Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 1

CA Study

Hello Everyone,

Please find text of the Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination notification below –

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination (New Syllabus)

C:\Documents and Settings\kiran\Desktop\Transfer\Letterhead_Final1.jpg
Board of Studies The Institute of Chartered Accountants of India

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2021 Examination

Study Guidelines for May, 2021 Examinations Final New Course

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 2

(1)(2)(3)
S. No. in the revised syllabusTopics of the syllabusExclusions
2.Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial StatementsIndian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’Appendix B- Stripping Costs in the Production Phase of a Surface Mine

(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS
Indian Accounting Standard (Ind  AS)  37  ‘Provisions, Contingent Liabilities and Contingent Assets’Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
Appendix B: Liabilities arising from Participating  in  a Specific Market — Waste Electrical  and  Electronic Equipment
(viii) Other Ind ASIndian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies
Indian Accounting Standard (Ind AS) 104 : Insurance Contracts
Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral  Resources
Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts
5.Analysis of financial statementsAnalysisoffinancialstatementsbasedon
Accounting Standards
Notes:
  1. In the above table, in respect of the topics of the revised syllabus specified in column (2) the related exclusion is given in column (3). The revised syllabus has been enclosed as Annexure I of this Study Guidelines.
  2. November, 2020 edition of the Study Material is relevant for May, 2021 examination. The relevant /

applicable topics or content are to be read alongwith the ‘Corrigendum to Study Material’, if any

  1. The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up  to  31st October, 2020 will be applicable for  May, 2021  Examination.  Accordingly, amendments notified by MCA on 24th July, 2020 is applicable for May, 2021 examination.

Annexure I

REVISED SYLLABUS (APPLICABLE FROM NOVEMBER, 2019 EXAMINATION) FINAL NEW COURSE

PAPER – 1: FINANCIAL REPORTING

(One paper – Three hours – 100 Marks)

ca study

Objectives:
  1. To acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards for deciding the appropriate accounting treatment and formulating suitable accounting policies.
  2. To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards while preparing and presenting the financial statements.
  3. To develop the skill to prepare financial statements of  group entities  which  includes subsidiaries, associates  and joint arrangements based on Indian Accounting Standards.
  4. To develop an understanding of the various forms of reporting (other than financial statements) and accounting  for special transactions, and apply such knowledge in problem solving.
Contents:
  1. Framework for Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards (Ind AS).
  2. Application of Indian Accounting Standards (Ind AS) with reference to General  Purpose  Financial  Statements
    1. Ind AS on First time adoption of Indian Accounting Standards
    2. Ind AS on Presentation of Items in the Financial Statements
    3. Ind AS on Measurement based on Accounting Policies
    4. Ind AS on Income Statement
    5. Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS
    6. Ind AS on Items impacting the Financial Statements
    7. Ind AS on Disclosures in the Financial Statements
    8. Other Ind AS
  3. Indian Accounting Standards on Group Accounting
    1. Business Combinations and Accounting for Corporate  Restructuring  (including  demerger)  (as  per Ind AS)
    2. Consolidated and Separate Financial Statements (as per Ind AS)
  4. Accounting and Reporting of Financial Instruments (as per Ind AS)
  5. Analysis of Financial Statements
  6. Integrated Reporting
  7. Corporate Social Responsibility Reporting Notes:
  1. If  either a new Indian Accounting Standard (Ind AS) or  Announcements and Limited Revisions to Ind AS  are issued or the earlier one are withdrawn or new Ind AS,  Announcements and Limited Revisions to  Ind  AS are issued in place of existing Ind AS, Announcements and Limited Revisions  to  Ind AS,  the syllabus will accordingly include / exclude such new developments in the place of the existing ones with effect from the date to be notified by the Institute.
  2. The specific inclusions / exclusions in any topic covered in the syllabus will  be effected every year  by  way  of Study Guidelines.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 3

A- List of topic-wise inclusion in the syllabus

  1. List of applicable Statements and Standards for May 2021 Examination:
    1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
    2. Framework for Assurance Engagements.
  2. List of applicable Engagements and Quality Control Standards on Auditing for May 2021

Examination

S.NoSATitle of Standard on Auditing
1SQC 1Quality Control for Firms that Perform Audits and Reviews of Historical  Financial Information, and Other Assurance and Related  Services Engagements
2SA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
3SA 210Agreeing the Terms of Audit Engagements
4SA 220Quality Control for Audit of Financial Statements
5SA 230Audit Documentation
6SA 240The Auditor’s responsibilities Relating to Fraud in an Audit of FinancialStatements
7SA 250Consideration of Laws and Regulations in An Audit of Financial Statements
8SA 260Communication with Those Charged with Governance (Revised)
9SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10SA 299Joint Audit of Financial Statements (Revised)
11SA 300Planning an Audit of Financial Statements
12SA 315Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13SA 320Materiality in Planning and Performing an Audit
14SA 330The Auditor’s Responses to Assessed Risks
15SA 402Audit Considerations Relating to an Entity Using a Service Organization
16SA 450Evaluation of Misstatements Identified during the Audits
17SA 500Audit Evidence
18SA 501Audit Evidence – Specific Considerations for Selected Items
19SA 505External Confirmations
20SA 510Initial Audit Engagements-Opening Balances
21SA 520Analytical Procedures
22SA 530Audit Sampling
23SA 540Auditing Accounting Estimates, Including Fair Value  Accounting  Estimates,  and Related Disclosures
24SA 550Related Parties
25SA 560Subsequent Events
26SA 570Going Concern (Revised)
27SA 580Written Representations
28SA 600Using the Work of Another Auditor
29SA 610Using the Work of Internal Auditors (Revised)
30SA 620Using the Work of an Auditor’s Expert
31SA 700Forming an Opinion and Reporting on Financial Statements (Revised)
32SA 701Communicating Key Audit Matters in the Independent Auditor’s Report (New)
33SA 705Modifications to the Opinion in the Independent Auditor’s Report (Revised)
34SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
Independent Auditor’s Report (Revised)
35SA 710Comparative Information – Corresponding Figures and Comparative Financial Statements
36SA 720The Auditor’s Responsibility in Relation to Other Information (Revised)
  1. List of applicable Guidance Notes and other publications for May 2021 Examination:
    1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
    2. Guidance Note on Audit of Banks.
    3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for May 2021

Examination

  1. Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, 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, 2020 will be applicable for May, 2021 Examination. It may be noted that the  significant  notifications  and circulars issued which are not covered in the November 2020 edition of Study Material, would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.
  2. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is applicable for  May 2021 Examination
  3. Companies (Auditor’s Report) Order, 2020 is applicable for May 2021 Examination.
  4. Audit provision under GST Laws are applicable for May 2021 Examination.
  5. Revised Statement on Peer Review and Quality Review are applicable for May 2021 Examination.
  6. Revised Chapter on Professional Ethics based on Code of Ethics 2020 is applicable for May 2021 Examination.

