CA IPCC Nov 2015 Amendments Syllabus Topics Excluded

Find below the list of amendments made recently that are applicable for CA IPCC November 2015 exams. CA IPCC Amendments are very important for exam because most of the questions will be asked from the amendments only. The Amendments were recently issued by ICAI through an offical notification. Also, there are certain topics excluded from Accounts. and few new topics were included in CA IPCC Law.

The Amendments applicable of CA IPCC November and upcoming May exams are very important for exam. Here we provide the amendments from Group-1 and Group-2 Accounts. Amendments are also available for Tax and Law. Auditing amendments were also listed below.

CA IPCC Service Tax Amendments:

Service Tax Amendment on Advertisements:

Service Tax to be levied on sale of space or time for advertisements in all media except print media.

Service Tax on Taxis and Cabs:

Earlier service of transportation of passengers, with or without accompanied belongings, by inter alia metered cabs, radio taxis or auto rickshaws was covered in the negative list of services under clause (o) of section 66D of Finance Act, 1994.

The said clause has been amended by Finance (No.) Act, 2014 so as to omit the reference of radio taxis therefrom. Thus, travel by radio taxis or radio cabs, whether or not air-conditioned, would now be liable to service tax.

Service Tax Rate applicable for November 2015:

It is well known fact that, the Service Tax rate has been increased to 14% in the recent budget. However, for IPCC November 2015 exams, the old rate of 12.36% shall apply. Therefore, CA IPCC Students need to incorporate the old service tax rate of 12.36% while doing practical problems in Nov 2015 Tax paper.

Companies Amendment Act, 2015 not applicable for November 2015 exams:

The Ministry of Corporate Affairs has recently notified the Companies Amendment Act, 2015 and the Central Govt is yet to put it in to force.

ICAI has been receiving queries regarding the same and it is hereby clarified that, it will NOT be applible for the upcoming Nov 2015 and also May 2016 exams of CA IPCC and CA Final.

 

Must Read: 

How to Pass IPCC in 20 Days

Important Topics for IPCC Nov 2015

Nov 2015 Time Table Date Sheet

 

IPCC Paper 1 – Accounting Amendments:

Electricity comapnies chapter excluded syllabus ca ipcc.jpg
Electricity Companies Excluded  from Syllabus applicable for  Nov 2015 exams:

The topic of “Financial Reporting of Electricity Companies” would be excluded from the syllabus of Intermediate (IPC) Paper 5 : Advanced Accounting and the same would not be applicable from November, 2015 Examination.

It is further clarified that these topics were permenantly excluded from CA IPCC syllabus and will not be applicable for exam there after.

Additional Director

BOS, ICAI

ca-ipcc-amendments-syllabus-topics-excludedExclusion of Hire Purchase Trading A/c, Stock and Debtors Method from IPCC Syllabus:

In Accounting paper, ICAI has made it clear that, these topics are no longer relevant and

they are in wrong motion. By this, it is quite clear that ICAI has decided to exclude these topics with immediate effect and so will not be applicable for the upcoming November 2015 exams.

Amendments in Acocunting for IPCC Nov 2015 Exams:

  1. Pronouncements

Accounting Standards 1, 2, 3, 6, 7, 9, 10, 13 and 14 are covered in the syllabus.  (Text of all applicable Accounting Standards are available in the Appendix I of Volume I of  ‘Accounting’ Study Material revised in November, 2014.).

B. Announcement relevant for Nov 2015 examination

Criteria for Classification of Entities and Applicability of Accounting Standards

Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has  recently decided to change the 1st criteria i.e. determination of SME on turnover basis for  Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year  commencing on or after April 01, 2012.

Indian ASs Issued by The Ministry of Corporate Affairs: These ASs are not applicable for students appearing in Nov 2015 Exams.New Balance Sheet Format: Students should note that Balance sheet now should be prepared as per Schedule-III (earlier it is Schedule VI)

Download Accounts Notes for Revision

 

IPCC Law Amendments:

ipcc-amendments-syllabus-law-changes-amendmentsThere are no topics excluded or New amendments applicable for IPCC Nov 2015, Law Ethics and Communication paper. However, Certain section of the Companies Act, 2013 has been changed since the previous act and these will be applicable for Nov 2015 exams. Students can download the amendments material of new companies act from below:

Companies Act, 2013 Amendments 

Download Law, Ethics Notes for Revision

CA IPCC Costing and FM Amendments:

There are no topics excluded or New amendments applicable for IPCC Nov 2015, Cost Accounting and Financial Management paper.

