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Monday, August 25, 2014
Amendments for CA IPCC November 2014 Exams - Accounts, Tax, Law, IT

Amendments for CA IPCC November 2014 Exams - Accounts, Tax, Law, IT

After giving you changes in the paper of Information Technology and Strategic Management, now I'm here providing you the amendments which are applicable in CA IPCC November 2014 Exams.
These amendments are provided by the ICAI.

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2014 – (CA IPCC) Intermediate (IPC) Examination
Amendments for syllabus of IT 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.
Non-Applicability of Ind AS's for November, 2014 Examination
The MCA has hosted on its website 35 Indian Accounting Standards (Ind AS) without announcing the applicability date. Students may note that these Ind ASs are not applicable for November, 2014 Examination.

Paper 2: Business Laws, Ethics and Communication
The Companies Act, 2013
The 53 sections of the Companies Act, 2013 along with the clarifications notified by the Ministry of Corporate Affairs.  Supplementary study material in this regard has been hosted on the student portal, ICAI at the following link
Non-Applicability of the following /Circulars/Notifications

1. *New 184 sections of the Companies Act, 2013 notified on 27th February, 2014 and 26th March, 2014.
2. *Rules notified under the Companies Act, 2013

Paper 4: Taxation
Applicability of the Finance Act, Assessment Year etc. for November, 2014 examination The provisions of income-tax and indirect tax laws, as amended by the Finance Act, 2013, including circulars and notifications issued upto 30th April, 2014. The relevant assessment year for income-tax is A.Y. 2014-15.

Paper 6: Auditing and Assurance
I. Standards on Auditing (SAs)
  1. SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
  2. SA 210 Agreeing the Terms of Audit Engagements
  3. SA 220 Quality Control for Audit of Financial Statements
  4. SA 230 Audit Documentation
  5. SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
  6. SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
  7. SA 260 Communication with Those Charged with Governance
  8. SA 265 Communicating Deficiencies in Internal Control to Those Charged with
  9. Governance and Management
  10. SA 299 Responsibility of Joint Auditors
  11. SA 300 Planning an Audit of Financial Statements
  12. SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
  13. SA 320 Materiality in Planning and Performing an Audit
  14. SA 330 The Auditor’s Responses to Assessed Risks
  15. SA 402 Audit Considerations Relating to an Entity Using a Service Organization
  16. SA 450 Evaluation of Misstatements Identified during the Audits
  17. SA 500 Audit Evidence
  18. SA 501 Audit Evidence - Specific Considerations for Selected Items
  19. SA 505 External Confirmations
  20. SA 510 Initial Audit Engagements-Opening Balances
  21. SA 520 Analytical Procedures
  22. SA 530 Audit Sampling
  23. SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
  24. SA 550 Related Parties
  25. SA 560 Subsequent Events
  26. SA 570 Going Concern
  27. SA 580 Written Representations
  28. SA 600 Using the Work of Another Auditor
  29. SA 610 Using the Work of Internal Auditors
  30. SA 620 Using the Work of an Auditor’s Expert
  31. SA 700 Forming an Opinion and Reporting on Financial Statements
  32. SA 705 Modifications to the Opinion in the Independent Auditor’s Report
  33. SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
  34. SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
  35. SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements

II. Statements
  1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956.
  2. Statement on the Companies (Auditor’s Report) Order, 2003.
III. 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 Miscellaneous Expenditure.
  5. Guidance Note on Audit of Cash and Bank Balances.
  6. Guidance Note on Audit of Liabilities.
  7. Guidance Note on Audit of Revenue.
  8. 8. Guidance Note on Audit of Expenses.
Paper 7: Information Technology and Strategic Management (IT/SM)
The syllabus of Paper-7 of the IPCC Syllabus, i.e Information Technology has been changed. Certain topics from the old syllabus have been excluded and few new topics were inserted. You can check here the New Chapters which are applicable for November 2014 IPCC Exams: Amendments for syllabus of IT

Sunday, August 24, 2014
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Amendments for syllabus of IT

