Amendments and Updates Applicable for CA IPC May 2015 Exams

for coming exams of CA Intermediate (IPC) May 2015.
The Institute of Chartered Accountants of India (ICAI) has announced on Wednesday, 14 January, 2015 That the following Accounting Standards (Ass), Guidance Notes (GNs), Legislative Amendments and
updates for May, 2015 – Intermediate (IPC) Examination.

Paper 1: Accounting:
Accounting Standards
AS 1: Disclosure of Accounting Policies
AS 2: Valuation of Inventories
AS 3: Cash Flow Statements
AS 6: Depreciation Accounting
AS 7: Construction Contracts (Revised 2002)
AS 9: Revenue Recognition
AS 10: Accounting for Fixed Assets
AS 13: Accounting for Investments
AS 14: Accounting for Amalgamations

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 (Revised 2003)
AS 12: Accounting for Government Grants
AS 16: Borrowing Costs
AS 19: Leases
AS 20: Earnings Per Share
AS 26: Intangible Assets
AS 29: Provisions, Contingent Liabilities and Contingent Assets.
Note Regarding Applicability for Paper 1 and Paper 5: All accounting related sections of the Companies
Act, 2013 notified up to 30th September 2014 will be applicable for CA Intermediate (IPC) May, 2015
Exams.
However, you may refer other legislative amendments including relevant Notifications, Circulars, Rules
and Guidelines issued by Regulating Authority 6 months before or prior to the month of commencement of
CA IPC exam i.e. up to October, 2014.
applicable-ca-ipc-may-2015-exams.html
Non-Applicability of Ind ASs for May, 2015 Examination: 35 Indian Accounting Standards (Ind AS)
have been prepared by the National Advisory Committee on Accounting Standards (NACAS) and the
Ministry of Corporate Affairs (MCA) has hosted all those Ind As without announcing their applicability
date. Accordingly, any question based on Ind AS will not be asked in CA IPC May, 2015 examinations.

Paper 2: Business Laws, Ethics and Communication:
The Companies Act, 2013
Relevant notified Sections 1 to 122 of the Companies Act, 2013 up to 30th September 2014 by the Ministry
of Corporate Affairs are applicable in the coming examination of CA Intermediate (IPC) May, 2015.
However, following 6 sections of Companies Act, 2013 shall not be applicable for CA IPC May, 2015
exams:
Section 75: Damages for fraud;
Section 48: Variation of shareholders’ right;
Section 66: Reduction of share capital;
Section 97: Power of tribunal to call AGM;
Section 98: Power of Tribunal to call meetings of members, etc. and
Section 99: Punishment for default in complying with provisions of sections 96 to 98.
For other legislative amendments including relevant Notifications/Circulars/Rules/Guidelines issued by
Regulating Authority cut-off date will be 31st October, 2014.
The Employees’ Provident Funds Miscellaneous Provisions Act, 1952
1. The Employees’ Deposit Linked Insurance (Amendment) Scheme, 2014
2. Employees’ Pension (Amendment) Scheme, 2014

Paper 4: Taxation:
The provisions of income-tax and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including
circulars and notifications issued up to 31st October, 2014 shall be applicable in CA IPC May, 2015
examination. Therefore, the relevant assessment year for income-tax is A.Y. 2015-16.

Paper 6: Auditing and Assurance:
Following are the lists of 34 Engagements and Quality Control Standards on Auditing which are applicable
in CA IPC, 2015 exams.
SA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with
Standards on Auditing
SA 210: Agreeing the Terms of Audit Engagements
SA 220: Quality Control for Audit of Financial Statements
SA 230: Audit Documentation
SA 240: The Auditor’s responsibilities relating to Fraud in an Audit of Financial Statements
SA 250: Consideration of Laws and Regulations in An Audit of Financial Statements
SA 260: Communication with Those Charged with Governance
SA 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and
Management
SA 299: Responsibility of Joint Auditors
SA 300: Planning an Audit of Financial Statements
SA 315: Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity
and its Environment
SA 320: Materiality in Planning and Performing an Audit
SA 330: The Auditor’s Responses to Assessed Risks
SA 402: Audit Considerations Relating to an Entity Using a Service Organization
SA 450: Evaluation of Misstatements Identified during the Audits
SA 500: Audit Evidence
SA 501: Audit Evidence – Specific Considerations for Selected Items
SA 505: External Confirmations
SA 510: Initial Audit Engagements-Opening Balances
SA 520: Analytically Procedures
SA 530: Audit Sampling
SA 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related
Disclosures
SA 550: Related Parties
SA 560: Subsequent Events
SA 570: Going Concern
SA 580: Written Representations
SA 600: Using the Work of Another Auditor
SA 610: Using the Work of Internal Auditors
SA 620: Using the Work of an Auditor’s Expert
SA 700: Forming an Opinion and Reporting on Financial Statements
SA 705: Modifications to the Opinion in the Independent Auditor’s Report
SA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
SA 710: Comparative Information – Corresponding Figures and Comparative Financial Statements
SA 720: The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited
Financial Statements
Statements
The Statement on Reporting under Section 227(1A) of the Companies Act, 1956 corresponding to section
143 of the Companies Act, 2013 shall be applicable for CA IPC May, 2015 Examination.
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.
Applicability of the Companies Act, 2013:
The relevant notified Sections of the Companies Act, 2013 before first day of October, 2014 will be
applicable for CA IPC May, 2015 Examination. However, you may refer all other legislative amendments
including relevant Notifications, Circulars, Rules and Guidelines issued by Regulating Authority upto 31st
October, 2014.