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Suresh Prasad

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Amendments and Publications for CA Final Examination November-2012


As ICAI examinations are more practical, all students must have to go through the relevant amendments which the CA Institute has published from time to time. Therefore, all students must be aware of the Institutes Pronouncements, Publications and other notifications for the coming exam to be held in May and November every year. If you analyse/ evaluate the pattern of even the last 3-5 attempt Question Papers then you come to know that the institute has given more stress on their Study Materials, Practice Manuals and Revision Test Papers (RTP) and therefore all the materials provided by CA Institute are more than enough for scoring good marks in your coming examination. Never go for selective study as because ICAI is evaluating their students by asking questions from each and every topic of the syllabus. Try to avoid unnecessary and irrelevant answers and write to the point as the level of knowledge of a CA Final student should be Expert Knowledge and not working Knowledge. However, ICAI has announced that the following relevant amendments and topics are most important for every student who will appear for their CA Final November, 2012 Examination.

Paper 1 Financial Reporting:


1) Indian Accounting Standards converged with the IFRS (Known as Ind AS): NOT applicable. 2) AS 1-29 and all 15 Guidance Notes: Fully Applicable. 3) Amendment to Para 46 of AS 11 of the Companies (Accounting Standards) Rules, 2006: The MCA has extended the option for the enterprises to capitalize the exchange differences arising on reporting of long term foreign currency monetary items till 31st March 2020 instead of 31st March 2012. 4) Insertion of para 46A in Accounting Standard 11 of the Companies (Accounting Standards) Rules, 2006. 5) AS 30-32: Simple practical problems (since separate chapter No. 6 Financial Instruments in VolII ). 6) ASI 2 and 11(withdrawn), ASI 12, 23, 27 and 29(withdrawn and issued as Guidance Notes), and remaining ASI merged as explanations in relevant AS. 7) Study Material (Volume I and II) and Practice Manual (Volume III) issued in January, 2012. 8) Revision Test Paper (RTP) for Nov, 2012 which will cover all official Announcements and Notifications (in relation to syllabus) issued till 30th April, 2012. 9) Revised Schedule VI to the Companies Act, 1956. 10) Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs.

Paper 3 Advanced Auditing and Professional Ethics


1) Statement on Reporting under Section 227 (1A) of the Companies Act, 1956. 2) Companies (Auditors Report) Order, 2003 (2005 Edition). 3) All 44 Standards on Auditing (SQC/SA/SRS/SRE/SAE)

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Suresh Prasad

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4) Total 21 Guidance Note. 5) Study Material (Volume I and II) and Practice Manual (Volume III) issued in January, 2012. Note: Guidance Note on Audit under section 44 AB of the Income-tax Act, 1961 (2005 edition) along-with the supplementary guidance note (excluding the portion relating to Fringe Benefit Tax Provisions) published in September, 2006.

Paper 4 Corporate and Allied Laws


1) Following will not be Applicable: a) The Companies Bill, 2011 b) Provisions relating to Revival and Rehabilitation of Sick-Industrial Companies. 2) Revised Schedule VI to the Companies Act, 1956. 2) As Companies (Second Amendment) Act, 2002 has not come into force till date, questions should be asked only from the General Provisions of winding up (Paragraph 9.4 of the study material). 3) SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012 issued vide Notification No. LAD-NRO/GN/2011-12/34/2499 dated 30th January, 2012. 4) SEBI ICDR (Second Amendment) Regulations, 2012 issued vide Notification No. LADNRO/GN/2011-12/35/3186 dated 7th February, 2012.

Paper 7 Direct Tax Laws


1) Direct Tax Laws (A.Y.2012-13), as amended by the Finance Act, 2011. 2) The Study Material and Practice Manual (Volume III) for Paper 7. 3) Supplementary Study Paper 2011. 4) Significant notifications/ circulars/other legislations up to 30.6.2011. 5) Select cases in Direct and Indirect Tax Laws (2011). 6) Revision Test Paper (RTP) for Nov, 2012 examination which will cover the significant amendments made by circulars/notifications issued between 1.7.2011 and 30.4.2012.

Paper 8 Indirect Tax Laws


1) Indirect Tax Laws, as amended by the Finance Act, 2011. 2) The Study Material and Practice Manual for Paper 8. 3) Point of Taxation Rules, 2011 as covered in the Study Material will apply for November, 2012 examinations. 4) The significant amendments made by notifications and circulars issued between 1.5.2010 and 30.6.2011 i.e. Supplementary Study Paper 2011. 5) The significant amendments made by circulars/notifications issued between 1.7.2011 and 30.4.2012 would be given in the RTP for November, 2012 examination. The following 32 taxable services would be applicable: 1) Intellectual Property Services: http://www.aubsp.com/2011/12/amendments-for-ca-final-examination-may.html

Suresh Prasad i) Franchise services. ii) Intellectual property services. 2) Financial services: iii) Banking and other financial services. iv) Credit Rating agencys services. v) Stock broking services. 3) Transport of goods services: vi) Goods transport agencys services. vii) Courier services. viii) Mailing list compilation and mailing services. ix) Transport of goods by air services. x) Clearing and forwarding agents services. xi) Cargo handling services. xii) Custom house agents services. xiii) Storage and warehousing services. xiv) Transport of goods through pipeline or other conduit. xv) Transport of goods by rail services. 4) Professional Services: xvi) Practising Chartered Accountants services. xvii) Management or business consultants services. xviii) Technical testing and analysis services. xix) Market research agencys services. xx) Legal consultancy services. xxi) Public relations services.

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5) Real estate and infrastructure services: xxii) Construction in respect of commercial or industrial buildings or civil structures. xxiii) Construction services in respect of residential complexes. xxiv) Architects services. xxv) Real estate agents services. xxvi) Site preparation and clearance, excavation, earthmoving and demolition services. xxvii) Interior decorators services. xxviii) Renting of immovable property services. 6) Business services: xxix) Business auxiliary services. xxx) Business support services. xxxi) Manpower recruitment agents services. xxxii) Management, maintenance or repair services.

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Suresh Prasad

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