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CA IPCC List of Amendments,Standards, Applicable for May 2019

Paper 1: CA IPCC Accounting Amendments

Accounting Standards

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 AccountingPolicies 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.

Common Note for Paper 1 “Accounting” and Paper 5 “Advanced Accounting”

I. Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2019 Examination 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, 2018 will be applicable for May, 2019 Examination. II. Applicability of Amendments made by the MCA in the Companies (Accounting Standards) Rules, 2006 Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 are applicable for May, 2019 examination. III. Non-Applicability of Ind AS for May, 2019 Examination The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of companies. These Ind AS have not been made applicable for May, 2019 Examination. Read Also – How to pass CA-IPCC in 1st attempt

Paper 2: Business Laws, Ethics and Communication

The Companies Act, 2013: The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the business laws, as amended by concerned authority, including significant notifications and circulars issued up to 31st October, 2018, are applicable for May, 2019 examination. You Nov Also Like – CA IPCC Final Exam Time Table

CA IPCC Tax Amendments Applicable for Nov 2017 Exams

Applicability of the Finance Act, Assessment Year etc. for May, 2019 examination The provisions of income-tax law, as amended by the Finance Act, 2018 including significant circulars and notifications issued upto 31st October, 2018, are applicable for May, 2019 examination. The relevant assessment year for income-tax is A.Y. 2019-20. For more amendments Please visit on following article

IPCC Taxation Notes

Paper 6: Auditing and Assurance

I. Standards on Auditing (SAs)

II. Statements

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013). III. Guidance Notes

IV Applicability of the Companies Act, 2013

(i) Students are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. For instance, for May, 2019 examination, significant notifications and circulars issued upto 31st October, 2018 would be relevant. 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, 2018 will be applicable for May, 2019 Examination. It may be noted that the legislative and other amendments applicable for May 2019 Examination would be given as Academic Update in the Revision Test Paper for May 2019 Examination. (ii) Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for May, 2019 Examination.

CARO 2016 – Companies Auditor’s Report Order, 2016

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