CA Intermediate Amendments for Nov 2022 Examination

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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.

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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: 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, 1881The entire content included in the September 2021 edition of the Study Material is applicable.
3.The General Clauses Act, 1897The entire content included in the September 2021 edition of the Study Material is applicable.
4. Interpretation of StatutesContent 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.

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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 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, 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 taxCGST Act, 2017 & IGST Act, 2017 Exemptions for supply of goods
2(iii)Basic concepts of time and value of supplyCGST 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 creditCGST 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)ReturnsCGST 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 taxCGST 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.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 Financial Statements
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 the Independent Auditor’s Report (Revised)
27SA 710Comparative 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

  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:
    • 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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CA Intermediate Amendments for Nov 2022 Examination 1

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