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

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 1
ca study shop
ca study shop
ca study shop
ca study shop
ca study shop

CA Study

Hello Everyone,

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

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate 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

Intermediate Level (New Course)Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 2

List of Applicable Accounting Standards

AS  1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories

AS 3 : Cash Flow Statements

AS 10 : Property, Plant and Equipment

AS 11 : The Effects of Changes in Foreign Exchange Rates AS 12 : Accounting for Government Grants

AS 13 : Accounting for Investments AS 16 : Borrowing Costs

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

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 31st October, 2020 will be applicable for May, 2021 Examination.

Non-Applicability of Ind AS

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 do  not form  part of the syllabus and hence are not applicable.

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

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 Other 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-Intermediate Examination 4
(1)(2)(3)
Chapters/ Topics of the syllabusInclusions(Provisions which are included from the corresponding chapter/topic of the syllabus)Exclusions(Provisions which are excluded from the corresponding chapter/ topic of the syllabus)
Part I: Company Law
Companies Act, 2013(Sections 1 to148)The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.(i) Sections 24, 30, 33, 38 & 41 [from chapter 3- Prospectus and Allotment of Securities]Sections 44, 45, 60, 65 & 72 [from chapter 4- Share capital and Debentures]Section 75 [from chapter 5- Acceptance of deposits by companies]Section 81 & 85 [from chapter 6- Registration of Charges]
Also, except the Relevant rules as covered in the October 2020 edition of the Study Material, all other Rules of the Companies Act, 2013 are excluded.
Part II: Other Laws
1. The Indian Contract Act, 1872 (Specific contracts from section 123 onwards)Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.Questions that involve the reference or questions entirely based on Sections 1 to 122 of the Indian Contract Act, 1872, may be avoided.
2. TheNegotiable Instruments Act, 1881Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.
3. TheGeneral Clauses Act, 1897Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.
4.Interpretation of StatutesContent 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 into consideration.

Note: October 2020 edition of the Study Material is relevant for May 2021 examinations.

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

Section A: Income-tax Law

The provisions of income-tax law, as amended by the Finance Act, 2020, including significant circulars, notifications, press releases issued and legislative amendments made upto 31st October, 2020, are applicable for May, 2021 examination. The relevant assessment year for income-tax is A.Y. 2021-22.

Note – The October, 2020 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2020, is relevant for May, 2021 examination. The said Study Material is available at https://www.icai.org/post.html?post_id=16945. The initial pages of the Study Material available at https://resource.cdn.icai.org/61995bos50392ipmod1.pdf contains the Study Guidelines which specifies the list of topic-wise exclusions from the scope of syllabus. .Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 6

For May 2021 examination, 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, are applicable.

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-Intermediate Examination 7

(1)(2)(3)
S.No. in the syllabusTopics of the syllabusExclusions(Provisions which are excluded from the corresponding topic of the syllabus)
2(ii)(c)Charge of tax including reverse chargeCGST Act, 2017Rate of tax prescribed for supply of goods*Rate of tax prescribed for supply of services*Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3)IGST Act, 2017Rate of tax prescribed for supply of goodsRate of tax prescribed for supply of servicesCategories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)
Determination of nature of supply – Inter-State supply;Intra-State supply; Supplies in territorial watersSpecial provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services
2(ii)(d)Exemption from taxCGST Act, 2017 & IGST Act, 2017Exemptions for supply of goods
2(iii)Basic concepts of time and value of supplyCGST Act, 2017 & CGST Rules, 2017Provisions relating to change in rate of tax in respect of supply of goods or servicesChapter IV: Determination of Value of Supply [Rules 27-35] of CGST Rules, 2017
2(iv)Input tax creditCGST Act, 2017 read with CGST Rules, 2017Input tax credit provisions in respect of inputs and capital goods sent for job workInput tax credit provisions relating to distribution of credit by Input Service Distributor [ISD]Manner of recovery of credit distributed in excessManner 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
2(viii)ReturnsCGST Act, 2017 read with CGST Rules, 2017Furnishing of GSTR-2, GSTR-1A, GSTR-3Matching, reversal & reclaim of input tax creditMatching, reversal & reclaim of reduction in output tax liability
2(ix)Payment of taxCGST Act, 2017Tax deduction at sourceCollection of tax at source

*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, to the extent included in the syllabus read with the Study Guidelines, are applicable for May 2021 examinations.