B- List of topic-wise exclusions from the syllabus

I Chapter on Special Audit Assignment topic has been excluded.

  1. Following Engagement and Quality Control Standards excluded:
(1)(2)(3)
S.NoTopics of the syllabusExclusions
1SA 800Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
2SA 805Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
3SA 810Engagements to Report on Summary Financial Statements
4SRE 2400Engagements to Review Historical Financial Statements (Revised)
5SRE 2410Review of Interim Financial Information Performed by the Independent Auditor of the Entity
6SAE 3400The Examination of Prospective Financial Information
7SAE 3402Assurance Reports on Controls At a Service Organisation
8SAE 3420Assurance Engagements to Report on the Compilation of  Pro  Forma Financial Information Included in a Prospectus (New)
9SRS 4400Engagements to Perform Agreed Upon Procedures Regarding Financial Information
10SRS 4410Compilations Engagements (Revised)
  1. Following Guidance Notes and other publications are excluded:
    1. Code of Ethics publication is excluded whereas Chapter 18 on Professional Ethics is in syllabus
    2. Guidance Note on Independence of Auditors.
    3. Guidance Note on Audit of Inventories.
    4. Guidance Note on Audit of Debtors, Loans and Advances.
    5. Guidance Note on Audit of Investments.
    6. Guidance Note on Audit of Cash and Bank Balances.
    7. Guidance Note on Audit of Liabilities.
    8. Guidance Note on Audit of Revenue.
    9. Guidance Note on Audit of Expenses.
    10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
    11. Guidance Note on Audit of Payment of Dividend.
    12. Guidance Note on Audit of Capital and Reserves.
    13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
    14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 4

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Economic Laws, as amended  by concerned authority, including significant notifications and circulars issued up to 31 st October, 2020 are applicable for May 2021 examination.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 5

Chapters/ Topics of the syllabus


(1)
Inclusions(Provisions which are included from the corresponding chapter of the syllabus)(2)Exclusions(Provisions which are excluded from the corresponding chapter of the syllabus)(3)
Part I: Section A- Company LawThe entire content included in the November 2020 edition of the Study Material for May 2021 examinations shall only be relevant for the said examinations.
Whereas, the Relevant rules of the Companies Act to the extent covered in the November 2020 edition of the Study Material, shall only be relevant for the said examinations. .
Following sections of the Companies Act are excluded-337-351,  348   -351,  359-365,  366-378,   396-405,   408-419,   441,448-449, 451-453, 456 -470 andprovisions related to Producer Companies.
All other Rules of the Companies Act, 2013 are excluded.
Part I: Section B- Securities Laws- Chapter 1: The Securities Contract (Regulation) Act, 1956 and Securities Contract (Regulation) Rules, 1957The entire content included in the November 2020 edition of the Study Material shall only be relevant for the said examinations.The following Securities Contract (Regulation) Rules, 1957 to the extent covered in the study material, shall only be relevant for the said examinations:3, 4, 4A, 5, 5A, 6, 7, 8, 12, 13, 14,15, 16, 17, 17A, 19 & 21.Following sections of the SCRA, 1956- Sections 4A, 4B, 20, 25, 26B,26D,  26E, 29, 29A, 30, 30A,  31,  32are excluded.
Except the Securities Contract (Regulation) Rules, 1957 given in the Column (3), all other rules of the Securities Contract (Regulation) Rules, 1957 are excluded.
Part I: Section B- Securities Laws- Chapter 2: The Securities Exchange Board of India Act, 1992 and SEBI (LODR) Regulations, 2015The entire content included in the November 2020 edition of the Study Material shall only be relevant for the said examinations.In particular, SEBI (LODR) Regulations, 2015 to the extent covered in the study material, shall only be applicable for the examination.Following provisions of the SEBI Act, are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f),2(1)(fa), 2(1)(g), 20, 21, 25, 28 & 33.
Part II: Economic LawsChapter 1: The Foreign Exchange Management Act, 1999The FEMA, 1999 along with the following Rules/Regulations to the extent covered in the study material shall only be relevant for the said examinations-Fem (Permissible Capital Account Transactions) Regulations, 2000Fem (Current Account Transactions) Rules, 2000Following provisions of the FEMA, 1999 is excluded for the examination-Sections 2(cc) & Section   2(gg),   16(2)-   16(6) ,17(4)17(6), 19 to 34, 37(2) – 37(3), 37A,45, 46, 47 & 48.
All other FEM (Regulations)/ Rules except given in column (3), are excluded.
FEM (Export of Goods & Services) Regulations, 2015Overseas Direct InvestmentImport of Goods and ServicesExternal Commercial Borrowing Policy
Part II: Economic LawsChapter 2: SARFAESI Act, 2002Entire content to the extent covered in the study material shall only be relevant for the said examinations covering-Relevant definitions covered in the Study MaterialProvisions uptill section 19Remaining provisions (i.e. section 20 and onwards) are excluded.
Part II: Economic LawsChapter 3: Prevention of Money Laundering Act, 2002The entire content included in the Study Material shall only be relevant for the said examinations.Following Sections are excluded for examination: 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i),  (ia),  (ib),  (j),  (ja), (k),(m), (na), (o), (q), (r), (rc), (s), (sa),(sb), (sc), (t), (va), (z) , (zb) & (2)- Definitions,  6(3)-6(15), 7,  10, 11, 16to  24,  35(1),  35(3)-  35(5),   36- 37,39- 40, 49 to 54,   58A  – 58B, 59-60,61, 67-68, 73, 74 & 75.
Rules related to PMLA is excluded in its entirety.
Part II: Economic LawsChapter 4: Foreign Contribution Regulation Act, 2010The entire content included in the Study Material shall only be relevant for the said examinations.Rules related to FCRR, 2011 is relevant to the extent covered in the the Study Material.Following Sections are excluded for examination:Section 2(1)(a), (b), (c), (d), (e), (f),(k),  (l),  (o),  (p),  (q),  (s),  (t),  &  (u)-Definitions, 21, 23 – 27, 44, 45, 49,53 & 54.
Part II: Economic LawsChapter 5: The Arbitration and Conciliation Act, 1996The entire content included in the Study Material shall only be relevant for the said examinations.
Part II: Economic LawsChapter 6: The Insolvency and Bankruptcy Code, 2016Entire content to the extent covered in the study material shall only be relevant for the said examinations covering-Provisions from section 60 onwards are excluded.
Relevant definitions in the Study Material
Provisions uptill section 59
Rules related to Insolvency and Bankruptcy Code, is relevant to the
extent covered in the Study Material.
Notes:
  1. In the above table of exclusion, in respect of the Chapters of the syllabus specified in column (1) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  2. November 2020 edition of the Study Material is relevant for May 2021 examinations.
  3. Except the exclusions mentioned in the column (3) of the table, the entire content of the syllabus included in the November 2020 edition of the Study Material shall be relevant for the said examinations.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 6

