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Applicability of Standards/Guidance Notes/Legislative Amendments etc.
for May, 2015 – Intermediate (IPC) Examination

Paper 1: Accounting

Accounting Standards

AS 1 : Disclosure of Accounting Policies

AS 2 : Valuation of Inventories

AS 3 : Cash Flow Statements

AS 6 : Depreciation Accounting

AS 7 : Construction Contracts (Revised 2002)

AS 9 : Revenue Recognition

AS 10 : Accounting for Fixed Assets

AS 13 : Accounting for Investments

AS 14 : Accounting for Amalgamations

Paper 5: Advanced Accounting

Accounting Standards

AS 4 : Contingencies and Events occurring after the Balance Sheet Date

AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting

Policies

AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003)

AS 12 : Accounting for Government Grants

AS 16 : Borrowing Costs

AS 19 : Leases

AS 20 : Earnings Per Share

AS 26 : Intangible Assets

AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

Note Regarding Applicability for Paper 1 and Paper 5: The relevant notified Sections of the

Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination

and for other legislative amendments including relevant Notifications / Circulars / Rules /

Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014.

Non-Applicability of Ind ASs for May, 2015 Examination: The MCA has hosted on its

website 35 Indian Accounting Standards (Ind AS) without announcing the applicability

date. Students may note that these Ind ASs are not applicable for May, 2015

Examination.

Paper 2: Business Laws, Ethics and Communication

(I) The Companies Act, 2013 : Relevant notified Sections 1 to 122 of the Companies Act,

2013 up to 30th September 2014 by the Ministry of Corporate Affairs are applicable except

Section 75 relating to ‘damages for fraud’, Section 48 relating to “Variation of shareholders’

right”, Section 66 related to “Reduction of share capital”, Section 97 relating to “ Power of

tribunal to call AGM”, Section 98 relating to “ Power of Tribunal to call meetings of members,

etc., and Section 99 relating to “ Punishment for default in complying with provisions of

sections 96 to 98”, of the Companies Act, 2013. For other legislative amendments including

relevant Notifications/Circulars/Rules/Guidelines issued by Regulating Authority cut-off date

will be 31st October, 2014.

(II) The Employees’ Provident Funds Miscellaneous Provisions Act, 1952-

1. The Employees’ Deposit Linked Insurance ( Amendment) Scheme, 2014

2. Employees’ Pension (Amendment) Scheme, 2014

Paper 4: Taxation

Applicability of the Finance Act, Assessment Year etc. for May, 2015 examination

The provisions of income-tax and indirect tax laws, as amended by the Finance (No.2) Act,

2014, including circulars and notifications issued upto 31st October, 2014. The relevant

assessment year for income-tax is A.Y. 2015-16.

Paper 6: Auditing and Assurance

I. Standards on Auditing (SAs)

All the Standards Applicable for Nov 2014 are Applicable For May 2015

II. Statements

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143

of the Companies Act, 2013).

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 Cash and Bank Balances.

5. Guidance Note on Audit of Liabilities.

6. Guidance Note on Audit of Revenue.

7. Guidance Note on Audit of Expenses.

IV Applicability of the Companies Act, 2013:

 The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 31st October, 2014.

Results Declared for CA-CPT and CA- Final 2014

Check out the Result of Ca - CPT and Ca - Final of 2014 

All the Best

http://www.caresults.nic.in/

ICAI launches “ICAI Knowledge Gateway”, Knowledge Management Portal 03-03-2014

                                                   http://www.icaiknowledgegateway.org/

We welcome you to the ICAI Knowledge centre. The ICAI is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. The ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards since its inception. The body now is the second largest accounting body in the whole world.

The portal aims at providing you a destination for e resources. It offers you latest books, articles, journals that has been subscribed by the ICAI for on behalf of the students and the members.We encourage your feedback for betterment of the system in future.

Section 80CCG Govt notifies Rajiv Gandhi Equity Savings Scheme, 2013

NOTIFICATION NO 94/2013,

Dated: December 18, 2013

S.O. 3693 (E).- In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:-

 1. Short title, commencement and application. – (1) This Scheme may be called the Rajiv Gandhi Equity Savings Scheme, 2013.

