IPCC List of Amendments,Standards, Applicable for May 2015:
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.
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
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 up to 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)
| S.No | SA | Title of Standard on Auditing |
| 1 | SA 200 | Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing |
| 2 | SA 210 | Agreeing the Terms of Audit Engagements |
| 3 | SA 220 | Quality Control for Audit of Financial Statements |
| 4 | SA 230 | Audit Documentation |
| 5 | SA 240 | The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements |
| 6 | SA 250 | Consideration of Laws and Regulations in An Audit of Financial Statements |
| 7 | SA 260 | Communication with Those Charged with Governance |
| 8 | SA 265 | Communicating Deficiencies in Internal Control to Those Charged with Governance and Management |
| 9 | SA 299 | Responsibility of Joint Auditors |
| 10 | SA 300 | Planning an Audit of Financial Statements |
| 11 | SA 315 | Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment |
| 12 | SA 320 | Materiality in Planning and Performing an Audit |
| 13 | SA 330 | The Auditor’s Responses to Assessed Risks |
| 14 | SA 402 | Audit Considerations Relating to an Entity Using a Service Organization |
| 15 | SA 450 | Evaluation of Misstatements Identified during the Audits |
| 16 | SA 500 | Audit Evidence |
| 17 | SA 501 | Audit Evidence – Specific Considerations for Selected Items |
| 18 | SA 505 | External Confirmations |
| 19 | SA 510 | Initial Audit Engagements-Opening Balances |
| 20 | SA 520 | Analytically Procedures |
| 21 | SA 530 | Audit Sampling |
| 22 | SA 540 | Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
| 23 | SA 550 | Related Parties |
| 24 | SA 560 | Subsequent Events |
| 25 | SA 570 | Going Concern |
| 26 | SA 580 | Written Representations |
| 27 | SA 600 | Using the Work of Another Auditor |
| 28 | SA 610 | Using the Work of Internal Auditors |
| 29 | SA 620 | Using the Work of an Auditor’s Expert |
| 30 | SA 700 | Forming an Opinion and Reporting on Financial Statements |
| 31 | SA 705 | Modifications to the Opinion in the Independent Auditor’s Report |
| 32 | SA 706 | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report |
| 33 | SA 710 | Comparative Information – Corresponding Figures and Comparative Financial Statements |
| 34 | SA 720 | The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements |
II. Statements
Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 of the Companies Act, 2013).
III. Guidance Notes
- Guidance Note on Audit of Inventories.
- Guidance Note on Audit of Debtors, Loans and Advances.
- Guidance Note on Audit of Investments.
- Guidance Note on Audit of Cash and Bank Balances.
- Guidance Note on Audit of Liabilities.
- Guidance Note on Audit of Revenue.
- 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.
Tags: IPCC List of Amendments,Standards, Applicable for May 2015 Exams. Due to Change in Companies Act Some Topics of CA IPCC are Changed and Every Student is Confused for “What is Changed” Here we are providing a list of IPCC List of Amendments,Standards, Guidance Notes Applicable for May 2015. Recently We Provide Exact CA IPCC Result Date and CA IPCC Question Papers and Suggested Answers for Nov 2014 Exams. IPCC May 2015 Exams are Near and All Students Wants Changes and Amendments Applicable for May 2015 Exams. You can also Download CA IPCC Exam Time Table for May 2015 Exams from Below. Now you can scroll Down Below and Find IPCC List of Amendments,Standards, Applicable for May 2015 Exams.