Paper 6A: Risk Management

The pattern of examination for this paper is open-book and case study based. The entire content included in the August 2019 edition of the Study Material shall be relevant for the May 2021 examination.

Paper 6B: Financial Services and Capital Markets

The pattern of examination for this paper is open-book and case study based. Part A of the Study Material of Financial Services and Capital Markets (November 2020 Edition) shall be  relevant for  the  May  2021  examination. Following SEBI  Regulations (excluding   Schedules) revised  upto  30th June 2020 [covered in Part B of the Study Material (September, 2020 Edition)] are also  relevant:

  1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  2. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  3. SEBI (Prohibition of Insider Trading) Regulations, 2015
  4. SEBI (Buy Back of Securities) Regulations, 2018
  5. SEBI (Mutual Funds) Regulations, 1996

Paper – 6C : International Taxation

  1. Applicability of amendments made by Finance Act

As far as the applicability of Finance Act is concerned, the amendments made by the Finance Act of a particular year would be applicable for the May and November examinations of the next year. Accordingly, the direct tax laws, as amended by the Finance Act, 2020, would be applicable for May, 2021 examinations. The relevant assessment year for May, 2021 examinations is A.Y.2021-22. This would be relevant as far as the topics on International Taxation pertain to

the Income-tax Act, 1961, equalization levy and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

However, if the case study based question requires computation/determination relating  to  any  earlier assessment year also, then, the relevant provisions pertaining to that year would be given in the question itself. In the alternative, the question may mention that the relevant provisions in the  earlier year were the same as they are for A.Y.2021 -22.

  1. Applicability of amendments made by circulars, notifications, press releases/press notes and other legislations

Students are expected to be updated with the notifications, circulars, press  releases/press  notes issued and other legislative amendments made in direct tax laws upto 6 months prior to the  examination. For instance, for May, 2021 examination, significant notifications, circulars, press releases/press notes issued by the CBDT/Central Government  and  legislative  amendments  made upto 31st October, 2020 would be relevant. Accordingly, the amendments made by the Taxation  and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, would be applicable for May, 2021 examinations. However, certain provisions which  provide  for  extension of time for making investment or filing return etc. owing to  COVID-19 pandemic are  not applicable for examination.

  1. Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing issues and making computation in case study based questions in Final (New) Paper 6C

The questions based on case study in the Elective Paper 6C: International Taxation may involve application of other provisions of direct tax laws dealt with in detail in Paper 7: Direct Tax Laws and International Taxation, which the students are expected to be  aware of.  Students may  note that  they are expected to integrate and apply the provisions of direct tax laws (d ealt with in Final Paper    7: Direct Tax Laws and International Taxation and in  the Elective Paper 6C:  International Taxation) in  making computations and  addressing relevant issues in  questions raised in the Elective Paper   6C on International Taxation.

Therefore, the November, 2020 edition of the Study Material for Final Paper 6C: International  Taxation available at https://www.icai.org/post.html?post_id=16967 and Final Paper 7: Direct Tax Laws and  International Taxation available at https://www.icai.org/post.html?post_id=16965 are relevant and important for answering case-study based questions in Paper 6C. These publications and updates have to  be  read along with the relevant bare Acts and Rules to  address issues and  make computations in case study based questions.  The initial pages of the Study Material of Paper  6C available at https://resource.cdn.icai.org/62360bos50456-ip.pdf contains the  link  to  the important webpages of the income-tax department and the relevant bare Acts and Rules.

  1. Scope of coverage of certain topics

As regards certain topics on International Taxation, namely, Tax  Treaties: Overview, Features, Application  & Interpretation and Anti-Avoidance Measures, only the content as covered in  the  November,  2020  edition of the Study Material would be relevant for May, 2021 Examination. US Model Convention is excluded from the scope of the topic “Overview of Model Tax Conventions” by way of Study Guidelines.

It may be noted that if a case study based question involves application of a  double  taxation  avoidance agreement (DTAA), the extract of the relevant art icle(s) of the DTAA would be given in the question paper. Alternatively, the question may mention that the DTAA is in line with the OECD/UN Model Tax Convention, in which case, the students  have to  refer to  the  relevant article(s) of  the  Model Tax Convention. Students are expected to have the ability to  interpret the article(s) of  the  DTAA in answering case study based questions.

.

