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Please find the text of the CA Inter Amendments for Nov 2022 Examination notification below –
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CA Inter Amendments for Nov 2022 Examination
| Board of Studies The Institute of Chartered Accountants of India 25th July 2022 |
| Announcement Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2022 Examination |
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2022 Examination
Intermediate Level (New Course)
Paper 1: Accounting 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
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Paper 2: Corporate & Other Laws Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2022 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 30th April, 2022 will be applicable for November, 2022 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.
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 30th April 2022 are applicable for November 2022 examination.
Inclusions /Exclusions from the syllabus
| (1) | (2) | (3) |
| Chapters/ Topics of the syllabus | Inclusions (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 to 148) | The entire content included in the September 2021 edition of the Study Material is applicable. Also, the Legislative amendments to be hosted on the website for November 2022 examinations, shall also be relevant for the said examinations. | (i) Sections 24, 30, 33, 38 & 41 [from chapter 3- Prospectus and Allotment of Securities] (ii) 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] |
| Part II: Other Laws | ||
| 1. The Indian Contract Act, 1872 (Specific contracts from section 123 onwards) | The entire content included in the September 2021 edition of the Study Material is applicable. | -. |
| 2.The Negotiable Instruments Act, 1881 | The entire content included in the September 2021 edition of the Study Material is applicable. | – |
| 3.The General Clauses Act, 1897 | The entire content included in the September 2021 edition of the Study Material is applicable. | – |
| 4. Interpretation of Statutes | Content of this chapter of the Study Material since covers the significant rules and principles of interpretation in a broad manner. Therefore, the content of the chapter as included in the September 2021 edition of the study material shall form the base for November 2022 examination. | – |
Note: September 2021 edition of the Study Material is relevant for November 2022 examinations. The amendments made after the issuance of this Study Material for the period of 1 st May 2021 to 30th April 2022? are also relevant for November 2022 examinations. The Relevant Legislative amendments available on the BoS Knowledge Portal.
Section A: Income-tax Law
The provisions of income-tax law, as amended by the Finance Act, 2021, including significant circulars, notifications, press releases issued and legislative amendments made upto 30th April, 2022, are applicable for November, 2022 examination. The relevant assessment year for income-tax is A.Y. 2022-23.
Note ? The June, 2021 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2021, is relevant for November, 2022 examination. The said Study Material is available at https://www.icai.org/post.html?post_id=17656. The Study Material has to be read along with the Statutory Update for November, 2022 examination, webhosted at the BoS Knowledge Portal. The initial pages of the Study Material available at https://resource.cdn.icai.org/65958bos53217mod1ip.pdf contains the Study Guidelines which specifies the list of topic-wise exclusions from the scope of syllabus.
Section B: Indirect Taxes
Applicability of the GST law
The provisions of the CGST Act, 2017 and the IGST Act, 2017 as amended by the Finance Act, 2021, including significant notifications and circulars issued and other legislative amendments made, up to 30th April, 2022, are applicable for November 2022 examination.
The Study Guidelines given below specify the exclusions from the syllabus for November 2022 examination.
| (1) | (2) | (3) |
| S.No. in the syllabus | Topics of the syllabus | Exclusions (Provisions which are excluded from the corresponding topic of the syllabus) |
| 2(ii)(c) | Charge of tax including reverse charge | CGST Act, 2017 Rate 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, 2017 Rate 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 waters Special provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services |
| 2(ii)(d) | Exemption from tax | CGST Act, 2017 & IGST Act, 2017 Exemptions for supply of goods |
| 2(iii) | Basic concepts of time and value of supply | CGST Act, 2017 & CGST Rules, 2017 Provisions 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 credit | CGST Act, 2017 read with CGST Rules, 2017 Manner of determination of input tax credit in respect of inputs or input services and reversal thereof [Rule 42]Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases [Rule 43] |
| Input 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 reversal of credit of additional duty of customs in respect of Gold dore bar | ||
| 2(viii) | Returns | CGST Act, 2017 read with CGST Rules, 2017 Furnishing 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 tax | CGST Act, 2017 Tax deduction at sourceCollection of tax at source |
*Rates specified for computing the tax payable under composition levy are included in the syllabus. Notes:
- 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.
- 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
- 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.
- August 2021 edition of the Study Material is relevant for November 2022 examinations. The amendments in the GST law made after the issuance of this Study Material – to the extent covered in the Statutory Update for November 2022 examination alone shall be relevant for the said examination. The Statutory Update shall be hosted on the BoS Knowledge Portal.
Though the Statutory Update for November 2022 examination shall provide the precise scope and coverage of the amendments, for the sake of clarity, it may be noted that the amendments made in the various provisions of the GST law for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) shall not be applicable for November 2022 examinations.