Costing and FM Important Theory Questions

Download Costing FM Notes for Revision

IPCC Tax Amendments:

IPCC Tax Amendments syllabus service tax changes amendmentsFor November 2015 exams, no new topics have been excluded from the Taxation syllabus.

However, ICAI has released applicable amendments for Tax Nov 2015 Exam, see them below.

                    IPCC Nov 2015 Tax Amendments

Also Read – IPCC Important questions, topics

IPCC Paper 5 – CA IPCC Advanced Accounting Amendments:

  1. Pronouncements

Accounting Standards 4, 5, 11, 12, 16, 19, 20, 26 and 29 are covered in the syllabus.

(Text of all applicable Accounting Standards are available in the Appendix II of Volume I of ‘Advanced Accounting’ Study Material revised in November, 2014.)

B. Notification/Announcement relevant for Nov 2016 examination

  1. Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA)

In the Revised Schedule VI format, no line item has been specified for the presentation of “Foreign Currency Monetary Item Translation Difference Account (FCMITDA)”. Therefore, the Council of the Institute at its 324th meeting held on March 24-26, 2013 at New Delhi, decided that debit or credit balance in FCMITDA should be shown on the “Equity and Liabilities” side of the balance sheet under the head ‘Reserves and Surplus’ as a separate line item.

  1. Criteria for Classification of Entities and Applicability of Accounting Standards

Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012.

  1. Clarification on Debenture Redemption Reserve (DRR)

Ministry of Corporate Affairs vide Circular no. 04/2013 dated 11 February, 2013 has clarified the adequacy of DRR for various institutions/companies as follows:

table will be updated soon

Every company required to create/maintain DRR shall before the 30th day of April of each year, deposit or invest, as the case may be, a sum which shall not be less than fifteen percent of the amount of its debentures maturing during the year ending on the 31st day of March next following year.

  1. Maintenance of Cash Reserve Ratio: RBI has decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 25 basis points from 4.25 to 4.00 percent with effect from Feb 9, 2013. This rate will be applicable for May 2014 exams.
  2. Statutory Liquidity Ratio for Local Area Banks be reduced from 25 per cent to 23 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning August 11, 2012. Therefore, a rate of 23 percent will be applicable for May 2014 Exams
  3. Review of the Prudential Guidelines on Restructuring of Advances by Banks/Financial Institutions

Reserve Bank of India has reviewed the prudential guidelines on restructuring of advances by banks/ financial institutions vide circular no. DBOD.No.BP.BC.63/21.04.048/2012-13 applicable for all scheduled commercial banks excluding RRBs dated November 26, 2012 and has decided:

 

  1. i) To enhance the provisioning requirementfor restructured accounts classified as standard advances from the existing 2.00 per cent to 2.75 per cent in the first two years from the date of restructuring. In cases of moratorium on payment of interest/principal after restructuring, such advances will attract a provision of 2.75 per cent for the period covering moratorium and two years thereafter; and that

 

  1. ii) Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2.75 per cent in the first year from the date of upgradation instead of the existing 2.00 per cent.

In accordance with the above, loans to projects under implementation, when restructured due to change in the date of commencement of commercial operations (DCCO) beyond

the original DCCO as envisaged at the time of financial closure and classified as standard advances would attract higher provisioning at 2.75 per cent as against the present requirement of 2.00 per cent as per the details given below:

Infrastructure projects

table will be updated soon

Rates of Provisioning for Non-Performing Assets for Banking Companies

For Banking companies, revised rate of NPA are given.