Paper 6D: Economic Laws

All the significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued in the specified Acts covered under the Economic Laws, up to 31st October 2020, are applicable for May 2021 examination.Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 7

(1)
Chapters/ Topics of the syllabus
(2)(3)
Inclusions (Provisions which are included from the corresponding chapterof the syllabus)Exclusions (Provisions which are excluded from the corresponding chapterof the syllabus)
World Trade OrganizationEntire chapter is excluded.
Chapter 1- The Competition Act, 2002 and Rules/RegulationsThe entire content included in the November 2020 edition of the Study Material, shall only be relevant for the said examinations.Following Sections of the Competition Act, 2002 are excluded for the examination:23, 24, 25, 34, 37, 40 are excluded.
Significant Rules/Regulations related to the Competition Act are covered in the study material in the Broad manner. These are relevant for May 2021 examination to the extent coveredin the study material.
Coverage of the Rules or regulations to the Competition Act are restricted to the extent covered in the study material.
Chapter 2- Real Estate (Regulation and Development) Act, 2016 and Rules/RegulationsThe entire content included in the November 2020 edition of the Study Material, shall only be relevant for the saidexaminations.Regulations pertaining to RERA are excluded.
Chapter 3- The Insolvency and Bankruptcy Code, 2016 and Rules/RegulationsThe entire content included in the November 2020 edition of the  Study  Material,  shall  onlybe     relevant     for     the  saidFollowing sections are excluded of the Notified chapters of the Code:3(2),  3(3),  3(5),  3(14), 3(22), 3(24),3(25),   3(26),   3(28),   3(29), 3(32),
examinations.3(36), 3(37), 5(2) to 5(4), 5(10),
5(15), 5(16), 5(19), 5(21) to 5(23),
19, 26, 191, 195, 205, 224, 228,


In specific, Regulations/ Rules related to Insolvency and Bankruptcy, it is covered broadly and not in entirety.These shall only be applicable to the extent covered in the study material.
229, 241-255.
In specific, chapter related to Insolvency resolution and bankruptcy for individuals and partnership firms of the Code (from section 78 to 187) is excluded.Coverage of the Rules or regulations to the IBC are restricted to the extent covered in the study material.
Chapter 4- The Prevention of Money Laundering Act, 2002 and Rules/RegulationsThe entire content included in the November 2020 edition of the Study Material, shall only be relevant for the said examinations.Rules related to PMLA are excluded.
Chapter 5- The Foreign Exchange Management Act, 1999 and Rules/RegulationsThe entire content included in the November 2020 edition of the Study Material, shall only be relevant for the said examinations.

In specific following FEM (Regulations)/ Rules shall only be applicable to the extent covered in the study material-Foreign Exchange Management(Current Account Transactions) Rules, 2000Foreign Exchange Management(Permissible Capital Account Transactions) Regulations, 2000Foreign Exchange Management(Acquisition and Transfer of Immovable Property in India) Regulations, 2018Foreign ExchangeManagement (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015Foreign Exchange
Following provisions of the FEMA, 1999 is excluded for the examination-Sections 17(3) – 17(6), 20 to 31, 33,45, 46, 47 & 48.

Following FEM(Regulations)/ Rules are entirely excluded:Foreign Exchange (Authentication of Documents) Rules, 2000Foreign Exchange (CompoundingProceedings) Rules, 2000Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000Foreign Exchange Management(Borrowing and lending in Rupees) Regulations, 2000Foreign Exchange Management(Deposit) Regulations, 2016Foreign Exchange Management (Establishment in India of a
Management (Export of Goods and Services) Regulations, 2015Foreign ExchangeManagement (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015Foreign Exchange Management(Possession and retention of foreign currency) Regulations, 2015Liberalized RemittanceScheme.Import of Goods and ServicesExternal Commercial BorrowingsOverseas Direct InvestmentsBranch Office or a Liaison Office or a Project Office or any other place of business) Regulations, 2016Foreign Exchange Management(Export and Import of Currency) Regulations, 2015Foreign Exchange Management(Foreign Currency Accounts by a person resident in India) Regulations, 2015Foreign Exchange Management(Foreign Exchange Derivative Contracts) Regulations, 2000Foreign Exchange Management(Guarantees) Regulations, 2000Foreign Exchange Management (Insurance) Regulations, 2015Foreign Exchange Management (Investment in firm or proprietary Concern in India) Regulations, 2000Foreign Exchange Management (Issue of security in India by a Branch Office or Agency of a person Resident in outside India) Regulations, 2000Foreign Exchange Management(Manner of Receipt and Payment) Regulations, 2016Foreign Exchange Management(Remittance of Assets) Regulations, 2016Foreign Exchange Management(Transfer or issue of any Foreign security) Regulations, 2004Foreign Exchange Management(Transfer or issue of security by a person resident outside India) Regulations, 2000Foreign Exchange Management(Withdrawal of General permission to Overseas Corporate Bodies) Regulations, 2003Foreign Exchange Management(Removal of Difficulties) Order, 2000Foreign Exchange Management
(Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014Foreign Exchange Management(Offshore Banking Unit) Regulations, 2002Foreign Exchange Management (International financial Services Centre) Regulations, 2015Foreign Exchange Management (Regularization of assets held abroad by a person Resident inIndia) Regulations, 2015
Chapter 6- Prohibition of Benami Property Transactions Act,1988 and Rules/ RegulationsThe entire content included in the November 2020 edition of the Study Material, shall only be relevant for the said examinations.
.
Except the provisions covered under column (2), others are excluded.
Notes:
  1. In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (1) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  2. November 2020 edition of the Study Material and Booklet on Significant Case Laws of December 2020 edition are relevant for May 2021 examinations.
  3. Except the exclusions mentioned in the column (3) of the table, the entire content of the syllabus included in the November 2020 edition of the Study Material, shall be relevant for the said examinations.

Paper 6E: Global Financial Reporting Standards

  1. Relevant Study Material and Scope of Coverage of the content

November, 2020 edition of the Study Material is relevant for May, 2021 examination.

The study material contains the amendments in IFRS equivalent to  the  corresponding  amendments taken place in Ind AS till 31st October, 2020. In case any amendment had taken place in  IFRS but the same is yet to be notified in Ind AS, then it would not be applicable for this paper for May, 2021 examination.

As regards to the topic on ‘Significant differences between IFRS and US GAAPs’,  the  content  as  covered in the chapter given in the study material would be relevant for May, 2021 examination.  The  same file has also been uploaded on the website at the link https://resource.cdn.icai.org/48696bos32691a.PDF.

  1. Non-applicability of certain International Financial Reporting Standards (IFRS) and IFRS Interpretations (IFRICs)

Since  the  Core  paper on  Financial  Reporting  does   not   cover  Ind   AS   equivalent  to   IAS   26,   IAS 29 (including IFRIC 7), IFRS 4, IFRS 6, IFRS 14 and IFRS 17,  the  same IFRS shall also  not form part of the GFRS Paper.  Similarly, in applicable Ind  AS there are no corresponding Appendix on  IFRIC  2, IFRIC 9 and SIC 7, hence the same shall also not form part of the GFRS Paper.

