AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION IN SIMPLE LANGUAGE

0
5591

AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION IN SIMPLE LANGUAGE

So after Amendments for IPCC in Simple language, We present you AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION IN SIMPLE LANGUAGE. Now you don’t have to analyze the notification by ICAI regarding CA Final Nov 2017 Amendments.

Here is the ICAI official announcement regarding AMENDMENTS FOR Nov 2017 CA FINAL

 

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

Amendments applicable upto Nov 2017 exams are given below for your kind reference.

Amendments etc. for Nov 2017 – CA Final Examination.

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:

Amendments for Nov 17 – CA Final Examination:- http://resource.cdn.icai.org/44315bos34182final.pdf

AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION IN SIMPLE LANGUAGE :-

1.  AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION for Financial Reporting

Applicable :-

  • All AS , Guidance note mentioned in your RTP or above pdf file,
  • The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2016 will be applicable for Nov, 2017 Examination
  • Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 and Companies (Indian Accounting Standards) Rules, 2015 are applicable for November, 2017 examination.
  • Topic of “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)” has been made applicable in place of “Overview of International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS), Interpretations by International Financial Reporting Interpretation Committee (IFRIC), Significant differences vis-a-vis Indian Accounting Standards; Understanding of US GAAPs, Applications of IFRS and US GAAPs”. Considering the significance and relevance of the Ind AS, the above topic has been included in the syllabus and the students are expected to have an overall knowledge of the contents covered therein. However, considering the extensive coverage of the contents covered in such topic, from the examination perspective, simple problems involving conceptual or application issues may be asked in the examination.

Not Applicable –

Students may note that these Ind ASs are not applicable for Nov, 2017 Examination.

 

2.  AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION for Paper 3: Advanced Auditing and Professional Ethics :-

In view of the decision taken by the appropriate authority and approved list of pronouncements applicable for November 2017 Examination, students are required to refer to erstwhile SA 700 series (SA 700, SA 705 and SA 706 published in January 2016 edition of Study Material and Auditing Pronouncements) instead of revised SA 700 series (SA 700, SA701, SA 705, SA 706 as given in January 2017 edition of the Study Material). For the same, student may refer below mentioned link:

SA 700 http://220.227.161.86/17874sa700annx1.pdf
SA 705 http://220.227.161.86/17875sa705annex2.pdf
SA 706 http://220.227.161.86/17876sa706annex3.pdf

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.

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.

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 31st October, 2016. (ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2017 Examination.

3. AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION for Paper 4 : Corporate and Allied Laws

  • As regards other topics are concerned, students are advised to read from January 2017 edition of the Study Material.

    Impact of enforcement of the Insolvency and Bankruptcy Code, 2016 on the sections to the Companies Act, 2013

    This is to bring to the notice of the students that with the enforcement of the Insolvency and Bankruptcy Code, 2016, consequential changes have been made in the Companies Act, 2013. Majority of sections of the Companies Act which were effected by the Code, were notified in the month of December 2016. These notified sections are relevant for November 2017 examination. For the benefit of the students of the final Course, Board of Studies provides the list of amended sections as per the Insolvency and Bankruptcy Code, 2016. So that students may read the Companies Act, 2013 in lines with these changes for November 2017 examination.

    List of changes is available at the following link http://resource.cdn.icai.org/45795bos36001.pdf

  • Now the new act Insolvency and Bankruptcy Code, 2016 will be asked for 10 Marks
  • The Companies Act, 2013 The relevant sections of the Companies Act, 2013, notified up to 31st October , 2016 along with relevant Rules/ Notifications/ Circulars/
  • The amendments have been carried out in regulation 4 and 54 of SEBI (ICDR) Regulations, 2009.
  • 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.

Revised Marks Pattern

S. No. Topics Marks
1. Company Laws 60 Marks
2. Insolvency and Bankruptcy Code, 2016 10 Marks
3. Allied Laws 30 Marks

Non Applicability :

  • Chapter 9 of the study material (Jan, 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.
  • Chapter 15 of the study material (October, 2014 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal.

4. AMENDMENTS FOR Nov 2017 CA FINAL EXAMINATION for Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws

Wealth-tax Act, 1957 and Rules there under are not applicable for Nov 2017 examination.

Now overview of GST will be asked for 10 Marks in Nov 17 Indirect Tax paper

Download GST Notes here  GST Notes for CA Final

The provisions of direct and indirect tax laws, as amended by the Finance Act, 2016, including notifications and circulars issued up to 31st Oct, 2016, are applicable for Nov, 2017 examination

I hope you got enough clearance about amendments in Nov 17 EXAMS SO  must share with your friends too (Y)

Thanku !!

 

Comments

comments