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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.!

Mathematics is used in Engineering heavily, and aviation and aircraft are no exception.While the first experiments in man-made flight were done by experimenters like Otto Lilienthal, George Cayley and the Wright Brothers without much use of math, the science of fluid dynamics, which finally dominates aerodynamics, is all math. This is what brought in optimization. The peak of achievement in fluid dynamics are the Navier-Stokes equations, which are all mathematics, and which were considered impossible to solve until the advent of modern computers. Now even kids in Engineering do CFD (Computational Fluid Dynamics), which uses the Navier-Stokes equations almost totally.Likewise, the first progress in stability and control of aircraft started experimentally but soon was mathematically described, thus facilitating better understanding and the design of better systems. Mastery over stability and control is what eventually made modern aviation possible.Aircraft performance can now be estimated by using mathematical equations. Here is an explanation of the famous Breguet Range Equation:http://web.mit.edu/16.unified/www/FALL/Unified_Concepts/BreguetNoteseps.pdfThe science of Finite Element Methods, or Finite Element Analysis, which is a mathematically rigorous way of analyzing structures everywhere and is used in aircraft structural design among other fields, was developed at the Boeing Company and now dominates Engineering Stress Analysis everywhere.Navigation of modern aircraft is by Inertial Navigation Systems and GPS, and both use mathematical principles to perform their function. The end-user does nor have to get into the details; he just gets the information he/she needs.Finally, today’s Flight Management Sytems all use computers which continually get inputs of various parameters (outside air temperature, pressure) and compute the best speeds and altitudes, usually for best fuel consumption. In the process they save millions of dollars for the airlines.Today’s aerial vehicles are unbelievably different from 50 years ago, and are designed using the systems engineering approach:Engineers analyzing and designing these vehicles use sophisticated software, which, eventually, is all mathematics-based.I am pretty sure that I have missed out many other details because progress in every field is happening so fast, it is impossible to catch up with everything!Just last week, Antony Jameson, professor of aeronautics and astronautics, Stanford University, won the Daniel Guggenheim Medal, which is considered one of the highest honors presented for a lifetime of achievement in aeronautics. Past recipients have worked in industry, government and academia, and have included Orville Wright, Charles Lindbergh, William Boeing and William Durand. The Guggenheim Medal is given annually to people who make notable achievements in the advancement of aeronautics. It is sponsored by the American Society of Mechanical Engineers, the Society of Automotive Engineers, the American Helicopter Society and the American Institute of Aeronautics and Astronautics.The Guggenheim Medal is the third award that Jameson has won in what turns out to be an extraordinary year for the Stanford professor.The other two awards are the Pendray Aerospace Literature Award and the U.S. Association for Computational Mechanics (USACM) John von Neumann Medal.The Pendray is awarded for outstanding additions to the scientific literature of aeronautics and astronautics.The von Neumann Medal is presented once ever two years in recognition of outstanding and sustained contributions and eminent achievements in the field of computational or structural mechanics.Underlying all three awards, including the most recent, the Guggenheim Medal, is work that Jameson began in 1970 when he played a seminal role in creating what was then the new discipline of computational fluid dynamics.He also pioneered the concept of aerodynamic shape optimization by adapting the mathematical techniques of control theory to aircraft design. Jameson’s contributions allowed designers to choose the optimal wing shape to enable an aircraft to carry the biggest payload at the highest speed while consuming the least possible amount of fuel.In receiving the Pendray award Jameson was cited for “seminal and high-impact research papers in the field of computational fluid dynamics and aerodynamic optimization.”His von Neumann medal award noted his research on the numerical solution of partial differential equations with applications to subsonic, transonic and supersonic flow past complex configurations.During his career Jameson has authored more than 400 papers describing numerous new algorithms. His software has been widely used by major aerospace companies, including Boeing, Airbus, Bombardier and Embraer. His ideas have been applied to the design of both military and commercial aircraft, most recently by Gulfstream in creating the G650, which recently won the 2014 Collier Trophy for technological advancements in aircraft performance.Do you see what is in the background that got him the much-sought after Guggenheim medal?Listen to another story of a modern aviation pioneer:On May 21, 1927, a news announcement interrupted the Saturday children’s movie matinee in Pasadena, California. Charles Lindbergh had landed in Paris having completed the first ever nonstop transatlantic flight. Everyone in the theater, including a 10-year-old Walter Vincenti, stood and cheered.That afternoon began Vincenti’s fascination with aeronautics. It would eventually lead him to a distinguished aeronautics career at Stanford and to being the most recent recipient of the Daniel Guggenheim Medal for notable lifetime achievements in the field.His theoretical work in high-speed flight and high-temperature gas dynamics “gave us the building blocks to create systems that took us to the moon and back,” said Sandra Magnus, the executive director of the awarding American Institute of Aeronautics and Astronautics.In 1934, Vincenti started as a freshman at Stanford, where at halftime at a football game he watched as the USS Macon ZRS-5 airship hovered over the stadium, opened its bay doors and launched one of its five biplanes.