The syllabus of Paper-7 of the IPCC Syllabus, i.e Information Technology has been changed. Certain topics from the old syllabus have been excluded and few new topics were inserted. The New Chapters that are applicable for November 2014 IPCC Exams are listed below: 
  1. Business Process Management & IT 
  2. Information Systems and IT Fundamentals 
  3. Telecommunication and Networks 
  4. Business Information Systems 
  5. Business process automation through Application software

You can check here, all the amendments relevant for November 2014 exams:
Saturday, August 23, 2014
Changes in New Tax Audit Report Utility- AY 2014-15 (Help Guide)

Changes in New Tax Audit Report Utility- AY 2014-15 (Help Guide)

CBDT via Notification No. 33 dated 25th July 2014, had made some changes in Form 3CA, 3CB and 3CD. Via these changes the compliance which a CA is required to ensure and disclosures which are required to be made by a Chartered Accountants has been increased. An effort has been made to compile and put in place all additions for the benefit of readers. Listed below are the modifications/ additions made in this notification. 

  1. Now we have to mention the period for which profit & loss account/ Income and expenditure account has been prepared. This assumes are important if accounts are prepared for more than or less than 12 months.
  2. In the opinion part, now apart from mentioning that particulars in Form 3CD give a true and correct view we also have to mention our observations/ qualifications if any. 

Changes made are similar to that in Form 3CA as mentioned above. 

The first thing which comes to notice in Form 3CD is that it now has 41 clauses as against 32 clauses prior to this notification. The key changes made in Form 3CD are addition of some new clauses thereby requiring more disclosures and doing away with certification by client/ auditee. Listed below are the key modifications/ additions made in Form 3CD.

  1. Now we have to mention whether the assessee is liable to pay Indirect tax like excise duty, service tax, sales tax, custom duty etc and furnish the registration number for the same.
  2. Mention the clause under which the audit has been conducted.

  1. Earlier we were only required to mention a list of books of account maintained; now we also have to mention the address at which the books of accounts are kept. Further if books of accounts are not kept at one location, we need to furnish the addresses of locations along with the details of books maintained at each location.
  2. Apart from mentioning the list of books examined we also have to mention the nature of relevant documents examined.
  3. For reporting the effect in profit and loss due to change in method of accounting or method of valuation a format has been prescribed.
  4. A new clause has been added whereby details of property along with consideration received or accrued and value adopted or assessed is to be furnished/ disclosed, where any land or building or both is transferred during the P.Y for a consideration less than the value adopted or assessed or assessable by any authority referred to in Sec 43CA or Sec 50C.
  5. Additional disclosures required under clause 19 erstwhile clause 15 for sec 32AC, 35(2AA), 35(2AB), 35AD,35CCC and 35CCD
  6. Disclosures to be made on whether during the previous year the assessee has received any property, being share of a company not being a company in which public are substantially interested, without consideration or for inadequate consideration as referred to in Sec 56(2) (viia).
  7. Disclosures to be made on whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in sec 56(2) (viib).
  8. Disclosures on whether the assesse has incurred any speculation loss referred to in Sec73 during the previous year.
  9. Disclosure on whether the assesse has incurred any loss referred to in sec 73A in respect of any specified business during the previous year.
  10. To be report whether the company is deemed to be carrying on a speculation business as referred in explanation to Sec 73.
  11. Apart from reporting on the Tax deducted & remittance as per provision of chapter XVII-B or XVII-BB, we also have to report TDS & TCS returns are submitted on time or not and whether the assesse is liable to pay interest under sec 201(1A) or sec 206C(7).
  12. While reporting on tax on distributed profits under sec 115-0 disclosure to be made for amount of reduction as referred to in Sec 115-O (1A) (i) & (ii).
  13. Disclosures on cost Audit to include disqualification or disagreement on any matter/ item/ value/ quantity as may be reported/ identified by the Cost Auditor. Earlier the requirement was to only state whether Cost Audit was carried out or not & to enclose copy of report.
  14. Similar disclosure to be made with respect to audit under Central excise Act as mentioned above.
  15. To be reported whether any audit was conducted under Sec 72A of the finance Act, 1994 in relation to valuation of taxable services, further disclosures to be made for any disqualification or disagreement on any matter/ item/ value/ quantity as may be reported/ identified by the auditor.
  16. Details of demand raised or refund issued during the previous year under any tax laws other than IT Act 1961 & Wealth Tax Act 1957 along with details of relevant proceeding.
The above mentioned modifications increases the responsibilities of the Chartered Accountants while performing the Tax Audit, as the Auditor has to ensure more compliance than earlier. The disclosure requirements were also increased substantially, and the auditor can no longer just rely on the certification received from the client, as the amendment requires specific disclosures to made in respect of items for which earlier auditor were just required to obtain a certificate.



