AMENDMENTS FOR NOV 2018 CA FINAL EXAMINATION IN SIMPLE LANGUAGE

So after Amendments for IPCC in Simple language, We present you AMENDMENTS FOR Nov 2018 CA FINAL EXAMINATION IN SIMPLE LANGUAGE. Now you don’t have to analyze the notification by ICAI regarding CA Final Nov 2018 Amendments. We will simplify it and present in brief the complete amendments of CA Final Nov 18 exams

Here is the ICAI official announcement regarding AMENDMENTS FOR MAY 2018 CA FINAL.

Applicability of Standards/ Guidance Notes/  Amendments etc. for November, 2018 Examination

Still if you want to see the official notification regarding the same Kindly refer the link above to download the documents containing ICAI advice regarding Applicability of Standards/ Guidance Notes.

Amendments applicable upto Nov 2018 exams are given below for your kind reference.These amendments are related  to the subjects of

  • Financial Reporting
  • Advanced Auditing and Professional Ethics,
  • Corporate and Allied Laws,
  • Direct Tax Laws
  • Indirect Tax Laws:

1.  AMENDMENTS FOR NOV 2018 CA FINAL  for Financial Reporting

Application of Existing Accounting Standards:

  • AS 15 : Employee Benefits
  • AS 21 : Consolidated Financial Statements
  • AS 23 : Accounting for Investments Associates in Consolidated
  • Financial Statements
  • AS 25 : Interim Financial Reporting
  • AS 27 : Financial Reporting of Interests in Joint Ventures
  • AS 28 : Impairment of Assets

Application of Guidance Notes issued by ICAI on specified accounting aspects.

  • Guidance Note on Measurement of Income Tax Expense for Interim Financial Reporting in the context of AS 25
  • Guidance Note on Applicability of AS 25 to Interim Financial Results
  • Guidance Note on Combined and Carve–Out Financial Statements.
  • Guidance Note on Accounting for Derivative Contracts
  • Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities
  • Guidance Note on Accounting for Self-Generated Certified Emission Reductions (CERs)
  • Guidance Note on Accounting by Dot-Com Companies

Application of Existing Accounting Standards and Indian Accounting  StandardsOn Ind AS

  • Discounting of deferred debts (ret ention money) (Opinion finalised by the Committee on 2.9.2016) (https://resource.cdn.icai.org/47574eac37373-11.pdf)

ON AS

  • Adjustment of the effect of first recognition of group gratuity liability against opening balance of reserves and surplus as an appropriation in the current financial year. (Opinion finalised by the Committee on 21.7.2016). (https://resource.cdn.icai.org/33925eac23624-5.pdf)
  • Accounting treatment of pension liability post-separation. (Opinion finalised by the Committee on 23.4.2015) http://115.248.235.50/eacicai/HTML/35/1.html
  • Requirement for preparation of Complete/ Condensed set of financial statements (Opinion finalised by the Committee on 3.6.2015.) http://115.248.235.50/eacicai/HTML/35/7.html
  • Amortisation of SAP license and accounting for annual renewal fee. (Opinion finalised by the Committee on 23.4.2015.) http://115.248.235.50/eacicai/HTML/35/3.html

Not Applicable – Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements  

  • Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’
    • Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
    • Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment
  • Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyper  inflationary Economies
  • Indian Accounting Standard (Ind AS) 104 : Insurance Contracts
  • Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources

August 2017 edition of the Study Material is relevant for November, 2018 examinations. Students are advised to read the same along with the corrections uploaded on the website. Except the exclusions mentioned above from the syllabus, the entire content included in the August 2017 edition of the Study Material is relevant for the said examinations.   The relevant amendments including relevant Notifications / Circulars / Rules issued by the Companies Act, 2013 and other relevant legislations up to 30th April, 2018 will be applicable for November, 2018 Examination. However, Ind AS 115 notified on 28.3.2018 alongwith the amendments made in other Ind AS made by MCA as on 28.3.2018 is not applicable for November, 2018 examination. Therefore, for November, 2018 examination Ind AS 11 and Ind AS 18 will be applicable

2. AMENDMENTS FOR NOV 2018 CA FINAL EXAMINATION for Paper 3: Advanced Auditing and Professional Ethics :-

  • Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013)
  • Framework for Assurance Engagements.

