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CA Final Applicable Amendments, Standards May 2019
Paper 1: CA Final FR Amendments for May 2019
Special –
CA Final Financial Reporting Important UpdatesCA Final Financial Instruments Summary of Ind AS 32,107,109
I. Framework for the Preparation and Presentation of Financial Statements. II. Accounting Standards Read also – CA Final Accounts Latest Notes, Amendments III. Guidance Notes on Accounting Aspects IV 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, 2018 will be applicable for May, 2019 Examination. In specific, notification issued by the MCA on 28.3.2018 for amendments in certain Ind AS and notification of Ind AS 115 will be applicable for May, 2019 examination.
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 visà-vis International Financial Reporting Standards (IFRSs)” which is Chapter 2 of the Study Material.
However, considering the extensive coverage of the contents covered in this topic, small simple problems involving conceptual issues may be asked in the examination.It may be noted that Accounting Standards will continue to be applicable for May, 2019 examination for all chapters except Chapter 2 as mentioned above and Chapter 6 on ‘Accounting and Reporting of Financial Instruments’ which would be based on Ind AS 32, 107 and 109.Further, for May, 2019 examination, Ind AS 115 is applicable and not Ind AS 11 and Ind AS 18.
Read also – CA Final ISCA Latest Notes, Amendments
Paper 3: Advanced Auditing and Professional Ethics
II.Engagements and Quality Control Standards on Auditing
III. Guidance Notes and other publications
IV Applicability of the Companies Act, 2013:
(i) The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 31st October, 2018. 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 2019 Examination.(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2019 Examination.(iii) Non-Banking Financial Companies Auditor’s Report (Reserve Bank) Directions, 2016 issued by RBI are applicable for May, 2019 Examination.(iv) Audit provision under GST Laws are applicable for May, 2019 Examination.
Paper 4 : Corporate and Allied Laws
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 Allied laws, as amended by concerned authority, including significant notifications and circulars issued up to 31st October, 2018, are applicable for May 2019 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 MarksInsolvency and Bankruptcy Code, 2016- 10Marks Allied Laws- 30 Marks
Non-Applicability of the following Amendments/Circulars/Notifications / chapters of the Study material: Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies. Read also – CA Final Law Latest Notes Amendments
Paper 7 : Direct Tax Laws
Applicability of Finance Act, Assessment Year etc. for May, 2019 Examination Paper 7: Direct Tax Laws The provisions of direct tax laws, as amended by the Finance Act, 2018, including significant notifications and circulars issued up to 31st October, 2018, are applicable for May, 2019 examination. The relevant assessment year is A.Y. 2019- 20. Note – The September 2018 edition of the Study Material for Final (New) Paper 7: Direct Tax Laws and International Taxation is also relevant for Final (Old) Paper 7: Direct Tax Laws, with the exception of Chapters 6, 7 and 8 of Module 4 of the Study Material. In effect, all chapters in Modules 1, 2 and 3 and Chapters 1 to 5 of Module 4 of the Study Material are relevant for Final (Old) Paper 7 for May, 2019 and November, 2019 examinations. The RTP for May, 2019 contains the Statutory Update (Circulars and Notifications). The Judicial Update (Significant Select Case Laws) have been webhosted at the BOS Knowledge Portal at https://resource.cdn.icai.org/53979bosjudicial-070219.pdf
Applicability Paper 8: Indirect Tax Laws
The following are applicable for May, 2019 examination: (i) The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued upto 31st October, 2018. (ii) The provisions of the Customs Act, 1962, as amended by the Finance Act, 2018, including significant notifications and circulars issued up to 31st October, 2018. List of topic-wise exclusions from the syllabus Rates specified for computing the amount payable under composition levy are included in the syllabus. (i) Rate of tax prescribed for supply of goods (ii) Rate of tax prescribed for supply of services* (ii) Exemptions for supply of goods (i) Furnishing of GSTR-2, GSTR-1A, GSTR-3, GSTR-7, GSTR-8 (ii) Claim of input tax credit and provisional acceptance thereof (iii) Matching, reversal & reclaim of input tax credit (iv) Matching, reversal & reclaim of reduction in output tax liability (v) Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3) IGST Act, 2017 Categories of supply of goods, tax on which is payable on reverse charge basis under section 5(3) Notes: (1) Only the following sections of the Central Goods and Services Tax (Amendment) Act, 2018, which have become retrospectively effective from 1st July, 2017, are applicable for May, 2019 examination: (i) Section 3 of the CGST Amendment Act, 2018 amending section 7 of the CGST Act, 2017, and (ii) Section 31 of the CGST Amendment Act, 2018 amending Schedule II to the CGST Act, 2017. Section 28 of the CGST Amendment Act, 2018 which has amended section 140 of the CGST Act, 2017, though effective from 1st July, 2017, is not applicable for May, 2019 examination as section 140 covered under “Chapter XX – Transitional Provisions” has been excluded from the syllabus by way of Study Guidelines as mentioned above. It may be noted that all the remaining provisions of the CGST Amendment Act, 2018 have not been made effective till 31.10.2018 and hence, are not applicable for May, 2019 examination. (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. (3) October, 2018 edition of the Study Material is relevant for May, 2019 and November, 2019 examinations. The amendments in Part-II: Customs & FTP – made after the issuance of this Study Material – to the extent covered in the Statutory Updates for May, 2019 examination alone shall be relevant for the said examination. The Statutory Updates shall be hosted on the BoS Knowledge Portal. (4) The entire content included in the October, 2018 edition of the Study Material, except the exclusions mentioned in the table above, and the Statutory Updates for May, 2019 examination shall be relevant for the said examination. Read also – CA Final IDT Latest Notes Amendments Read also – Final DT Latest Notes Amendments