- The entire content included in the August 2021 edition of the Study Material (except the exclusions mentioned herein) and the Statutory Update for November 2022 examination shall be relevant for the said examination.
Paper 5: Advanced Accounting 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 November, 2022 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 30 th April, 2022 will be applicable for November, 2022 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.
List of topic-wise inclusion in the syllabus
I. List of applicable Engagements and Quality Control Standards on Auditing
| S.No | SA | Title of Standard on Auditing |
| 1 | SQC 1 | Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements |
| 2 | SA 200 | Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing |
| 3 | SA 210 | Agreeing the Terms of Audit Engagements |
| 4 | SA 220 | Quality Control for Audit of Financial Statements |
| 5 | SA 230 | Audit Documentation |
| 6 | SA 240 | The Auditor?s responsibilities Relating to Fraud in an Audit of Financial Statements |
| 7 | SA 250 | Consideration of Laws and Regulations in An Audit of Financial Statements |
| 8 | SA 299 | Joint Audit of Financial Statements(Revised) |
| 9 | SA 300 | Planning an Audit of Financial Statements |
| 10 | SA 315 | Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment |
| 11 | SA 320 | Materiality in Planning and Performing an Audit |
| 12 | SA 500 | Audit Evidence |
| 13 | SA 501 | Audit Evidence – Specific Considerations for Selected Items |
| 14 | SA 505 | External Confirmations |
| 15 | SA 510 | Initial Audit Engagements-Opening Balances |
| 16 | SA 520 | Analytical Procedures |
| 17 | SA 530 | Audit Sampling |
| 18 | SA 550 | Related Parties |
| 19 | SA 560 | Subsequent Events |
| 20 | SA 570 | Going Concern (Revised) |
| 21 | SA 580 | Written Representations |
| 22 | SA 610 | Using the Work of Internal Auditors (Revised) |
| 23 | SA 700 | Forming an Opinion and Reporting on Financial Statements(Revised) |
| 24 | SA 701 | Communicating Key Audit Matters in the Independent Auditor?s Report (New) |
| 25 | SA 705 | Modifications to the Opinion in the Independent Auditor?s Report (Revised) |
| 26 | SA 706 | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor?s Report (Revised) |
| 27 | SA 710 | Comparative Information ? Corresponding Figures and Comparative Financial Statements |
II Applicability of the Companies Act, 2013 and other Legislative Amendments
- The September, 2021 Edition of the Study Material on Intermediate Paper 6: Auditing and Assurance [comprising of 2 Modules ? Modules 1 ? 2] is relevant for November, 2022 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 November, 2022 examination, significant notifications and circulars issued upto 30th April, 2022 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 30th April, 2022 will be applicable for November, 2022 Examination. It may be noted
that the significant notifications and circulars issued up to 30th April, 2022, which are not covered in the September, 2021 Edition of the Study Material, would be given as Academic Update in the Revision Test Paper for November, 2022 Examination.
NOTE:
Applicability of the Amendments to Schedule III to the Companies Act, 2013
The Central Government made certain amendments in Schedule I II to the Companies Act, 2013 (vide Notification dated 24th March, 2021), with effect from 1st day of April, 2021.These amendments to Schedule III are applicable for November, 2022 Examination.
- Companies (Auditor?s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for November, 2022 Examination.
List of topic-wise exclusion in the syllabus
- Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013) excluded.
- Following Engagements and Quality Control Standards on Auditing excluded:
| (1) | (2) | (3) |
| S. No | SA | Exclusions |
| 1 | SA 260 | Communication with Those Charged with Governance (Revised) |
| 2 | SA 265 | Communicating Deficiencies in Internal Control to Those Charged with Governance and Management |
| 3 | SA 330 | The Auditor?s Responses to Assessed Risks |
| 4 | SA 402 | Audit Considerations Relating to an Entity Using a Service Organization |
| 5 | SA 450 | Evaluation of Misstatements Identified during the Audits |
| 6 | SA 540 | Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
| 7 | SA 600 | Using the Work of Another Auditor |
| 8 | SA 620 | Using the Work of an Auditor?s Expert |
| 9 | SA 720 | The Auditor?s Responsibilities Relating to Other Information |
- Following Guidance Notes are excluded:
- Guidance Note on Audit of Inventories.
- Guidance Note on Audit of Debtors, Loans and Advances.
- Guidance Note on Audit of Investments.
- Guidance Note on Audit of Cash and Bank Balances.
- Guidance Note on Audit of Liabilities.
- Guidance Note on Audit of Revenue.
- Guidance Note on Audit of Expenses.
- Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
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Official Link of CA Inter Amendments for Nov 2022 Examination below –
https://resource.cdn.icai.org/71041bos57069.pdf
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