List of applicable Guidance Notes and other publications for November, 2018 Examination:

  • 1. Code of Ethics
  • 2.Guidance Note on Independence of Auditors.
  • 3.Guidance Note on Audit under Section 44AB of the Income-tax Act.
  • 4.Guidance Note on Audit of Inventories.
  • 5.Guidance Note on Audit of Debtors, Loans and Advances.
  • 6.Guidance Note on Audit of Investments.
  • 7.Guidance Note on Audit of Cash and Bank Balances.
  • 8.Guidance Note on Audit of Liabilities.
  • 9.Guidance Note on Audit of Revenue.
  • 10. Guidance Note on Audit of Expenses.
  • 11. Guidance Note on Computer Assisted Audit Techniques (CAATs).
  • 12. Guidance Note on Audit of Payment of Dividend.
  • 13. Guidance Note on Audit of Capital and Reserves.
  • 14. Guidance Note on Audit of Banks.
  • 15. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
  • 16. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
  • 17.Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
  • 18.Guidance Note on the Companies (Auditor’s Report) Order, 2016.     Students are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. Accordingly, 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, 2018 will be applicable for November, 2018 Examination 

3. AMENDMENTS FOR NOV 2018 CA FINAL EXAMINATION for Paper 4 : Corporate and Economic Laws  

The entire content included in the August 2017 edition of the Study Material and the Legislative amendments to the extent covered for November, 2018 examinations,shall only be relevant for the said examinations. The Legislative amendments shall be hosted on the BoS Knowledge Portal through RTP.  

Except the Relevant rules to the extent covered in the August 2017 edition of the Study Material, all other Rules of the Companies Act, 2013 are excluded.  The Securities Contract (Regulation)Act, 1956 and the Securities Contract(Regulation)Rules, 1957

The entire content included in the August 2017 edition of the Study Material and the Legislative amendments to the extent covered for November, 2018 Following Securities Contract (Regulation)Rules, 1957 to the extent covered in the study material, shall only be relevant for the said examinations : 3, 4, 4A, 5, 5A, 6, 7, 8, 12, 13, 14, 15, 16, 17, 17A, 19 & 21.  

  Following sections of the SCRA, 1956- Sections 4A, 13, 14, 18, 20, 25, 26B, 26D, 26E, 29, 31, 32 are excluded. Except the Securities Contract (Regulation) Rules, 1957 given in the Column (3), all other rules of the Securities Contract (Regulation)Rules, 1957 are excluded     The Securities Exchange Board of India Act, 1992, SEBI(ICDR) Regulations, 2009 and SEBI (LODR) Regulations, 2015

The entire content included in the August 2017 edition of the Study Material and the Legislative amendments to the extent covered for November, 2018  

Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g),20, 21, 25, 28 & 33.

4. AMENDMENTS FOR NOV 2018 CA FINAL EXAMINATION for Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws Applicability of Finance Act, Assessment Year etc. for November , 2018 Examination The provisions of direct tax laws, as amended by the Finance Act, 2017 , including significant notifications and circulars issued and other legislative amendments made up to 30th April, 2018, are applicable for November, 2018 examination. The relevant assessment year is A.Y.2018-19 . As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the content as covered in the August 2017 edition of the Study Material would be relevant for November 2018 Examination.  

5. AMENDMENTS FOR NOV 2018 CA FINAL EXAMINATION for Paper 8 : Indirect Tax Laws   Applicability of provisions of indirect tax laws for November, 2018 Examination The following are applicable for November, 2018 examination:

  •  The provisions of CGST Act, 2017 and IGST Act, 2017, in cluding significant circulars and notifications issued and other legislative amendments made upto 30th April, 2018.
  • The provisions of the Customs Act, 1962, as amended by the Finance Act, 2017, including significant notifications and circulars issued and other legislative amendments made up to 30 th April, 2018.

Exclusions :-

CGST Act, 2017 & IGST Act, 2017  

  • (i) Rate of tax prescribed for supply of goods*
  • (ii) Rate of tax prescribed for supply of services*
  • (iii) Exemptions for supply of goods *Rates specified for computing the amount payable under composition levy are included in the syllabus.    

CGST Act, 2017 and CGST Rules, 2017  

  • (i) Registration of persons required to collect tax at source
  • (ii) Tax deduction at source except the provisions made effective vide Notification No. 33/2017 CT dated 15.09.2017
  • (iii) Collection of tax at source
  • (iv) Furnishing of GS TR-2, GSTR-1A, GSTR-3, GSTR-7, GSTR-8
  • (v) Claim of input tax credit and provisional acceptance thereof
  • (vi) Matching, reversal & reclaim of input tax credit
  • (vii) Matching, reversal & reclaim of reduction in output tax liability
  • (viii) Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3) 

IGST Act, 2017 Categories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)   The entire content included in the August 2017 edition of the Study Material, except the exclusions mentioned in the table above, and the Statutory Updates for November 2018 examination shall be relevant for the said examination.  

Amendments in elective subject will be specifically posted soon. Keep Visiting canotes.in for more.