like us@ Ca made easy As there are amendments released at various times it is difficult for the students to gather them and they are also in confusion where to get all these amendments. Keeping this in Mind WACS Team has gathered all the amendments relevant for November 2013 CA IPCC Exams for the benefit of students. Share this with your friends too for helping them. Paper I : Accounting Study Material Edition Applicable: Revised November 2012 Edition The Following Amendments shall be noted further. A.Pronouncements Accounting Standards 1, 2, 3, 6, 7, 9, 10, 13 and 14 are covered in the syllabus. (Text of all applicable Accounting Standards are available in the Appendix I of Volume I of ‘ Accounting ’ Study Material revised in November, 2012 .) B.Announcement relevant for November, 2013 examination Criteria for Classification of Entities and Applicability of Accounting Standards Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012 Download the Guidelines for Preparation of Financial Statements in Revised Schedule VI at Click Here Paper II : Business Law , Ethics and Communications Study Material Edition Applicable: Revised November 2012 Edition Paper III : Cost Accounting and Financial Management Study Material Edition Applicable: Revised November 2012 Edition Paper IV : Taxation Applicability of Finance Act, Assessment Year etc. for November, 2013 examination (1) The amendments made by the Finance Act, 2012 in income-tax and service tax; (2) The provisions of income-tax law as applicable for the assessment year 2013-14; (3) The significant notifications and circulars issued upto 30th April, 2013 (income-tax and service tax) (The Study Materials relevant for May, 2013 and November, 2013 examinations are updated based on the provisions of law as amended by the Finance Act, 2012 and significant circulars and notifications issued up to 30.6.2012.The amendments made by the Finance Act, 2012 in income-tax and service-tax and notifications and circulars issued between 1.5.2011 and 30.4.2012 in income-tax are also separately discussed in the publication Study Paper-2012”.) The Supplementary Study Paper applicable for November 2013 Exams can be downloaded at Click Here Apart from the Supplementary Study Paper the following significant Notifications are also applicable in Service Tax Download them at Click Here For Applicability of Negative list of Service Tax topic wise Click Here For a complete list of Publications Applicable for November 2013 Exams regarding Paper IV Click Here Paper V : Advanced Accounting Study Material Edition Applicable: Revised November 2012 Edition A.Pronouncements Accounting Standards 4, 5, 11, 12, 16, 19, 20,26 and 29 are covered in the syllabus. (Text of all applicable Accounting Standards are available in the AppendixII ofVolume I of Advanced Accounting’ Study Material revised in November, 2012.) B.Notification/Announcement relevant for November,2013 examination 1. Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA) In the Revised Schedule VI format, no line item has been specified for the presentation of “Foreign Currency Monetary Item Translation Difference Account (FCMITDA)”.Therefore, the Council of the Institute at its 324th meeting held on March 24-26, 2013 at New Delhi, decided that debit or credit balance in FCMITDA should be shown on the “Equity and Liabilities” side of the balance sheet under the head ‘Reserves and Surplus’ as a separate line item. 2.Criteria for Classification of Entities and Applicability of Accounting Standards Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012. 3.Clarification on Debenture Redemption Reserve (DRR) Ministry of Corporate Affairs vide Circular no. 04/2013 dated 11 February, 2013 has clarified the adequacy of DRR for various institutions/companies as follows: All India Financial Institutions (AIFIs) regulated by Reserve Bank of India and Banking Companies for both public as well as privately placed debentures -Nil Other Financial Institutions and NBFCs registered with the RBI under Section 45 -IA of the RBI (Amendment) Act, 1997 if debentures issued through public issue – 25% if privately placed debentures-Nil Other companies including manufacturing and infrastructure companies (including listed and unlisted companies)-25% (Every company required to create/maintain DRR shall before the 30th day of April of each year, deposit or invest, as the case may be, a sum which shall not be less than fifteen percent of the amount of its debentures maturing during the year ending on the 31st day of March next following year.) 4. Maintenance of Cash Reserve Ratio at 4.00 per cent for all banks vide circular DBOD.No. Ret. BC. 76/12.01.001/2012-13 dated January 29, 2013. 