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Thursday, August 21, 2014
Download Chapter Wise Notes on Companie Act 2013  - CA, CS, CWA

Download Chapter Wise Notes on Companie Act 2013 - CA, CS, CWA

Institute of Chartered Accountancy already notified that Companies Act, 2013 will be applicable in CA November 2014 exams [Check Here] and CA May 2015 Exams. [Check Here]. So with the motive of help I am going to share here shorts notes of Companies Act 2013 notes which is helpful to the CA, CS, CWA students. These notes are shared by Mr. Ketan Sardana.
"Accounting related sections of the Companies Act, 2013, notified in Sept, 2013, along with the clarifications issued by the Ministry of Corporate Affairs are applicable for Nov. 14 Examination.
Notified Sections of Chapter IX of the Companies Act, 2013 along with relevant Rules will be applicable for November, 2014 Examination."
Monday, August 18, 2014
Interview with CA Exams topper - Sanjay Nawandhar

Interview with CA Exams topper - Sanjay Nawandhar

Friends, Mr. Sanjay Nawandhar, a Jaipur based student,  who got All India Rank-1 in Chartered Accountancy exams conducted by ICAI in May 2014. Result are declared on 8th August 2014. caclubindia, conducted a exclusive interview with him. I share the same in front of you which may help you.

"I was sure of my top position in the exam as I had earlier secured 6th and second place in the first and second stages of this exam. I hope to work in the corporate finance sector. I want to work initially in  Mumbai, though ultimately I want to work abroad," said Nawandhar.

Chartered Accountant Sanjay', how are you feeling now?
Ya, I'm actually feeling, how in a day everything changes. It's  because of the hard work of 3 years that in the span of one day  everything has changed. It feels great!!

What was your first reaction when you got to know that you have secured All India 1st Rank?
Actually, first of all, I just looked at the marksheet. When I looked  at the marks, without checking the merit list, I was like "Ohh, No!!  These are very less marks and it's very difficult to achieve a rank even in top 10". But after that, I just went through the merit list  and I was like..."Oh great!! This is First Rank; this is it, this is  the maximum" The reaction was just after I saw the mark sheet, I was like a bit low and just within a second as soon as I saw that 1 written over there, I started jumping.

So, would you describe your journey- when did you decide to pursue CA and till then- in a few words?
After 10th, one starts deciding whether one should opt for Science /Commerce or the field one actually wants to do. We seriously start thinking about it, after 10th for the first time. I had interest in Stock Markets, Finance, Funds and Interests. I always heard people saying about interest status, this and that. I was always interested in this Commerce field so I opted for it and after 12th, I had the option to go for SRCC as I scored well in 12th or to pursue CA. So, at that time I decided that CA is always going to be a very good course as compared to B.Com from anywhere. After that, I prepared very normally for CPT just along with 12th and just after 12th in March, there was 12th Exams and then in June, it was CPT and I got All India 6th Rank in this. At that time, I started feeling that this is the field that I am interested in and I should pursue it seriously. Then afterwards, I gave IPCC. There is very less time between CPT & IPCC. In IPCC, I got All India 2nd Rank. After that, I studied hard along with articleship. I did articleship in Jaipur and I had the opportunity to do Statutory Audit of various banks in Delhi and some government undertaking audits like Mines, Mineral Companies and many bank branches in Jaipur. So, it was a nice experience. I learnt a lot and after that I started preparing for Examinations. Right from the last 8-9 months before the final exams, I started preparing seriously. Last 4 months, I took the challenge and I went through all the various coaching classes and after that, it was like... I had put in my everything. I had missed it by 1 mark in IPCC and it taught me a lot. It always helped. So, missing it by 1 mark actually paid up to me in  Finals.

