Applicability of Standards/Guidance Notes/Legislative Amendments for May 2023 CA Exams

Posted on    19 January 2023

(A) Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 - Foundation Course Examination

Paper 2, Section A: Business Laws for May 2023 examination

 

Inclusions from the syllabus

(1)

(2)

(3)

S. No. in the syllabus

Chapters/ Topics of the syllabus

Inclusions

1.

Chapter 1: The Indian Contract Act, 1872

The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

2.

Chapter 2: The Sale of Goods Act, 1930

The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

3.

Chapter 3: The Indian Partnership Act, 1932

The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

4.

Chapter 4: The Limited Liability Partnership Act, 2008

The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

5.

Chapter 5: The Companies Act, 2013

The entire content included in the September 2021 edition of the Study Material and the Legislative amendments hosted on the website for May 2023 examinations, shall only be relevant for the said examinations.

Notes: September 2021 edition of the Study Material is relevant for May 2023 examinations. The amendments - made after the issuance of this Study Material – i.e. for period 1st of May 2021 to 31st October, 2022 shall also be relevant. The relevant Legislative amendments for May 2023 will be available on the BoS Knowledge Portal.

Paper 3 - Business Mathematics. Logical Reasoning and Statistics

The following topics are deleted from the syllabus of Foundation Paper 3: Business Mathematics, Logical Reasoning and statistics from May 2022 examinations:

Chapter No

Deleted Topics

Chapter 2

Unit II : Matrices

Chapter 13

Syllogism

Chapter 19

Unit II : Time Series

(B) Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 Examination - Intermediate Level (New Course)

Intermediate Level (New Course)
Paper 1: Accounting

List of Applicable Accounting Standards

  • AS 1 : Disclosure of Accounting Policies
  • AS 2 : Valuation of Inventories
  • AS 3 : Cash Flow Statements
  • AS 10 : Property, Plant and Equipment
  • AS 11 : The Effects of Changes in Foreign Exchange Rates
  • AS 12 : Accounting for Government Grants
  • AS 13 : Accounting for Investments
  • AS 16 : Borrowing Costs

Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2023 Examination

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 31st October, 2022 will be applicable for May, 2023 Examination.

Non-Applicability of Ind AS

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of companies. These Ind AS do not form part of the syllabus and hence are not applicable.

Paper 2: Corporate and Other Laws

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31 st October 2022 are applicable for May 2023 examination.

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(C) Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 Examination - Final

(Study Guidelines for May 2023 Examinations)

Paper 1: Financial Reporting

List of topic-wise exclusions from the syllabus

(1)

(2)

(3)

S. No. in the revised

syllabus

Topics of the syllabus

Exclusions

2.

Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements

Indian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’

  • Appendix B- Stripping Costs in the Production Phase of a Surface Mine
 

(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS

Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’

  • Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
   
  • Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment
 

(viii) Other Ind AS

  • Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies
  • Indian Accounting Standard (Ind AS) 104 : Insurance Contracts
   
  • Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources
   
  • Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts

5.

Analysis of financial statements

  • Analysis   of    financial Accounting Standards

statements

based

on

Notes:

  1. October, 2021 edition of the Study Material is relevant for May, 2023 examination. The relevant / applicable topics or content are to be read alongwith the webhosted ‘Corrigendum to Study Material’, if any.
  2. The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up to 31st October, 2022 will be applicable for May, 2023 Examination. Accordingly, amendments issued by MCA and notified by the Central Government on 20th September, 2022 wrt Amendments in the Companies (Corporate Social Responsibility) Rules, 2014 is applicable for May, 2023 Examination.

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