Paper 6F: Multidisciplinary Case Study

The Multi-disciplinary case study would involve application of two or more of the seven core  subjects    at the Final level. List of seven core subjects at final level is given as under:

Final Paper
Paper 1: Financial Reporting
Paper 2: Strategic Financial Management
Paper 3: Advanced Auditing and Professional Ethics
Paper 4: Corporate and Economic Laws
Paper 5: Strategic Cost Management and Performance Evaluation
Paper 7: Direct Tax Laws & International Taxation
Paper 8: Indirect Tax Laws

Note: The applicability/ non-applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for Paper 6F: Multidisciplinary Case Study for  May, 2021 Examination would be same as applicable for each of the above individual papers.
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 8

Applicability of Finance Act, Assessment Year etc. for May, 2021 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2020 including significant notifications, circulars and press releases issued up to 31st October, 2020, are applicable for May, 2021 examination. The relevant assessment year is A.Y.2021-22.

The amendments made by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 are also relevant for May, 2021 examination. However, certain provisions which provide for extension of time for making investment or filing return etc. owing to COVID-19 pandemic are not applicable for the examination. Further, the amendments in section 10(23C), the provisions of new section 12AB and consequential amendments in section 11, 12A, 12AA, 35, 56(2), 80G, 115BBDA, 115TD and 253, effected by the Finance Act, 2020, in respect of which the effective date has later been deferred to 1.4.2021 by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 , are not applicable for May, 2021 and November, 2021 examination.

Students may refer to the November, 2020 edition of the Study Material, which contains the provisions of direct tax laws relevant for May, 2021 examination.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 9 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 10 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 11 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 12
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 13 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 14 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 15
Scope of coverage of certain topics in Part II: International Taxation

As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the specific content as covered in the November, 2020 edition of the Study Material would be relevant for May, 2021 Examination.
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 16

The following are applicable for May 2021 examination:

  1. The provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2020 and Finance (No.

2) Act, 2019, which have become effective up to 31st October, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2020.

  1. The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance Act, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2020.

The Study Guidelines given below specify the exclusions from the syllabus for May 2021 examination.Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 17

(1)(2)(3)
S. No. in the syllabusTopics of the syllabusExclusions(Provisions which are excluded from the corresponding topic of the syllabus)
Part-I: Goods and Services Tax
1(ii)Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemptionfrom tax; Composition levyRate of tax prescribed for supply of goods*Rate of tax prescribed for supply of services*Exemptions for supply of goodsCategories of supply of goods, tax on which is payable on reverse charge basis
1(iv)Time and Value of supplyValue of supply in cases where Kerala Flood Cess is applicable.
1(v)Input tax creditManner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projectsManner of reversal of credit of additional duty of customs in respect of Gold dore bar
1(vii)Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job workFurnishing of GSTR-2, GSTR-1A and GSTR-3Matching, reversal & reclaim of input tax creditMatching, reversal & reclaim of reduction in output tax liability
1(xv)Other provisionsTransitional Provisions
Part-II: Customs & FTP
1.(v)Officers of Customs; Appointment of customs ports, airports etc.Completely excluded
1.(vii)Provisions relating to coastal  goods and vessels carrying coastal goods
1.(viii)Warehousing
1.(x)Demand and Recovery
1.(xi)Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods
1.(xii)Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution
1.(xiii)Appeals and Revision; Advance Rulings; Settlement Commission
1.(xiv)Other provisions
*Rates specified for computing the tax payable under composition levy are included in the syllabus.

Notes:

  1. Applicability of the Finance Act, 2020: The amendments made by the Finance Act, 2020 in the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] which have become effective till 31.10.2020 are applicable for May 2021 examinations. However, select amendments made by the Finance Act, 2020 namely, amendments made in sections 10, 16, 29, 30, 31, 51, 122 and 132 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.
  2. Applicability of the Finance (No. 2) Act, 2019: All the amendments made the Finance (No. 2) Act, 2019 are applicable for May 2021 examinations except the amendment made in sections 2(4), 39, 95, 102, 103, 104, 105 and 106 of the CGST Act, 2017 and the insertion of new sections 101A, 101B & 101C in the CGST Act, 2017 (which have not become effective till 31.10.2020). Further, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No. 2) Act, 2019 is not applicable for May, 2021 examinations.
  3. In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  4. November 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The entire content included in the November 2020 edition of the Study Material (except the exclusions mentioned herein) shall be relevant for May 2021 examinations.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination (Old Syllabus)

C:\Documents and Settings\kiran\Desktop\Transfer\Letterhead_Final1.jpg

Board of Studies The Institute of Chartered Accountants of India

———————————————————————————————–

Applicability of Standards/Guidance Notes/Legislative Amendments etc.

for May, 2021 – Final ExaminationApplicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 18

  1. Framework for the Preparation and Presentation of Financial Statements.
  2. Accounting Standards
AS No.AS Title
1Disclosure of Accounting Policies
2Valuation of Inventories
3Cash Flow Statements
4Contingencies and Events Occurring after the Balance Sheet Date
5Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
7Construction Contracts
9Revenue Recognition
10Property, Plant and Equipment
11The Effects of Changes in Foreign Exchange Rates
12Accounting for Government Grants
13Accounting for Investments
14Accounting for Amalgamations
15Employee Benefits
16Borrowing Costs
17Segment Reporting
18Related Party Disclosures
19Leases
20Earnings Per Share
21Consolidated Financial Statements
22Accounting for Taxes on Income
23Accounting for Investment in Associates in Consolidated Financial Statements
24Discontinuing Operations
25Interim Financial Reporting
26Intangible Assets
27Financial Reporting of Interests in Joint Ventures
28Impairment of Assets
29Provisions, Contingent Liabilities and Contingent Assets
  1. Guidance Notes on Accounting Aspects
    1. Guidance Note on Accrual Basis of Accounting.
    2. Guidance Note on Terms Used in Financial Statements.
    3. Guidance Note on Accounting for Employee Share-based Payments.
    4. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
    5. Guidance Note on Measurement of Income Tax for Interim  Financial  Reporting in the  context of AS 25.
    6. Guidance Note on Applicability of AS 25 to Interim Financial Results.
    7. Guidance Note on Turnover in case of Contractors.
    8. Guidance Note on Division I to Schedule III to the Companies Act, 2013.
    9. Guidance Note on Accounting for Derivative Contracts.
  2. Applicability of the Companies Act, 2013 and other Legislative Amendments

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, 2020 will be applicable for May, 2021 Examination. Accordingly, the Companies (Indian Accounting Standards) Amendment Rules, 2020 notified by MCA on 24th July, 2020 is applicable for May, 2021 examination.

