Amendments in CA Final Elective Subject | GFRS
In this post we will be discussing Amendments in CA Final Elective Subject . Currently if we talk about Nov 18 Exams , The only amendment in CA final Elective subject will be in Global financial reporting standard. So we will be discussing amendment in CA final Global financial reporting subject only.We will discuss applicability, exclusions and which study material you need to refer in this post Amendments in CA Final Elective Subject .
Study Material to be referred
In respect of Final Elective Paper 6E : Global Financial Reporting Standards , students are advised to read Module 2 (except headings 1.1 to 1.7 of Chapter 4 Unit 1) to Module 6 of Final Paper 1 : Financial Reporting along with the ‘Major Differences between Ind AS and IFRS and Reason therefor’ hosted at the BOS Knowledge Portal at https://www.icai.org/post.html?post_id=14444. Reference of Ind AS material has been given because Ind AS alongwith the differences in Ind AS vis-à-vis IFRS is equivalent to IFRS.
The objective of this elective paper is to develop an understanding of the key concepts and principles of International Financial Reporting Standards and to acquire the ability to apply such knowledge to address issues and make computations in practical case scenarios. Accordingly, the students are expected to keep this objective in mind and read the content based on Ind AS discussed in Modules 2 to 6 of the core Paper 1 on Financial Reporting along with the above referred differences; and apply the same to address issues and make computations on the basis of IFRS.
In addition, the students are also required to develop an understanding of the significant differences between IFRS and US GAAP. The same has also been webhosted at the above link along with the differences between IFRS and Ind-AS.
Students may note that at the end of certain Ind AS, appendix corresponding to relevant IFRIC /SIC has been appended. Since IFRICs/ SICs are part of IFRS, they also form part of the syllabus. Hence, ‘List of IFRICs /SICs included in the corresponding Appendices to Ind AS’ has also been uploaded on the website alongwith the ‘List of IFRS corresponding to Ind AS’ at the above link.
Since the Core paper on Financial Reporting does not cover Ind AS equivalent to IAS 29, IFRS 15 and IFRS 16, the same IFRS shall also not form part of the GFRS Paper. Similarly, in Ind AS there is no corresponding to Appendix on IFRIC 2 and SIC 7, so they have not been discussed in the Core paper on Financial Reporting. Hence the same shall also not form part of the GFRS Paper.
Applicability of amendments
Students are expected to be updated with the notifications, circulars and other legislative amendments in Ind AS corresponding to IFRS, made upto 1 year prior to the examination. For instance, for November, 2018 examination, significant notifications and circulars issued by the MCA / Central Government upto 31st October, 2017 with respect to Ind AS would be relevant to GFRS as well for this paper of GFRS
Scope of Coverage
As regards to the topic on ‘Significant differences between IFRS and US GAAPs’, the content as covered in the file uploaded on the website at the link https://resource.cdn.icai.org/48696bos32691a.PDF would be relevant for November 2018 Examination.
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