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Applicability of Pronouncements/Legislative Amendments/Circulars etc. for November, 2013 – Intermediate (IPC) Examination
Paper 1: Accounting
A.
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, 2012.)
B.
Announcement relevant for November, 2013 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.
Paper 5: Advanced Accounting
A.
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, 2012.)
B.
Notification/Announcement relevant for November, 2013 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.
2.
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
Paper 1: Accounting
A.
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, 2012.)
B.
Announcement relevant for November, 2013 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.
Paper 5: Advanced Accounting
A.
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, 2012.)
B.
Notification/Announcement relevant for November, 2013 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.
2.
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