Notes on CA Final AMA

CHAPTER 1: DEVELOPMENTS IN BUSINESS ENVIRONMENTAccounting is the language of business that communicates the financialresults of an enterprise to various stakeholders viz., investors, regulatingagencies, the management itself etc. by means of various financialstatements. Accounting is the process of identifying, measuring, recording,classifying, summarising, analyzing, interpreting and communicating thefinancial transactions and events. Accounting is classified into FinancialAccounting, … Read more

CA Student Articleship Work Diary

Category        *  Sub Category   Accounting  Maintaining books of account Preparing Final accounts Compliance  with Accounting Standards and other pronouncements Analysis and interpretation Preparing and Reviewing budgets, fund-flow and cash flow statements Others (to be specified) Audit – Statutory/Internal/Concurrent  Routine audit work Review of General Ledger Scrutiny of provisional entries  Verification and Valuation of … Read more

Central Excise Notification & Circulars for May 2016 Exam

Significant Notifications and Circulars of central excise issued between 1st May, 2015 and 31st October, 2015 Central Excise  1. No refund of CENVAT credit under rule 5B to service providers providing manpower supply/ security services Rule 5B of the CENVAT Credit Rules, 2004 provides that service providers, rendering notified reverse charge services, being unable to … Read more

CA Final Amendments by Finance Act 2015 applicable for May 2016

DIRECT TAXESAMENDMENT OF FINANCE ACT, 2015APPLICABLE FOR MAY 2016 INTRODUCTIONThe Finance Bill, 2015 proposes to make amendments in direct tax provisions by proposing amendments to the Income-tax Act, 1961, Wealth-tax Act, 1957, Finance Act, 1994 and Finance (No.2) Act, 2004.  A gist of the main amendments is given below:-Direct Taxes2.         Rates … Read more

CA IPC May 2016 Amendments

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2016 – Intermediate (IPC) ExaminationPaper 1: AccountingAccounting StandardsAS 1 : Disclosure of Accounting PoliciesAS 2 : Valuation of InventoriesAS 3 : Cash Flow StatementsAS 6 : Depreciation AccountingAS 7 : Construction Contracts (Revised 2002)AS 9 : Revenue RecognitionAS 10 : Accounting for Fixed AssetsAS 13 : Accounting … Read more