Financial Report Statement Schedule 7: Fill & Download for Free

The next examination of CA Final course will be held in the month of May, 2017. The Institute of Chartered Accountants of India (ICAI) has announced the applicability of standards, Guidence Notes and Legislative Amendments for May, 2017 - CA Final Examination.Accordingly, do these topics thoroughly which are very important and relevant for CA Final - May, 2017.These amendments are related to following subjects:Financial ReportingAdvanced Auditing and Professional EthicsCorporate and Allied LawsDirect Tax LawsIndirect Tax LawsPaper 1 Financial Reporting39 Indian Accounting Standards (Ind AS) have been prepared by the National Advisory Committee on Accounting Standards (NACAS) and the Ministry of Corporate Affairs (MCA), Government of India has now notified Roadmap in a phased manner from 2016-17 onwards for applicability of Ind AS vide Notification No. G.S.R. 111(E) dated 16 February, 2015, for compliance by the class of companies specified in the said roadmap.All 39 IFRS converged Indian accounting standards (Ind AS) has been hosted on MCA official website Ministry Of Corporate Affairs along with the Companies (Indian Accounting Standards) Rules, 2015 which has come into force on the 1st day of April, 2015. After notification of Ind AS in February, 2015, the CA Institute has also announced dated 23/11/2015 that Ind AS 32, Ind AS 107 and Ind AS 109 would be applicable in place of AS 30, AS 31 and AS 32 to the topic ‘Accounting for Financial Instruments’.Accordingly, Ind AS 32 “Financial Instruments: Presentation”, Ind AS 107 “Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” shall be applicable on the topic ‘Accounting for Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”, AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures” in May, 2017 examinations for Paper-1: Financial Reporting at the Final level.In view of the complexities involved, simple practical problems involving conceptual issues or application issues may be asked in the examination.Further, some topics has been newly included by ICAI vide notification dated 30th May, 2015 in the syllabus of CA Final Course May, 2016 exams onward.i) Introduction of Indian Accounting Standards (Ind AS);ii) Comparative study of ASs vis-a-vis Ind ASs; andiii) Carve outs/ins in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs).Accounting Standards: (Almost same as earlier except AS 10)Following are the list of all 28 Accounting Standards (AS) which are fully applicable for CA Final May, 2017 examinations:AS 1: Disclosure of Accounting PoliciesAS 2: Valuation of InventoriesAS 3: Cash Flow StatementsAS 4: Contingencies and Events Occurring after the Balance Sheet DateAS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting PoliciesAS 6: Depreciation AccountingAS 7: Construction Contracts (Revised 2002)AS 9: Revenue RecognitionAS 10: Property, Plant and Equipment (2016)AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)AS 12: Accounting for Government GrantsAS 13: Accounting for InvestmentsAS 14: Accounting for AmalgamationsAS 15: Employee BenefitsAS 16: Borrowing CostsAS 17: Segment ReportingAS 18: Related Party DisclosuresAS 19: LeasesAS 20: Earnings Per ShareAS 21: Consolidated Financial StatementsAS 22: Accounting for Taxes on IncomeAS 23: Accounting for Investment in Associates in Consolidated Financial StatementsAS 24: Discontinuing OperationsAS 25: Interim Financial ReportingAS 26: Intangible AssetsAS 27: Financial Reporting of Interest in JVAS 28: Impairment of AssetsAS 29: Provisions, CL and CAAmendments made by MCA on 30/03/2016 in Companies (Accounting Standards) Rules, 2006 and Companies (IND AS) Rules, 2015 are applicable for May, 2017 exam.Guidance Notes: (Almost same)Following are the list of 14 Guidance Notes which are fully applicable for CA Final May, 2017 examinations:1. Guidance Note on Accrual Basis of Accounting.2. Guidance Note on Accounting Treatment for Excise Duty.3. Guidance Note on Terms Used in Financial Statements.4. Guidance Note on Accounting Treatment for MODVAT/CENVAT.5. Guidance Note on Accounting for Corporate Dividend Tax.6. Guidance Note on Accounting for Employee Share-based Payments.7. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.8. Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.9. Guidance Note on Applicability of AS 25 to Interim Financial Results.10. Guidance Note on Turnover in case of Contractors.11. Guidance Note on the Schedule III to the Companies Act, 2013.12. Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities.13. Guidance Note on Accounting for Derivative Contracts.14. Guidance Note on Accounting for Depreciation in Companies in the context of Schedule II to the Companies Act, 2013The Companies Act, 2013:Accounting related sections of the Companies Act, 2013 notified up to 31/10/2016 along with the clarifications issued by the Ministry of Corporate Affairs are applicable for May, 2017 Examination.The cut-off date for any other legislative amendments including relevant Notifications, Circulars, Rules and Guidelines issued by Regulating Authority will be six months i.e. up to 31st October, 2016.Paper 3 Advanced Auditing and Professional EthicsThe statement on reporting under Section 143 of the Companies Act, 2013 (Section 227(1A) of the Companies Act, 1956) shall be applicable for May, 2017 Examination. Companies (Auditor’s Report)Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for CA Final May 2017 Exams.All auditing related sections of the Companies Act, 2013 up to 31-10-2016 shall be applicable for CA Final May, 2017 Exams. All other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2016 is applicable for May 2017 Examination.SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2017 Examination.Paper 4 Corporate and Allied LawThe Companies Act, 2013:The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2016 will be applicable for May, 2017 Examination.Additionally, the RTP of May, 2017 examination shall be referred side by side so as to know what is applicable/not applicable for May, 2017 examination.SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009:Vide Notification No. SEBI/LAD-NRO/GN/2016-17/003 (http://www.sebi.gov.in/cms/sebi_data/attachdocs) dated 25th May, 2016, SEBI hereby further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 through the enforcement of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Third Amendment) Regulations,2016 from the date of their publication in the Official Gazette. Amendments have been made in relevant Regulations 2, 4, 73 & 84 of the Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements) Regulations, 2009 and these shall be applicable to issuers filing offer documents with the Registrar of companies on or after the date of commencement of these regulations.The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016:Ministry of Law and Justice on 16th August, 2016 has published for general information, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016.It is an Act further to amend four laws: (i) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), (ii) Recovery of Debts due to Banks and Financial Institutions Act,1993 (RDDBFI), (iii) Indian Stamp Act, 1899 and (iv) Depositories Act, 1996, and for matters connected there with or incidental thereto.Chapter II, of this amendment Act (http://financialservices.gov.in/Banking/LAWS.pdf) deals with the amendments to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, whereby, it is an act to regulate securitisation and reconstruction of financial assets and enforcement of security interest and to provide for a central database of security interests created on property rights, and for matters connected therewith or incidental thereto.Paper 7 Direct Tax LawsPart-I of Paper-7 contain topics related to Direct Taxation. Accordingly, all amendments made in the provisions of Direct Tax by the Finance Act, 2016 including various circulars and notifications issued up to31st October, 2016 will be applicable for CA Final May, 2017 examinations.Accordingly, the applicable assessment year shall be A.Y. 2017-18 for Direct Tax Laws for CA Final May,2017 Examination. Part-II of Paper-7 of CA Final New syllabus covers topics related to International Taxation.You should note that CA Institute has already excluded the Wealth-tax Act, 1957 and Rules there under from the syllabus of CA Final Course and therefore not applicable for May 2017 examination.Paper 8 Indirect Tax LawsAmendments made in the provisions of Indirect Tax Laws by the Finance Act, 2016 including various circulars and notifications issued up to 31st October, 2016 will be applicable for CA Final May, 2017 examinations.Source: The Institute of Chartered Accountants of IndiaThanks.!