“If I needed anything to increase my interest in aviation, you couldn’t have done anything better,” said Vincenti.As an undergrad, Vincenti was hired to do the “pick and shovel” work on some reports by renowned Stanford professors Stephen Timoshenko and William Frederick Durand. Timoshenko, often referred to as the father of applied mechanics, introduced analytical techniques into structural engineering.“Timoshenko was among the first to really push the idea that you can develop your own formulas,” said Vincenti’s colleague, friend and past Guggenheim awardee Arthur Bryson.One Christmas, when Vincenti was going home to Pasadena, Timoshenko asked him to pass along some papers to Caltech’s Theodore von Karman, who had introduced analytical methods into aerodynamics. As Vincenti was delivering the papers, von Karman invited him in to chat.“Probably the best men in the whole world in their fields, structures and aerodynamics, and I was able to get to know and learn from both of them,” Vincenti said.That applied engineering background allowed Vincenti to create innovative formulas for the aerodynamics of high-speed aircraft later at the Ames Research Center.Vincenti landed at Ames in large part because of Durand’s connections. As the first civilian chairman for the National Advisory Committee for Aeronautics (NACA), Durand helped many Stanford aeronautics engineers find jobs at NACA Ames.The 1930s global militarization made NACA scramble to convince the government to build a second aeronautics research facility nearer the aircraft factories on the West Coast. The main goal in aeronautics at the time was making planes faster. Vincenti was assigned to the groundbreaking supersonic wind tunnel at Ames, one of only two in the country. Nobody had ever run a supersonic wind tunnel, so Vincenti’s bosses left his team alone.The sound barrier – at 750 miles per hour – was another matter. By the late 1940s, pilots had occasionally, but not consistently, transcended the speed of sound. No one had yet figured out the aerodynamics behind successful transonic flight.At Ames, Vincenti unified existing theories into one mathematical framework that predicted the flow of air around a wing at speeds near the sound barrier. His formulas could predict the pressure, density and velocity at hundreds of thousands of points in the airflow field around the wing. To use Vincenti’s theory, it took a team of three women “computers” using hand-driven calculators a year to do the point-by-point calculations.What Vincenti and his team were doing is now called computational fluid dynamics.As Vincenti, now 99, says, he was in the right place at the right time for a life in aeronautics, which allowed him to meet and work with some of the most lauded engineers in the field and then to become one himself.If you or someone known to you is planning a career in aeronautics, remember these names. They are the equivalent of God.The good news is, Indian youth is getting very good at using all this. Now only if we had real industries designing real flight vehicles!

A pilot is the wrong person to answer this question; for him, height is life. So all you will get as an answer to this question from pilots will be no, no, no, never, dangerous, and "are you kidding?"."Regular" planes cannot, and do not fly close to the ground.But some air vehicles do. Only User-9431435999019813391 has answered this intelligently. This is an exciting new area of research. I will expand on that.Ground-effect vehicles are a clever idea whose time has never come—so far.But they are coming: sooner than you think.A ground effect vehicle (GEV) is one that attains level flight near the surface of the Earth, making use of the aerodynamic interaction between the wings and the surface known as ground effect.A more technical definition would be: "The ‘ground effect’ is the enhanced force performance of a lifting surface in comparison to the freestream result, which is evident while operating in close proximity to the ground."A prominent feature of the aerodynamics is a desirable increase in the lift-to-drag ratio.For an aircraft flying close to the earth’s surface, over either ground or water, the phenomenon becomes appreciable when operating within a distance of one wingspan from the boundary. The ground plane alters the flow field around the wing, resulting in a reduction in induced drag and an increase in lift. It is known that the lift-to-drag ratio (CL/CD) is generally around 3 for helicopters, 8 for hydro-airplanes, and around 12 for light aircraft. In contrast, this ratio can be as high as 20 or more for wing-in-ground-effect (WIG) flying vehicles if the ground clearance is less than or equal to one-fifth of the wing chord length. The so-called WIG craft exploits this behavior creating a unique class of high-speed, low-altitude transport vehicles.