5. Statutory Liquidity Ratio for Local Area Banks be reduced from 25 per cent to 23 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning August 11, 2012. 6.Review of the Prudential Guidelines on Restructuring of Advances by Banks/Financial Institutions Reserve Bank of India has reviewed the prudential guidelines on restructuring of advances by banks/ financial institutions vide circular no. DBOD.No.BP.BC.63/21.04.048/2012-13 applicable for all scheduled commercial banks excluding RRBs dated November 26, 2012 and has decided: i)To enhance the provisioning requirement for restructured accounts classified as standard advances from the existing 2.00 per cent to 2.75 per cent in the first two years from the date of restructuring. In cases of moratorium on payment of interest/principal after restructuring, such advances will attract a provision of 2.75 per cent for the period covering moratorium and two years thereafter; and that ii)Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2.75 per cent in the first year from the date of upgradation instead of the existing 2.00per cent. In accordance with the above, loans to projects under implementation, when restructured due to change in the date of commencement of commercial operations (DCCO) beyond the original DCCO as envisaged at the time of financial closure and classified as standard advances would attract higher provisioning at 2.75 per cent as against the present requirement of 2.00 percent as per the details given below: Infrastructure projects Particulars Provisioning Requirement If the revised DCCO is within two years from the original DCCO prescribed at the time of financial closure 0.40 percent If the DCCO is extended beyond two years and upto four years or three years from the original DCCO, as the case may be, depending upon the reasons for such delay (Ref.: DBOD.No.BP.BC.85 /21.04.048/2009-10 dated March 31, 2010) 2.75 per cent From the date of such restructuring till the revised DCCO or 2 years from the date of restructuring, whichever is later. Non Infrastructure projects Particulars Provisioning Requirement If the revised DCCO is within six months from the original DCCO prescribed at the time of financial closure 0.40 percent If the DCCO is extended beyond six months and upto one year from the original DCCO prescribed at the time of financial closure (Ref.: DBOD.No.BP.BC.85 /21.04.048/2009-10 dated March 31, 2010) 2.75 per cent From the date of such restructuring for 2 years All other extant guidelines on Income Recognition, Asset Classification and Provisioning pertaining to advances will remain unchanged. Note:(Common for Intermediate (IPC) Paper 1 and Paper 5) Non-Applicability of Ind ASs for November, 2013 Examination The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis -à-vis IFRS. (Students may note that Ind ASs are not applicable in November, 2013 Examination.However, Accounting Standards as specified in the syllabus are applicable for them in November, 2013 examination.) Paper VI : Auditing and Assurance Study Material Applicable : November 2012 Edition I. SA ‘s Applicable : 200,210,220,230,240,250,260,265,299,300,315,320,330,402,450,501,505,510,520,530,540,550,560,570,580,600, 610,620,700,705,706,710,720 II.Statements 1.Statement on Reporting under Section 227 (1A) of the Companies Act, 1956. 2.Statement on the Companies (Auditor’s Report) Order, 2003. 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 Miscellaneous Expenditure. 5.Guidance Note on Audit of Cash and Bank Balances. 6.Guidance Note on Audit of Liabilities. 7.Guidance Note on Audit of Revenue. 8.Guidance Note on Audit of Expenses. 9.Guidance Note on Provision for Proposed Dividend. Paper VII : Information Technology and Strategic Management Study Material : November 2012 Revised Edition Excluded Topics are It has been decided that in IPCC Group II Paper 7A: Information Technology paper, no questions will be asked from the following Chapters/Units from the study material in May 2013 examination and onwards. Chapter 1 Unit I: Introduction to Computers-Complete unit Unit II: Input and Output Devices-Complete unit Chapter 4-Internet and Other Technologies-Electronic Data Interchange (EDI) Wish You All the Best for Your Preparation
Posted on: Sat, 13 Jul 2013 14:35:47 +0000
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