However, select amendments made by the Finance Act, 2020 – to the extent included in the syllabus read with the Study Guidelines – in sections 10, 16, 29, 30 and 31 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.

  1. Applicability of the Finance (No. 2) Act, 2019: All amendments made by the Finance (No. 2) Act, 2019 – to the extent included in the syllabus read with the Study Guidelines – are applicable for May 2021

examinations except the amendment in section 39 (which has 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.

  1. The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.
  2. 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. For example, since provisions relating to ISD and tax collection at source are excluded from the topics “Input tax credit” and “Payment of tax including reverse charge” respectively, the provisions relating to
    1. registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics “Registration” and “Returns” respectively.
  3. October 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the October 2020 edition of the Study Material (except the exclusions mentioned herein) shall alone be relevant for May 2021 examinations.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 8

List of Applicable 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 7 : Construction Contracts

AS 9 : Revenue Recognition

AS 14 : Accounting for Amalgamations AS 17 : Segment Reporting

AS 18 : Related Party Disclosures AS 19 : Leases

AS 20 : Earnings Per Share

AS 22: Accounting for Taxes on Income AS 24 : Discontinuing Operations

AS 26 : Intangible Assets

AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

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

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 31st October, 2020 will be applicable for May, 2021 Examination.

Non-Applicability of Ind AS

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 do not form part of the syllabus and hence are not applicable.
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 9

List of topic-wise inclusion in the syllabus

I. 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 299Joint Audit of Financial Statements(Revised)
9SA 300Planning an Audit of Financial Statements
10SA 315Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
11SA 320Materiality in Planning and Performing an Audit
12SA 500Audit Evidence
13SA 501Audit Evidence – Specific Considerations for Selected Items
14SA 505External Confirmations
15SA 510Initial Audit Engagements-Opening Balances
16SA 520Analytical Procedures
17SA 530Audit Sampling
18SA 550Related Parties
19SA 560Subsequent Events
20SA 570Going Concern (Revised)
21SA 580Written Representations
22SA 610Using the Work of Internal Auditors (Revised)
23SA 700Forming an Opinion and Reporting on Financial Statements(Revised)
24SA 701Communicating Key Audit Matters in the Independent Auditor’s Report(New)
25SA 705Modifications to the Opinion in the Independent Auditor’s Report (Revised)
26SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in theIndependent Auditor’s Report (Revised)
27SA 710Comparative Information – Corresponding Figures and Comparative Financial Statements

II Applicability of the Companies Act, 2013 and other Legislative Amendments

  1. The October 2020 Edition of the Study Material on Intermediate Paper 6: Auditing and Assurance [comprising of 2 Modules – Modules 1 – 2] is relevant for May, 2021 Examinations. This  is an integrated Study Material cum Practice Manual.

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, 2021 examination, significant notifications and circulars issued upto 31st October, 2020 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 30 th April, 2020 will be applicable for November, 2020 Examination. It may be noted that the significant notifications and circulars issued up to 31st October, 2020, which are not covered in the October 2020 Edition of the Study Material, would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.

  1. Companies (Auditor’s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for May 2021 Examination.

List of topic-wise exclusion in the syllabus

  1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013) excluded.
  2. Following Engagements and Quality Control Standards on Auditing excluded:
(1)(2)(3)
S.NoSAExclusions
1SA 260Communication with Those Charged with Governance (Revised)
2SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
3SA 330The Auditor’s Responses to Assessed Risks
4SA 402Audit Considerations Relating to an Entity Using a Service Organization
5SA 450Evaluation of Misstatements Identified during the Audits
6SA 540Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
7SA 600Using the Work of Another Auditor
8SA 620Using the Work of an Auditor’s Expert
9SA 720The Auditor’s Responsibilities Relating to Other Information
  1. Following Guidance Notes are excluded:
    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.
    8. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 10 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 11 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 12 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 13
Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 14 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 15 Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination 16

