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.