  1. Applicability of Indian Accounting Standard (Ind AS)

The students are expected to have an overall knowledge of the contents covered in the topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis -a-vis Ind ASs; Carve outs/in in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” which is Chapter 2 of the Study Material.Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 19

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 20

A- List of topic-wise inclusion in the syllabus

  1. List of applicable Statements and Standards:
    1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
    2. Framework for Assurance Engagements.
  2. List of applicable Engagements and Quality Control Standards on Auditing
S.NoSATitle of Standard on Auditing
1SQC 1Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
2SA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
3SA 210Agreeing the Terms of Audit Engagements
4SA 220Quality Control for Audit of Financial Statements
5SA 230Audit Documentation
6SA 240The Auditor’s responsibilities Relating to Fraud in an Audit of FinancialStatements
7SA 250Consideration of Laws and Regulations in An Audit of Financial Statements
8SA 260Communication with Those Charged with Governance (Revised)
9SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10SA 299Joint Audit of Financial Statements (Revised)
11SA 300Planning an Audit of Financial Statements
12SA 315Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13SA 320Materiality in Planning and Performing an Audit
14SA 330The Auditor’s Responses to Assessed Risks
15SA 402Audit Considerations Relating to an Entity Using a Service Organization
16SA 450Evaluation of Misstatements Identified during the Audits
17SA 500Audit Evidence
18SA 501Audit Evidence – Specific Considerations for Selected Items
19SA 505External Confirmations
20SA 510Initial Audit Engagements-Opening Balances
21SA 520Analytical Procedures
22SA 530Audit Sampling
23SA 540Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
24SA 550Related Parties
25SA 560Subsequent Events
26SA 570Going Concern (Revised)
27SA 580Written Representations
28SA 600Using the Work of Another Auditor
29SA 610Using the Work of Internal Auditors (Revised)
30SA 620Using the Work of an Auditor’s Expert
31SA 700Forming an Opinion and Reporting on Financial Statements (Revised)
32SA 701Communicating Key Audit Matters in the Independent Auditor’s Report (New)
33SA 705Modifications to the Opinion in the Independent Auditor’s Report (Revised)
34SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in theIndependent Auditor’s Report (Revised)
35SA 710Comparative Information – Corresponding Figures and Comparative Financial Statements
36SA 720The Auditor’s Responsibility in Relation to Other Information (Revised)
  1. List of applicable Guidance Notes and other publications:
    1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
    2. Guidance Note on Audit of Banks.
    3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination

  1. Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, 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, 2020 will be applicable for May, 2021 Examination. It may be noted that the significant notifications and circulars issued which are not covered in the Study Material, would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.
  2. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is applicable for  May 2021 Examination
  3. Companies (Auditor’s Report) Order, 2020 is applicable for May, 2021 Examination.
  4. Audit provision under GST Laws are applicable for May 2021 Examination.
  5. Revised Statement on Peer Review is applicable for May 2021 Examination.
  6. Revised Chapter on Professional Ethics based on Code of Ethics 2020 is applicable for May 2021 Examination.

B- List of topic-wise exclusions from the syllabus :

I Chapter 17 : Special Audit Assignment topic has been excluded.

  1. Following Engagement and Quality Control Standards excluded:
(1)(2)(3)
S.NoTopics of the syllabusExclusions
1SA 800Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
2SA 805Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
3SA 810Engagements to Report on Summary Financial Statements
4SRE 2400Engagements to Review Historical Financial Statements (Revised)
5SRE 2410Review of Interim Financial Information Performed by the Independent Auditor of the Entity
6SAE 3400The Examination of Prospective Financial Information
7SAE 3402Assurance Reports on Controls At a Service Organisation
8SAE 3420Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus (New)
9SRS 4400Engagements to Perform Agreed Upon Procedures Regarding Financial Information
10SRS 4410Compilations Engagements (Revised)
  1. Following Guidance Notes and other publications are excluded:
    1. Code of Ethics publication is excluded whereas Chapter 22 on Professional Ethics is in syllabus
    2. Guidance Note on Independence of Auditors.
    3. Guidance Note on Audit of Inventories.
    4. Guidance Note on Audit of Debtors, Loans and Advances.
    5. Guidance Note on Audit of Investments.
    6. Guidance Note on Audit of Cash and Bank Balances.
    7. Guidance Note on Audit of Liabilities.
    8. Guidance Note on Audit of Revenue.
    9. Guidance Note on Audit of Expenses.
    10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
    11. Guidance Note on Audit of Payment of Dividend.
    12. Guidance Note on Audit of Capital and Reserves.
    13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
    14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 21

Applicability of the following Amendments/Circulars/Notifications:

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Allied Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31st October, 2020, are applicable for May 2021 examination.

Applicability of Insolvency and Bankruptcy Code, 2016

“Overview of the Insolvency and Bankruptcy Code, 2016” for 10 Marks have been made applicable covering Knowledge

and application of the following –

  1. Important Definitions
  2. Corporate Insolvency Resolution Process, and
  3. Liquidation Process

With the inclusion of the Insolvency and Bankruptcy Code, 2016, marks allocation will be as under:

