CA Final Financial Reporting Important Updates for May 2019
I. Framework for the Preparation and Presentation of Financial Statements.II. Accounting Standards
Guidance Notes on Accounting Aspects
- Guidance Note on Accrual Basis of Accounting.2. Guidance Note on Terms Used in Financial Statements.3. Guidance Note on Accounting for Corporate Dividend Tax.4. Guidance Note on Accounting for Employee Share-based Payments.5. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.6. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.7. Guidance Note on Applicability of AS 25 to Interim Financial Results.8. Guidance Note on Turnover in case of Contractors.9. Guidance Note on Schedule III to the Companies Act, 2013.10. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.11. Guidance Note on Accounting for Derivative Contracts.
IV. Applicability of the Companies Act, 2013 and other Legislative Amendments 2 3 4 5 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Valuation of Inventories Cash Flow Statements Contingencies and Events Occurring after the Balance Sheet Date Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies Construction Contracts Revenue Recognition Property, Plant and Equipment The Effects of Changes in Foreign Exchange Rates Accounting for Government Grants Accounting for Investments Accounting for Amalgamations Employee Benefits Borrowing Costs Segment Reporting Related Party Disclosures Leases Earnings Per Share Consolidated Financial Statements Accounting for Taxes on Income Accounting for Investment in Associates in Consolidated Financial Statements Discontinuing Operations Interim Financial Reporting Intangible Assets Financial Reporting of Interests in Joint Ventures Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets 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. V. 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. Must read –
CA Final Accounts Latest NotesCA Final Applicable AmendmentsCA Final Study Material
Accounting Standards
Accounting standards issued by ICAI from 1 to 7 and 9 to 29 are applicable. Please practice the accounting standard from practice manual, study material of institute and after that last 5 terms RTP’s. It would also be of a great help if one reads the accounting standard notes from acknowledge.in. Friends this looks a bit lengthy process but believe me it the the best way to have the full coverage of all AS’s. Download All Notes from Below Links..
Guidance notes on Accounting aspects
There are 12 Guidance Notes in total. Again your teacher would cover almost all the guidance note. The important ones are – Accounting treatment for Excise Duty, Accounting treatment for MODVAT/CENVAT, Share-based Payment, Guidance note on revised schedule III. You can also find these in this link https://resource.cdn.icai.org/32076sm_finalnew_accpro-part3.pdf Must read – CA Final Accounts Latest Notes
