AMENDMENTS FOR May 2017 CA FINAL EXAMINATION IN SIMPLE LANGUAGE

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Now you don’t have to annalyze the notification by ICAI regarding CA Final May 2017 Amendments.

here is the ICAI official announcement regarding AMENDMENTS FOR May 2017 CA FINAL

Click here to download

Amendments applicable upto May 2017 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:

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

1. AMENDMENTS FOR May 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 May, 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 May , 2017 Examination.

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

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 May 2017 CA FINAL EXAMINATION for Paper 4 : Corporate and Allied Laws

• 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.

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 May 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 May 2017 examination.

Watch this for more :- Free online IDT amendments Class by Dippak Gupta for May 17

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 May, 2017 examination

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