Suggested: Pass percentage of May 2014 results

Indeed!! So, as you mentioned Articleship period of 3 years and you said that you enjoyed & learnt a lot during that time, how important do you think it is for a CA student's career from examination  perspective?
Here, I'd like to quote a phrase. "Learning all the rules of cricket, doesn't make someone a Sachin Tendulkar!!" So, if you have learnt all the rules and all the laws and you don't know how to apply it, then it's going to be useless. Articleship, it does help. Specially, the  taxation paper, "Direct Tax", is a very tricky paper. One of the questions I remember was about a chit fund and there was a client who
had the chit fund business. I had done this, so at that moment, I read the question and I knew how I should write the answer. So that 1 question was of 8 marks and 8 marks make a difference. It was a
difficult question. Very few students could actually attempt it and that 1 question actually made me feel so proud that I have done  something.

In this whole journey, any hurdles you have faced?
When I started my tuition classes, I had some outstation audit. Till IPCC, it was like very smooth – you take tuitions and according to your will, you can attend the classes. But, when for Finals, I took
the tuition and after that my boss decided to send me for an outstation audit then I realized that, practical implementation is important so everything has to be managed. So, these were the hurdles
which I faced as I had to go for outstation audits whenever required  and had to manage time for the studies. But only by overcoming these  hurdles, one can achieve the best.

Suggested: Tips for CA Exams

You said that stress is something which a CA student needs to deal with. So how did you overcome your stress? What would be your advice to the juniors to handle that kind of stress?
What I would say is- I used to play and watch a lot of cricket, a lot of movies and even when I was bored with the subject, I always had open head earphones and I used to play music along with practical subjects. So, it helps to de-stress and apart from that, playing some physical activities; sometimes for a month or two, I used to go to gym - hit the gym, just start running, put down weight, jumbling and weight-lifting, running sometimes in the morning. I bent and just ran 2 -3 rounds of the stadium near me. So, these were the small things which I did.
So, daily, if you make the same routine, it becomes just boring. I  used to change my routine – like sometimes I used to go to the gym in the morning, sometimes played cricket, sometimes attended the parties of relatives/friends. So, I hadn't confined myself to a same single routine but kept on changing my routine. This, in turn helped me not to take stress.

Can you share your strategies that you followed to prepare for your exams - before the exams and during the exams?
I'd say my strategies were - starting the first reading of any subject is not from examination point of view. The first reading that you do – it is to learn not from exam point of view but something beyond that will help throughout your life. The second reading after that, should be from examination point of view, where we try to learn the points and remember the things. And after that, when the third reading comes, it's the mould point and after that it is the exam. So, three readings and after that, exam was my strategy. One thing I would like to state is that- there a few students (I don't know why), they often have the tendency to go for selective course – like making patterns year wise. However, I never followed that strategy. I used to study everything – like from AS-1 to AS-31. I never used to choose selective topics but covered each and every point. So, this was the thing which I kept in mind. I didn't give importance to one or few topics but studied everything for all the subjects.

And during the exams, stress is there, time is less and revision is very important. So, what were the steps that you followed?
In case of practical subjects, I used to cover a lot of single questions before the exams – only the concepts. Here we are not to grab the questions, solutions, thought and put it down in the exam. It's the concept that is important so that whatever question comes, we can conceptually solve it. In case of theoretical subject and law, I used to mark/underline the things during the 3rd reading that I wanted to study before the exams. So, those underlined things, I used to study completely day before the exams. 

This is about preparation but what happens is- sometimes, I have heard from students that they prepare a lot but during the exams, but when they are writing the paper, they black out!! So, can you suggest some tips to attempt the exam?
You know in one day, you cannot change yourself. It is never going to happen that you listen to something and on the exam day, you will get that and apply it. This won't happen. So, you would have to analyse it from the very beginning when you start preparing to check your speed. It won't happen by the first reading but by the second reading, it should be. For eg: If you are doing an Accounts' question that is of 15 marks, then that shouldn't take more than 20 minutes to be solved. So, we should consider the time factor also from the very beginning itself, when we have started our preparations for the exams. Sometimes, we undergo 2D study strategy. We just focus on our course but don't take time into consideration. But, during exams, time is a prime factor which all should consider in mind. So, this is a 3D thing which students have to understand from the very beginning- and that is the time factor so that during exams, they wouldn't have to leave any question.