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

ca study

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 – Intermediate (IPC) Examination

  Paper 1:  Accounting

Accounting Standards

AS1 :Disclosure of Accounting Policies
AS2 :Valuation of Inventories
AS3 :Cash Flow Statements
AS7 :Construction Contracts
AS9 :Revenue Recognition
AS10 :Property, Plant and Equipment
AS13 :Accounting for Investments
AS14 :Accounting for Amalgamations

NOTE:

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

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars /  Rules / Guidelines issued by  Regulating Authorities up to 31st October, 2020  will  be applicable for May, 2021 Examination.

  1. 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, 2021 examination.

  1. Non-Applicability of Ind AS

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 are not applicable for May, 2021 Examination.

  Paper 2: Business Laws, Ethics and  Communication

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 31 st October, 2020, are applicable for May 2021 examination.

Inclusions /Exclusions from the syllabus

(1)(2)(3)
Chapters/ Topics of the syllabusInclusions(Provisions which are included from the corresponding chapter/topic of the syllabus)Exclusions(Provisions which are excluded from the corresponding chapter/ topic of the syllabus)
Part I: Business Law
Chapter 1: The Indian Contract Act, 1872The entire content included in Module 1 of Study Material read with RTP for May 2021, shall only be relevant for the said examinations.
Chapter 2: The Negotiable Instruments Act, 1881Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.
Chapter 3: The Payment of Bonus Act, 1965Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.
Chapter 4: The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.EPF Scheme, EPS Scheme and EDLI Scheme, shall be applicable for the students only to the extent as covered in the *Relevant Publications.
Chapter 5: The Payment of Gratuity Act, 1972Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.
Chapter 6: Companies Act, 2013 (Sections1 to 122)The entire content included in the Supplementary Study Paper (December 2018) read with amendments given in RTP for May 2021, shall only be relevant for the said examinations.(i) Sections 24, 30, 33, 38 & 41 [from chapter 3- Prospectus and Allotment of Securities]Sections 44, 45, 60, 65 & 72 [from chapter 4- Share capital and Debentures]Section 75 [from chapter 5- Acceptance of deposits by companies]Section 81 & 85 [from chapter 6- Registration of Charges]
Also, except the Relevant rules covered in the *Relevant Publications (including RTP for May 2021), all other Rules of the Companies Act, 2013 are excluded.

Note: *Relevant publications for the examinations

PublicationEdition
Study Material (Module 1 & 3)July 2015
“Supplementary Study Paper for May 2019 examination and onwards” for Paper 2: Business Law,Ethics and Communication(Please Note: Module 2 of Study Material- July 2015 edition, has been completely replaced with the‘Chapter 6- The Companies Act, 2013’, as contained in the said Supplementary)(December 2018)

The amendments made after the issuance of the Study material/ Supplementary Study Paper, to the extent covered in the RTP for May 2021, shall also be relevant for the said examinations

  Paper 4: Taxation

Section A: Income-tax

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

The provisions of income-tax law, as amended by the Finance Act, 2020, including significant circulars, notifications, press releases issued and legislative amendments made upto 31st October, 2020, are applicable for May, 2021 examination. The relevant assessment year for income-tax is A.Y. 2021-22.

Note – The October, 2020 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2020, is also relevant for IIPCE (Old) Paper 4A: Income-tax, May, 2021 examination, with the exception of the topic “Tax Collection at Source – Basic Concepts” in Chapter 9 and the topic “Self-assessment” in Chapter 10. The remaining topics in chapters 9 and 10 and the entire content of chapters 1 to 8 of the said Study Material are relevant and applicable for IIPCE (Old) Paper 4A: Income-tax for May, 2021 examination.

The said Study Material is available at https://www.icai.org/post.html?post_id=16945. The initial pages of the Study Material available at https://resource.cdn.icai.org/61995bos50392ipmod1.pdf contains the Study Guidelines which specifies the list of topic-wise exclusions from the scope of syllabus.

Section B: Indirect Taxes

For May 2021 examination, 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, are applicable.