(2) It shall come into force on the date of its publication in the Official Gazette.

(3) This Scheme shall apply for claiming deduction in the computation of total income of the assessment year relevant to a previous year beginning on or after the 1st day of April, 2013 on account of investment in eligible securities under sub-section (1) of section 80CCG of the Income-tax Act, 1961(43 of 1961).

2. Objective of the Scheme.-The objective of the Scheme is to encourage investment of savings of small investors in the domestic capital market.

3. Definitions. – In this Scheme, unless the context otherwise requires,-

(i) “Act” means the Income-tax Act, 1961 (43 of 1961);

(ii) “demat account” means an account opened with the depository participant in accordance with the guidelines laid down by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(iii) “depository” means a company as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996);

(iv) “depository participant” means a participant as defined in clause (g) of sub- section (1) of section 2 of the Depositories Act, 1996 (22 of 1996);

(v) “eligible securities” means any of the following, namely :-

(a) equity shares, on the day of purchase, falling in the list of equity declared as “BSE-100″ or ” CNX-100″ by the Bombay Stock Exchange or the National Stock Exchange, as the case may be;

(b) equity shares of public sector enterprises which are categorised as Maharatna, Navratna or Miniratna by the Central Government;

(c) Units of Exchange Traded Funds or Mutual Fund schemes or equity oriented funds, which have eligible securities specified in sub-clause (a) or sub-clause (b) as underlying securities, provided they are listed and traded on a stock exchange and settled through a depository mechanism;

(d) Follow on Public Offer of sub-clauses (a) and (b);

(e) New Fund Offers of sub-clause (c);

(f) Initial Public Offer of a public sector undertaking wherein the Government shareholding is at least fifty-one per cent. which is scheduled for getting listed in the relevant previous year and whose annual turnover is not less than four thousand crore rupees during each of the preceding three years;

(vi) “financial year” means a year commencing on the 1st day of April and ending on the 31stday of March;

(vii) “Form” means the Form appended to the Scheme; (viii) “initial year” means-

(a) the financial year in which the investor designates his demat account as Rajiv Gandhi Equity Savings Scheme account and makes investment in the eligible securities for availing deduction under the Scheme; or

(b) the financial year in which the investor makes investment in eligible securities for availing deduction under the Scheme for the first time, if the investor does not make any investment in eligible securities in the financial year in which the account is so designated;

(ix) “investment” means investment by an assessee in any of the eligible securities in accordance with the Scheme;

(x) “new retail investor” means a resident individual,-

(a) who has not opened a demat account and has not made any transactions in the derivative segment before the date of opening of a demat account or the first day of the initial year, whichever is later:

Provided that an individual who is not the first account holder of an existing joint demat account shall be deemed to have not opened a demat account for the purposes of this Scheme; or

(b) who has opened a demat account but has not made any transactions in the equity segment or the derivative segment before the date he designates his existing demat account for the purpose of availing the benefit under the Scheme or the first day of the initial year, whichever is later;

(xi) “Scheme” means the Rajiv Gandhi Equity Savings Scheme;

(xii) words and expressions used and not defined in this Scheme but defined in the Act shall have the meanings respectively assigned to them in the Act.

4. Eligibility .- The deduction under the Scheme shall be available to a new retail investor who complies with the conditions of the Scheme and whose gross total income for the financial year in which the investment is made under the Scheme is less than or equal to twelve lakh rupees

Thats CA

Chartered Accountancy Pride

                       If you want to make the big numbers, you’ve got to know how to crunch them.                                                         Choose to be a CA. 

  There’s no such thing as luck.

                      Only preparation and opportunity, choice and direction, hard work and success.

                         "Like if you have an aptitude for mathematics and decided to become a Chartered Accountant  –

you would be destined  for a career filled with endless exciting opportunities and financial   freedom."

                       

               You see, true greatness is really about the right choices  : The stuff leaders are made of.