company
  • Books of accounts to be maintained at registered office.
  • List of statuary books to be maintained.
  • Annual Return of company
  • Schedule III of companies Act, 2013
  • Managerial remuneration
  • Dividend
Other small topics to be added :
Note 1 :-All the above mentioned topics are amended as per new Companies Act, 2013.
Note 2:-  Please note that the Schedule III is exactly same as Schedule VI of companies act, 1956 only the name have been changed.
Chapter name – Accounting for Bonus Issue 
Section 63 of Companies Act, 2013 related to issue of bonus shares have been ammended

Amendments applicable for IPCC Nov 18 Paper 2 : Law, Ethics & Communication :

The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the business laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April, 2018, are applicable for November, 2018 examination.

Note: Its better to buy new book for company law.  We will suggest hand book by Munish bhandari Buy latest book from here :- Munish Bhandari latest book for CA IPCC and practice manual and those who can’t afford new book can refer icai module. :- Download the latest Study Mat from here :- IPCC Law Ethics & Communication Study Material Practice Manual for May 2015 Onwards Exams

Amendments applicable for IPCC Nov 18  Paper 4 : Taxation :

Applicability of the Finance Act, Assessment Year etc. for November, 2018 examination

Section A: Income Tax

The provisions of income-tax law, as amended by the Finance Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 30th April, 2018, are applicable for November, 2018 examination. The relevant assessment year for income-tax is A.Y. 2018-19. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure I.

Section B: Indirect Taxes

The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 30th April, 2018, are applicable for November, 2018 examination. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure II.

Amendments applicable for IPCC Nov 18 Paper 5 : Advance Accounts

Exclusion from the CA syllabus Intermediate (IPCC) Paper 5 : Advanced Accounting
  • Financial Reporting of Electricity Companies
Applicability of 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 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.

Amendments applicable for IPCC Nov18 Paper 6 : Auditing

Applicability of the Companies Act, 2013:

  • 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,
  • Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29thMarch, 2016 is applicable for November, 2018
There are just slight changes in Company Audit 1 and 2 chapter, which you can find in RTP which will be out soon.Download the Latest Study Mat For Audit Form here :- IPCC Auditing and Assurance Study Material Practice Manual for May 2015 Exams

Amendments applicable for IPCC May 18 Paper 7 : IT & SM 

No changes as of now, Still check RTP for more changes and cross check amendments given above.

Hope you have better idea of the changes in Nov 16exams for more check official notification from here by icai which is released a way back :- CA IPCC Nov 2018 SYLLABUS

OFFICIAL ICAI Announcement for Annexure 1 and 2 above reffered :-