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-Intermediate Examination 17

(1)(2)(3)
S.No. in the syllabusTopics of the syllabusExclusions(Provisions which are excluded from the corresponding topic of the syllabus)
2(ii)(c)Charge of tax including reverse chargeCGST Act, 2017Rate of tax prescribed for supply of goods*Rate of tax prescribed for supply of services*Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3)IGST Act, 2017Rate of tax prescribed for supply of goodsRate of tax prescribed for supply of servicesCategories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)Determination of nature of supply – Inter-State supply;Intra-State supply; Supplies in territorial watersSpecial provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services
2(ii)(d)Exemption from taxCGST Act, 2017 & IGST Act, 2017Exemptions for supply of goods
2(iii)Basic concepts of time and value of supplyCGST Act, 2017 & CGST Rules, 2017Provisions relating to change in rate of tax in respect of supply of goods or servicesChapter IV: Determination of Value of Supply [Rules 27-35] of CGST Rules, 2017
2(iv)Input tax creditCGST Act, 2017 read with CGST Rules, 2017Input tax credit provisions in respect of inputs and capital goods sent for job workInput tax credit provisions relating to distribution of credit by Input Service Distributor [ISD]Manner of recovery of credit distributed in excessManner 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
2(viii)ReturnsCGST Act, 2017 read with CGST Rules, 2017(i) Furnishing of GSTR-2, GSTR-1A, GSTR-3
Matching, reversal & reclaim of input tax creditMatching, reversal & reclaim of reduction in output tax liability
2(ix)Payment of taxCGST Act, 2017Tax deduction at sourceCollection of tax at source

*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, to the extent included in the syllabus read with the Study Guidelines, are applicable for May 2021 examinations.

However, select amendments made by the Finance Act, 2020 – to the extent included in the syllabus read with the Study Guidelines – in sections 10, 16, 29, 30 and 31 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.

  1. Applicability of the Finance (No. 2) Act, 2019: All amendments made by the Finance (No. 2) Act, 2019 – to the extent included in the syllabus read with the Study Guidelines – are applicable for May 2021 examinations except the amendment in section 39 (which has 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.

  1. The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.
  2. 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. For example, since provisions relating to ISD and tax collection at source are excluded from the topics “Input tax credit” and “Payment of tax including reverse charge” respectively, the provisions relating to
    1. registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics “Registration” and “Returns” respectively.
  3. October 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the October 2020 edition of the Study Material (except the exclusions mentioned herein) shall alone be relevant for May 2021 examinations.

  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

AS 12 :  Accounting for Government Grants AS 16 : Borrowing Costs

AS 19 : Leases

AS20 :Earnings Per Share
AS26 :Intangible Assets
AS29 :Provisions, Contingent Liabilities and Contingent Assets.

Note:

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

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars /  Rules / Guidelines issued by  Regulating Authorities up to 31st October, 2020  will  be applicable for May, 2021 Examination.

  1. 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, 2021 examination.

  1. Non-Applicability of Ind AS

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 are not applicable for May, 2021 Examination.

  Paper 6: Auditing and Assurance

I. Standards on Auditing (SAs)

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

II 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 upto 6 months prior to the examination. For instance, for May, 2021 examination, significant notifications and circulars issued upto 31st October, 2020 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, 2020 will be applicable for May, 2021 Examination. It may be noted that the legislative and other amendments applicable for May, 2021 Examination would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.

(iii) Companies (Auditor’s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for May, 2021 Examination.

List of topic-wise exclusion in the syllabus.

  1. Statements

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

  1. 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.
    8. Guidance Note on Reporting under section 143(3) (f) and (h) of the Companies Act, 2013


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

New Syllabus – https://icai.org/resource/62716bos50708.pdf

Old Syllabus – https://icai.org/resource/62717bos50709.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-Intermediate Examination 18

Join Whatsapp Group & Broadcast List by CA Study -

Enter your mobile number & click submit button to join whatsapp group & broadast list by CA Study for receiving free notes, ICAI Notifications & Doubts Clearance in Whatsapp Groups (Separate Group for male & female). Make sure to save 82691-77887 in contacts in order to receive whatsapp broadcast alerts.

  •  

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