How big is this achievement for you and what are your future plans?
This is very big because more than 1 lakh people appear for this exam, I think and to be on top among them- this has proved my worth in studies. I missed it by 1 mark last time during IPCC, so it is now even bigger. At that time, it was such an ironical thing that I couldn't say to people that I am not happy with this result. I was AIR-2, I missed it by 1 mark and I couldn't say that I was not happy. So, this time, I am AIR-1 and I am happy and also satisfied. So, this is a big thing. Next comes, my future plan. Initially for first 3 years, I would like to have an exposure in the corporate world, the industry, finance sector of a company, you know treasury sort of thing. And, after that, I would like to go for something like Management. London Business School or Harvard or ISB, whatever. Do MBA and then again I would like to join some company at a top position. It will help me improve my profile after 4 years practical experience if I am doing MBA and then I can join back the industry. It would help me, to reach the top.
Great!! We wish you all the best for that!!
Thank you!!
In this whole journey whom would you link to thank who inspired you?
It has to be my family because when you are studying so much, you have to go for training, nearly 20 hours, you are putting in a lot of  stress both to your body as well as mind. So, in such situations, a CA  student is bound to be frustrated, stressed and angry. So, at that  time, if the people around you are cool, then it becomes easier and  people around you, they also start getting frustrated, then it also
becomes very difficult. I would like to thank my mother, dad and sister, who were very cool. They allowed me to do whatever I was doing  in peace. So, it helped me. They also motivated me and sometimes also used to forbid me from studying more, if I kept on studying continuously.
Are you a member of CCI? Did you get any help from CCI in this whole journey?
Actually I am not a member. But, sometimes, I just do visit it randomly. Sometimes, you just read the random comments, communications or whatever chats people are having. Some of them are CAs, some of them are Final appeared students, some of them have passed, some of them have failed. As, I said that time is an important factor, I had read about this on CAclubindia- that students are not studying throughout the year considering time and then in exams, suddenly, time is the factor. So, this thing when I read in CAclubindia, that day itself, I have noted it in my diary that I have to consider the time right from the day I start preparing. Sometimes, you just don't know the people but from their blogs or some chats and you get to learn something; that this is also a thing, so in this way CAclubindia helped me.

What would be your message for the CAclubindia members & your juniors?
Message for the CCI Community is that – result of CA goes very low. Pass percentage is very low so failure is not an end of life, it is only a part of life. Once, if you fail, you have to bounce back. So, you need to work even harder and after that you have to try more with a more disciplined approach. If we are failing, there are things which we are doing wrong; so we need to find out first- the things that we
are doing wrong, after that put an effort to correct them and then in a disciplined and systematic manner, study so that we are able to pass out with flying colors. I would wish all the luck to all the students of CAclubindia!!
Thanks a lot, Sanjay!! It was wonderful talking to you and hope many of your juniors and CAs will be inspired by this interview!! Thanks  for your time, Sanjay!!
Thank you Sir.

Post Credit :-

Marksheet of Sanjay Nawandhar

Saturday, August 16, 2014
Download Statutory Register in Excel Format | Companies Act 2013

Download Statutory Register in Excel Format | Companies Act 2013

As we all know that Ministry of Corporate Affairs is notified the sections of Companies Act 2013. Accordance to compliance of the act, companies have to make some statutory register. So, we are providing you here Statutory Register in Excel Format with the accordance of Companies Act 2013. The following registers are incorporated in excel format.
  • Form MBP 1
  • Form MBP 2
  • Form MBP 3
  • Form MBP 4
  • Register of Directors and KMP (key managerial personnel)
  • Register of Holdings
  • MGT-1
  • MGT-2
  • MGT-3
  • MGT-4
  • MGT-5
Recommended Post: Immediate action points under Companies Act 2013 for Pvt Ltd Companies
 Click Here to Download Statutory Registers

You may easily download from the following download button.

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