Company Law- 60 Marks

Insolvency and Bankruptcy Code, 2016- 10 Marks Allied Laws- 30 Marks

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 22
(1)(2)(3)(4)
S. No. in the syllabusChapters/ Topics of the syllabusInclusions (Provisions which are included from thecorresponding chapterof the syllabus)Exclusions(Provisions which are excluded from the corresponding chapter of the syllabus)
Section A- Company Law [60 Marks]Chapter 1:Declaration and payment of DividendThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 2:Accounts and auditThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 3:Appointment and Qualifications of DirectorsThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 4:Appointment and remuneration of Managerial PersonnelThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 5:Meetings of Board and its powersThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 6:Inspection, Inquiry and InvestigationThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 7:Compromises, Arrangements andThe entire content included in the Revised June  2018  edition  of theStudy   Material   and   theExcept the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rulesof the Companies Act, 2013 are excluded.
AmalgamationsLegislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.
Section A- Company Law [60 Marks]Chapter 8:Prevention  of Oppression and MismanagementThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 10:Winding upSections related to winding up by Tribunal (from sections 271-303); andSections applicable to every mode of winding up (from    sections   324-336and   344-347   and   352-358) , and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant for the said examinations.
Remaining provisions other than given in column (3), are excluded.
Section A- Company Law [60 Marks]Chapter 11:Producer CompaniesEntire topic is excluded
Section A- Company Law [60 Marks]Chapter 12:Companies Incorporated outside IndiaThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 13:Offences and PenaltiesThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 14: E- GovernanceThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 15:National Company Law Tribunal and Appellate TribunalThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Provisions dealing with constitution of NCLT/NCLAT and qualification of chairman and NCLT/NCLAT members, their salary, allowances etc. (i.e. section 408-419) are excluded.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 16:Special CourtsThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Compounding of offences i.e. section 441 is excluded.Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 17:Miscellaneous ProvisionsThe entire content included in the Revised June  2018  edition  of theStudy   Material   and   the1. Sections 366 to 378, 396 to 404, 405,448,    449,    451-454,    456-470 areexcluded.
Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.2. Except the Relevant rules covered in the Revised June 2018 edition of the Study Material and given in RTP for May 2021, all other Rules of the Companies Act, 2013 are excluded.
Section A- Company Law [60 Marks]Chapter 18:Corporate Secretarial Practice– Drafting of Resolution, Minutes,  Notices and ReportsThe entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.
Section A-Overview onChapter 19:Insolvency andThe entire content included in the RevisedFollowing Provisions are excluded and shall not be applicable for May 2021 Examination-
the InsolvencyBankruptcy CodeJune 2018 edition of theSections 3(14), 3(22), 3(24)- 3(26), 3(28),
andcoveringStudy Material and the3(29), 3(32), 3(36), 3(37), 5(2), 5(3), 5(13),
BankruptcyCode, 2016importantDefinitions,Legislative amendmentsgiven in the RTP for May5(19) and section 60 onwards.
[10 Marks]Corporate InsolvencyResolution2021 (to be hosted on the website) examinations,shall  only  be  relevant forRespective Rules of the Code are excluded from the study material.
process andthe said examinations.
Liquidation
Process
Section B- Allied Laws [30 Marks]Chapter 20:SEBI  Act, 1992and the SEBI (ICDR)Regulations, 2009The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Following provisions of the SEBI Act, are entirely excluded –Sections 2(1)(b), 2(1)(c), 2(1)(d),2(1)(da),  2(1)(f),  2(1)(fa),  2(1)(g),  9,10, 19, 21, 28B, 33, 35SEBI (ICDR) Regulations is excluded
Section B- Allied Laws [30 Marks]Chapter 21: Securities Contracts (Regulation) Act, 1956The entire content included in the Revised June 2018 edition of the Study Material and the Legislative    amendmentsgiven in the RTP for MayThe Securities Contracts (Regulation) Rules, 1957 are entirely excluded.
2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.
Section B- Allied Laws [30 Marks]Chapter 22: The Foreign Exchange Management Act, 1999 and the significant FEMRegulationsThe FEMA, 1999 along with the following Rules/Regulations-Fem (Permissible Capital Account Transactions) Regulations, 2000Fem (Current Account Transactions) Rules, 2000FEM (Export of Goods & Services) Regulations, 2015Overseas Direct InvestmentImport of Goods and ServicesExternal Commercial Borrowing PolicyAll other FEM (Regulations)/ Rules are entirely excluded.
Section B- Allied Laws [30 Marks]Chapter 23: The Competition Act, 2002The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations, shall only be relevant forthe said examinations.Following Sections 23, 24, 25, 34, 37, 40 are excluded.
Section B- Allied Laws [30 Marks]Chapter 24:Overview of Banking Regulations Act, 1949,Insurance Act, 1938, IRDA,1999 and the SARFAESI Act, 2002Content of the chapter of the Study Material is covering an overview of the Act with the broad coverage (not in entirety) of the following sections-Under the Banking Regulation    Act,   1949:Sections 6, 8, 9, 17, 20, 29,30,  35,  35A,  35B, 35AA,






Under the Banking Regulation Act, 1949All other provisions except given in column (3) are excluded
35AB, 36, 36AA, 36AB,





Insurance Act, 1938All other provisions except given in column (3) are excluded




IRDA, 1999All other provisions except given in column (3) are excluded

SARFAESI Act, 2002Remaining provisions i.e. section 20 and onwards are excluded
36AE, 36AF, 36AG, 36AH,
36AI, 36AJ.
Insurance Act, 1938:
Sections 2(1), 2(1A), 2(2),
2(4A)2(5B), 2(6), 2(6B),
2(6C), 2(7), 2(7A), 2(9),
2(10), 2(10A), 2(11),
2(16B), 2(CB), 6, 6A,
13,14, 15, 27, 29, 30, 32D,
33, 40, 42, 42A, 45, 48A,
52, 64, 64UM, 64V, 64VA.
IRDA, 1999: Sections 2(a),
2(b), 2(c), 2(d), 2(e), 2(f),
2(g), 3-12, 13, 14, 15-17,
18-32.
SARFAESI Act, 2002:
Relevant definitions
covered in the Study
Material
Management of asset by
the bank and the financial
institutions
The entire content
included in the Revised
June 2018 edition of the
Study Material and the
Legislative amendments
given in the RTP for May
2021 (to be hosted on the
website) examinations,
shall only be relevant for
the said examinations.
Section B- Allied Laws [30 Marks]Chapter 25: The Prevention of Money Laundering Act, 2002The entire content included in the Revised June 2018 edition of the Study Material and the Legislative amendments given in the RTP for May 2021 (to be hosted on the website) examinations,Following are the provisions that are excluded: Section related to definitions under 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja),(k), (m), (o), (q), (r), (rc), (s), (sa), (sb), (sc), (t),(va), (z), (zb) & (2).
Sections 6(3) – 6(14)- Adjudicating authorities, composition, powers, etc.
shall only be relevant for the said examinations.Section 7- Staff of Adjudicating Authorities Sections 10- 11 Management of properties confiscated   under   this   Chapter   &   Powerregarding summons, production of  documentsand evidence, etc.
Sections 16- 24- Powers related to search, and seizure etc.
35(3)- 35(5)- Powers of the Appellant Tribunal
Sections 37- Power of Chairman to transfer cases
Sections 39- 40- Right of appellant to take assistance of authorized representative and of Government to appoint presenting officers &Members, etc., to be public servants.
Sections 46(2)- (3) – Application of Code of Criminal Procedure, 1973 to proceedings before Special Court.
Sections 49 to 54- Provisions related to the Powers of appointment of authorities and other officers, jurisdiction, inquiry etc.
Sections 58A- Special Court to release the property
Section 59 –Reciprocal arrangements
Section 67-68- Bar of suits and notice
Sections 73- 75- Powers related to making of rules and to remove difficulties
Section B- Allied Laws [30 Marks]Chapter 26: Interpretation of statutes, deeds and documentsContent of this chapter of the Study Material covers the significant rules and principles of interpretation in a broad manner. Thus, the content of the chapter as included in the study material may be taken intoconsideration.