The CA final exam has been divided into two groups, Financial Reporting subject comes under group one as paper one as per both old and new syllabus of ICAI. This particular subject covers all Accounting Standards and Guidance notes on various aspects issued by ICAI and their applications and introduction of Indian Accounting Standards under the old syllabus. Financial Reporting also includes:Purpose of consolidated financial statements,Share based payments,Accounting and reporting of Financial Instruments,Goodwill,Treatment of pre- acquisition and post-acquisition profit,Cash flow statement, etc.Since it is so vast, it will require a proper schedule to cover the full portion of the Financial Reporting and revising it too.For cracking Financial Reporting one can follow the following tips:Focus on practical as well as theoretical topics so that you can attempt every question you see.Practice, practice and practice. Don’t just read or look at the sums but practice them in your notebooks so that you can get a clarity of the concept and at least practice each sum twice.Make a chart of the formulas and revise them on daily basis so that even if you are not able to solve the sum, you can write the formula.Inculcate a writing practice for the sums and try to highlight the formulas and the answers in neat and clean format. Try not to make your answer sheet messy.Practice and revise at least past five to six year’s question papers on your own and within the time limit of three hours.Make use of the Books provided by ICAI and the practice manuals for your learning part.Appear for mock tests after you have completed your portion for the financial reporting so that you can know your level of preparation. You can use PREPCA test series for the same. As the provide expert guidance and an answer wise detailed assessment report for each paper.Don’t be a procrastinator. Always follow your schedule and try to complete your portion of FR as per your schedule so that you can also manage other subjects.Practice the RTPs of ICAI before the exams, it will be very helpful.Revise all the topics at least thrice so that you can remember the concepts and write them accordingly in the exams.I assure you, it is easy to score in this particular subject if you give it the necessary time and concentration.

Hey,Based on my interview I would like to give some example interview question of recent interviews for statutory audit profile.Accounting Standards ( AS-9,10,15,16,22,26,28)CARO 2016 ApplicabilityReporting u/s 143(3) by auditor in audit report.What is Defined Benefit obligation ( From AS-15 employee benefit)How to start Statutory Audit.What difference between Statutory Audit and Internal AuditWhat is Financial Reporting FrameworkDepreciation As per Schedule II under Companies Act 2013Recent Updates in Statutory auditComponents of financial statement