Category of Advances Rate (%)
Sub- standard Advances
Secured Exposures 15
Unsecured Exposures 25
Unsecured Exposures in respect of Infrastructure loan accounts where certain safeguards such as escrow accounts are available. 20
Doubtful Advances – Unsecured Portion 100
Doubtful Advances – Secured Portion
For Doubtful upto 1 year 25
For Doubtful > 1 year and upto 3 years 40
For Doubtful > 3 years 100
Loss Advances 100

All other extant guidelines on Income Recognition, Asset Classification and Provisioning pertaining to advances will remain unchanged.

IPCC Auditing and Assurance Amendments :

Since the new Companies Act was made applicable, there were changes in Company Audit-1 and Company audit-2 Chapters. Students are advised to go through the recent Study Material issued by ICAI.

CA IPCC IT and SM Amendments Syllabus:

Intermediate (IPCC), Group-II, Paper-7A: Information Technology:

The Paper-7 of the IPCC Syllabus, i.e Information Technology IT SM has been revamped. Certain topics from the old syllabus of IT SM have been excluded and few new topics were inserted in IT SM new syllabus. The New Chapters and syllabus of IT S that are applicable for November 2015 IPCC Exams are listed below:

  1. Business Process Management & IT
  1. Information Systems and IT Fundamentals
  1. Telecommunication and Networks
  1. Business Information Systems
  1. Business process automation through Application software

Download the Revised Study Material

Especially for Nov 2015 certain changes were made in the Information Technology syllabus. In SM, there are no changes.

45 comments

  1. I would like to draw your attention towards 1.Group 1-Accounting: Presentation of Financial Account ( P & L A/c In Statement Basis) similar to B/S

    2.Indirect Taxation –
    Changes in Service Tax; VAT;
    New Tax Addition :- CST;CENVAT;EXCISE & CUSTOM DUTY

    3. IT:- NEW SYLLABUS

    4.AUDIT- COMPANY AUDIT -I (few new section from Companies Act,2013) rest old Companies Act;1956 is applicable

  2. My name is Hiten i jst wanted to ask is there any ammendment in Auditing and Assurance paper for Nov 2014 ???

    • Is this your next attempt. If yes then there are few changes / amendments. In respect of Company Audit-I ; old law is applicable but 2 new sec…. will see & reply soon. All the best !

  3. list of AS in advanced accounts does not include AS14(amalgamation)
    does that mean it has been deleted form the syllabus?

  4. whether auditing syllabus has been changed for ipcc nov 2014 examination

  5. Very useful N helpful…. Thanks 4 the Updates.

  6. Thanx for it bcoz its very helpful for us.

  7. Is there any amendments in company auditing, if then plz……

  8. Nice article,its really help me ,Thanks

  9. Sir,i am having two questions if i pass ipcc exam how should be my preparation for next and if i fail what i have to do.please help me sir

  10. when would be IPCC nov 2013 results.

  11. Sir in information technology syllabus. The 1st chapter of 1stpart also be include or exclude in tomorrow examination

  12. hi, in model papers costing and fm format is like sm and it , like part-1 and part-2, so wiil the exam paper will be same?

  13. Thnkzzzzzzz a lot….!!!!!!

  14. thanx alot

  15. thanks alot………. :)

  16. Megaexemption list toh include h na ya nai..???plzz reply

  17. My name is amit ,my contact no.is 8802493905,mere ipcc me nov.2013 ko 5th attempt hai,me ipcc pas nahi ho pa raha hu,padne me to tej tha laken ist attempt rank ke chakkar me chod diya jab me toppers hostel me rehta tha,laken wo din aur aaj ka din meri ghar par padai nahi ho payi,aur yaha tak aa gya,ek bat manni padegi ca me kabi kabi padne wale bhe bahut peche reh jate hai,aur mujhe amendment ne bahut dukhi kar rakha hai,please mujhe koi kamit5068@gmail.com par easy language me amendment send kar do,aur please mujhe bato do me kya karo

  18. My name is amit

  19. thankuuu so very much…

  20. thanks a great assistance…………

  21. thankyou so much

  22. thanx 4 that support in my syllabus

  23. thanx a lloottt… grrrr8 help..!!!

  24. thankyou so much.

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