Notes:

  1. In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (2) the related exclusion is given in column (4). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  2. June 2018 edition of the Study Material is relevant for May 2021 examinations. The amendments which are not covered in the study material will be uploaded on the BoS Knowledge Portal and will also be included in RTP relevant for May 2021 Examination.
  3. Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the June 2018 edition of the Study Material and the Legislative amendments for May 2021 examinations shall be relevant for the said examinations.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 23

Applicability of Finance Act, Assessment Year etc. for November, 2020 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2020 including significant notifications, circulars and press releases issued up to 31st October, 2020, are applicable for May, 2021 examination. The relevant assessment year is A.Y.2021-22.

The amendments made by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 are also relevant for May, 2021 examination. However, certain provisions which provide for extension of time for making investment or filing return etc. owing to COVID-19 pandemic are not applicable for the examination. Further, the amendments in section 10(23C), the provisions of new section 12AB and consequential amendments in section 11, 12A, 12AA, 35, 56(2), 80G, 115BBDA, 115TD and 253, effected by the Finance Act, 2020, in respect of which the effective date has later been deferred to 1.4.2021 by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, are not applicable for May, 2021 and November, 2021 examination.

Students may refer to the November, 2020 edition of the Study Material, which contains the provisions of direct tax laws relevant for May, 2021 examination.

Note – The November, 2020 edition of the Study Material for Final (New) Paper 7 is also relevant for May, 2021 Final (Old) Paper 7: Direct Tax Laws, with the exception of chapters 6 to 8 in Module 4 of the Study Material. Thus, all Chapters in Modules 1, 2 and 3 and Chapters 1 to 5 in Module 4 of the November, 2020 edition of the Study Material of Final (New) Paper 7 is relevant for Final (Old) Paper 7 Direct Tax Laws also.
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 24

The following are applicable for May 2021 examination:

  1. The provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2020 and Finance (No.

2) Act, 2019, which have become effective up to 31st October, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2020.

  1. The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance Act, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2020.

The Study Guidelines given below specify the exclusions from the syllabus for May 2021 examination.Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 25

(1)(2)(3)
S. No. in the syllabusTopics of the syllabusExclusions(Provisions which are excluded from the corresponding topic of the syllabus)
Part-I: Goods and Services Tax
1(ii)Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse charge; Exemptionfrom tax; Composition levyRate of tax prescribed for supply of goods*Rate of tax prescribed for supply of services*Exemptions for supply of goodsCategories of supply of goods, tax on which is payable on reverse charge basis
1(iv)Time and Value of supplyValue of supply in cases where Kerala Flood Cess is applicable.
1(v)Input tax creditManner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projectsManner of reversal of credit of additional duty of customs in respect of Gold dore bar
1(vii)Procedures under GST including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job workFurnishing of GSTR-2, GSTR-1A and GSTR-3Matching, reversal & reclaim of input tax creditMatching, reversal & reclaim of reduction in output tax liability
1(xv)Other provisionsTransitional Provisions
Part-II: Customs & FTP
1.(v)Officers of Customs; Appointment of customs ports, airports etc.Completely excluded
1.(vii)Provisions relating to coastal goods and vessels carrying coastal goods
1.(viii)Warehousing
1.(x)Demand and Recovery
1.(xi)Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods
1.(xii)Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution
1.(xiii)Appeals and Revision; Advance Rulings; Settlement Commission
1.(xiv)Other provisions

*Rates specified for computing the tax payable under composition levy are included in the syllabus. Notes:

  1. Applicability of the Finance Act, 2020: The amendments made by the Finance Act, 2020 in the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] which have become effective till 31.10.2020 are applicable for May 2021 examinations. However, select amendments made by the Finance Act, 2020 namely, amendments made in sections 10, 16, 29, 30, 31, 51, 122 and 132 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.
  2. Applicability of the Finance (No. 2) Act, 2019: All the amendments made the Finance (No. 2) Act, 2019 are applicable for May 2021 examinations except the amendment made in sections 2(4), 39, 95, 102, 103, 104, 105 and 106 of the CGST Act, 2017 and the insertion of new sections 101A, 101B & 101C in the CGST Act, 2017 (which have not become effective till 31.10.2020). Further, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No. 2) Act, 2019 is not applicable for May, 2021 examinations.
  3. In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded.
  4. November 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The entire content included in the November 2020 edition of the Study Material (except the exclusions mentioned herein) shall be relevant for May 2021 examinations.


Official Link of Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination notification can be accessed from below –

New Syllabus – https://icai.org/resource/62713bos50705.pdf

Old Syllabus – https://icai.org/resource/62714bos50706.pdf

That’s all for now. Stay Connected for more such authentic updates.

Jai Hind, Vande Mataram
Team CA Study

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 - Final Examination 26

error: Right Click & Content Copy is Disabled!!
Need Help?
Powered by CA Study
Need Support? Help is Just a Click Away.