---------------------The ground effects makes flight more efficient and in theory would allow for very big planes with a lot more cargo. Best known are the Soviet ekranoplanes, but names like wing-in-ground-effect (WIG), flarecraft, sea skimmer, or wing-in-surface-effect ship (WISE) are also used. In recent years a large number of different GEV types have been developed for both civilian and military use. However, these craft have yet to enter widespread use.The aerodynamic effect on which they ride is known as the Wing In Ground Effect.Some technologies look wonderful on paper but don’t quite make it in the big, bad world. Airships. Autogyros. Hovercraft. They all work. They even have niche applications. But they have never lived up to their promise and been widely adopted.So it is with ground-effect vehicles—aircraft-like machines which skim a few metres above the sea by acquiring part of their lift from aerodynamic interaction with the surface beneath. This means they use less fuel than a true aircraft while travelling faster than a ship.The economic benefits and practical applications of ground effect were observed in 1932 when the German, Claude Dornier, discovered that his DO-X seaplane could only complete the trans-Atlantic crossing when it flew just above the surface of the ocean. In the mid-1930s, the Finnish engineer, Toivio Kaairo, was the first person to design an aircraft, known as the ‘Aerosedge No. 8’, to deliberately fly using ground effect.The study of ground effect aerodynamics for a wing with split or slotted flaps was performed by NACA in 1939. The effort helped to direct the research work of WIG vehicles toward more practical applications. The introduction of the compound wing concept, consisting of a small aspect ratio inboard wing in conjunction with a large aspect ratio outboard wing, into WIG vehicle design had a significant impact since it was found to maximize the benefits of ground effect.Since the early 1960s, practical applications of WIG vehicles have been actively researched and developed.Many attempts have been made to build them.Boeing tried in the 1990s, with the Pelican Ultra Large Transport Aircraft.Boeing had the Pelican design for 1500 tons of cargoThe Boeing Pelican ULTRA (Ultra Large TRansport Aircraft) was a proposed ground effect fixed-wing aircraft under study by Boeing Phantom Works. Intended as a large-capacity transport craft for military or civilian use, it would have a wingspan of 500 feet (150 m), a cargo capacity of 1,400 tons (1,300 metric tonnes), and a range of about 10,000 nautical miles (18,000 km). Powered by four turboprop engines, its main mode would be to fly in ground effect 20–50 ft (6–15 m) over water, though it would also be capable of overland flight at an altitude as high as 20,000 ft (6,100 m) albeit with a decreased range of about 6,500 nautical miles (12,000 km). It would operate from conventional runways, with its weight distributed over 38 fuselage-mounted landing gears with 76 wheels. There has not been any further information about this concept since 2002.The Soviet Union tried with the Ekranoplan, or the Caspian Sea Monster, whose prototypes now moulder in the naval base at Kaspiysk.The Caspian Sea Monster was an experimental ekranoplan, developed at the design bureau of Rostislav Alexeyev.The ekranoplan had wingspan of 37.6 m, length – 92 m, maximum take-off weight – 544 tons. Until An-225 it was the largest aircraft in the world. It was designed to fly at an altitude of 5-10 meters in order to utilize the ground effect.It was designed as a special vehicle for the military and rescue teams. However designing such a machine caused serious difficulties. It was documented as a marine vessel and prior to the first flight a bottle of champagne was broken against its nose.Two German engineers even attempted to construct what was, in essence, a ground-effect aquatic sports car.All failed—or, rather, failed to make something that was better than established alternatives.But hope springs eternal, and the Wing Ship Technology Corporation, a South Korean company, is trying to revive the idea. The country’s armed forces have already agreed to buy some and the firm says it hopes to announce its first commercial sales (to an oil-and-gas firm and a Mediterranean ferry company) shortly.In Korea, Wing Ship Technology Corporation has developed and tested a 50 seat passenger version of a WIG craft named the WSH-500 and they have a new design the WSH 1500.The prototype (pictured) is powered by a turboprop and can carry 50 passengers. It has a catamaran-style hull and a reverse delta wing. Its cruising speed, 180kph (110mph), makes it faster than a jetfoil, its principal rival. And the production version will have a range of 1,000km.The crucial breakthrough, the firm believes, is the delta wing. This approach was actually devised in the 1960s by Alexander Lippisch and Hanno Fischer, the makers of the putative “sports car”. Their single-seater Aerofoilboot, as they dubbed it, was not a commercial runner, but Wing Ship Technology believes the idea of a delta wing is sound and, though Lippisch is now dead, Mr Fischer is one of their advisers.The delta wing’s geometry amplifies the ground effect, allowing the new craft to cruise as high as five metres above the water’s surface. That means it is less likely to be confined to harbour by rough seas, which was one of the problems encountered by previous designs. It also launches itself by directing some of the airflow from the turbo props downwards, to create a temporary hovercraft-like effect until it is travelling forwards at full tilt. The difficulty of getting airborne was another bugbear of previous designs.It remains to be seen whether Wing Ship Technology’s craft actually will be the breakthrough that enthusiasts of ground-effect vehicles are hoping for. But if it is, it will be an example of the value of persistence. There may yet be hope for the hovercraft, the autogyro and the airship.Wing in Ground Effect Plane from South Korea